MASEMAR: 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.
MASEMAR
Largest movements
- Stocks and contracts -€178,013
down €178,013 (-21.0%), from €846,410 to €668,397
- Cash -€61,610
down €61,610 (-79.3%), from €77,686 to €16,077
mainly Other debts (-€297,109) and Investment in fixed assets (net) (-€9,024)
- Other debts -€297,109
down €297,109 (-48.1%), from €618,064 to €320,955
- Profit (loss) carried forward +€59,730
up €59,730 (+61.6%), from -€97,029 to -€37,299
- Gross operating margin +€94,739
up €94,739, from -€22,167 to €72,572
- Other operating charges +€4,124
up €4,124 (+559.0%), from €738 to €4,862
- Financial charges -€1,937
down €1,937 (-20.3%), from €9,535 to €7,598
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 | €931,112 | €698,676 | -€232,436 | -25.0% |
| Fixed assets | 21/28 | - | €8,905 | +€8,905 | |
| Tangible fixed assets | 22/27 | - | €8,905 | +€8,905 | |
| Plant, machinery and equipment | 23 | - | €8,905 | +€8,905 | |
| Current assets | 29/58 | €931,112 | €689,771 | -€241,341 | -25.9% |
| Stocks and contracts in progress | 3 | €846,410 | €668,397 | -€178,013 | -21.0% |
| Stocks | 30/36 | €846,410 | €668,397 | -€178,013 | -21.0% |
| Amounts receivable within one year | 40/41 | €5,741 | €3,998 | -€1,743 | -30.4% |
| Trade receivables | 40 | €1,531 | €0 | -€1,531 | -100.0% |
| Other amounts receivable | 41 | €4,210 | €3,998 | -€213 | -5.1% |
| Cash at bank and in hand | 54/58 | €77,686 | €16,077 | -€61,610 | -79.3% |
| Deferred charges and accrued income | 490/1 | €1,274 | €1,300 | +€26 | +2.0% |
| Total equity and liabilities | 10/49 | €931,112 | €698,676 | -€232,436 | -25.0% |
| Equity | 10/15 | €190,023 | €249,753 | +€59,730 | +31.4% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €268,460 | €268,460 | = | 0.0% |
| Distributable reserves | 133 | €268,460 | €268,460 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€97,029 | -€37,299 | +€59,730 | +61.6% |
| Amounts payable | 17/49 | €741,088 | €448,923 | -€292,166 | -39.4% |
| Amounts payable after more than one year | 17 | €12,012 | €4,037 | -€7,976 | -66.4% |
| Financial debts | 170/4 | €12,012 | €4,037 | -€7,976 | -66.4% |
| Amounts payable within one year | 42/48 | €729,076 | €444,879 | -€284,197 | -39.0% |
| Current portion of amounts payable after more than one year | 42 | €7,847 | €7,976 | +€129 | +1.6% |
| Financial debts | 43 | €100,360 | €109,364 | +€9,004 | +9.0% |
| Credit institutions | 430/8 | €100,360 | €109,364 | +€9,004 | +9.0% |
| Trade debts | 44 | €1,164 | €0 | -€1,164 | -100.0% |
| Suppliers | 440/4 | €1,164 | €0 | -€1,164 | -100.0% |
| Taxes, remuneration and social security | 45 | €1,641 | €6,584 | +€4,943 | +301.3% |
| Taxes | 450/3 | €1,641 | €6,584 | +€4,943 | +301.3% |
| Other amounts payable | 47/48 | €618,064 | €320,955 | -€297,109 | -48.1% |
| Accrued charges and deferred income | 492/3 | - | €7 | +€7 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €0 | €119 | +€119 | |
| Other operating charges | 640/8 | €738 | €4,862 | +€4,124 | +559.0% |
| Gross operating margin | 9900 | -€22,167 | €72,572 | +€94,739 | |
| Operating profit (loss) | 9901 | -€22,905 | €67,592 | +€90,496 | |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €9,535 | €7,598 | -€1,937 | -20.3% |
| Recurring financial charges | 65 | €9,535 | €7,598 | -€1,937 | -20.3% |
| Profit (loss) for the period before taxes | 9903 | -€32,439 | €59,994 | +€92,433 | |
| Income taxes | 67/77 | €229 | €264 | +€35 | +15.3% |
| Profit (loss) for the period | 9904 | -€32,668 | €59,730 | +€92,398 | |
| Profit (loss) for the period to be appropriated | 9905 | -€32,668 | €59,730 | +€92,398 |
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.