MASGEST: 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.
MASGEST
Largest movements
- Cash -€15,793
down €15,793 (-17.1%), from €92,156 to €76,363
mainly Contributions, distributions and other (-€235,000) and Tax, wage and social debts (-€31,017)
- Receivables within one year +€3,613
up €3,613 (+5.0%), from €72,975 to €76,588
- Tangible fixed assets -€2,920
down €2,920 (-15.2%), from €19,166 to €16,246
- Other debts +€135,000
new in 2025: €135,000
- Profit (loss) carried forward -€107,925
down €107,925 (-99.7%), from €108,201 to €276
- Tax, wage and social debts -€31,017
down €31,017 (-77.5%), from €40,032 to €9,015
of which Taxes: -€21,783
- Current portion of long-term debt -€10,796
no longer reported in 2025 (was €10,796)
- Gross operating margin +€33,640
up €33,640 (+21.7%), from €154,685 to €188,325
- Taxes +€11,533
up €11,533 (+36.6%), from €31,515 to €43,048
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 | €185,971 | €171,176 | -€14,795 | -8.0% |
| Fixed assets | 21/28 | €19,166 | €16,246 | -€2,920 | -15.2% |
| Tangible fixed assets | 22/27 | €19,166 | €16,246 | -€2,920 | -15.2% |
| Furniture and vehicles | 24 | €19,166 | €16,246 | -€2,920 | -15.2% |
| Current assets | 29/58 | €166,805 | €154,930 | -€11,875 | -7.1% |
| Amounts receivable within one year | 40/41 | €72,975 | €76,588 | +€3,613 | +5.0% |
| Trade receivables | 40 | €72,975 | €76,588 | +€3,613 | +5.0% |
| Cash at bank and in hand | 54/58 | €92,156 | €76,363 | -€15,793 | -17.1% |
| Deferred charges and accrued income | 490/1 | €1,674 | €1,979 | +€305 | +18.2% |
| Total equity and liabilities | 10/49 | €185,971 | €171,176 | -€14,795 | -8.0% |
| Equity | 10/15 | €113,201 | €5,276 | -€107,925 | -95.3% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €108,201 | €276 | -€107,925 | -99.7% |
| Amounts payable | 17/49 | €72,770 | €165,900 | +€93,130 | +128.0% |
| Amounts payable within one year | 42/48 | €72,770 | €165,900 | +€93,130 | +128.0% |
| Current portion of amounts payable after more than one year | 42 | €10,796 | - | -€10,796 | |
| Trade debts | 44 | €21,942 | €21,885 | -€57 | -0.3% |
| Suppliers | 440/4 | €21,942 | €21,885 | -€57 | -0.3% |
| Taxes, remuneration and social security | 45 | €40,032 | €9,015 | -€31,017 | -77.5% |
| Taxes | 450/3 | €30,798 | €9,015 | -€21,783 | -70.7% |
| Remuneration and social security | 454/9 | €9,234 | - | -€9,234 | |
| Other amounts payable | 47/48 | - | €135,000 | +€135,000 | |
| Remuneration, social security and pensions | 62 | €2,931 | €4,531 | +€1,600 | +54.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,473 | €12,906 | +€1,433 | +12.5% |
| Other operating charges | 640/8 | €949 | €604 | -€345 | -36.4% |
| Gross operating margin | 9900 | €154,685 | €188,325 | +€33,640 | +21.7% |
| Operating profit (loss) | 9901 | €139,332 | €170,284 | +€30,952 | +22.2% |
| Financial charges | 65/66B | €443 | €161 | -€282 | -63.7% |
| Recurring financial charges | 65 | €443 | €161 | -€282 | -63.7% |
| Profit (loss) for the period before taxes | 9903 | €138,889 | €170,123 | +€31,234 | +22.5% |
| Income taxes | 67/77 | €31,515 | €43,048 | +€11,533 | +36.6% |
| Profit (loss) for the period | 9904 | €107,374 | €127,075 | +€19,701 | +18.3% |
| Profit (loss) for the period to be appropriated | 9905 | €107,374 | €127,075 | +€19,701 | +18.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.