Mashi: 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.
Mashi
Largest movements
- Receivables within one year +€3,699
up €3,699 (+46.4%), from €7,971 to €11,671
of which Trade receivables: +€4,654
- Cash -€3,560
down €3,560 (-24.5%), from €14,545 to €10,985
mainly Contributions, distributions and other (-€44,878) and Receivables within one year (-€3,699)
- Tangible fixed assets +€1,221
up €1,221 (+28.8%), from €4,238 to €5,460
of which Furniture and vehicles: +€1,415
- Deferred charges and accrued income +€529
new in 2025: €529
- Reserves +€2,075
up €2,075 (+31.3%), from €6,638 to €8,714
- Gross operating margin +€17,813
up €17,813 (+41.2%), from €43,259 to €61,072
- Taxes +€3,432
up €3,432 (+39.8%), from €8,622 to €12,054
- Depreciation -€1,031
down €1,031 (-65.7%), from €1,570 to €539
- Other operating charges +€835
up €835 (+708%), from €118 to €953
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 | €26,754 | €28,644 | +€1,889 | +7.1% |
| Fixed assets | 21/28 | €4,238 | €5,460 | +€1,221 | +28.8% |
| Tangible fixed assets | 22/27 | €4,238 | €5,460 | +€1,221 | +28.8% |
| Plant, machinery and equipment | 23 | €277 | €83 | -€193 | -69.9% |
| Furniture and vehicles | 24 | €707 | €2,121 | +€1,415 | +200% |
| Other tangible fixed assets | 26 | €3,255 | €3,255 | = | 0.0% |
| Current assets | 29/58 | €22,516 | €23,184 | +€668 | +3.0% |
| Amounts receivable within one year | 40/41 | €7,971 | €11,671 | +€3,699 | +46.4% |
| Trade receivables | 40 | €4,971 | €9,625 | +€4,654 | +93.6% |
| Other amounts receivable | 41 | €3,000 | €2,045 | -€955 | -31.8% |
| Cash at bank and in hand | 54/58 | €14,545 | €10,985 | -€3,560 | -24.5% |
| Deferred charges and accrued income | 490/1 | - | €529 | +€529 | |
| Total equity and liabilities | 10/49 | €26,754 | €28,644 | +€1,889 | +7.1% |
| Equity | 10/15 | €25,238 | €27,314 | +€2,075 | +8.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €6,638 | €8,714 | +€2,075 | +31.3% |
| Distributable reserves | 133 | €6,638 | €8,714 | +€2,075 | +31.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,516 | €1,330 | -€186 | -12.3% |
| Amounts payable within one year | 42/48 | €1,516 | €1,330 | -€186 | -12.3% |
| Trade debts | 44 | €1,516 | €1,330 | -€186 | -12.3% |
| Suppliers | 440/4 | €1,516 | €1,330 | -€186 | -12.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,570 | €539 | -€1,031 | -65.7% |
| Other operating charges | 640/8 | €118 | €953 | +€835 | +708% |
| Non-recurring operating charges | 66A | €12 | €533 | +€522 | +4,475% |
| Gross operating margin | 9900 | €43,259 | €61,072 | +€17,813 | +41.2% |
| Operating profit (loss) | 9901 | €41,559 | €59,047 | +€17,488 | +42.1% |
| Financial income | 75/76B | €1 | €111 | +€110 | +10,371% |
| Recurring financial income | 75 | €1 | €111 | +€110 | +10,371% |
| Financial charges | 65/66B | €135 | €150 | +€15 | +11.2% |
| Recurring financial charges | 65 | €135 | €150 | +€15 | +11.2% |
| Profit (loss) for the period before taxes | 9903 | €41,425 | €59,008 | +€17,582 | +42.4% |
| Income taxes | 67/77 | €8,622 | €12,054 | +€3,432 | +39.8% |
| Profit (loss) for the period | 9904 | €32,803 | €46,953 | +€14,150 | +43.1% |
| Profit (loss) for the period to be appropriated | 9905 | €32,803 | €46,953 | +€14,150 | +43.1% |
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 17 October 2026 via checked.be.