MASA: 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.
MASA
Largest movements
- Cash -€16,895
down €16,895 (-46.2%), from €36,598 to €19,703
mainly Contributions, distributions and other (-€104,311) and Investment in fixed assets (net) (-€1,680)
- Tangible fixed assets -€10,932
down €10,932 (-27.9%), from €39,233 to €28,301
of which Furniture and vehicles: -€10,932
- Reserves -€52,555
down €52,555 (-15.0%), from €350,461 to €297,906
- Other debts +€10,256
up €10,256 (+2.2%), from €470,941 to €481,197
- Taxes -€18,734
down €18,734 (-46.9%), from €39,932 to €21,198
- Gross operating margin -€6,151
down €6,151 (-6.3%), from €98,113 to €91,961
- Financial income +€3,727
up €3,727 (+20.4%), from €18,309 to €22,036
- Financial charges +€2,981
up €2,981 (+12.3%), from €24,256 to €27,237
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 | €852,286 | €812,968 | -€39,318 | -4.6% |
| Fixed assets | 21/28 | €39,268 | €28,336 | -€10,932 | -27.8% |
| Tangible fixed assets | 22/27 | €39,233 | €28,301 | -€10,932 | -27.9% |
| Land and buildings | 22 | €2,231 | €2,231 | = | 0.0% |
| Furniture and vehicles | 24 | €37,002 | €26,070 | -€10,932 | -29.5% |
| Financial fixed assets | 28 | €35 | €35 | = | 0.0% |
| Current assets | 29/58 | €813,018 | €784,632 | -€28,386 | -3.5% |
| Amounts receivable after more than one year | 29 | €2,430 | €1,020 | -€1,410 | -58.0% |
| Other amounts receivable | 291 | €2,430 | €1,020 | -€1,410 | -58.0% |
| Amounts receivable within one year | 40/41 | €731,457 | €723,898 | -€7,559 | -1.0% |
| Other amounts receivable | 41 | €731,457 | €723,898 | -€7,559 | -1.0% |
| Current investments | 50/53 | €37,062 | €37,062 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €36,598 | €19,703 | -€16,895 | -46.2% |
| Deferred charges and accrued income | 490/1 | €5,471 | €2,949 | -€2,522 | -46.1% |
| Total equity and liabilities | 10/49 | €852,286 | €812,968 | -€39,318 | -4.6% |
| Equity | 10/15 | €369,011 | €316,456 | -€52,555 | -14.2% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €350,461 | €297,906 | -€52,555 | -15.0% |
| Distributable reserves | 133 | €350,461 | €297,906 | -€52,555 | -15.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €483,275 | €496,512 | +€13,237 | +2.7% |
| Amounts payable within one year | 42/48 | €483,275 | €496,512 | +€13,237 | +2.7% |
| Trade debts | 44 | €988 | €1,195 | +€207 | +20.9% |
| Suppliers | 440/4 | €988 | €1,195 | +€207 | +20.9% |
| Taxes, remuneration and social security | 45 | €11,346 | €14,120 | +€2,774 | +24.5% |
| Taxes | 450/3 | €11,346 | €14,120 | +€2,774 | +24.5% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €470,941 | €481,197 | +€10,256 | +2.2% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,715 | €12,612 | -€103 | -0.8% |
| Other operating charges | 640/8 | €1,015 | €1,195 | +€180 | +17.7% |
| Gross operating margin | 9900 | €98,113 | €91,961 | -€6,151 | -6.3% |
| Operating profit (loss) | 9901 | €84,383 | €78,154 | -€6,228 | -7.4% |
| Financial income | 75/76B | €18,309 | €22,036 | +€3,727 | +20.4% |
| Recurring financial income | 75 | €18,309 | €22,036 | +€3,727 | +20.4% |
| Financial charges | 65/66B | €24,256 | €27,237 | +€2,981 | +12.3% |
| Recurring financial charges | 65 | €24,256 | €27,237 | +€2,981 | +12.3% |
| Profit (loss) for the period before taxes | 9903 | €78,436 | €72,954 | -€5,482 | -7.0% |
| Income taxes | 67/77 | €39,932 | €21,198 | -€18,734 | -46.9% |
| Profit (loss) for the period | 9904 | €38,503 | €51,755 | +€13,252 | +34.4% |
| Profit (loss) for the period to be appropriated | 9905 | €38,503 | €51,755 | +€13,252 | +34.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.