MASCA: 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.
MASCA
Largest movements
- Receivables within one year +€129,718
up €129,718 (+714.7%), from €18,150 to €147,868
of which Other amounts receivable: +€140,000
- Cash -€84,830
down €84,830 (-25.4%), from €334,404 to €249,573
mainly Receivables within one year (-€129,718) and Tax, wage and social debts (-€6,132)
- Tangible fixed assets -€12,504
down €12,504 (-20.8%), from €60,099 to €47,595
- Reserves +€38,081
up €38,081 (+13.3%), from €286,553 to €324,635
of which Distributable reserves: +€38,081
- Tax, wage and social debts -€6,132
down €6,132 (-64.4%), from €9,525 to €3,393
- Gross operating margin +€63,002
up €63,002 (+1907.7%), from €3,302 to €66,304
- Taxes +€12,205
up €12,205 (+841.1%), from €1,451 to €13,656
- Depreciation -€4,378
down €4,378 (-25.9%), from €16,882 to €12,504
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 | €418,720 | €451,822 | +€33,102 | +7.9% |
| Fixed assets | 21/28 | €65,210 | €52,706 | -€12,504 | -19.2% |
| Tangible fixed assets | 22/27 | €60,099 | €47,595 | -€12,504 | -20.8% |
| Land and buildings | 22 | €44,895 | €38,843 | -€6,053 | -13.5% |
| Plant, machinery and equipment | 23 | €5,943 | €4,238 | -€1,705 | -28.7% |
| Furniture and vehicles | 24 | €9,261 | €4,514 | -€4,746 | -51.3% |
| Financial fixed assets | 28 | €5,112 | €5,112 | = | 0.0% |
| Current assets | 29/58 | €353,509 | €399,116 | +€45,607 | +12.9% |
| Amounts receivable within one year | 40/41 | €18,150 | €147,868 | +€129,718 | +714.7% |
| Trade receivables | 40 | €18,150 | €7,868 | -€10,282 | -56.7% |
| Other amounts receivable | 41 | €0 | €140,000 | +€140,000 | |
| Cash at bank and in hand | 54/58 | €334,404 | €249,573 | -€84,830 | -25.4% |
| Deferred charges and accrued income | 490/1 | €956 | €1,675 | +€719 | +75.3% |
| Total equity and liabilities | 10/49 | €418,720 | €451,822 | +€33,102 | +7.9% |
| Equity | 10/15 | €403,680 | €441,761 | +€38,081 | +9.4% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €286,553 | €324,635 | +€38,081 | +13.3% |
| Tax-exempt reserves | 132 | €84,200 | €84,200 | = | 0.0% |
| Distributable reserves | 133 | €202,353 | €240,435 | +€38,081 | +18.8% |
| Profit (loss) carried forward | 14 | €67,126 | €67,126 | = | 0.0% |
| Amounts payable | 17/49 | €15,040 | €10,061 | -€4,979 | -33.1% |
| Amounts payable within one year | 42/48 | €14,494 | €9,999 | -€4,496 | -31.0% |
| Trade debts | 44 | €788 | €4,048 | +€3,260 | +413.4% |
| Suppliers | 440/4 | €788 | €4,048 | +€3,260 | +413.4% |
| Taxes, remuneration and social security | 45 | €9,525 | €3,393 | -€6,132 | -64.4% |
| Taxes | 450/3 | €9,525 | €3,393 | -€6,132 | -64.4% |
| Other amounts payable | 47/48 | €4,181 | €2,558 | -€1,623 | -38.8% |
| Accrued charges and deferred income | 492/3 | €546 | €62 | -€483 | -88.6% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,882 | €12,504 | -€4,378 | -25.9% |
| Other operating charges | 640/8 | €897 | €915 | +€18 | +2.0% |
| Non-recurring operating charges | 66A | €3,201 | €0 | -€3,201 | -100.0% |
| Gross operating margin | 9900 | €3,302 | €66,304 | +€63,002 | +1907.7% |
| Operating profit (loss) | 9901 | -€17,678 | €52,885 | +€70,563 | |
| Financial income | 75/76B | €1,000 | €1,243 | +€243 | +24.3% |
| Recurring financial income | 75 | €1,000 | €1,243 | +€243 | +24.3% |
| Financial charges | 65/66B | €2,553 | €2,391 | -€162 | -6.3% |
| Recurring financial charges | 65 | €2,553 | €2,391 | -€162 | -6.3% |
| Profit (loss) for the period before taxes | 9903 | -€19,231 | €51,737 | +€70,968 | |
| Income taxes | 67/77 | €1,451 | €13,656 | +€12,205 | +841.1% |
| Profit (loss) for the period | 9904 | -€20,682 | €38,081 | +€58,764 | |
| Transfer from tax-exempt reserves | 789 | €31,575 | €0 | -€31,575 | -100.0% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €10,893 | €38,081 | +€27,189 | +249.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.