MASGROEP: 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.
MASGROEP
Largest movements
- Tangible fixed assets +€3.2m
up €3.2m (+284%), from €1.1m to €4.4m
of which Land and buildings: +€2.7m
- Receivables within one year -€3.1m
down €3.1m (-98.9%), from €3.1m to €35,302
of which Other amounts receivable: -€3.0m
- Cash +€573,676
up €573,676 (+603%), from €95,199 to €668,875
mainly Receivables within one year (+€3.1m) and Debts after one year (+€1.6m)
- Receivables after one year -€298,324
down €298,324 (-100%), from €298,324 to €0
- Current investments -€250,000
down €250,000 (-100%), from €250,000 to €0
- Debts after one year +€1.6m
up €1.6m (+133%), from €1.2m to €2.7m
- Other debts -€1.1m
down €1.1m (-51.3%), from €2.2m to €1.1m
- Reserves +€1.1m
new in 2025: €1.1m
- Profit (loss) carried forward -€1.0m
down €1.0m (-100%), from €1.0m to €0
- Accrued charges and deferred income -€250,000
down €250,000 (-100%), from €250,000 to €0
- Gross operating margin +€321,822
up €321,822 (+194%), from €165,736 to €487,557
- Depreciation +€316,335
up €316,335 (+13,777%), from €2,296 to €318,632
- Financial charges -€43,184
down €43,184 (-35.5%), from €121,791 to €78,608
- Financial income -€38,965
down €38,965 (-52.8%), from €73,765 to €34,800
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 | €4,967,148 | €5,271,972 | +€304,825 | +6.1% |
| Fixed assets | 21/28 | €1,139,105 | €4,451,501 | +€3.3m | +291% |
| Intangible fixed assets | 21 | - | €74,733 | +€74,733 | |
| Tangible fixed assets | 22/27 | €1,139,105 | €4,376,769 | +€3.2m | +284% |
| Land and buildings | 22 | €1,134,182 | €3,834,012 | +€2.7m | +238% |
| Plant, machinery and equipment | 23 | - | €536,658 | +€536,658 | |
| Furniture and vehicles | 24 | €4,923 | €6,099 | +€1,176 | +23.9% |
| Current assets | 29/58 | €3,828,043 | €820,471 | -€3.0m | -78.6% |
| Amounts receivable after more than one year | 29 | €298,324 | €0 | -€298,324 | -100% |
| Other amounts receivable | 291 | €298,324 | €0 | -€298,324 | -100% |
| Stocks and contracts in progress | 3 | €4,608 | €4,352 | -€256 | -5.6% |
| Stocks | 30/36 | €4,608 | €4,352 | -€256 | -5.6% |
| Amounts receivable within one year | 40/41 | €3,121,614 | €35,302 | -€3.1m | -98.9% |
| Trade receivables | 40 | €92,059 | €0 | -€92,059 | -100% |
| Other amounts receivable | 41 | €3,029,556 | €35,302 | -€3.0m | -98.8% |
| Current investments | 50/53 | €250,000 | €0 | -€250,000 | -100% |
| Cash at bank and in hand | 54/58 | €95,199 | €668,875 | +€573,676 | +603% |
| Deferred charges and accrued income | 490/1 | €58,298 | €111,942 | +€53,645 | +92.0% |
| Total equity and liabilities | 10/49 | €4,967,148 | €5,271,972 | +€304,825 | +6.1% |
| Equity | 10/15 | €1,094,415 | €1,138,409 | +€43,994 | +4.0% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | - | €1,088,409 | +€1.1m | |
| Distributable reserves | 133 | - | €1,088,409 | +€1.1m | |
| Profit (loss) carried forward | 14 | €1,044,415 | €0 | -€1.0m | -100% |
| Amounts payable | 17/49 | €3,872,733 | €4,133,563 | +€260,831 | +6.7% |
| Amounts payable after more than one year | 17 | €1,174,667 | €2,738,275 | +€1.6m | +133% |
| Financial debts | 170/4 | €1,174,667 | €2,738,275 | +€1.6m | +133% |
| Amounts payable within one year | 42/48 | €2,448,066 | €1,395,288 | -€1.1m | -43.0% |
| Current portion of amounts payable after more than one year | 42 | €164,000 | €236,392 | +€72,392 | +44.1% |
| Trade debts | 44 | €45,668 | €21,966 | -€23,702 | -51.9% |
| Suppliers | 440/4 | €45,668 | €21,966 | -€23,702 | -51.9% |
| Advances received on contracts in progress | 46 | - | €45,755 | +€45,755 | |
| Taxes, remuneration and social security | 45 | €23,143 | €13,355 | -€9,788 | -42.3% |
| Taxes | 450/3 | €23,143 | €355 | -€22,788 | -98.5% |
| Remuneration and social security | 454/9 | €0 | €13,000 | +€13,000 | |
| Other amounts payable | 47/48 | €2,215,255 | €1,077,821 | -€1.1m | -51.3% |
| Accrued charges and deferred income | 492/3 | €250,000 | €0 | -€250,000 | -100% |
| Non-recurring operating income | 76A | €0 | €300,000 | +€300,000 | |
| Remuneration, social security and pensions | 62 | -€1,429 | €0 | +€1,429 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,296 | €318,632 | +€316,335 | +13,777% |
| Other operating charges | 640/8 | €59,791 | €61,867 | +€2,076 | +3.5% |
| Gross operating margin | 9900 | €165,736 | €487,557 | +€321,822 | +194% |
| Operating profit (loss) | 9901 | €105,078 | €107,059 | +€1,981 | +1.9% |
| Financial income | 75/76B | €73,765 | €34,800 | -€38,965 | -52.8% |
| Recurring financial income | 75 | €73,765 | €34,800 | -€38,965 | -52.8% |
| Financial charges | 65/66B | €121,791 | €78,608 | -€43,184 | -35.5% |
| Recurring financial charges | 65 | €121,791 | €78,608 | -€43,184 | -35.5% |
| Profit (loss) for the period before taxes | 9903 | €57,051 | €63,251 | +€6,200 | +10.9% |
| Income taxes | 67/77 | €17,561 | €19,257 | +€1,696 | +9.7% |
| Profit (loss) for the period | 9904 | €39,490 | €43,994 | +€4,504 | +11.4% |
| Profit (loss) for the period to be appropriated | 9905 | €39,490 | €43,994 | +€4,504 | +11.4% |
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 16 October 2026 via checked.be.