MASC: 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.
MASC
Largest movements
- Tangible fixed assets +€15,615
up €15,615 (+46.5%), from €33,592 to €49,207
of which Other tangible fixed assets: +€15,714
- Deferred charges and accrued income +€10,709
up €10,709 (+1,972%), from €543 to €11,252
- Cash -€6,652
down €6,652 (-43.8%), from €15,185 to €8,533
mainly Contributions, distributions and other (-€25,000) and Investment in fixed assets (net) (-€22,432)
- Receivables within one year -€1,363
down €1,363 (-8.2%), from €16,680 to €15,317
of which Trade receivables: -€10,611
- Other debts +€25,000
up €25,000 (+2,327%), from €1,074 to €26,074
- Tax, wage and social debts -€6,273
down €6,273 (-31.3%), from €20,050 to €13,776
- Reserves -€3,066
down €3,066 (-8.3%), from €36,726 to €33,660
- Trade debts +€2,649
up €2,649 (+84.1%), from €3,150 to €5,799
- Gross operating margin +€11,427
up €11,427 (+40.4%), from €28,275 to €39,702
- Taxes +€2,001
up €2,001 (+29.6%), from €6,768 to €8,769
- Depreciation +€1,738
up €1,738 (+34.2%), from €5,080 to €6,817
- Financial income +€958
up €958 (+788%), from €122 to €1,080
- Financial charges +€405
up €405 (+27.8%), from €1,456 to €1,861
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 | €65,999 | €84,309 | +€18,310 | +27.7% |
| Fixed assets | 21/28 | €33,592 | €49,207 | +€15,615 | +46.5% |
| Tangible fixed assets | 22/27 | €33,592 | €49,207 | +€15,615 | +46.5% |
| Plant, machinery and equipment | 23 | €12,780 | €10,985 | -€1,795 | -14.0% |
| Furniture and vehicles | 24 | €20,811 | €22,508 | +€1,697 | +8.2% |
| Other tangible fixed assets | 26 | - | €15,714 | +€15,714 | |
| Current assets | 29/58 | €32,407 | €35,102 | +€2,695 | +8.3% |
| Amounts receivable within one year | 40/41 | €16,680 | €15,317 | -€1,363 | -8.2% |
| Trade receivables | 40 | €14,611 | €4,000 | -€10,611 | -72.6% |
| Other amounts receivable | 41 | €2,068 | €11,317 | +€9,249 | +447% |
| Cash at bank and in hand | 54/58 | €15,185 | €8,533 | -€6,652 | -43.8% |
| Deferred charges and accrued income | 490/1 | €543 | €11,252 | +€10,709 | +1,972% |
| Total equity and liabilities | 10/49 | €65,999 | €84,309 | +€18,310 | +27.7% |
| Equity | 10/15 | €41,726 | €38,660 | -€3,066 | -7.3% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €36,726 | €33,660 | -€3,066 | -8.3% |
| Distributable reserves | 133 | €36,726 | €33,660 | -€3,066 | -8.3% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €24,274 | €45,649 | +€21,376 | +88.1% |
| Amounts payable within one year | 42/48 | €24,274 | €45,649 | +€21,376 | +88.1% |
| Trade debts | 44 | €3,150 | €5,799 | +€2,649 | +84.1% |
| Suppliers | 440/4 | €3,150 | €5,799 | +€2,649 | +84.1% |
| Taxes, remuneration and social security | 45 | €20,050 | €13,776 | -€6,273 | -31.3% |
| Taxes | 450/3 | €20,050 | €13,776 | -€6,273 | -31.3% |
| Other amounts payable | 47/48 | €1,074 | €26,074 | +€25,000 | +2,327% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,080 | €6,817 | +€1,738 | +34.2% |
| Other operating charges | 640/8 | €1,581 | €1,400 | -€180 | -11.4% |
| Gross operating margin | 9900 | €28,275 | €39,702 | +€11,427 | +40.4% |
| Operating profit (loss) | 9901 | €21,615 | €31,484 | +€9,870 | +45.7% |
| Financial income | 75/76B | €122 | €1,080 | +€958 | +788% |
| Recurring financial income | 75 | €122 | €1,080 | +€958 | +788% |
| Financial charges | 65/66B | €1,456 | €1,861 | +€405 | +27.8% |
| Recurring financial charges | 65 | €1,456 | €1,861 | +€405 | +27.8% |
| Profit (loss) for the period before taxes | 9903 | €20,280 | €30,703 | +€10,423 | +51.4% |
| Income taxes | 67/77 | €6,768 | €8,769 | +€2,001 | +29.6% |
| Profit (loss) for the period | 9904 | €13,512 | €21,934 | +€8,422 | +62.3% |
| Profit (loss) for the period to be appropriated | 9905 | €13,512 | €21,934 | +€8,422 | +62.3% |
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 25 October 2026 via checked.be.