MAS-PROJECT: what changed
Two fiscal 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-PROJECT
Largest movements
- Cash -€22,565
down €22,565 (-58.2%), from €38,753 to €16,188
mainly Tax, wage and social debts (-€17,516) and Receivables within one year (-€16,705)
- Receivables within one year +€16,705
up €16,705 (+403.8%), from €4,137 to €20,842
of which Trade receivables: +€17,309
- Deferred charges and accrued income -€4,137
down €4,137 (-14.2%), from €29,113 to €24,976
- Tangible fixed assets +€3,158
up €3,158 (+27.9%), from €11,300 to €14,459
of which Plant, machinery and equipment: +€5,798
- Tax, wage and social debts -€17,516
down €17,516 (-59.1%), from €29,653 to €12,138
of which Taxes: -€12,846
- Reserves +€12,000
up €12,000 (+40.0%), from €30,000 to €42,000
- Other debts -€7,864
down €7,864 (-87.9%), from €8,947 to €1,083
- Profit (loss) carried forward +€3,422
up €3,422 (+28.7%), from €11,919 to €15,341
- Trade debts +€3,120
up €3,120 (+1099.1%), from €284 to €3,404
- Staff costs +€24,691
new in 2025: €24,691
- Taxes -€8,462
down €8,462 (-57.7%), from €14,653 to €6,191
- Gross operating margin -€5,254
down €5,254 (-8.5%), from €61,470 to €56,216
- Financial charges +€2,467
up €2,467 (+629.4%), from €392 to €2,858
- Other operating charges +€2,001
up €2,001 (+156.8%), from €1,276 to €3,277
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.
Cash bridge derived
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 | €83,303 | €76,465 | -€6,839 | -8.2% |
| Fixed assets | 21/28 | €11,300 | €14,459 | +€3,158 | +27.9% |
| Tangible fixed assets | 22/27 | €11,300 | €14,459 | +€3,158 | +27.9% |
| Plant, machinery and equipment | 23 | €960 | €6,759 | +€5,798 | +603.8% |
| Furniture and vehicles | 24 | €10,340 | €7,700 | -€2,640 | -25.5% |
| Current assets | 29/58 | €72,003 | €62,006 | -€9,997 | -13.9% |
| Amounts receivable within one year | 40/41 | €4,137 | €20,842 | +€16,705 | +403.8% |
| Trade receivables | 40 | €908 | €18,217 | +€17,309 | +1905.6% |
| Other amounts receivable | 41 | €3,229 | €2,625 | -€604 | -18.7% |
| Cash at bank and in hand | 54/58 | €38,753 | €16,188 | -€22,565 | -58.2% |
| Deferred charges and accrued income | 490/1 | €29,113 | €24,976 | -€4,137 | -14.2% |
| Total equity and liabilities | 10/49 | €83,303 | €76,465 | -€6,839 | -8.2% |
| Equity | 10/15 | €44,419 | €59,841 | +€15,422 | +34.7% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €30,000 | €42,000 | +€12,000 | +40.0% |
| Distributable reserves | 133 | €30,000 | €42,000 | +€12,000 | +40.0% |
| Profit (loss) carried forward | 14 | €11,919 | €15,341 | +€3,422 | +28.7% |
| Amounts payable | 17/49 | €38,884 | €16,624 | -€22,260 | -57.2% |
| Amounts payable within one year | 42/48 | €38,884 | €16,624 | -€22,260 | -57.2% |
| Trade debts | 44 | €284 | €3,404 | +€3,120 | +1099.1% |
| Suppliers | 440/4 | €284 | €3,404 | +€3,120 | +1099.1% |
| Taxes, remuneration and social security | 45 | €29,653 | €12,138 | -€17,516 | -59.1% |
| Taxes | 450/3 | €19,653 | €6,808 | -€12,846 | -65.4% |
| Remuneration and social security | 454/9 | €10,000 | €5,330 | -€4,670 | -46.7% |
| Other amounts payable | 47/48 | €8,947 | €1,083 | -€7,864 | -87.9% |
| Remuneration, social security and pensions | 62 | - | €24,691 | +€24,691 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,229 | €3,777 | +€547 | +16.9% |
| Other operating charges | 640/8 | €1,276 | €3,277 | +€2,001 | +156.8% |
| Gross operating margin | 9900 | €61,470 | €56,216 | -€5,254 | -8.5% |
| Operating profit (loss) | 9901 | €56,964 | €24,471 | -€32,493 | -57.0% |
| Financial charges | 65/66B | €392 | €2,858 | +€2,467 | +629.4% |
| Recurring financial charges | 65 | €392 | €2,858 | +€2,467 | +629.4% |
| Profit (loss) for the period before taxes | 9903 | €56,572 | €21,613 | -€34,959 | -61.8% |
| Income taxes | 67/77 | €14,653 | €6,191 | -€8,462 | -57.7% |
| Profit (loss) for the period | 9904 | €41,919 | €15,422 | -€26,497 | -63.2% |
| Profit (loss) for the period to be appropriated | 9905 | €41,919 | €15,422 | -€26,497 | -63.2% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 September 2026 via checked.be.