MASD: 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.
MASD
Largest movements
- Tangible fixed assets +€23,455
up €23,455 (+1080.4%), from €2,171 to €25,626
- Current assets +€14,988
up €14,988 (+45.1%), from €33,256 to €48,244
of which Receivables within one year: +€13,257
- Profit (loss) carried forward +€20,913
up €20,913, from -€7,429 to €13,484
- Debts +€17,530
up €17,530 (+58.9%), from €29,786 to €47,316
of which Debts after one year: +€21,576
- Gross operating margin +€76,838
up €76,838 (+181.9%), from €42,249 to €119,087
- Taxes +€6,386
up €6,386 (+400.1%), from €1,596 to €7,982
- Depreciation +€6,013
up €6,013 (+1008.9%), from €596 to €6,609
From the 2018 result to the 2019 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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2018 | 2019 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €39,352 | €77,795 | +€38,443 | +97.7% |
| Fixed assets | 21/28 | €6,096 | €29,551 | +€23,455 | +384.8% |
| Tangible fixed assets | 22/27 | €2,171 | €25,626 | +€23,455 | +1080.4% |
| Financial fixed assets | 28 | €3,925 | €3,925 | = | 0.0% |
| Current assets | 29/58 | €33,256 | €48,244 | +€14,988 | +45.1% |
| Amounts receivable within one year | 40/41 | €20,863 | €34,120 | +€13,257 | +63.5% |
| Cash at bank and in hand | 54/58 | €12,393 | €12,791 | +€398 | +3.2% |
| Total equity and liabilities | 10/49 | €39,352 | €77,795 | +€38,443 | +97.7% |
| Equity | 10/15 | €9,566 | €30,479 | +€20,913 | +218.6% |
| Contributions | 10/11 | €15,135 | €15,135 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€7,429 | €13,484 | +€20,913 | |
| Amounts payable | 17/49 | €29,786 | €47,316 | +€17,530 | +58.9% |
| Amounts payable after more than one year | 17 | - | €21,576 | +€21,576 | |
| Amounts payable within one year | 42/48 | €10,412 | €25,740 | +€15,328 | +147.2% |
| Trade debts | 44 | €3,730 | €421 | -€3,309 | -88.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €596 | €6,609 | +€6,013 | +1008.9% |
| Gross operating margin | 9900 | €42,249 | €119,087 | +€76,838 | +181.9% |
| Operating profit (loss) | 9901 | €3,234 | €30,256 | +€27,022 | +835.6% |
| Recurring financial charges | 65 | €1,567 | €1,361 | -€206 | -13.1% |
| Profit (loss) for the period before taxes | 9903 | €1,670 | €28,895 | +€27,225 | +1630.2% |
| Income taxes | 67/77 | €1,596 | €7,982 | +€6,386 | +400.1% |
| Profit (loss) for the period | 9904 | €74 | €20,913 | +€20,839 | +28160.8% |
| Profit (loss) for the period to be appropriated | 9905 | €74 | €20,913 | +€20,839 | +28160.8% |
Source: filed annual accounts (NBB), financial years ended 31 December 2018 and 31 December 2019. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.