MASIFOR: what changed
What changed
MASIFOR
filed annual accounts (NBB)
Net result for the year
€102,784
2024 · €80,555+€22,229
Equity
€450,362
2024 · €372,578+€77,784
Cash
€52,813
2024 · €52,484+€329
Balance sheet total
€2.4m
2024 · €2.5m-€78,206
Largest movements
Assets
- Tangible fixed assets -€78,703
down €78,703 (-3.2%), from €2.5m to €2.4m
of which Land and buildings: -€78,703
Equity and liabilities
- Debts after one year -€185,574
down €185,574 (-16.1%), from €1.2m to €966,963
- Profit (loss) carried forward +€92,608
up €92,608, from -€82,384 to €10,224
- Other debts +€31,689
up €31,689 (+4.6%), from €682,666 to €714,355
Income statement
- Financial charges -€12,847
down €12,847 (-20.2%), from €63,625 to €50,778
- Gross operating margin +€10,417
up €10,417 (+4.3%), from €239,552 to €249,969
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€80,555
Gross operating margin
+€10,417
Depreciation
-€412
Other operating charges
-€523
Financial income
-€99
Financial charges
+€12,847
Result 2025
€102,784
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€212,934
Investment
-€5,737
Financing
-€206,868
Cash 2024
€52,484
From operations (derived)
+€212,934
Net result for the year
+€102,784
Depreciation
+€84,440
Smaller working-capital items
-€168
Provisions
-€4,941
Other debts
+€31,689
Accrued charges and deferred income
-€870
Investment (derived)
-€5,737
Investment in fixed assets (net)
-€5,737
Financing
-€206,868
Debts after one year
-€185,574
Current portion of long-term debt
+€3,706
Contributions, distributions and other
-€25,000
Cash 2025
€52,813
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,509,121 | €2,430,915 | -€78,206 | -3.1% |
| Fixed assets | 21/28 | €2,453,847 | €2,375,144 | -€78,703 | -3.2% |
| Tangible fixed assets | 22/27 | €2,453,847 | €2,375,144 | -€78,703 | -3.2% |
| Land and buildings | 22 | €2,453,847 | €2,375,144 | -€78,703 | -3.2% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €0 | - | = | |
| Current assets | 29/58 | €55,275 | €55,771 | +€497 | +0.9% |
| Amounts receivable within one year | 40/41 | €0 | €68 | +€68 | |
| Trade receivables | 40 | - | €68 | +€68 | |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €52,484 | €52,813 | +€329 | +0.6% |
| Deferred charges and accrued income | 490/1 | €2,791 | €2,891 | +€100 | +3.6% |
| Total equity and liabilities | 10/49 | €2,509,121 | €2,430,915 | -€78,206 | -3.1% |
| Equity | 10/15 | €372,578 | €450,362 | +€77,784 | +20.9% |
| Contributions | 10/11 | €99,157 | €99,157 | = | 0.0% |
| Capital | 10 | €99,157 | €99,157 | = | 0.0% |
| Issued capital | 100 | €99,157 | €99,157 | = | 0.0% |
| Reserves | 13 | €355,804 | €340,981 | -€14,824 | -4.2% |
| Non-distributable reserves | 130/1 | €9,916 | €9,916 | = | 0.0% |
| Legal reserve | 130 | €9,916 | €9,916 | = | 0.0% |
| Tax-exempt reserves | 132 | €345,889 | €331,065 | -€14,824 | -4.3% |
| Profit (loss) carried forward | 14 | -€82,384 | €10,224 | +€92,608 | |
| Provisions and deferred taxes | 16 | €115,296 | €110,355 | -€4,941 | -4.3% |
| Deferred taxes | 168 | €115,296 | €110,355 | -€4,941 | -4.3% |
| Amounts payable | 17/49 | €2,021,247 | €1,870,198 | -€151,049 | -7.5% |
| Amounts payable after more than one year | 17 | €1,152,537 | €966,963 | -€185,574 | -16.1% |
| Financial debts | 170/4 | €1,152,537 | €966,963 | -€185,574 | -16.1% |
| Amounts payable within one year | 42/48 | €867,840 | €903,235 | +€35,395 | +4.1% |
| Current portion of amounts payable after more than one year | 42 | €185,174 | €188,880 | +€3,706 | +2.0% |
| Trade debts | 44 | €0 | - | = | |
| Suppliers | 440/4 | €0 | - | = | |
| Other amounts payable | 47/48 | €682,666 | €714,355 | +€31,689 | +4.6% |
| Accrued charges and deferred income | 492/3 | €870 | €0 | -€870 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €84,028 | €84,440 | +€412 | +0.5% |
| Other operating charges | 640/8 | €16,384 | €16,907 | +€523 | +3.2% |
| Gross operating margin | 9900 | €239,552 | €249,969 | +€10,417 | +4.3% |
| Operating profit (loss) | 9901 | €139,140 | €148,621 | +€9,481 | +6.8% |
| Financial income | 75/76B | €99 | €0 | -€99 | -100% |
| Recurring financial income | 75 | €99 | €0 | -€99 | -100% |
| Financial charges | 65/66B | €63,625 | €50,778 | -€12,847 | -20.2% |
| Recurring financial charges | 65 | €63,625 | €50,778 | -€12,847 | -20.2% |
| Profit (loss) for the period before taxes | 9903 | €75,614 | €97,843 | +€22,229 | +29.4% |
| Transfer from deferred taxes | 780 | €4,941 | €4,941 | = | 0.0% |
| Profit (loss) for the period | 9904 | €80,555 | €102,784 | +€22,229 | +27.6% |
| Transfer from tax-exempt reserves | 789 | €14,824 | €14,824 | +€0 | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €95,379 | €117,608 | +€22,229 | +23.3% |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.