Masereelfonds: 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.
Masereelfonds
Largest movements
- Tangible fixed assets +€284,083
up €284,083 (+111%), from €255,096 to €539,179
of which Land and buildings: +€285,211
- Current investments -€248,221
down €248,221 (-76.6%), from €323,954 to €75,733
- Financial fixed assets -€31,075
down €31,075 (-87.2%), from €35,625 to €4,550
- Receivables after one year +€26,071
new in 2025: €26,071
- Deferred charges and accrued income -€11,661
down €11,661 (-84.9%), from €13,743 to €2,081
- Profit (loss) carried forward +€42,389
up €42,389 (+7.8%), from €540,302 to €582,692
- Accrued charges and deferred income -€19,472
down €19,472 (-80.9%), from €24,072 to €4,600
- Staff costs -€78,539
down €78,539 (-18.9%), from €415,472 to €336,934
- Financial income -€19,706
down €19,706 (-78.4%), from €25,134 to €5,429
of which Financial income: -€19,625
- Gross operating margin -€12,326
down €12,326 (-3.0%), from €406,450 to €394,124
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 | €946,871 | €977,260 | +€30,389 | +3.2% |
| Fixed assets | 21/28 | €290,721 | €543,729 | +€253,008 | +87.0% |
| Tangible fixed assets | 22/27 | €255,096 | €539,179 | +€284,083 | +111% |
| Land and buildings | 22 | €253,060 | €538,272 | +€285,211 | +113% |
| Furniture and vehicles | 24 | €2,035 | €908 | -€1,128 | -55.4% |
| Financial fixed assets | 28 | €35,625 | €4,550 | -€31,075 | -87.2% |
| Current assets | 29/58 | €656,150 | €433,531 | -€222,620 | -33.9% |
| Amounts receivable after more than one year | 29 | - | €26,071 | +€26,071 | |
| Other amounts receivable | 291 | - | €26,071 | +€26,071 | |
| Amounts receivable within one year | 40/41 | €35,273 | €46,588 | +€11,314 | +32.1% |
| Trade receivables | 40 | €405 | €390 | -€15 | -3.7% |
| Other amounts receivable | 41 | €34,868 | €46,198 | +€11,329 | +32.5% |
| Current investments | 50/53 | €323,954 | €75,733 | -€248,221 | -76.6% |
| Cash at bank and in hand | 54/58 | €283,180 | €283,058 | -€122 | 0.0% |
| Deferred charges and accrued income | 490/1 | €13,743 | €2,081 | -€11,661 | -84.9% |
| Total equity and liabilities | 10/49 | €946,871 | €977,260 | +€30,389 | +3.2% |
| Equity | 10/15 | €863,302 | €905,692 | +€42,389 | +4.9% |
| Reserves | 13 | €323,000 | €323,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €540,302 | €582,692 | +€42,389 | +7.8% |
| Amounts payable | 17/49 | €83,569 | €71,568 | -€12,001 | -14.4% |
| Amounts payable within one year | 42/48 | €59,496 | €66,968 | +€7,472 | +12.6% |
| Trade debts | 44 | €17,312 | €27,531 | +€10,219 | +59.0% |
| Suppliers | 440/4 | €17,312 | €27,531 | +€10,219 | +59.0% |
| Taxes, remuneration and social security | 45 | €42,184 | €35,717 | -€6,468 | -15.3% |
| Taxes | 450/3 | - | €517 | +€517 | |
| Remuneration and social security | 454/9 | €42,184 | €35,200 | -€6,985 | -16.6% |
| Accrued charges and deferred income | 492/3 | €24,072 | €4,600 | -€19,472 | -80.9% |
| Membership fees, donations, legacies and grants | 73 | €506,917 | - | -€506,917 | |
| Remuneration, social security and pensions | 62 | €415,472 | €336,934 | -€78,539 | -18.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,136 | €14,146 | +€10 | +0.1% |
| Other operating charges | 640/8 | €2,253 | €593 | -€1,660 | -73.7% |
| Non-recurring operating charges | 66A | - | €1,674 | +€1,674 | |
| Gross operating margin | 9900 | €406,450 | €394,124 | -€12,326 | -3.0% |
| Operating profit (loss) | 9901 | -€25,412 | €40,777 | +€66,189 | |
| Financial income | 75/76B | €25,134 | €5,429 | -€19,706 | -78.4% |
| Recurring financial income | 75 | €25,054 | €5,429 | -€19,625 | -78.3% |
| Non-recurring financial income | 76B | €80 | - | -€80 | |
| Financial charges | 65/66B | €3,712 | €3,598 | -€114 | -3.1% |
| Recurring financial charges | 65 | €939 | €3,598 | +€2,659 | +283% |
| Non-recurring financial charges | 66B | €2,773 | - | -€2,773 | |
| Profit (loss) for the period before taxes | 9903 | -€3,989 | €42,608 | +€46,597 | |
| Income taxes | 67/77 | - | €219 | +€219 | |
| Profit (loss) for the period | 9904 | -€3,989 | €42,389 | +€46,378 | |
| Profit (loss) for the period to be appropriated | 9905 | -€3,989 | €42,389 | +€46,378 |
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 25 October 2026 via checked.be.