MASI: what changed
Two fiscal 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.
MASI
Largest movements
- Cash +€299,789
up €299,789 (+106.8%), from €280,725 to €580,514
mainly Net result for the year (+€376,974) and Trade debts (+€214,927)
- Receivables within one year +€102,043
up €102,043 (+15.6%), from €654,708 to €756,751
of which Trade receivables: +€97,038
- Stocks and contracts +€96,118
up €96,118 (+24.6%), from €390,769 to €486,887
- Tangible fixed assets -€39,601
down €39,601 (-9.6%), from €412,350 to €372,749
of which Land and buildings: -€38,701
- Profit (loss) carried forward +€376,974
up €376,974 (+45.5%), from €829,076 to €1.2m
- Trade debts +€214,927
up €214,927 (+144.3%), from €148,917 to €363,844
- Tax, wage and social debts -€114,527
down €114,527 (-69.0%), from €165,922 to €51,395
- Gross operating margin -€337,768
down €337,768 (-36.6%), from €922,758 to €584,991
- Taxes -€75,652
down €75,652 (-36.3%), from €208,580 to €132,928
- Depreciation -€14,166
down €14,166 (-18.3%), from €77,516 to €63,350
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 | €1,754,004 | €2,209,936 | +€455,933 | +26.0% |
| Fixed assets | 21/28 | €412,350 | €372,749 | -€39,601 | -9.6% |
| Tangible fixed assets | 22/27 | €412,350 | €372,749 | -€39,601 | -9.6% |
| Land and buildings | 22 | €410,538 | €371,836 | -€38,701 | -9.4% |
| Plant, machinery and equipment | 23 | €1,812 | €912 | -€900 | -49.7% |
| Current assets | 29/58 | €1,341,654 | €1,837,187 | +€495,534 | +36.9% |
| Stocks and contracts in progress | 3 | €390,769 | €486,887 | +€96,118 | +24.6% |
| Stocks | 30/36 | €390,769 | €486,887 | +€96,118 | +24.6% |
| Amounts receivable within one year | 40/41 | €654,708 | €756,751 | +€102,043 | +15.6% |
| Trade receivables | 40 | €654,708 | €751,746 | +€97,038 | +14.8% |
| Other amounts receivable | 41 | - | €5,005 | +€5,005 | |
| Cash at bank and in hand | 54/58 | €280,725 | €580,514 | +€299,789 | +106.8% |
| Deferred charges and accrued income | 490/1 | €15,452 | €13,035 | -€2,417 | -15.6% |
| Total equity and liabilities | 10/49 | €1,754,004 | €2,209,936 | +€455,933 | +26.0% |
| Equity | 10/15 | €1,007,276 | €1,384,251 | +€376,974 | +37.4% |
| Contributions | 10/11 | €162,000 | €162,000 | = | 0.0% |
| Reserves | 13 | €16,200 | €16,200 | = | 0.0% |
| Distributable reserves | 133 | €16,200 | €16,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €829,076 | €1,206,051 | +€376,974 | +45.5% |
| Amounts payable | 17/49 | €746,727 | €825,686 | +€78,958 | +10.6% |
| Amounts payable after more than one year | 17 | €99,783 | €82,854 | -€16,929 | -17.0% |
| Financial debts | 170/4 | €99,783 | €82,854 | -€16,929 | -17.0% |
| Amounts payable within one year | 42/48 | €646,945 | €742,832 | +€95,887 | +14.8% |
| Current portion of amounts payable after more than one year | 42 | €16,929 | €16,929 | = | 0.0% |
| Trade debts | 44 | €148,917 | €363,844 | +€214,927 | +144.3% |
| Suppliers | 440/4 | €148,917 | €363,844 | +€214,927 | +144.3% |
| Taxes, remuneration and social security | 45 | €165,922 | €51,395 | -€114,527 | -69.0% |
| Taxes | 450/3 | €165,922 | €51,395 | -€114,527 | -69.0% |
| Other amounts payable | 47/48 | €315,177 | €310,664 | -€4,513 | -1.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €77,516 | €63,350 | -€14,166 | -18.3% |
| Other operating charges | 640/8 | €13,392 | €14,544 | +€1,152 | +8.6% |
| Gross operating margin | 9900 | €922,758 | €584,991 | -€337,768 | -36.6% |
| Operating profit (loss) | 9901 | €831,851 | €507,096 | -€324,755 | -39.0% |
| Financial income | 75/76B | €0 | €5,110 | +€5,110 | +12774425.0% |
| Recurring financial income | 75 | €0 | €5,110 | +€5,110 | +12774425.0% |
| Financial charges | 65/66B | €7,684 | €2,303 | -€5,381 | -70.0% |
| Recurring financial charges | 65 | €7,684 | €2,303 | -€5,381 | -70.0% |
| Profit (loss) for the period before taxes | 9903 | €824,167 | €509,903 | -€314,264 | -38.1% |
| Income taxes | 67/77 | €208,580 | €132,928 | -€75,652 | -36.3% |
| Profit (loss) for the period | 9904 | €615,586 | €376,974 | -€238,612 | -38.8% |
| Profit (loss) for the period to be appropriated | 9905 | €615,586 | €376,974 | -€238,612 | -38.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.