MASE INVEST: what changed
What changed
MASE INVEST
NACE 64.210, Activities of holding companies
filed annual accounts (NBB)
Net result for the year
€14,851
2024 · €20,948-€6,096
Equity
€186,050
2024 · €171,198+€14,851
Cash
€29,184
2024 · €17,194+€11,990
Balance sheet total
€502,540
2024 · €506,605-€4,064
Largest movements
Assets
- Tangible fixed assets -€17,343
down €17,343 (-4.7%), from €366,722 to €349,379
of which Land and buildings: -€12,456
- Cash +€11,990
up €11,990 (+69.7%), from €17,194 to €29,184
mainly Depreciation (+€18,494) and Net result for the year (+€14,851)
Equity and liabilities
- Debts after one year -€15,998
down €15,998 (-5.9%), from €272,292 to €256,294
- Profit (loss) carried forward +€14,851
up €14,851 (+8.9%), from €167,198 to €182,050
Income statement
- Turnover +€193,974
new in 2025: €193,974
- Purchases and services +€88,593
new in 2025: €88,593
- Staff costs +€8,364
up €8,364 (+16.7%), from €50,177 to €58,541
- Gross operating margin +€3,500
up €3,500 (+3.0%), from €116,010 to €119,510
- Depreciation +€2,935
up €2,935 (+18.9%), from €15,559 to €18,494
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€20,948
Gross operating margin
+€3,500
Staff costs
-€8,364
Depreciation
-€2,935
Other operating charges
-€1,126
Financial income
+€46
Financial charges
-€18
Taxes
+€2,800
Result 2025
€14,851
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€27,236
Investment
-€1,151
Financing
-€14,095
Cash 2024
€17,194
From operations (derived)
+€27,236
Net result for the year
+€14,851
Depreciation
+€18,494
Receivables after one year
-€920
Receivables within one year
-€426
Deferred charges and accrued income
+€57
Trade debts
-€3,204
Tax, wage and social debts
-€1,809
Accrued charges and deferred income
+€192
Investment (derived)
-€1,151
Investment in fixed assets (net)
-€1,151
Financing
-€14,095
Debts after one year
-€15,998
Current portion of long-term debt
+€1,903
Cash 2025
€29,184
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €506,605 | €502,540 | -€4,064 | -0.8% |
| Fixed assets | 21/28 | €366,722 | €349,379 | -€17,343 | -4.7% |
| Tangible fixed assets | 22/27 | €366,722 | €349,379 | -€17,343 | -4.7% |
| Land and buildings | 22 | €360,234 | €347,778 | -€12,456 | -3.5% |
| Furniture and vehicles | 24 | €4,963 | €605 | -€4,359 | -87.8% |
| Other tangible fixed assets | 26 | €1,524 | €996 | -€528 | -34.7% |
| Assets under construction and advance payments | 27 | €0 | - | = | |
| Current assets | 29/58 | €139,883 | €153,162 | +€13,279 | +9.5% |
| Amounts receivable after more than one year | 29 | €30,663 | €31,582 | +€920 | +3.0% |
| Other amounts receivable | 291 | €30,663 | €31,582 | +€920 | +3.0% |
| Amounts receivable within one year | 40/41 | €89,355 | €89,781 | +€426 | +0.5% |
| Trade receivables | 40 | €37,047 | €37,447 | +€400 | +1.1% |
| Other amounts receivable | 41 | €52,308 | €52,334 | +€26 | 0.0% |
| Cash at bank and in hand | 54/58 | €17,194 | €29,184 | +€11,990 | +69.7% |
| Deferred charges and accrued income | 490/1 | €2,671 | €2,614 | -€57 | -2.1% |
| Total equity and liabilities | 10/49 | €506,605 | €502,540 | -€4,064 | -0.8% |
| Equity | 10/15 | €171,198 | €186,050 | +€14,851 | +8.7% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €167,198 | €182,050 | +€14,851 | +8.9% |
| Amounts payable | 17/49 | €335,406 | €316,491 | -€18,916 | -5.6% |
| Amounts payable after more than one year | 17 | €272,292 | €256,294 | -€15,998 | -5.9% |
| Financial debts | 170/4 | €272,292 | €256,294 | -€15,998 | -5.9% |
| Amounts payable within one year | 42/48 | €62,573 | €59,464 | -€3,109 | -5.0% |
| Current portion of amounts payable after more than one year | 42 | €15,367 | €17,270 | +€1,903 | +12.4% |
| Trade debts | 44 | €10,694 | €7,491 | -€3,204 | -30.0% |
| Suppliers | 440/4 | €10,694 | €7,491 | -€3,204 | -30.0% |
| Taxes, remuneration and social security | 45 | €36,512 | €34,703 | -€1,809 | -5.0% |
| Taxes | 450/3 | €22,896 | €27,140 | +€4,244 | +18.5% |
| Remuneration and social security | 454/9 | €13,616 | €7,564 | -€6,053 | -44.5% |
| Other amounts payable | 47/48 | - | €0 | = | |
| Accrued charges and deferred income | 492/3 | €541 | €733 | +€192 | +35.4% |
| Turnover | 70 | - | €193,974 | +€193,974 | |
| Goods, raw materials, services and sundry goods | 60/61 | - | €88,593 | +€88,593 | |
| Remuneration, social security and pensions | 62 | €50,177 | €58,541 | +€8,364 | +16.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,559 | €18,494 | +€2,935 | +18.9% |
| Other operating charges | 640/8 | €3,877 | €5,003 | +€1,126 | +29.0% |
| Gross operating margin | 9900 | €116,010 | €119,510 | +€3,500 | +3.0% |
| Operating profit (loss) | 9901 | €46,397 | €37,473 | -€8,925 | -19.2% |
| Financial income | 75/76B | €2,393 | €2,439 | +€46 | +1.9% |
| Recurring financial income | 75 | €2,393 | €2,439 | +€46 | +1.9% |
| Financial charges | 65/66B | €11,991 | €12,009 | +€18 | +0.1% |
| Recurring financial charges | 65 | €11,991 | €12,009 | +€18 | +0.1% |
| Profit (loss) for the period before taxes | 9903 | €36,800 | €27,903 | -€8,897 | -24.2% |
| Income taxes | 67/77 | €15,852 | €13,052 | -€2,800 | -17.7% |
| Profit (loss) for the period | 9904 | €20,948 | €14,851 | -€6,096 | -29.1% |
| Profit (loss) for the period to be appropriated | 9905 | €20,948 | €14,851 | -€6,096 | -29.1% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.