MASDAC: 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.
MASDAC
Largest movements
- Current investments +€44,000
up €44,000 (+550.0%), from €8,000 to €52,000
- Receivables within one year -€34,953
down €34,953 (-27.1%), from €128,892 to €93,939
of which Trade receivables: -€18,100
- Tangible fixed assets +€5,393
new in 2025: €5,393
of which Other tangible fixed assets: +€4,436
- Cash +€3,627
up €3,627 (+7.5%), from €48,460 to €52,087
mainly Net result for the year (+€89,964) and Other debts (+€81,460)
- Other debts +€81,460
up €81,460 (+32584.0%), from €250 to €81,710
- Profit (loss) carried forward -€50,036
down €50,036 (-32.2%), from €155,608 to €105,572
- Tax, wage and social debts -€14,821
no longer reported in 2025 (was €14,821)
of which Taxes: -€10,117
- Trade debts +€2,256
up €2,256 (+140.6%), from €1,605 to €3,861
- Gross operating margin -€20,551
down €20,551 (-13.6%), from €150,673 to €130,122
- Taxes +€1,757
up €1,757 (+5.8%), from €30,522 to €32,280
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 | €186,034 | €204,893 | +€18,859 | +10.1% |
| Fixed assets | 21/28 | €683 | €6,076 | +€5,393 | +789.8% |
| Tangible fixed assets | 22/27 | - | €5,393 | +€5,393 | |
| Plant, machinery and equipment | 23 | - | €957 | +€957 | |
| Other tangible fixed assets | 26 | - | €4,436 | +€4,436 | |
| Financial fixed assets | 28 | €683 | €683 | = | 0.0% |
| Current assets | 29/58 | €185,351 | €198,817 | +€13,465 | +7.3% |
| Amounts receivable within one year | 40/41 | €128,892 | €93,939 | -€34,953 | -27.1% |
| Trade receivables | 40 | €108,100 | €90,000 | -€18,100 | -16.7% |
| Other amounts receivable | 41 | €20,792 | €3,939 | -€16,853 | -81.1% |
| Current investments | 50/53 | €8,000 | €52,000 | +€44,000 | +550.0% |
| Cash at bank and in hand | 54/58 | €48,460 | €52,087 | +€3,627 | +7.5% |
| Deferred charges and accrued income | 490/1 | - | €791 | +€791 | |
| Total equity and liabilities | 10/49 | €186,034 | €204,893 | +€18,859 | +10.1% |
| Equity | 10/15 | €169,358 | €119,322 | -€50,036 | -29.5% |
| Contributions | 10/11 | €12,500 | €12,500 | = | 0.0% |
| Reserves | 13 | €1,250 | €1,250 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,250 | €1,250 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,250 | €1,250 | = | 0.0% |
| Profit (loss) carried forward | 14 | €155,608 | €105,572 | -€50,036 | -32.2% |
| Amounts payable | 17/49 | €16,676 | €85,571 | +€68,895 | +413.1% |
| Amounts payable within one year | 42/48 | €16,676 | €85,571 | +€68,895 | +413.1% |
| Trade debts | 44 | €1,605 | €3,861 | +€2,256 | +140.6% |
| Suppliers | 440/4 | €1,605 | €3,861 | +€2,256 | +140.6% |
| Taxes, remuneration and social security | 45 | €14,821 | - | -€14,821 | |
| Taxes | 450/3 | €10,117 | - | -€10,117 | |
| Remuneration and social security | 454/9 | €4,705 | - | -€4,705 | |
| Other amounts payable | 47/48 | €250 | €81,710 | +€81,460 | +32584.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €687 | +€687 | |
| Other operating charges | 640/8 | €4,566 | €5,481 | +€916 | +20.1% |
| Gross operating margin | 9900 | €150,673 | €130,122 | -€20,551 | -13.6% |
| Operating profit (loss) | 9901 | €146,107 | €123,953 | -€22,155 | -15.2% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €2,016 | €1,710 | -€306 | -15.2% |
| Recurring financial charges | 65 | €2,016 | €1,710 | -€306 | -15.2% |
| Profit (loss) for the period before taxes | 9903 | €144,092 | €122,243 | -€21,849 | -15.2% |
| Income taxes | 67/77 | €30,522 | €32,280 | +€1,757 | +5.8% |
| Profit (loss) for the period | 9904 | €113,569 | €89,964 | -€23,606 | -20.8% |
| Profit (loss) for the period to be appropriated | 9905 | €113,569 | €89,964 | -€23,606 | -20.8% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.