MASEL: what changed
Two fiscal 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.
MASEL
Largest movements
- Financial fixed assets +€1.4m
up €1.4m (+6.9%), from €19.7m to €21.1m
- Cash -€275,503
down €275,503 (-93.4%), from €295,115 to €19,612
mainly Investment in fixed assets (net) (-€1.4m) and Contributions, distributions and other (-€750,000)
- Reserves +€1.0m
up €1.0m (+5.2%), from €20.0m to €21.0m
of which Distributable reserves: +€1.0m
- Financial income +€436,862
up €436,862 (+26.3%), from €1.7m to €2.1m
of which Non-recurring financial income: +€499,961
- Gross operating margin -€48,683
down €48,683 (-118.3%), from -€41,140 to -€89,823
- Taxes +€34,500
up €34,500 (+24.1%), from €143,000 to €177,500
- Other operating charges +€5,603
up €5,603 (+14.1%), from €39,713 to €45,316
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €24,033,404 | €25,062,236 | +€1.0m | +4.3% |
| Fixed assets | 21/28 | €19,710,949 | €21,068,714 | +€1.4m | +6.9% |
| Financial fixed assets | 28 | €19,710,949 | €21,068,714 | +€1.4m | +6.9% |
| Current assets | 29/58 | €4,322,455 | €3,993,523 | -€328,933 | -7.6% |
| Amounts receivable after more than one year | 29 | €3,800,000 | €3,800,000 | = | 0.0% |
| Other amounts receivable | 291 | €3,800,000 | €3,800,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €227,341 | €173,911 | -€53,430 | -23.5% |
| Other amounts receivable | 41 | €227,341 | €173,911 | -€53,430 | -23.5% |
| Cash at bank and in hand | 54/58 | €295,115 | €19,612 | -€275,503 | -93.4% |
| Total equity and liabilities | 10/49 | €24,033,404 | €25,062,236 | +€1.0m | +4.3% |
| Equity | 10/15 | €20,232,331 | €21,261,480 | +€1.0m | +5.1% |
| Contributions | 10/11 | €250,000 | €250,000 | = | 0.0% |
| Capital | 10 | €250,000 | €250,000 | = | 0.0% |
| Issued capital | 100 | €250,000 | €250,000 | = | 0.0% |
| Reserves | 13 | €19,982,331 | €21,011,480 | +€1.0m | +5.2% |
| Non-distributable reserves | 130/1 | €25,000 | €25,000 | = | 0.0% |
| Legal reserve | 130 | €25,000 | €25,000 | = | 0.0% |
| Distributable reserves | 133 | €19,957,331 | €20,986,480 | +€1.0m | +5.2% |
| Amounts payable | 17/49 | €3,801,073 | €3,800,756 | -€317 | 0.0% |
| Amounts payable after more than one year | 17 | €3,800,000 | €3,800,000 | = | 0.0% |
| Other amounts payable | 178/9 | €3,800,000 | €3,800,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,073 | €756 | -€317 | -29.6% |
| Trade debts | 44 | €1,073 | €756 | -€317 | -29.6% |
| Suppliers | 440/4 | €1,073 | €756 | -€317 | -29.6% |
| Other operating charges | 640/8 | €39,713 | €45,316 | +€5,603 | +14.1% |
| Gross operating margin | 9900 | -€41,140 | -€89,823 | -€48,683 | -118.3% |
| Operating profit (loss) | 9901 | -€80,853 | -€135,139 | -€54,286 | -67.1% |
| Financial income | 75/76B | €1,660,649 | €2,097,511 | +€436,862 | +26.3% |
| Recurring financial income | 75 | €1,234,469 | €1,171,370 | -€63,099 | -5.1% |
| Non-recurring financial income | 76B | €426,180 | €926,141 | +€499,961 | +117.3% |
| Financial charges | 65/66B | €5,208 | €5,723 | +€515 | +9.9% |
| Recurring financial charges | 65 | €5,208 | €5,723 | +€515 | +9.9% |
| Profit (loss) for the period before taxes | 9903 | €1,574,588 | €1,956,649 | +€382,061 | +24.3% |
| Income taxes | 67/77 | €143,000 | €177,500 | +€34,500 | +24.1% |
| Profit (loss) for the period | 9904 | €1,431,588 | €1,779,149 | +€347,561 | +24.3% |
| Profit (loss) for the period to be appropriated | 9905 | €1,431,588 | €1,779,149 | +€347,561 | +24.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 September 2026 via checked.be.