MaS-CO: 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-CO
Largest movements
- Tangible fixed assets -€865,146
down €865,146 (-94.2%), from €918,836 to €53,690
of which Land and buildings: -€909,746
- Cash +€103,958
up €103,958 (+1,830%), from €5,679 to €109,637
mainly Investment in fixed assets (net) (+€855,913) and Net result for the year (+€57,622)
- Debts after one year -€843,847
no longer reported in 2025 (was €843,847)
- Reserves +€105,937
up €105,937 (+217%), from €48,860 to €154,797
of which Tax-exempt reserves: +€72,937
- Current portion of long-term debt -€50,185
no longer reported in 2025 (was €50,185)
- Provisions +€24,312
new in 2025: €24,312
- Tax, wage and social debts +€12,856
up €12,856 (+267%), from €4,815 to €17,672
of which Taxes: +€10,285
- Depreciation -€54,386
down €54,386 (-85.2%), from €63,825 to €9,440
- Taxes +€9,668
up €9,668 (+237%), from €4,086 to €13,754
- Financial charges -€9,602
down €9,602 (-92.3%), from €10,408 to €806
- Other operating charges -€4,120
down €4,120 (-82.1%), from €5,019 to €898
- Gross operating margin +€1,923
up €1,923 (+2.5%), from €76,899 to €78,821
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 | €988,250 | €237,104 | -€751,146 | -76.0% |
| Fixed assets | 21/28 | €919,283 | €53,930 | -€865,353 | -94.1% |
| Intangible fixed assets | 21 | €387 | €180 | -€207 | -53.4% |
| Tangible fixed assets | 22/27 | €918,836 | €53,690 | -€865,146 | -94.2% |
| Land and buildings | 22 | €914,032 | €4,286 | -€909,746 | -99.5% |
| Plant, machinery and equipment | 23 | €1,237 | €322 | -€915 | -74.0% |
| Furniture and vehicles | 24 | €3,568 | €45,735 | +€42,168 | +1,182% |
| Other tangible fixed assets | 26 | - | €3,347 | +€3,347 | |
| Financial fixed assets | 28 | €60 | €60 | = | 0.0% |
| Current assets | 29/58 | €68,968 | €183,174 | +€114,206 | +166% |
| Amounts receivable within one year | 40/41 | €60,694 | €68,834 | +€8,140 | +13.4% |
| Trade receivables | 40 | €10,623 | €3,543 | -€7,080 | -66.6% |
| Other amounts receivable | 41 | €50,071 | €65,291 | +€15,220 | +30.4% |
| Cash at bank and in hand | 54/58 | €5,679 | €109,637 | +€103,958 | +1,830% |
| Deferred charges and accrued income | 490/1 | €2,594 | €4,703 | +€2,108 | +81.3% |
| Total equity and liabilities | 10/49 | €988,250 | €237,104 | -€751,146 | -76.0% |
| Equity | 10/15 | €77,553 | €183,800 | +€106,247 | +137% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €48,860 | €154,797 | +€105,937 | +217% |
| Non-distributable reserves | 130/1 | €48,860 | €81,860 | +€33,000 | +67.5% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Other | 1319 | €47,000 | €80,000 | +€33,000 | +70.2% |
| Tax-exempt reserves | 132 | - | €72,937 | +€72,937 | |
| Profit (loss) carried forward | 14 | €22,493 | €22,803 | +€310 | +1.4% |
| Provisions and deferred taxes | 16 | - | €24,312 | +€24,312 | |
| Deferred taxes | 168 | - | €24,312 | +€24,312 | |
| Amounts payable | 17/49 | €910,697 | €28,991 | -€881,705 | -96.8% |
| Amounts payable after more than one year | 17 | €843,847 | - | -€843,847 | |
| Financial debts | 170/4 | €843,847 | - | -€843,847 | |
| Amounts payable within one year | 42/48 | €66,850 | €26,715 | -€40,136 | -60.0% |
| Current portion of amounts payable after more than one year | 42 | €50,185 | - | -€50,185 | |
| Trade debts | 44 | €11,850 | €9,043 | -€2,807 | -23.7% |
| Suppliers | 440/4 | €11,850 | €9,043 | -€2,807 | -23.7% |
| Taxes, remuneration and social security | 45 | €4,815 | €17,672 | +€12,856 | +267% |
| Taxes | 450/3 | €4,815 | €15,101 | +€10,285 | +214% |
| Remuneration and social security | 454/9 | - | €2,571 | +€2,571 | |
| Accrued charges and deferred income | 492/3 | - | €2,277 | +€2,277 | |
| Non-recurring operating income | 76A | - | €6,977 | +€6,977 | |
| Remuneration, social security and pensions | 62 | - | €187 | +€187 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €63,825 | €9,440 | -€54,386 | -85.2% |
| Other operating charges | 640/8 | €5,019 | €898 | -€4,120 | -82.1% |
| Gross operating margin | 9900 | €76,899 | €78,821 | +€1,923 | +2.5% |
| Operating profit (loss) | 9901 | €8,054 | €68,296 | +€60,242 | +748% |
| Financial income | 75/76B | €3,496 | €3,885 | +€389 | +11.1% |
| Recurring financial income | 75 | €3,496 | €3,885 | +€389 | +11.1% |
| Financial charges | 65/66B | €10,408 | €806 | -€9,602 | -92.3% |
| Recurring financial charges | 65 | €10,408 | €806 | -€9,602 | -92.3% |
| Profit (loss) for the period before taxes | 9903 | €1,143 | €71,376 | +€70,233 | +6,144% |
| Income taxes | 67/77 | €4,086 | €13,754 | +€9,668 | +237% |
| Profit (loss) for the period | 9904 | -€2,943 | €57,622 | +€60,565 | |
| Transfer to tax-exempt reserves | 689 | - | €24,312 | +€24,312 | |
| Profit (loss) for the period to be appropriated | 9905 | -€2,943 | €33,310 | +€36,253 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.