MASAI: 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.
MASAI
Largest movements
- Receivables within one year +€5,130
up €5,130 (+144%), from €3,552 to €8,681
of which Trade receivables: +€4,900
- Deferred charges and accrued income -€647
no longer reported in 2025 (was €647)
- Cash +€181
up €181 (+3.3%), from €5,445 to €5,625
mainly Net result for the year (+€4,819) and Trade debts (+€2,991)
- Profit (loss) carried forward +€4,819
up €4,819 (+68.1%), from -€7,077 to -€2,258
- Trade debts +€2,991
up €2,991 (+171%), from €1,749 to €4,739
- Other debts -€2,128
no longer reported in 2025 (was €2,128)
- Tax, wage and social debts -€711
down €711 (-19.3%), from €3,686 to €2,975
- Advances received -€307
down €307 (-10.4%), from €2,957 to €2,650
- Depreciation -€1,230
no longer reported in 2025 (was €1,230)
- Gross operating margin +€1,063
up €1,063 (+20.1%), from €5,293 to €6,357
- Financial charges -€591
down €591 (-55.9%), from €1,057 to €466
- Other operating charges +€85
up €85 (+12.0%), from €707 to €792
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 | €9,644 | €14,307 | +€4,663 | +48.4% |
| Current assets | 29/58 | €9,644 | €14,307 | +€4,663 | +48.4% |
| Amounts receivable within one year | 40/41 | €3,552 | €8,681 | +€5,130 | +144% |
| Trade receivables | 40 | €2,805 | €7,705 | +€4,900 | +175% |
| Other amounts receivable | 41 | €747 | €976 | +€229 | +30.7% |
| Cash at bank and in hand | 54/58 | €5,445 | €5,625 | +€181 | +3.3% |
| Deferred charges and accrued income | 490/1 | €647 | - | -€647 | |
| Total equity and liabilities | 10/49 | €9,644 | €14,307 | +€4,663 | +48.4% |
| Equity | 10/15 | -€877 | €3,942 | +€4,819 | |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€7,077 | -€2,258 | +€4,819 | +68.1% |
| Amounts payable | 17/49 | €10,520 | €10,365 | -€156 | -1.5% |
| Amounts payable within one year | 42/48 | €10,520 | €10,365 | -€156 | -1.5% |
| Trade debts | 44 | €1,749 | €4,739 | +€2,991 | +171% |
| Suppliers | 440/4 | €1,749 | €4,739 | +€2,991 | +171% |
| Advances received on contracts in progress | 46 | €2,957 | €2,650 | -€307 | -10.4% |
| Taxes, remuneration and social security | 45 | €3,686 | €2,975 | -€711 | -19.3% |
| Taxes | 450/3 | €3,686 | €2,975 | -€711 | -19.3% |
| Other amounts payable | 47/48 | €2,128 | - | -€2,128 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,230 | - | -€1,230 | |
| Other operating charges | 640/8 | €707 | €792 | +€85 | +12.0% |
| Gross operating margin | 9900 | €5,293 | €6,357 | +€1,063 | +20.1% |
| Operating profit (loss) | 9901 | €3,356 | €5,565 | +€2,209 | +65.8% |
| Financial income | 75/76B | €0 | €2 | +€2 | +19,900% |
| Recurring financial income | 75 | €0 | €2 | +€2 | +19,900% |
| Financial charges | 65/66B | €1,057 | €466 | -€591 | -55.9% |
| Recurring financial charges | 65 | €1,057 | €466 | -€591 | -55.9% |
| Profit (loss) for the period before taxes | 9903 | €2,299 | €5,101 | +€2,801 | +122% |
| Income taxes | 67/77 | €279 | €282 | +€3 | +1.0% |
| Profit (loss) for the period | 9904 | €2,020 | €4,819 | +€2,799 | +139% |
| Profit (loss) for the period to be appropriated | 9905 | €2,020 | €4,819 | +€2,799 | +139% |
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 16 October 2026 via checked.be.