MAS GDW: 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 GDW
Largest movements
- Cash +€49,317
up €49,317 (+43.3%), from €113,809 to €163,126
mainly Other debts (+€27,834) and Net result for the year (+€16,457)
- Receivables within one year -€9,738
down €9,738 (-66.6%), from €14,614 to €4,876
of which Trade receivables: -€10,984
- Tangible fixed assets +€3,517
up €3,517 (+125%), from €2,807 to €6,324
- Other debts +€27,834
up €27,834 (+124%), from €22,502 to €50,336
- Profit (loss) carried forward +€16,457
up €16,457 (+17.0%), from €96,674 to €113,131
- Gross operating margin +€10,725
up €10,725 (+52.1%), from €20,587 to €31,312
- Financial charges +€4,773
up €4,773 (+1,187%), from €402 to €5,175
- Taxes +€1,932
up €1,932 (+33.2%), from €5,823 to €7,755
- Depreciation +€442
up €442 (+60.1%), from €735 to €1,177
- Other operating charges -€357
down €357 (-22.3%), from €1,605 to €1,248
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 | €131,230 | €174,326 | +€43,096 | +32.8% |
| Fixed assets | 21/28 | €2,807 | €6,324 | +€3,517 | +125% |
| Tangible fixed assets | 22/27 | €2,807 | €6,324 | +€3,517 | +125% |
| Furniture and vehicles | 24 | €2,807 | €6,324 | +€3,517 | +125% |
| Current assets | 29/58 | €128,423 | €168,002 | +€39,579 | +30.8% |
| Amounts receivable within one year | 40/41 | €14,614 | €4,876 | -€9,738 | -66.6% |
| Trade receivables | 40 | €14,614 | €3,630 | -€10,984 | -75.2% |
| Other amounts receivable | 41 | - | €1,246 | +€1,246 | |
| Cash at bank and in hand | 54/58 | €113,809 | €163,126 | +€49,317 | +43.3% |
| Total equity and liabilities | 10/49 | €131,230 | €174,326 | +€43,096 | +32.8% |
| Equity | 10/15 | €101,674 | €118,131 | +€16,457 | +16.2% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €96,674 | €113,131 | +€16,457 | +17.0% |
| Amounts payable | 17/49 | €29,556 | €56,195 | +€26,639 | +90.1% |
| Amounts payable within one year | 42/48 | €29,556 | €56,195 | +€26,639 | +90.1% |
| Trade debts | 44 | €1,253 | - | -€1,253 | |
| Suppliers | 440/4 | €1,253 | - | -€1,253 | |
| Taxes, remuneration and social security | 45 | €5,802 | €5,859 | +€57 | +1.0% |
| Taxes | 450/3 | €3,000 | €5,859 | +€2,859 | +95.3% |
| Remuneration and social security | 454/9 | €2,802 | - | -€2,802 | |
| Other amounts payable | 47/48 | €22,502 | €50,336 | +€27,834 | +124% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €735 | €1,177 | +€442 | +60.1% |
| Other operating charges | 640/8 | €1,605 | €1,248 | -€357 | -22.3% |
| Gross operating margin | 9900 | €20,587 | €31,312 | +€10,725 | +52.1% |
| Operating profit (loss) | 9901 | €18,247 | €28,887 | +€10,640 | +58.3% |
| Financial income | 75/76B | €157 | €500 | +€343 | +219% |
| Recurring financial income | 75 | €157 | €500 | +€343 | +219% |
| Financial charges | 65/66B | €402 | €5,175 | +€4,773 | +1,187% |
| Recurring financial charges | 65 | €402 | €5,175 | +€4,773 | +1,187% |
| Profit (loss) for the period before taxes | 9903 | €18,002 | €24,212 | +€6,210 | +34.5% |
| Income taxes | 67/77 | €5,823 | €7,755 | +€1,932 | +33.2% |
| Profit (loss) for the period | 9904 | €12,179 | €16,457 | +€4,278 | +35.1% |
| Profit (loss) for the period to be appropriated | 9905 | €12,179 | €16,457 | +€4,278 | +35.1% |
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 23 October 2026 via checked.be.