MASIL: what changed
What changed
MASIL
NACE 70.200, Business and other management consultancy
filed annual accounts (NBB)
Net result for the year
€54,868
2025 · €79,496-€24,628
Equity
€623,595
2025 · €868,727-€245,132
Cash
€113,329
2025 · €132,864-€19,535
Balance sheet total
€983,387
2025 · €1.0m-€57,556
Largest movements
Assets
- Receivables after one year -€31,900
down €31,900 (-60.0%), from €53,128 to €21,228
- Cash -€19,535
down €19,535 (-14.7%), from €132,864 to €113,329
mainly Contributions, distributions and other (-€300,000) and Investment in fixed assets (net) (-€16,178)
Equity and liabilities
- Reserves -€245,132
down €245,132 (-28.4%), from €862,527 to €617,395
- Other debts +€208,641
up €208,641 (+225%), from €92,861 to €301,501
Income statement
- Financial charges +€46,501
up €46,501 (+1,315%), from €3,536 to €50,037
- Write-downs -€27,070
down €27,070 (-49.6%), from €54,570 to €27,500
- Gross operating margin -€10,942
down €10,942 (-6.1%), from €180,838 to €169,896
- Other operating charges -€5,980
down €5,980 (-85.2%), from €7,022 to €1,042
Change in the result, 2025 to 2026
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 2025
€79,496
Gross operating margin
-€10,942
Depreciation
-€740
Write-downs
+€27,070
Other operating charges
+€5,980
Financial income
+€182
Financial charges
-€46,501
Taxes
+€323
Result 2026
€54,868
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2025 and 2026 balance sheets and the 2026 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€302,464
Investment
-€11,852
Financing
-€310,147
Cash 2025
€132,864
From operations (derived)
+€302,464
Net result for the year
+€54,868
Depreciation
+€18,294
Receivables after one year
+€31,900
Receivables within one year
-€1,015
Deferred charges and accrued income
+€694
Trade debts
+€2,296
Tax, wage and social debts
-€4,942
Other debts
+€208,641
Accrued charges and deferred income
-€8,271
Investment (derived)
-€11,852
Investment in fixed assets (net)
-€16,178
Current investments
+€4,326
Financing
-€310,147
Debts after one year
-€10,147
Contributions, distributions and other
-€300,000
Cash 2026
€113,329
brings cash intakes cash out
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,040,943 | €983,387 | -€57,556 | -5.5% |
| Fixed assets | 21/28 | €55,320 | €53,204 | -€2,116 | -3.8% |
| Tangible fixed assets | 22/27 | €55,320 | €53,204 | -€2,116 | -3.8% |
| Plant, machinery and equipment | 23 | €500 | €1,187 | +€687 | +137% |
| Furniture and vehicles | 24 | €35,564 | €21,181 | -€14,383 | -40.4% |
| Other tangible fixed assets | 26 | €19,256 | €30,836 | +€11,580 | +60.1% |
| Current assets | 29/58 | €985,623 | €930,182 | -€55,441 | -5.6% |
| Amounts receivable after more than one year | 29 | €53,128 | €21,228 | -€31,900 | -60.0% |
| Other amounts receivable | 291 | €53,128 | €21,228 | -€31,900 | -60.0% |
| Amounts receivable within one year | 40/41 | €546,752 | €547,767 | +€1,015 | +0.2% |
| Trade receivables | 40 | €0 | €6,231 | +€6,231 | |
| Other amounts receivable | 41 | €546,752 | €541,536 | -€5,216 | -1.0% |
| Current investments | 50/53 | €250,283 | €245,957 | -€4,326 | -1.7% |
| Cash at bank and in hand | 54/58 | €132,864 | €113,329 | -€19,535 | -14.7% |
| Deferred charges and accrued income | 490/1 | €2,595 | €1,901 | -€694 | -26.8% |
| Total equity and liabilities | 10/49 | €1,040,943 | €983,387 | -€57,556 | -5.5% |
| Equity | 10/15 | €868,727 | €623,595 | -€245,132 | -28.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €862,527 | €617,395 | -€245,132 | -28.4% |
| Distributable reserves | 133 | €862,527 | €617,395 | -€245,132 | -28.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €172,216 | €359,792 | +€187,576 | +109% |
| Amounts payable after more than one year | 17 | €16,066 | €5,919 | -€10,147 | -63.2% |
| Financial debts | 170/4 | €16,066 | €5,919 | -€10,147 | -63.2% |
| Amounts payable within one year | 42/48 | €147,878 | €353,873 | +€205,994 | +139% |
| Current portion of amounts payable after more than one year | 42 | €10,147 | €10,147 | = | 0.0% |
| Trade debts | 44 | €585 | €2,880 | +€2,296 | +393% |
| Suppliers | 440/4 | €585 | €2,880 | +€2,296 | +393% |
| Taxes, remuneration and social security | 45 | €44,286 | €39,344 | -€4,942 | -11.2% |
| Taxes | 450/3 | €44,286 | €39,344 | -€4,942 | -11.2% |
| Other amounts payable | 47/48 | €92,861 | €301,501 | +€208,641 | +225% |
| Accrued charges and deferred income | 492/3 | €8,271 | €0 | -€8,271 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,554 | €18,294 | +€740 | +4.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €54,570 | €27,500 | -€27,070 | -49.6% |
| Other operating charges | 640/8 | €7,022 | €1,042 | -€5,980 | -85.2% |
| Gross operating margin | 9900 | €180,838 | €169,896 | -€10,942 | -6.1% |
| Operating profit (loss) | 9901 | €101,692 | €123,060 | +€21,368 | +21.0% |
| Financial income | 75/76B | €18,487 | €18,670 | +€182 | +1.0% |
| Recurring financial income | 75 | €18,487 | €18,670 | +€182 | +1.0% |
| Financial charges | 65/66B | €3,536 | €50,037 | +€46,501 | +1,315% |
| Recurring financial charges | 65 | €3,536 | €50,037 | +€46,501 | +1,315% |
| Profit (loss) for the period before taxes | 9903 | €116,643 | €91,692 | -€24,951 | -21.4% |
| Income taxes | 67/77 | €37,147 | €36,824 | -€323 | -0.9% |
| Profit (loss) for the period | 9904 | €79,496 | €54,868 | -€24,628 | -31.0% |
| Profit (loss) for the period to be appropriated | 9905 | €79,496 | €54,868 | -€24,628 | -31.0% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.