MAS INVEST: what changed
What changed
MAS INVEST
NACE 70.200, Business and other management consultancy
filed annual accounts (NBB)
Net result for the year
€102,441
2024 · €107,823-€5,382
Equity
€162,085
2024 · €205,544-€43,459
Cash
€155,343
2024 · €1.5m-€1.3m
Balance sheet total
€24.5m
2024 · €23.9m+€595,140
Largest movements
Assets
- Financial fixed assets +€1.4m
up €1.4m (+6.5%), from €22.0m to €23.4m
- Cash -€1.3m
down €1.3m (-89.7%), from €1.5m to €155,343
mainly Investment in fixed assets (net) (-€1.4m) and Receivables within one year (-€511,050)
- Receivables within one year +€511,050
up €511,050 (+104%), from €491,439 to €1.0m
of which Other amounts receivable: +€508,630
Equity and liabilities
- Debts after one year +€463,623
up €463,623 (+15.5%), from €3.0m to €3.5m
Income statement
- Staff costs +€28,667
up €28,667 (+23.7%), from €121,061 to €149,729
- Financial charges -€26,866
down €26,866 (-11.2%), from €240,579 to €213,714
- Gross operating margin -€15,484
down €15,484 (-3.1%), from €507,608 to €492,124
- Financial income +€6,628
up €6,628 (+1,204%), from €551 to €7,178
- Taxes -€5,205
down €5,205 (-13.9%), from €37,372 to €32,167
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€107,823
Gross operating margin
-€15,484
Staff costs
-€28,667
Depreciation
+€38
Other operating charges
+€33
Financial income
+€6,628
Financial charges
+€26,866
Taxes
+€5,205
Result 2025
€102,441
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
-€299,161
Investment
-€1.4m
Financing
+€383,429
Cash 2024
€1.5m
From operations (derived)
-€299,161
Net result for the year
+€102,441
Depreciation
+€178
Receivables within one year
-€511,050
Trade debts
+€22,738
Tax, wage and social debts
+€12,508
Advances received
-€32,368
Other debts
+€106,392
Investment (derived)
-€1.4m
Investment in fixed assets (net)
-€1.4m
Financing
+€383,429
Debts after one year
+€463,623
Current portion of long-term debt
+€65,705
Contributions, distributions and other
-€145,900
Cash 2025
€155,343
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €23,942,692 | €24,537,832 | +€595,140 | +2.5% |
| Formation expenses | 20 | €178 | €0 | -€178 | -100% |
| Fixed assets | 21/28 | €21,950,000 | €23,380,000 | +€1.4m | +6.5% |
| Financial fixed assets | 28 | €21,950,000 | €23,380,000 | +€1.4m | +6.5% |
| Current assets | 29/58 | €1,992,513 | €1,157,832 | -€834,682 | -41.9% |
| Amounts receivable within one year | 40/41 | €491,439 | €1,002,489 | +€511,050 | +104% |
| Trade receivables | 40 | €15,730 | €18,150 | +€2,420 | +15.4% |
| Other amounts receivable | 41 | €475,709 | €984,339 | +€508,630 | +107% |
| Cash at bank and in hand | 54/58 | €1,501,074 | €155,343 | -€1.3m | -89.7% |
| Total equity and liabilities | 10/49 | €23,942,692 | €24,537,832 | +€595,140 | +2.5% |
| Equity | 10/15 | €205,544 | €162,085 | -€43,459 | -21.1% |
| Contributions | 10/11 | €24,000 | €24,000 | = | 0.0% |
| Reserves | 13 | €181,544 | €81,544 | -€100,000 | -55.1% |
| Distributable reserves | 133 | €181,544 | €81,544 | -€100,000 | -55.1% |
| Profit (loss) carried forward | 14 | - | €56,541 | +€56,541 | |
| Amounts payable | 17/49 | €23,737,148 | €24,375,747 | +€638,599 | +2.7% |
| Amounts payable after more than one year | 17 | €2,998,645 | €3,462,268 | +€463,623 | +15.5% |
| Financial debts | 170/4 | €2,998,645 | €3,462,268 | +€463,623 | +15.5% |
| Amounts payable within one year | 42/48 | €20,738,503 | €20,913,479 | +€174,976 | +0.8% |
| Current portion of amounts payable after more than one year | 42 | €505,671 | €571,377 | +€65,705 | +13.0% |
| Trade debts | 44 | €16,719 | €39,456 | +€22,738 | +136% |
| Suppliers | 440/4 | €16,719 | €39,456 | +€22,738 | +136% |
| Advances received on contracts in progress | 46 | €32,368 | - | -€32,368 | |
| Taxes, remuneration and social security | 45 | €47,803 | €60,311 | +€12,508 | +26.2% |
| Taxes | 450/3 | €32,038 | €39,423 | +€7,386 | +23.1% |
| Remuneration and social security | 454/9 | €15,765 | €20,888 | +€5,122 | +32.5% |
| Other amounts payable | 47/48 | €20,135,943 | €20,242,335 | +€106,392 | +0.5% |
| Remuneration, social security and pensions | 62 | €121,061 | €149,729 | +€28,667 | +23.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €216 | €178 | -€38 | -17.6% |
| Other operating charges | 640/8 | €1,106 | €1,073 | -€33 | -3.0% |
| Gross operating margin | 9900 | €507,608 | €492,124 | -€15,484 | -3.1% |
| Operating profit (loss) | 9901 | €385,224 | €341,144 | -€44,081 | -11.4% |
| Financial income | 75/76B | €551 | €7,178 | +€6,628 | +1,204% |
| Recurring financial income | 75 | €551 | €7,178 | +€6,628 | +1,204% |
| Financial charges | 65/66B | €240,579 | €213,714 | -€26,866 | -11.2% |
| Recurring financial charges | 65 | €240,579 | €213,714 | -€26,866 | -11.2% |
| Profit (loss) for the period before taxes | 9903 | €145,196 | €134,608 | -€10,587 | -7.3% |
| Income taxes | 67/77 | €37,372 | €32,167 | -€5,205 | -13.9% |
| Profit (loss) for the period | 9904 | €107,823 | €102,441 | -€5,382 | -5.0% |
| Profit (loss) for the period to be appropriated | 9905 | €107,823 | €102,441 | -€5,382 | -5.0% |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.