MASAR: 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.
MASAR
Largest movements
- Cash -€47,684
down €47,684 (-91.5%), from €52,128 to €4,444
mainly Other debts (-€79,210) and Receivables within one year (-€11,163)
- Tangible fixed assets -€39,880
down €39,880 (-8.2%), from €486,272 to €446,392
of which Furniture and vehicles: -€39,880
- Receivables within one year +€11,163
up €11,163 (+11.1%), from €100,271 to €111,434
of which Other amounts receivable: +€21,697
- Other debts -€79,210
down €79,210 (-63.7%), from €124,261 to €45,050
- Depreciation +€14,614
up €14,614 (+57.8%), from €25,266 to €39,880
- Taxes -€6,301
down €6,301 (-52.4%), from €12,027 to €5,725
- Other operating charges -€2,398
down €2,398 (-45.3%), from €5,291 to €2,892
- Financial charges -€1,782
down €1,782 (-49.5%), from €3,601 to €1,819
- Financial income -€1,772
down €1,772 (-100%), from €1,772 to €0
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 | €649,494 | €573,332 | -€76,162 | -11.7% |
| Fixed assets | 21/28 | €491,492 | €451,612 | -€39,880 | -8.1% |
| Tangible fixed assets | 22/27 | €486,272 | €446,392 | -€39,880 | -8.2% |
| Land and buildings | 22 | €319,872 | €319,872 | = | 0.0% |
| Furniture and vehicles | 24 | €166,400 | €126,520 | -€39,880 | -24.0% |
| Financial fixed assets | 28 | €5,220 | €5,220 | = | 0.0% |
| Current assets | 29/58 | €158,002 | €121,719 | -€36,283 | -23.0% |
| Amounts receivable within one year | 40/41 | €100,271 | €111,434 | +€11,163 | +11.1% |
| Trade receivables | 40 | €22,267 | €11,732 | -€10,535 | -47.3% |
| Other amounts receivable | 41 | €78,005 | €99,702 | +€21,697 | +27.8% |
| Cash at bank and in hand | 54/58 | €52,128 | €4,444 | -€47,684 | -91.5% |
| Deferred charges and accrued income | 490/1 | €5,602 | €5,841 | +€239 | +4.3% |
| Total equity and liabilities | 10/49 | €649,494 | €573,332 | -€76,162 | -11.7% |
| Equity | 10/15 | €437,547 | €439,334 | +€1,787 | +0.4% |
| Contributions | 10/11 | €168,600 | €168,600 | = | 0.0% |
| Reserves | 13 | €268,947 | €270,734 | +€1,787 | +0.7% |
| Distributable reserves | 133 | €268,947 | €270,734 | +€1,787 | +0.7% |
| Provisions and deferred taxes | 16 | €57,213 | €57,213 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €57,213 | €57,213 | = | 0.0% |
| Pensions and similar obligations | 160 | €57,213 | €57,213 | = | 0.0% |
| Amounts payable | 17/49 | €154,733 | €76,785 | -€77,949 | -50.4% |
| Amounts payable within one year | 42/48 | €154,603 | €76,785 | -€77,818 | -50.3% |
| Trade debts | 44 | €7,608 | €3,748 | -€3,861 | -50.7% |
| Suppliers | 440/4 | €7,608 | €3,748 | -€3,861 | -50.7% |
| Taxes, remuneration and social security | 45 | €22,734 | €27,987 | +€5,253 | +23.1% |
| Taxes | 450/3 | €22,734 | €26,041 | +€3,307 | +14.5% |
| Remuneration and social security | 454/9 | - | €1,946 | +€1,946 | |
| Other amounts payable | 47/48 | €124,261 | €45,050 | -€79,210 | -63.7% |
| Accrued charges and deferred income | 492/3 | €131 | €0 | -€131 | -100% |
| Non-recurring operating income | 76A | €25,747 | €0 | -€25,747 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,266 | €39,880 | +€14,614 | +57.8% |
| Other operating charges | 640/8 | €5,291 | €2,892 | -€2,398 | -45.3% |
| Gross operating margin | 9900 | €50,544 | €52,103 | +€1,559 | +3.1% |
| Operating profit (loss) | 9901 | €19,988 | €9,331 | -€10,656 | -53.3% |
| Financial income | 75/76B | €1,772 | €0 | -€1,772 | -100% |
| Recurring financial income | 75 | €1,772 | €0 | -€1,772 | -100% |
| Financial charges | 65/66B | €3,601 | €1,819 | -€1,782 | -49.5% |
| Recurring financial charges | 65 | €3,601 | €1,819 | -€1,782 | -49.5% |
| Profit (loss) for the period before taxes | 9903 | €18,158 | €7,512 | -€10,646 | -58.6% |
| Income taxes | 67/77 | €12,027 | €5,725 | -€6,301 | -52.4% |
| Profit (loss) for the period | 9904 | €6,132 | €1,787 | -€4,345 | -70.9% |
| Profit (loss) for the period to be appropriated | 9905 | €6,132 | €1,787 | -€4,345 | -70.9% |
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 23 October 2026 via checked.be.