MASCA PLUS: 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.
What changed
MASCA PLUS
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€285,286
2024 · -€92,963+€378,249
Equity
€2.4m
2024 · €1.2m+€1.2m
Cash
€7,125
2024 · €39,053-€31,928
Balance sheet total
€3.4m
2024 · €2.3m+€1.0m
Largest movements
Assets
- Tangible fixed assets +€1.0m
up €1.0m (+54.1%), from €1.9m to €2.9m
of which Land and buildings: +€690,519
Equity and liabilities
- Contributions +€989,049
up €989,049 (+98.9%), from €1.0m to €2.0m
- Debts after one year -€255,380
down €255,380 (-30.5%), from €836,544 to €581,164
of which Financial debts: -€246,037
- Reserves +€214,616
up €214,616 (+62.2%), from €345,000 to €559,616
of which Tax-exempt reserves: +€264,616
- Provisions +€88,205
new in 2025: €88,205
- Other debts -€43,340
down €43,340 (-44.5%), from €97,400 to €54,060
Income statement
- Gross operating margin +€506,023
up €506,023 (+310.6%), from €162,935 to €668,957
- Depreciation +€38,650
up €38,650 (+19.3%), from €200,736 to €239,386
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.
Result 2024
-€92,963
Gross operating margin
+€506,023
Depreciation
-€38,650
Other operating charges
-€894
Other operating items
-€167
Financial income
-€10
Financial charges
+€189
Taxes
-€37
Deferred taxes and other
-€88,205
Result 2025
€285,286
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.
From operations
+€574,116
Investment
-€1.3m
Financing
+€658,228
Cash 2024
€39,053
From operations (derived)
+€574,116
Net result for the year
+€285,286
Depreciation
+€239,386
Stocks and contracts
-€31,399
Smaller working-capital items
-€2,454
Provisions
+€88,205
Trade debts
+€16,889
Tax, wage and social debts
+€18,580
Advances received
+€11,744
Other debts
-€43,340
Accrued charges and deferred income
-€8,782
Investment (derived)
-€1.3m
Investment in fixed assets (net)
-€1.3m
Financing
+€658,228
Debts after one year
-€255,380
Current portion of long-term debt
-€23,215
Short-term financial debts
-€2,227
Contributions, distributions and other
+€939,049
Cash 2025
€7,125
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,341,831 | €3,368,641 | +€1.0m | +43.8% |
| Fixed assets | 21/28 | €1,899,539 | €2,924,424 | +€1.0m | +54.0% |
| Tangible fixed assets | 22/27 | €1,894,539 | €2,919,424 | +€1.0m | +54.1% |
| Land and buildings | 22 | €923,530 | €1,614,049 | +€690,519 | +74.8% |
| Plant, machinery and equipment | 23 | €922,284 | €1,225,161 | +€302,877 | +32.8% |
| Furniture and vehicles | 24 | €48,725 | €80,214 | +€31,489 | +64.6% |
| Financial fixed assets | 28 | €5,000 | €5,000 | = | 0.0% |
| Current assets | 29/58 | €442,292 | €444,217 | +€1,925 | +0.4% |
| Stocks and contracts in progress | 3 | €349,302 | €380,700 | +€31,399 | +9.0% |
| Stocks | 30/36 | €349,302 | €380,700 | +€31,399 | +9.0% |
| Amounts receivable within one year | 40/41 | €36,178 | €39,273 | +€3,095 | +8.6% |
| Trade receivables | 40 | €31,197 | €28,544 | -€2,653 | -8.5% |
| Other amounts receivable | 41 | €4,981 | €10,729 | +€5,747 | +115.4% |
| Cash at bank and in hand | 54/58 | €39,053 | €7,125 | -€31,928 | -81.8% |
| Deferred charges and accrued income | 490/1 | €17,759 | €17,119 | -€641 | -3.6% |
| Total equity and liabilities | 10/49 | €2,341,831 | €3,368,641 | +€1.0m | +43.8% |
