MashCo: 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.
What changed
MashCo
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€1.5m
2024 · €937,189+€577,187
Equity
€38.9m
2024 · €37.8m+€1.1m
Cash
€334,594
2024 · €719,187-€384,593
Balance sheet total
€60.1m
2024 · €63.5m-€3.4m
Largest movements
Assets
- Receivables within one year -€2.7m
down €2.7m (-74.5%), from €3.7m to €939,613
of which Other amounts receivable: -€2.5m
Equity and liabilities
- Current portion of long-term debt -€2.3m
down €2.3m (-68.3%), from €3.4m to €1.1m
- Debts after one year -€2.3m
down €2.3m (-26.3%), from €8.8m to €6.5m
- Reserves +€1.1m
up €1.1m (+13.2%), from €8.6m to €9.8m
of which Distributable reserves: +€1.1m
Income statement
- Turnover +€571,946
up €571,946 (+10.9%), from €5.3m to €5.8m
- Financial charges -€488,461
down €488,461 (-29.7%), from €1.6m to €1.2m
of which Financial charges: -€533,472
- Services and other goods +€303,309
up €303,309 (+16.0%), from €1.9m to €2.2m
- Other operating income -€152,905
down €152,905 (-99.8%), from €153,183 to €278
- Depreciation +€118,672
up €118,672 (+20.4%), from €581,711 to €700,383
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.
Result 2024
€937,189
Turnover
+€571,946
Other operating income
-€152,905
Services and other goods
-€303,309
Staff costs
+€94,551
Depreciation
-€118,672
Other operating charges
-€4,793
Financial income
+€3,744
Financial charges
+€488,461
Taxes
-€1,836
Result 2025
€1.5m
raises the resultlowers the result
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.
From operations
+€5.0m
Investment
-€379,539
Financing
-€5.0m
Cash 2024
€719,187
From operations (derived)
+€5.0m
Net result for the year
+€1.5m
Depreciation
+€700,383
Receivables within one year
+€2.7m
Deferred charges and accrued income
-€17,119
Trade debts
+€84,896
Tax, wage and social debts
+€96,582
Other debts
-€102,074
Investment (derived)
-€379,539
Investment in fixed assets (net)
-€379,539
Financing
-€5.0m
Debts after one year
-€2.3m
Current portion of long-term debt
-€2.3m
Short-term financial debts
-€38,013
Contributions, distributions and other
-€375,000
Cash 2025
€334,594
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €63,531,114 | €60,104,166 | -€3.4m | -5.4% |
| Fixed assets | 21/28 | €59,111,966 | €58,791,122 | -€320,844 | -0.5% |
| Intangible fixed assets | 21 | €1,927,966 | €1,607,122 | -€320,844 | -16.6% |
| Financial fixed assets | 28 | €57,184,000 | €57,184,000 | = | 0.0% |
| Affiliated companies | 280/1 | €57,184,000 | €57,184,000 | = | 0.0% |
| Participating interests | 280 | €57,184,000 | €57,184,000 | = | 0.0% |
| Current assets | 29/58 | €4,419,148 | €1,313,044 | -€3.1m | -70.3% |
| Amounts receivable within one year | 40/41 | €3,678,243 | €939,613 | -€2.7m | -74.5% |
| Trade receivables | 40 | €1,211,664 | €939,613 | -€272,051 | -22.5% |
| Other amounts receivable | 41 | €2,466,579 | - | -€2.5m | |
| Cash at bank and in hand | 54/58 | €719,187 | €334,594 | -€384,593 | -53.5% |
| Deferred charges and accrued income | 490/1 | €21,718 | €38,837 | +€17,119 | +78.8% |
| Total equity and liabilities | 10/49 | €63,531,114 | €60,104,166 | -€3.4m | -5.4% |
| Equity | 10/15 | €37,775,925 | €38,915,301 | +€1.1m | +3.0% |
| Contributions | 10/11 | €29,156,000 | €29,156,000 | = | 0.0% |
| Capital | 10 | €29,156,000 | €29,156,000 | = | 0.0% |
| Issued capital | 100 | €29,156,000 | €29,156,000 | = | 0.0% |
