MAS Management: 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 Management
Largest movements
- Cash +€9,675
up €9,675 (+13.0%), from €74,238 to €83,912
mainly Other debts (+€27,530) and Net result for the year (+€11,730)
- Receivables within one year -€8,269
down €8,269 (-46.1%), from €17,930 to €9,661
of which Trade receivables: -€8,580
- Tangible fixed assets +€8,209
up €8,209 (+197%), from €4,163 to €12,372
- Deferred charges and accrued income +€2,921
up €2,921 (+1,458%), from €200 to €3,122
- Other debts +€27,530
up €27,530 (+87.1%), from €31,618 to €59,147
- Reserves -€16,464
down €16,464 (-43.1%), from €38,171 to €21,707
- Accrued charges and deferred income +€1,917
up €1,917 (+148%), from €1,297 to €3,213
- Profit (loss) carried forward +€1,574
up €1,574, from -€1,574 to €0
- Tax, wage and social debts -€1,409
down €1,409 (-38.4%), from €3,669 to €2,259
- Other operating charges -€6,570
down €6,570 (-86.1%), from €7,634 to €1,064
- Taxes +€4,179
up €4,179 (+83.2%), from €5,022 to €9,202
- Financial charges +€1,735
up €1,735 (+103%), from €1,690 to €3,425
- Depreciation -€1,484
down €1,484 (-43.1%), from €3,445 to €1,961
- Gross operating margin +€374
up €374 (+1.4%), from €27,008 to €27,382
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 | €96,691 | €109,227 | +€12,536 | +13.0% |
| Fixed assets | 21/28 | €4,323 | €12,532 | +€8,209 | +190% |
| Tangible fixed assets | 22/27 | €4,163 | €12,372 | +€8,209 | +197% |
| Furniture and vehicles | 24 | €4,163 | €12,372 | +€8,209 | +197% |
| Financial fixed assets | 28 | €160 | €160 | = | 0.0% |
| Current assets | 29/58 | €92,368 | €96,695 | +€4,327 | +4.7% |
| Amounts receivable within one year | 40/41 | €17,930 | €9,661 | -€8,269 | -46.1% |
| Trade receivables | 40 | €15,952 | €7,372 | -€8,580 | -53.8% |
| Other amounts receivable | 41 | €1,978 | €2,289 | +€312 | +15.8% |
| Cash at bank and in hand | 54/58 | €74,238 | €83,912 | +€9,675 | +13.0% |
| Deferred charges and accrued income | 490/1 | €200 | €3,122 | +€2,921 | +1,458% |
| Total equity and liabilities | 10/49 | €96,691 | €109,227 | +€12,536 | +13.0% |
| Equity | 10/15 | €55,197 | €40,307 | -€14,890 | -27.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €38,171 | €21,707 | -€16,464 | -43.1% |
| Distributable reserves | 133 | €38,171 | €21,707 | -€16,464 | -43.1% |
| Profit (loss) carried forward | 14 | -€1,574 | €0 | +€1,574 | |
| Amounts payable | 17/49 | €41,494 | €68,920 | +€27,426 | +66.1% |
| Amounts payable within one year | 42/48 | €40,197 | €65,707 | +€25,510 | +63.5% |
| Trade debts | 44 | €4,911 | €4,300 | -€611 | -12.4% |
| Suppliers | 440/4 | €4,911 | €4,300 | -€611 | -12.4% |
| Taxes, remuneration and social security | 45 | €3,669 | €2,259 | -€1,409 | -38.4% |
| Taxes | 450/3 | €3,669 | €2,259 | -€1,409 | -38.4% |
| Other amounts payable | 47/48 | €31,618 | €59,147 | +€27,530 | +87.1% |
| Accrued charges and deferred income | 492/3 | €1,297 | €3,213 | +€1,917 | +148% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,445 | €1,961 | -€1,484 | -43.1% |
| Other operating charges | 640/8 | €7,634 | €1,064 | -€6,570 | -86.1% |
| Non-recurring operating charges | 66A | €10,790 | €0 | -€10,790 | -100% |
| Gross operating margin | 9900 | €27,008 | €27,382 | +€374 | +1.4% |
| Operating profit (loss) | 9901 | €5,139 | €24,357 | +€19,219 | +374% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €1,690 | €3,425 | +€1,735 | +103% |
| Recurring financial charges | 65 | €1,690 | €3,425 | +€1,735 | +103% |
| Profit (loss) for the period before taxes | 9903 | €3,449 | €20,932 | +€17,483 | +507% |
| Income taxes | 67/77 | €5,022 | €9,202 | +€4,179 | +83.2% |
| Profit (loss) for the period | 9904 | -€1,574 | €11,730 | +€13,304 | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,574 | €11,730 | +€13,304 |
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 17 October 2026 via checked.be.