MASE-RE: 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-RE
Largest movements
- Tangible fixed assets +€2.6m
up €2.6m (+612%), from €421,770 to €3.0m
of which Leasing and similar rights: +€2.5m
- Current investments -€500,000
no longer reported in 2025 (was €500,000)
- Receivables within one year -€137,267
down €137,267 (-67.5%), from €203,492 to €66,225
of which Other amounts receivable: -€188,333
- Cash +€96,783
up €96,783 (+256%), from €37,809 to €134,591
mainly Debts after one year (+€1.8m) and Current investments (+€500,000)
- Deferred charges and accrued income -€73,620
no longer reported in 2025 (was €73,620)
- Debts after one year +€1.8m
new in 2025: €1.8m
- Current portion of long-term debt +€180,000
new in 2025: €180,000
- Gross operating margin +€82,533
up €82,533 (+141%), from €58,582 to €141,115
- Write-downs +€50,038
new in 2025: €50,038
- Financial charges +€26,623
up €26,623 (+10,689%), from €249 to €26,872
- Other operating charges +€21,826
up €21,826 (+5,677%), from €384 to €22,210
- Depreciation +€16,558
up €16,558 (+65.2%), from €25,380 to €41,937
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 | €1,236,691 | €3,202,961 | +€2.0m | +159% |
| Fixed assets | 21/28 | €421,770 | €3,002,144 | +€2.6m | +612% |
| Tangible fixed assets | 22/27 | €421,770 | €3,002,144 | +€2.6m | +612% |
| Land and buildings | 22 | €388,926 | €381,870 | -€7,056 | -1.8% |
| Plant, machinery and equipment | 23 | €27,760 | €22,841 | -€4,919 | -17.7% |
| Furniture and vehicles | 24 | €5,084 | €1,182 | -€3,902 | -76.8% |
| Leasing and similar rights | 25 | - | €2,517,309 | +€2.5m | |
| Other tangible fixed assets | 26 | - | €78,943 | +€78,943 | |
| Current assets | 29/58 | €814,920 | €200,816 | -€614,104 | -75.4% |
| Amounts receivable within one year | 40/41 | €203,492 | €66,225 | -€137,267 | -67.5% |
| Trade receivables | 40 | €14,341 | €65,407 | +€51,066 | +356% |
| Other amounts receivable | 41 | €189,151 | €818 | -€188,333 | -99.6% |
| Current investments | 50/53 | €500,000 | - | -€500,000 | |
| Cash at bank and in hand | 54/58 | €37,809 | €134,591 | +€96,783 | +256% |
| Deferred charges and accrued income | 490/1 | €73,620 | - | -€73,620 | |
| Total equity and liabilities | 10/49 | €1,236,691 | €3,202,961 | +€2.0m | +159% |
| Equity | 10/15 | €1,201,453 | €1,205,787 | +€4,334 | +0.4% |
| Contributions | 10/11 | €16,769 | €16,769 | = | 0.0% |
| Reserves | 13 | €1,184,685 | €1,189,019 | +€4,334 | +0.4% |
| Non-distributable reserves | 130/1 | €1,745 | €1,745 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,745 | €1,745 | = | 0.0% |
| Distributable reserves | 133 | €1,182,940 | €1,187,274 | +€4,334 | +0.4% |
| Amounts payable | 17/49 | €35,237 | €1,997,174 | +€2.0m | +5,568% |
| Amounts payable after more than one year | 17 | - | €1,793,333 | +€1.8m | |
| Financial debts | 170/4 | - | €1,793,333 | +€1.8m | |
| Amounts payable within one year | 42/48 | €32,135 | €201,840 | +€169,705 | +528% |
| Current portion of amounts payable after more than one year | 42 | - | €180,000 | +€180,000 | |
| Trade debts | 44 | €6,163 | €10,099 | +€3,936 | +63.9% |
| Suppliers | 440/4 | €6,163 | €10,099 | +€3,936 | +63.9% |
| Taxes, remuneration and social security | 45 | €25,972 | €8,619 | -€17,353 | -66.8% |
| Taxes | 450/3 | €25,972 | €8,619 | -€17,353 | -66.8% |
| Other amounts payable | 47/48 | - | €3,122 | +€3,122 | |
| Accrued charges and deferred income | 492/3 | €3,102 | €2,000 | -€1,102 | -35.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,380 | €41,937 | +€16,558 | +65.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €50,038 | +€50,038 | |
| Other operating charges | 640/8 | €384 | €22,210 | +€21,826 | +5,677% |
| Gross operating margin | 9900 | €58,582 | €141,115 | +€82,533 | +141% |
| Operating profit (loss) | 9901 | €32,818 | €26,929 | -€5,888 | -17.9% |
| Financial income | 75/76B | €11,547 | €5,685 | -€5,862 | -50.8% |
| Recurring financial income | 75 | €11,542 | €5,685 | -€5,857 | -50.7% |
| Non-recurring financial income | 76B | €5 | - | -€5 | |
| Financial charges | 65/66B | €249 | €26,872 | +€26,623 | +10,689% |
| Recurring financial charges | 65 | €249 | €26,872 | +€26,623 | +10,689% |
| Profit (loss) for the period before taxes | 9903 | €44,116 | €5,742 | -€38,374 | -87.0% |
| Income taxes | 67/77 | €12,468 | €1,408 | -€11,061 | -88.7% |
| Profit (loss) for the period | 9904 | €31,647 | €4,334 | -€27,313 | -86.3% |
| Profit (loss) for the period to be appropriated | 9905 | €31,647 | €4,334 | -€27,313 | -86.3% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.