MaSa 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.
MaSa Management
Largest movements
- Cash -€92,234
down €92,234 (-99.1%), from €93,062 to €828
mainly Tax, wage and social debts (-€41,403) and Receivables within one year (-€32,494)
- Receivables within one year +€32,494
up €32,494 (+73.2%), from €44,420 to €76,914
of which Other amounts receivable: +€35,224
- Tangible fixed assets -€21,398
down €21,398 (-6.1%), from €352,036 to €330,638
of which Furniture and vehicles: -€20,623
- Current investments +€20,341
up €20,341 (+16.2%), from €125,375 to €145,715
- Tax, wage and social debts -€41,403
down €41,403 (-79.2%), from €52,280 to €10,877
of which Taxes: -€46,786
- Current portion of long-term debt +€26,107
up €26,107 (+122%), from €21,334 to €47,441
- Debts after one year -€22,377
down €22,377 (-27.6%), from €81,075 to €58,698
- Reserves -€18,479
down €18,479 (-2.3%), from €796,322 to €777,843
of which Distributable reserves: -€18,479
- Gross operating margin -€116,530
down €116,530 (-85.2%), from €136,788 to €20,258
- Taxes -€30,293
down €30,293 (-98.0%), from €30,911 to €618
- Depreciation +€12,230
up €12,230 (+46.4%), from €26,341 to €38,571
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 | €974,746 | €919,355 | -€55,391 | -5.7% |
| Fixed assets | 21/28 | €352,036 | €330,638 | -€21,398 | -6.1% |
| Tangible fixed assets | 22/27 | €352,036 | €330,638 | -€21,398 | -6.1% |
| Land and buildings | 22 | €218,047 | €217,271 | -€775 | -0.4% |
| Furniture and vehicles | 24 | €133,989 | €113,366 | -€20,623 | -15.4% |
| Current assets | 29/58 | €622,710 | €588,717 | -€33,993 | -5.5% |
| Amounts receivable after more than one year | 29 | €357,282 | €362,641 | +€5,359 | +1.5% |
| Other amounts receivable | 291 | €357,282 | €362,641 | +€5,359 | +1.5% |
| Amounts receivable within one year | 40/41 | €44,420 | €76,914 | +€32,494 | +73.2% |
| Trade receivables | 40 | €31,696 | €28,966 | -€2,730 | -8.6% |
| Other amounts receivable | 41 | €12,724 | €47,949 | +€35,224 | +277% |
| Current investments | 50/53 | €125,375 | €145,715 | +€20,341 | +16.2% |
| Cash at bank and in hand | 54/58 | €93,062 | €828 | -€92,234 | -99.1% |
| Deferred charges and accrued income | 490/1 | €2,572 | €2,618 | +€46 | +1.8% |
| Total equity and liabilities | 10/49 | €974,746 | €919,355 | -€55,391 | -5.7% |
| Equity | 10/15 | €814,872 | €796,393 | -€18,479 | -2.3% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €796,322 | €777,843 | -€18,479 | -2.3% |
| Non-distributable reserves | 130/1 | €8,000 | €8,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €8,000 | €8,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €34,750 | €34,750 | = | 0.0% |
| Distributable reserves | 133 | €753,572 | €735,093 | -€18,479 | -2.5% |
| Amounts payable | 17/49 | €159,874 | €122,962 | -€36,912 | -23.1% |
| Amounts payable after more than one year | 17 | €81,075 | €58,698 | -€22,377 | -27.6% |
| Financial debts | 170/4 | €81,075 | €58,698 | -€22,377 | -27.6% |
| Amounts payable within one year | 42/48 | €78,799 | €64,265 | -€14,534 | -18.4% |
| Current portion of amounts payable after more than one year | 42 | €21,334 | €47,441 | +€26,107 | +122% |
| Trade debts | 44 | €5,185 | €5,947 | +€762 | +14.7% |
| Suppliers | 440/4 | €5,185 | €5,947 | +€762 | +14.7% |
| Taxes, remuneration and social security | 45 | €52,280 | €10,877 | -€41,403 | -79.2% |
| Taxes | 450/3 | €52,280 | €5,494 | -€46,786 | -89.5% |
| Remuneration and social security | 454/9 | - | €5,383 | +€5,383 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,341 | €38,571 | +€12,230 | +46.4% |
| Other operating charges | 640/8 | €2,045 | €1,983 | -€62 | -3.0% |
| Gross operating margin | 9900 | €136,788 | €20,258 | -€116,530 | -85.2% |
| Operating profit (loss) | 9901 | €108,402 | -€20,295 | -€128,698 | |
| Financial income | 75/76B | €7,326 | €7,693 | +€367 | +5.0% |
| Recurring financial income | 75 | €7,326 | €7,693 | +€367 | +5.0% |
| Financial charges | 65/66B | €4,132 | €5,259 | +€1,127 | +27.3% |
| Recurring financial charges | 65 | €4,132 | €5,259 | +€1,127 | +27.3% |
| Profit (loss) for the period before taxes | 9903 | €111,596 | -€17,861 | -€129,457 | |
| Income taxes | 67/77 | €30,911 | €618 | -€30,293 | -98.0% |
| Profit (loss) for the period | 9904 | €80,685 | -€18,479 | -€99,164 | |
| Profit (loss) for the period to be appropriated | 9905 | €80,685 | -€18,479 | -€99,164 |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.