MAS CAPITAL: 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 CAPITAL
Largest movements
- Receivables within one year -€255,000
down €255,000 (-100%), from €255,000 to €0
- Cash +€169,261
up €169,261 (+1,377%), from €12,293 to €181,554
mainly Receivables within one year (+€255,000) and Net result for the year (+€208,982)
- Debts after one year -€320,000
down €320,000 (-15.1%), from €2.1m to €1.8m
of which Other amounts payable: -€200,000
- Reserves +€208,982
up €208,982 (+27.1%), from €770,266 to €979,249
- Financial income -€620,000
down €620,000 (-72.9%), from €850,000 to €230,000
- Taxes -€56,062
down €56,062 (-72.8%), from €77,027 to €20,965
- Gross operating margin +€4,557
up €4,557, from -€106 to €4,451
- Financial charges +€3,303
up €3,303 (+275%), from €1,201 to €4,504
- Depreciation -€1,400
down €1,400 (-100%), from €1,400 to €0
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.
Derived cash bridge
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 | €3,017,293 | €2,931,554 | -€85,739 | -2.8% |
| Fixed assets | 21/28 | €2,750,000 | €2,750,000 | = | 0.0% |
| Financial fixed assets | 28 | €2,750,000 | €2,750,000 | = | 0.0% |
| Current assets | 29/58 | €267,293 | €181,554 | -€85,739 | -32.1% |
| Amounts receivable within one year | 40/41 | €255,000 | €0 | -€255,000 | -100% |
| Other amounts receivable | 41 | €255,000 | €0 | -€255,000 | -100% |
| Cash at bank and in hand | 54/58 | €12,293 | €181,554 | +€169,261 | +1,377% |
| Total equity and liabilities | 10/49 | €3,017,293 | €2,931,554 | -€85,739 | -2.8% |
| Equity | 10/15 | €820,266 | €1,029,249 | +€208,982 | +25.5% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €770,266 | €979,249 | +€208,982 | +27.1% |
| Distributable reserves | 133 | €770,266 | €979,249 | +€208,982 | +27.1% |
| Amounts payable | 17/49 | €2,197,027 | €1,902,306 | -€294,721 | -13.4% |
| Amounts payable after more than one year | 17 | €2,120,000 | €1,800,000 | -€320,000 | -15.1% |
| Financial debts | 170/4 | €120,000 | €0 | -€120,000 | -100% |
| Other amounts payable | 178/9 | €2,000,000 | €1,800,000 | -€200,000 | -10.0% |
| Amounts payable within one year | 42/48 | €77,027 | €102,306 | +€25,279 | +32.8% |
| Trade debts | 44 | - | €267 | +€267 | |
| Suppliers | 440/4 | - | €267 | +€267 | |
| Taxes, remuneration and social security | 45 | €77,027 | €102,039 | +€25,012 | +32.5% |
| Taxes | 450/3 | €77,027 | €102,039 | +€25,012 | +32.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,400 | €0 | -€1,400 | -100% |
| Gross operating margin | 9900 | -€106 | €4,451 | +€4,557 | |
| Operating profit (loss) | 9901 | -€1,506 | €4,451 | +€5,957 | |
| Financial income | 75/76B | €850,000 | €230,000 | -€620,000 | -72.9% |
| Recurring financial income | 75 | €850,000 | €230,000 | -€620,000 | -72.9% |
| Financial charges | 65/66B | €1,201 | €4,504 | +€3,303 | +275% |
| Recurring financial charges | 65 | €1,201 | €4,504 | +€3,303 | +275% |
| Profit (loss) for the period before taxes | 9903 | €847,293 | €229,947 | -€617,346 | -72.9% |
| Income taxes | 67/77 | €77,027 | €20,965 | -€56,062 | -72.8% |
| Profit (loss) for the period | 9904 | €770,266 | €208,982 | -€561,284 | -72.9% |
| Profit (loss) for the period to be appropriated | 9905 | €770,266 | €208,982 | -€561,284 | -72.9% |
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 13 October 2026 via checked.be.