MASBUD: 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.
MASBUD
Largest movements
- Receivables within one year -€50,912
down €50,912 (-82.3%), from €61,868 to €10,956
of which Trade receivables: -€45,276
- Cash +€35,242
up €35,242 (+8289.3%), from €425 to €35,667
mainly Receivables within one year (+€50,912) and Debts after one year (+€7,044)
- Tangible fixed assets +€21,366
up €21,366 (+3816.0%), from €560 to €21,926
- Deferred charges and accrued income +€1,330
new in 2025: €1,330
- Debts after one year +€7,044
new in 2025: €7,044
- Current portion of long-term debt +€5,262
new in 2025: €5,262
- Trade debts -€3,191
down €3,191 (-43.0%), from €7,426 to €4,235
- Tax, wage and social debts -€2,877
down €2,877 (-80.1%), from €3,591 to €714
- Contributions +€1,860
up €1,860 (+30.0%), from €6,200 to €8,060
- Depreciation +€577
up €577 (+15.1%), from €3,826 to €4,403
- Financial income -€525
down €525 (-90.7%), from €579 to €54
- Gross operating margin -€524
down €524 (-7.0%), from €7,499 to €6,975
- Taxes +€264
up €264 (+67.6%), from €391 to €655
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 | €62,944 | €69,969 | +€7,026 | +11.2% |
| Fixed assets | 21/28 | €650 | €22,016 | +€21,366 | +3287.6% |
| Tangible fixed assets | 22/27 | €560 | €21,926 | +€21,366 | +3816.0% |
| Furniture and vehicles | 24 | €560 | €21,926 | +€21,366 | +3816.0% |
| Financial fixed assets | 28 | €90 | €90 | = | 0.0% |
| Current assets | 29/58 | €62,294 | €47,953 | -€14,341 | -23.0% |
| Amounts receivable within one year | 40/41 | €61,868 | €10,956 | -€50,912 | -82.3% |
| Trade receivables | 40 | €50,856 | €5,579 | -€45,276 | -89.0% |
| Other amounts receivable | 41 | €11,013 | €5,377 | -€5,636 | -51.2% |
| Cash at bank and in hand | 54/58 | €425 | €35,667 | +€35,242 | +8289.3% |
| Deferred charges and accrued income | 490/1 | - | €1,330 | +€1,330 | |
| Total equity and liabilities | 10/49 | €62,944 | €69,969 | +€7,026 | +11.2% |
| Equity | 10/15 | €51,926 | €52,714 | +€788 | +1.5% |
| Contributions | 10/11 | €6,200 | €8,060 | +€1,860 | +30.0% |
| Outside capital | 11 | €6,200 | €8,060 | +€1,860 | +30.0% |
| Other | 1109/19 | €6,200 | €8,060 | +€1,860 | +30.0% |
| Reserves | 13 | €14,860 | €13,000 | -€1,860 | -12.5% |
| Non-distributable reserves | 130/1 | €1,860 | - | -€1,860 | |
| Reserves not available under the articles | 1311 | €1,860 | - | -€1,860 | |
| Distributable reserves | 133 | €13,000 | €13,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €30,866 | €31,654 | +€788 | +2.6% |
| Amounts payable | 17/49 | €11,018 | €17,255 | +€6,238 | +56.6% |
| Amounts payable after more than one year | 17 | - | €7,044 | +€7,044 | |
| Financial debts | 170/4 | - | €7,044 | +€7,044 | |
| Amounts payable within one year | 42/48 | €11,018 | €10,211 | -€806 | -7.3% |
| Current portion of amounts payable after more than one year | 42 | - | €5,262 | +€5,262 | |
| Trade debts | 44 | €7,426 | €4,235 | -€3,191 | -43.0% |
| Suppliers | 440/4 | €7,426 | €4,235 | -€3,191 | -43.0% |
| Taxes, remuneration and social security | 45 | €3,591 | €714 | -€2,877 | -80.1% |
| Taxes | 450/3 | €3,591 | €714 | -€2,877 | -80.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,826 | €4,403 | +€577 | +15.1% |
| Other operating charges | 640/8 | €801 | €748 | -€53 | -6.6% |
| Non-recurring operating charges | 66A | €257 | - | -€257 | |
| Gross operating margin | 9900 | €7,499 | €6,975 | -€524 | -7.0% |
| Operating profit (loss) | 9901 | €2,615 | €1,824 | -€792 | -30.3% |
| Financial income | 75/76B | €579 | €54 | -€525 | -90.7% |
| Recurring financial income | 75 | €579 | €54 | -€525 | -90.7% |
| Financial charges | 65/66B | €507 | €434 | -€73 | -14.3% |
| Recurring financial charges | 65 | €507 | €434 | -€73 | -14.3% |
| Profit (loss) for the period before taxes | 9903 | €2,687 | €1,444 | -€1,244 | -46.3% |
| Income taxes | 67/77 | €391 | €655 | +€264 | +67.6% |
| Profit (loss) for the period | 9904 | €2,296 | €788 | -€1,508 | -65.7% |
| Profit (loss) for the period to be appropriated | 9905 | €2,296 | €788 | -€1,508 | -65.7% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.