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
- Cash +€43,487
up €43,487 (+33.7%), from €129,046 to €172,533
mainly Net result for the year (+€79,180) and Depreciation (+€11,671)
- Receivables within one year +€14,503
up €14,503 (+11.3%), from €128,456 to €142,959
of which Other amounts receivable: +€14,886
- Reserves +€79,180
up €79,180 (+75.9%), from €104,324 to €183,504
of which Distributable reserves: +€79,180
- Trade debts -€16,508
down €16,508 (-42.3%), from €38,989 to €22,481
- Tax, wage and social debts +€7,517
up €7,517 (+5.8%), from €129,519 to €137,036
of which Taxes: +€12,904
- Accrued charges and deferred income -€5,263
no longer reported in 2025 (was €5,263)
- Financial charges +€89,360
up €89,360 (+597.7%), from €14,950 to €104,310
- Staff costs -€65,741
down €65,741 (-25.4%), from €259,135 to €193,393
- Gross operating margin +€20,900
up €20,900 (+5.4%), from €389,434 to €410,335
- Financial income -€7,668
down €7,668 (-51.4%), from €14,932 to €7,264
- Taxes -€4,782
down €4,782 (-15.1%), from €31,671 to €26,889
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 | €299,296 | €361,621 | +€62,325 | +20.8% |
| Fixed assets | 21/28 | €36,689 | €36,198 | -€491 | -1.3% |
| Tangible fixed assets | 22/27 | €36,159 | €35,668 | -€491 | -1.4% |
| Plant, machinery and equipment | 23 | €2,144 | €1,448 | -€696 | -32.5% |
| Furniture and vehicles | 24 | €14,217 | €16,807 | +€2,590 | +18.2% |
| Other tangible fixed assets | 26 | €19,798 | €17,413 | -€2,385 | -12.0% |
| Financial fixed assets | 28 | €530 | €530 | = | 0.0% |
| Current assets | 29/58 | €262,607 | €325,423 | +€62,816 | +23.9% |
| Stocks and contracts in progress | 3 | €4,332 | €7,168 | +€2,835 | +65.4% |
| Stocks | 30/36 | €4,332 | €7,168 | +€2,835 | +65.4% |
| Amounts receivable within one year | 40/41 | €128,456 | €142,959 | +€14,503 | +11.3% |
| Trade receivables | 40 | €384 | - | -€384 | |
| Other amounts receivable | 41 | €128,073 | €142,959 | +€14,886 | +11.6% |
| Cash at bank and in hand | 54/58 | €129,046 | €172,533 | +€43,487 | +33.7% |
| Deferred charges and accrued income | 490/1 | €773 | €2,764 | +€1,991 | +257.7% |
| Total equity and liabilities | 10/49 | €299,296 | €361,621 | +€62,325 | +20.8% |
| Equity | 10/15 | €122,924 | €202,104 | +€79,180 | +64.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €104,324 | €183,504 | +€79,180 | +75.9% |
| Tax-exempt reserves | 132 | €21,364 | €21,364 | = | 0.0% |
| Distributable reserves | 133 | €82,960 | €162,140 | +€79,180 | +95.4% |
| Amounts payable | 17/49 | €176,372 | €159,517 | -€16,855 | -9.6% |
| Amounts payable within one year | 42/48 | €171,109 | €159,517 | -€11,592 | -6.8% |
| Trade debts | 44 | €38,989 | €22,481 | -€16,508 | -42.3% |
| Suppliers | 440/4 | €38,989 | €22,481 | -€16,508 | -42.3% |
| Taxes, remuneration and social security | 45 | €129,519 | €137,036 | +€7,517 | +5.8% |
| Taxes | 450/3 | €83,443 | €96,347 | +€12,904 | +15.5% |
| Remuneration and social security | 454/9 | €46,076 | €40,689 | -€5,388 | -11.7% |
| Other amounts payable | 47/48 | €2,601 | - | -€2,601 | |
| Accrued charges and deferred income | 492/3 | €5,263 | - | -€5,263 | |
| Remuneration, social security and pensions | 62 | €259,135 | €193,393 | -€65,741 | -25.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,155 | €11,671 | -€483 | -4.0% |
| Other operating charges | 640/8 | €5,730 | €2,155 | -€3,574 | -62.4% |
| Gross operating margin | 9900 | €389,434 | €410,335 | +€20,900 | +5.4% |
| Operating profit (loss) | 9901 | €112,415 | €203,114 | +€90,699 | +80.7% |
| Financial income | 75/76B | €14,932 | €7,264 | -€7,668 | -51.4% |
| Recurring financial income | 75 | €14,932 | €7,264 | -€7,668 | -51.4% |
| Financial charges | 65/66B | €14,950 | €104,310 | +€89,360 | +597.7% |
| Recurring financial charges | 65 | €14,950 | €104,310 | +€89,360 | +597.7% |
| Profit (loss) for the period before taxes | 9903 | €112,397 | €106,068 | -€6,329 | -5.6% |
| Income taxes | 67/77 | €31,671 | €26,889 | -€4,782 | -15.1% |
| Profit (loss) for the period | 9904 | €80,726 | €79,180 | -€1,546 | -1.9% |
| Profit (loss) for the period to be appropriated | 9905 | €80,726 | €79,180 | -€1,546 | -1.9% |
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 10 October 2026 via checked.be.