| Reserves | 13 | €8,619,925 | €9,759,301 | +€1.1m | +13.2% |
| Non-distributable reserves | 130/1 | €686,468 | €762,187 | +€75,719 | +11.0% |
| Legal reserve | 130 | €686,468 | €762,187 | +€75,719 | +11.0% |
| Distributable reserves | 133 | €7,933,457 | €8,997,114 | +€1.1m | +13.4% |
| Amounts payable | 17/49 | €25,755,189 | €21,188,865 | -€4.6m | -17.7% |
| Amounts payable after more than one year | 17 | €8,755,732 | €6,452,251 | -€2.3m | -26.3% |
| Financial debts | 170/4 | €8,755,732 | €6,452,251 | -€2.3m | -26.3% |
| Subordinated loans | 170 | €5,393,015 | €5,693,750 | +€300,735 | +5.6% |
| Credit institutions | 173 | €3,362,717 | €758,501 | -€2.6m | -77.4% |
| Amounts payable within one year | 42/48 | €16,999,457 | €14,736,614 | -€2.3m | -13.3% |
| Current portion of amounts payable after more than one year | 42 | €3,374,700 | €1,070,466 | -€2.3m | -68.3% |
| Financial debts | 43 | €204,391 | €166,378 | -€38,013 | -18.6% |
| Other loans | 439 | €204,391 | €166,378 | -€38,013 | -18.6% |
| Trade debts | 44 | €344,382 | €429,278 | +€84,896 | +24.7% |
| Suppliers | 440/4 | €344,382 | €429,278 | +€84,896 | +24.7% |
| Taxes, remuneration and social security | 45 | €383,432 | €480,014 | +€96,582 | +25.2% |
| Taxes | 450/3 | €62,368 | €97,101 | +€34,733 | +55.7% |
| Remuneration and social security | 454/9 | €321,064 | €382,913 | +€61,849 | +19.3% |
| Other amounts payable | 47/48 | €12,692,552 | €12,590,478 | -€102,074 | -0.8% |
| Operating income | 70/76A | €5,417,112 | €5,836,153 | +€419,041 | +7.7% |
| Turnover | 70 | €5,263,929 | €5,835,875 | +€571,946 | +10.9% |
| Other operating income | 74 | €153,183 | €278 | -€152,905 | -99.8% |
| Operating charges | 60/66A | €4,180,718 | €4,512,941 | +€332,223 | +7.9% |
| Services and other goods | 61 | €1,893,124 | €2,196,433 | +€303,309 | +16.0% |
| Remuneration, social security and pensions | 62 | €1,704,545 | €1,609,994 | -€94,551 | -5.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €581,711 | €700,383 | +€118,672 | +20.4% |
| Other operating charges | 640/8 | €1,338 | €6,131 | +€4,793 | +358% |
| Operating profit (loss) | 9901 | €1,236,394 | €1,323,212 | +€86,818 | +7.0% |
| Financial income | 75/76B | €1,347,984 | €1,351,728 | +€3,744 | +0.3% |
| Recurring financial income | 75 | €1,347,984 | €1,351,728 | +€3,744 | +0.3% |
| Income from financial fixed assets | 750 | €1,150,000 | €1,250,000 | +€100,000 | +8.7% |
| Income from current assets | 751 | €27,242 | €101,248 | +€74,006 | +272% |
| Other financial income | 752/9 | €170,742 | €480 | -€170,262 | -99.7% |
| Financial charges | 65/66B | €1,646,855 | €1,158,394 | -€488,461 | -29.7% |
| Recurring financial charges | 65 | €1,646,855 | €1,113,383 | -€533,472 | -32.4% |
| Debt charges | 650 | €1,615,312 | €1,065,460 | -€549,852 | -34.0% |
| Other financial charges | 652/9 | €31,543 | €47,923 | +€16,380 | +51.9% |
| Non-recurring financial charges | 66B | - | €45,011 | +€45,011 | |
| Profit (loss) for the period before taxes | 9903 | €937,523 | €1,516,546 | +€579,023 | +61.8% |
| Income taxes | 67/77 | €334 | €2,170 | +€1,836 | +550% |
| Taxes | 670/3 | €334 | €2,170 | +€1,836 | +550% |
| Profit (loss) for the period | 9904 | €937,189 | €1,514,376 | +€577,187 | +61.6% |
| Profit (loss) for the period to be appropriated | 9905 | €937,189 | €1,514,376 | +€577,187 | +61.6% |
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 14 October 2026 via checked.be.