MASE: 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.
MASE
Largest movements
- Cash +€137,450
up €137,450 (+203%), from €67,666 to €205,116
mainly Net result for the year (+€89,377) and Depreciation (+€28,073)
- Tangible fixed assets -€24,195
down €24,195 (-4.5%), from €540,335 to €516,140
of which Land and buildings: -€15,248
- Receivables within one year -€24,041
down €24,041 (-48.4%), from €49,644 to €25,604
of which Other amounts receivable: -€26,027
- Reserves +€89,377
up €89,377 (+14.7%), from €608,683 to €698,059
- Gross operating margin -€2,056
down €2,056 (-1.3%), from €159,139 to €157,083
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 | €659,238 | €751,737 | +€92,499 | +14.0% |
| Fixed assets | 21/28 | €540,439 | €516,244 | -€24,195 | -4.5% |
| Tangible fixed assets | 22/27 | €540,335 | €516,140 | -€24,195 | -4.5% |
| Land and buildings | 22 | €503,161 | €487,913 | -€15,248 | -3.0% |
| Plant, machinery and equipment | 23 | €3,549 | €5,024 | +€1,475 | +41.5% |
| Furniture and vehicles | 24 | €33,625 | €23,203 | -€10,422 | -31.0% |
| Financial fixed assets | 28 | €104 | €104 | = | 0.0% |
| Current assets | 29/58 | €118,799 | €235,493 | +€116,694 | +98.2% |
| Amounts receivable within one year | 40/41 | €49,644 | €25,604 | -€24,041 | -48.4% |
| Trade receivables | 40 | €23,617 | €25,604 | +€1,986 | +8.4% |
| Other amounts receivable | 41 | €26,027 | €0 | -€26,027 | -100% |
| Cash at bank and in hand | 54/58 | €67,666 | €205,116 | +€137,450 | +203% |
| Deferred charges and accrued income | 490/1 | €1,489 | €4,774 | +€3,285 | +221% |
| Total equity and liabilities | 10/49 | €659,238 | €751,737 | +€92,499 | +14.0% |
| Equity | 10/15 | €621,083 | €710,459 | +€89,377 | +14.4% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €608,683 | €698,059 | +€89,377 | +14.7% |
| Distributable reserves | 133 | €608,683 | €698,059 | +€89,377 | +14.7% |
| Amounts payable | 17/49 | €38,155 | €41,278 | +€3,123 | +8.2% |
| Amounts payable within one year | 42/48 | €38,155 | €41,278 | +€3,123 | +8.2% |
| Trade debts | 44 | €123 | €511 | +€388 | +315% |
| Suppliers | 440/4 | €123 | €511 | +€388 | +315% |
| Taxes, remuneration and social security | 45 | €32,314 | €36,822 | +€4,508 | +13.9% |
| Taxes | 450/3 | €32,314 | €35,543 | +€3,228 | +10.0% |
| Remuneration and social security | 454/9 | - | €1,279 | +€1,279 | |
| Other amounts payable | 47/48 | €5,718 | €3,945 | -€1,773 | -31.0% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,536 | €28,073 | +€537 | +1.9% |
| Other operating charges | 640/8 | €3,452 | €3,326 | -€126 | -3.6% |
| Non-recurring operating charges | 66A | - | €160 | +€160 | |
| Gross operating margin | 9900 | €159,139 | €157,083 | -€2,056 | -1.3% |
| Operating profit (loss) | 9901 | €128,151 | €125,524 | -€2,627 | -2.0% |
| Financial income | 75/76B | €1,013 | €890 | -€124 | -12.2% |
| Recurring financial income | 75 | €1,013 | €890 | -€124 | -12.2% |
| Financial charges | 65/66B | €183 | €309 | +€125 | +68.4% |
| Recurring financial charges | 65 | €183 | €309 | +€125 | +68.4% |
| Profit (loss) for the period before taxes | 9903 | €128,981 | €126,105 | -€2,876 | -2.2% |
| Income taxes | 67/77 | €37,949 | €36,728 | -€1,221 | -3.2% |
| Profit (loss) for the period | 9904 | €91,032 | €89,377 | -€1,656 | -1.8% |
| Profit (loss) for the period to be appropriated | 9905 | €91,032 | €89,377 | -€1,656 | -1.8% |
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 16 October 2026 via checked.be.