| Equity | 10/15 | €1,206,904 | €2,431,239 | +€1.2m | +101.4% |
| Contributions | 10/11 | €1,000,000 | €1,989,049 | +€989,049 | +98.9% |
| Capital | 10 | €1,000,000 | €1,989,049 | +€989,049 | +98.9% |
| Issued capital | 100 | €1,000,000 | €1,989,049 | +€989,049 | +98.9% |
| Reserves | 13 | €345,000 | €559,616 | +€214,616 | +62.2% |
| Non-distributable reserves | 130/1 | €18,000 | €18,000 | = | 0.0% |
| Legal reserve | 130 | €18,000 | €18,000 | = | 0.0% |
| Tax-exempt reserves | 132 | - | €264,616 | +€264,616 | |
| Distributable reserves | 133 | €327,000 | €277,000 | -€50,000 | -15.3% |
| Profit (loss) carried forward | 14 | -€138,096 | -€117,425 | +€20,671 | +15.0% |
| Provisions and deferred taxes | 16 | - | €88,205 | +€88,205 | |
| Deferred taxes | 168 | - | €88,205 | +€88,205 | |
| Amounts payable | 17/49 | €1,134,927 | €849,196 | -€285,730 | -25.2% |
| Amounts payable after more than one year | 17 | €836,544 | €581,164 | -€255,380 | -30.5% |
| Financial debts | 170/4 | €778,512 | €532,474 | -€246,037 | -31.6% |
| Other amounts payable | 178/9 | €58,033 | €48,690 | -€9,343 | -16.1% |
| Amounts payable within one year | 42/48 | €269,806 | €248,237 | -€21,568 | -8.0% |
| Current portion of amounts payable after more than one year | 42 | €120,556 | €97,341 | -€23,215 | -19.3% |
| Financial debts | 43 | €2,227 | - | -€2,227 | |
| Credit institutions | 430/8 | €2,227 | - | -€2,227 | |
| Trade debts | 44 | €47,262 | €64,152 | +€16,889 | +35.7% |
| Suppliers | 440/4 | €47,262 | €64,152 | +€16,889 | +35.7% |
| Advances received on contracts in progress | 46 | - | €11,744 | +€11,744 | |
| Taxes, remuneration and social security | 45 | €2,361 | €20,940 | +€18,580 | +787.1% |
| Taxes | 450/3 | €2,361 | €20,940 | +€18,580 | +787.1% |
| Other amounts payable | 47/48 | €97,400 | €54,060 | -€43,340 | -44.5% |
| Accrued charges and deferred income | 492/3 | €28,577 | €19,794 | -€8,782 | -30.7% |
| Non-recurring operating income | 76A | €1,515 | €414,504 | +€412,990 | +27266.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €200,736 | €239,386 | +€38,650 | +19.3% |
| Other operating charges | 640/8 | €27,729 | €28,623 | +€894 | +3.2% |
| Non-recurring operating charges | 66A | - | €167 | +€167 | |
| Gross operating margin | 9900 | €162,935 | €668,957 | +€506,023 | +310.6% |
| Operating profit (loss) | 9901 | -€65,531 | €400,780 | +€466,312 | |
| Financial income | 75/76B | €195 | €185 | -€10 | -5.2% |
| Recurring financial income | 75 | €195 | €185 | -€10 | -5.2% |
| Financial charges | 65/66B | €27,470 | €27,280 | -€189 | -0.7% |
| Recurring financial charges | 65 | €27,470 | €27,280 | -€189 | -0.7% |
| Profit (loss) for the period before taxes | 9903 | -€92,805 | €373,685 | +€466,491 | |
| Transfer from deferred taxes | 780 | - | €3,967 | +€3,967 | |
| Transfer to deferred taxes | 680 | - | €92,172 | +€92,172 | |
| Income taxes | 67/77 | €157 | €194 | +€37 | +23.4% |
| Profit (loss) for the period | 9904 | -€92,963 | €285,286 | +€378,249 | |
| Transfer from tax-exempt reserves | 789 | - | €11,901 | +€11,901 | |
| Transfer to tax-exempt reserves | 689 | - | €276,517 | +€276,517 | |
| Profit (loss) for the period to be appropriated | 9905 | -€92,963 | €20,671 | +€113,633 |
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 28 September 2026 via checked.be.