MAS WATCHES: 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 WATCHES
Largest movements
- Stocks and contracts +€71,920
up €71,920 (+184%), from €39,100 to €111,020
- Receivables within one year -€19,320
down €19,320 (-96.6%), from €20,000 to €680
- Cash -€2,886
down €2,886 (-23.7%), from €12,177 to €9,291
mainly Stocks and contracts (-€71,920) and Net result for the year (-€22,396)
- Trade debts +€76,912
up €76,912 (+2,463%), from €3,123 to €80,035
- Profit (loss) carried forward -€22,396
down €22,396, from €13,166 to -€9,230
- Tax, wage and social debts -€4,802
down €4,802 (-33.8%), from €14,225 to €9,423
- Gross operating margin -€72,277
down €72,277, from €50,373 to -€21,904
- Taxes -€3,291
no longer reported in 2025 (was €3,291)
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 | €73,077 | €122,791 | +€49,714 | +68.0% |
| Fixed assets | 21/28 | €1,800 | €1,800 | = | 0.0% |
| Financial fixed assets | 28 | €1,800 | €1,800 | = | 0.0% |
| Current assets | 29/58 | €71,277 | €120,991 | +€49,714 | +69.7% |
| Stocks and contracts in progress | 3 | €39,100 | €111,020 | +€71,920 | +184% |
| Stocks | 30/36 | €39,100 | €111,020 | +€71,920 | +184% |
| Amounts receivable within one year | 40/41 | €20,000 | €680 | -€19,320 | -96.6% |
| Trade receivables | 40 | €20,000 | €680 | -€19,320 | -96.6% |
| Cash at bank and in hand | 54/58 | €12,177 | €9,291 | -€2,886 | -23.7% |
| Total equity and liabilities | 10/49 | €73,077 | €122,791 | +€49,714 | +68.0% |
| Equity | 10/15 | €16,554 | -€5,842 | -€22,396 | |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €1,388 | €1,388 | = | 0.0% |
| Distributable reserves | 133 | €1,388 | €1,388 | = | 0.0% |
| Profit (loss) carried forward | 14 | €13,166 | -€9,230 | -€22,396 | |
| Amounts payable | 17/49 | €56,523 | €128,633 | +€72,110 | +128% |
| Amounts payable within one year | 42/48 | €56,523 | €128,633 | +€72,110 | +128% |
| Trade debts | 44 | €3,123 | €80,035 | +€76,912 | +2,463% |
| Suppliers | 440/4 | €3,123 | €80,035 | +€76,912 | +2,463% |
| Taxes, remuneration and social security | 45 | €14,225 | €9,423 | -€4,802 | -33.8% |
| Taxes | 450/3 | €14,225 | €9,423 | -€4,802 | -33.8% |
| Other amounts payable | 47/48 | €39,175 | €39,175 | = | 0.0% |
| Other operating charges | 640/8 | €751 | €300 | -€451 | -60.1% |
| Gross operating margin | 9900 | €50,373 | -€21,904 | -€72,277 | |
| Operating profit (loss) | 9901 | €49,622 | -€22,204 | -€71,826 | |
| Financial charges | 65/66B | €206 | €192 | -€14 | -6.8% |
| Recurring financial charges | 65 | €206 | €192 | -€14 | -6.8% |
| Profit (loss) for the period before taxes | 9903 | €49,416 | -€22,396 | -€71,812 | |
| Income taxes | 67/77 | €3,291 | - | -€3,291 | |
| Profit (loss) for the period | 9904 | €46,124 | -€22,396 | -€68,520 | |
| Profit (loss) for the period to be appropriated | 9905 | €46,124 | -€22,396 | -€68,520 |
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 24 October 2026 via checked.be.