MASH: 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.
MASH
Largest movements
- Tangible fixed assets +€112,827
up €112,827 (+12,638%), from €893 to €113,719
of which Furniture and vehicles: +€112,157
- Receivables within one year -€19,378
down €19,378 (-64.9%), from €29,871 to €10,493
of which Trade receivables: -€18,012
- Cash -€19,299
down €19,299 (-8.6%), from €223,930 to €204,632
mainly Contributions, distributions and other (-€190,000) and Investment in fixed assets (net) (-€122,933)
- Debts after one year +€70,585
new in 2025: €70,585
- Other debts -€26,561
down €26,561 (-11.9%), from €222,682 to €196,121
- Current portion of long-term debt +€25,001
new in 2025: €25,001
- Trade debts +€6,515
up €6,515 (+823%), from €791 to €7,306
- Gross operating margin -€35,433
down €35,433 (-11.8%), from €300,005 to €264,572
- Taxes -€15,849
down €15,849 (-20.8%), from €76,165 to €60,315
- Depreciation +€9,713
up €9,713 (+2,473%), from €393 to €10,106
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 | €257,571 | €331,502 | +€73,931 | +28.7% |
| Fixed assets | 21/28 | €893 | €113,719 | +€112,827 | +12,638% |
| Tangible fixed assets | 22/27 | €893 | €113,719 | +€112,827 | +12,638% |
| Plant, machinery and equipment | 23 | €893 | €1,562 | +€670 | +75.0% |
| Furniture and vehicles | 24 | - | €112,157 | +€112,157 | |
| Current assets | 29/58 | €256,678 | €217,782 | -€38,896 | -15.2% |
| Amounts receivable within one year | 40/41 | €29,871 | €10,493 | -€19,378 | -64.9% |
| Trade receivables | 40 | €24,667 | €6,655 | -€18,012 | -73.0% |
| Other amounts receivable | 41 | €5,204 | €3,838 | -€1,365 | -26.2% |
| Cash at bank and in hand | 54/58 | €223,930 | €204,632 | -€19,299 | -8.6% |
| Deferred charges and accrued income | 490/1 | €2,877 | €2,657 | -€219 | -7.6% |
| Total equity and liabilities | 10/49 | €257,571 | €331,502 | +€73,931 | +28.7% |
| Equity | 10/15 | €20,469 | €21,632 | +€1,163 | +5.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,869 | €3,032 | +€1,163 | +62.2% |
| Amounts payable | 17/49 | €237,102 | €309,869 | +€72,768 | +30.7% |
| Amounts payable after more than one year | 17 | - | €70,585 | +€70,585 | |
| Financial debts | 170/4 | - | €70,585 | +€70,585 | |
| Amounts payable within one year | 42/48 | €237,102 | €239,284 | +€2,182 | +0.9% |
| Current portion of amounts payable after more than one year | 42 | - | €25,001 | +€25,001 | |
| Trade debts | 44 | €791 | €7,306 | +€6,515 | +823% |
| Suppliers | 440/4 | €791 | €7,306 | +€6,515 | +823% |
| Taxes, remuneration and social security | 45 | €13,629 | €10,856 | -€2,773 | -20.3% |
| Taxes | 450/3 | €13,629 | €10,856 | -€2,773 | -20.3% |
| Other amounts payable | 47/48 | €222,682 | €196,121 | -€26,561 | -11.9% |
| Non-recurring operating income | 76A | - | €42,000 | +€42,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €393 | €10,106 | +€9,713 | +2,473% |
| Other operating charges | 640/8 | €2,250 | €1,602 | -€648 | -28.8% |
| Gross operating margin | 9900 | €300,005 | €264,572 | -€35,433 | -11.8% |
| Operating profit (loss) | 9901 | €297,362 | €252,864 | -€44,498 | -15.0% |
| Financial charges | 65/66B | €155 | €1,385 | +€1,230 | +791% |
| Recurring financial charges | 65 | €155 | €1,385 | +€1,230 | +791% |
| Profit (loss) for the period before taxes | 9903 | €297,207 | €251,479 | -€45,728 | -15.4% |
| Income taxes | 67/77 | €76,165 | €60,315 | -€15,849 | -20.8% |
| Profit (loss) for the period | 9904 | €221,042 | €191,163 | -€29,878 | -13.5% |
| Profit (loss) for the period to be appropriated | 9905 | €221,042 | €191,163 | -€29,878 | -13.5% |
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 27 October 2026 via checked.be.