MAS-Build: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
MAS-Build
Largest movements
- Receivables within one year +€19,753
new in 2025: €19,753
of which Trade receivables: +€15,753
- Cash +€8,591
up €8,591 (+9.2%), from €93,253 to €101,844
mainly Net result for the year (+€59,909) and Deferred charges and accrued income (+€6,219)
- Deferred charges and accrued income -€6,219
down €6,219 (-17.4%), from €35,732 to €29,513
- Reserves +€59,909
up €59,909 (+37.2%), from €161,146 to €221,055
- Tax, wage and social debts -€14,667
down €14,667 (-41.0%), from €35,732 to €21,065
- Debts after one year -€12,000
down €12,000 (-16.7%), from €72,000 to €60,000
- Other debts -€10,500
down €10,500 (-96.4%), from €10,898 to €398
- Gross operating margin -€40,900
down €40,900, from €22,242 to -€18,658
- Financial income -€10,709
down €10,709 (-9.6%), from €111,174 to €100,465
- Taxes -€6,613
down €6,613 (-48.0%), from €13,779 to €7,167
- Other operating charges +€1,303
up €1,303 (+98.0%), from €1,329 to €2,632
- Depreciation +€521
up €521 (+53.0%), from €984 to €1,505
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €397,859 | €421,000 | +€23,141 | +5.8% |
| Fixed assets | 21/28 | €268,874 | €269,890 | +€1,016 | +0.4% |
| Tangible fixed assets | 22/27 | €1,107 | €2,123 | +€1,016 | +91.8% |
| Plant, machinery and equipment | 23 | €322 | €1,965 | +€1,643 | +510.8% |
| Other tangible fixed assets | 26 | €785 | €158 | -€627 | -79.8% |
| Financial fixed assets | 28 | €267,767 | €267,767 | = | 0.0% |
| Current assets | 29/58 | €128,985 | €151,110 | +€22,125 | +17.2% |
| Amounts receivable within one year | 40/41 | - | €19,753 | +€19,753 | |
| Trade receivables | 40 | - | €15,753 | +€15,753 | |
| Other amounts receivable | 41 | - | €4,000 | +€4,000 | |
| Cash at bank and in hand | 54/58 | €93,253 | €101,844 | +€8,591 | +9.2% |
| Deferred charges and accrued income | 490/1 | €35,732 | €29,513 | -€6,219 | -17.4% |
| Total equity and liabilities | 10/49 | €397,859 | €421,000 | +€23,141 | +5.8% |
| Equity | 10/15 | €256,689 | €316,598 | +€59,909 | +23.3% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €161,146 | €221,055 | +€59,909 | +37.2% |
| Distributable reserves | 133 | €161,146 | €221,055 | +€59,909 | +37.2% |
| Profit (loss) carried forward | 14 | €83,143 | €83,143 | = | 0.0% |
| Amounts payable | 17/49 | €141,170 | €104,402 | -€36,768 | -26.0% |
| Amounts payable after more than one year | 17 | €72,000 | €60,000 | -€12,000 | -16.7% |
| Other amounts payable | 178/9 | €72,000 | €60,000 | -€12,000 | -16.7% |
| Amounts payable within one year | 42/48 | €61,542 | €36,775 | -€24,768 | -40.2% |
| Current portion of amounts payable after more than one year | 42 | €12,000 | €12,000 | = | 0.0% |
| Trade debts | 44 | €2,913 | €3,312 | +€399 | +13.7% |
| Suppliers | 440/4 | €2,913 | €3,312 | +€399 | +13.7% |
| Taxes, remuneration and social security | 45 | €35,732 | €21,065 | -€14,667 | -41.0% |
| Taxes | 450/3 | €35,732 | €21,065 | -€14,667 | -41.0% |
| Other amounts payable | 47/48 | €10,898 | €398 | -€10,500 | -96.4% |
| Accrued charges and deferred income | 492/3 | €7,627 | €7,627 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €984 | €1,505 | +€521 | +53.0% |
| Other operating charges | 640/8 | €1,329 | €2,632 | +€1,303 | +98.0% |
| Gross operating margin | 9900 | €22,242 | -€18,658 | -€40,900 | |
| Operating profit (loss) | 9901 | €19,929 | -€22,795 | -€42,724 | |
| Financial income | 75/76B | €111,174 | €100,465 | -€10,709 | -9.6% |
| Recurring financial income | 75 | €111,174 | €100,465 | -€10,709 | -9.6% |
| Financial charges | 65/66B | €10,646 | €10,595 | -€51 | -0.5% |
| Recurring financial charges | 65 | €10,646 | €10,595 | -€51 | -0.5% |
| Profit (loss) for the period before taxes | 9903 | €120,458 | €67,076 | -€53,382 | -44.3% |
| Income taxes | 67/77 | €13,779 | €7,167 | -€6,613 | -48.0% |
| Profit (loss) for the period | 9904 | €106,678 | €59,909 | -€46,770 | -43.8% |
| Profit (loss) for the period to be appropriated | 9905 | €106,678 | €59,909 | -€46,770 | -43.8% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.