MASIM: 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.
MASIM
Largest movements
- Financial fixed assets +€875,000
up €875,000 (+509%), from €171,825 to €1.0m
- Current investments -€240,222
down €240,222 (-51.1%), from €470,097 to €229,875
- Tangible fixed assets +€209,452
up €209,452 (+16.1%), from €1.3m to €1.5m
- Debts after one year +€616,458
up €616,458 (+222%), from €277,079 to €893,537
- Reserves +€161,849
up €161,849 (+12.4%), from €1.3m to €1.5m
of which Distributable reserves: +€199,415
- Current portion of long-term debt +€54,806
up €54,806 (+90.0%), from €60,903 to €115,709
- Other debts +€51,967
up €51,967 (+18.1%), from €286,420 to €338,387
- Financial income -€50,252
down €50,252 (-29.7%), from €169,118 to €118,865
of which Financial income: -€51,134
- Other operating charges +€29,818
up €29,818 (+370%), from €8,058 to €37,876
- Gross operating margin +€29,639
up €29,639 (+15.7%), from €188,513 to €218,152
- Taxes -€12,486
down €12,486 (-20.2%), from €61,935 to €49,449
- Depreciation +€7,544
up €7,544 (+15.3%), from €49,352 to €56,896
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 | €1,965,736 | €2,836,755 | +€871,019 | +44.3% |
| Fixed assets | 21/28 | €1,472,644 | €2,557,096 | +€1.1m | +73.6% |
| Tangible fixed assets | 22/27 | €1,300,819 | €1,510,271 | +€209,452 | +16.1% |
| Land and buildings | 22 | €1,300,819 | €1,510,271 | +€209,452 | +16.1% |
| Financial fixed assets | 28 | €171,825 | €1,046,825 | +€875,000 | +509% |
| Current assets | 29/58 | €493,092 | €279,659 | -€213,433 | -43.3% |
| Amounts receivable within one year | 40/41 | - | €17,454 | +€17,454 | |
| Other amounts receivable | 41 | - | €17,454 | +€17,454 | |
| Current investments | 50/53 | €470,097 | €229,875 | -€240,222 | -51.1% |
| Cash at bank and in hand | 54/58 | €22,994 | €29,873 | +€6,879 | +29.9% |
| Deferred charges and accrued income | 490/1 | - | €2,456 | +€2,456 | |
| Total equity and liabilities | 10/49 | €1,965,736 | €2,836,755 | +€871,019 | +44.3% |
| Equity | 10/15 | €1,295,565 | €1,457,414 | +€161,849 | +12.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,307,886 | €1,469,736 | +€161,849 | +12.4% |
| Tax-exempt reserves | 132 | €125,366 | €87,800 | -€37,566 | -30.0% |
| Distributable reserves | 133 | €1,182,521 | €1,381,936 | +€199,415 | +16.9% |
| Profit (loss) carried forward | 14 | -€18,522 | -€18,522 | = | 0.0% |
| Amounts payable | 17/49 | €670,171 | €1,379,341 | +€709,170 | +106% |
| Amounts payable after more than one year | 17 | €277,079 | €893,537 | +€616,458 | +222% |
| Financial debts | 170/4 | €277,079 | €893,537 | +€616,458 | +222% |
| Amounts payable within one year | 42/48 | €374,326 | €471,433 | +€97,107 | +25.9% |
| Current portion of amounts payable after more than one year | 42 | €60,903 | €115,709 | +€54,806 | +90.0% |
| Trade debts | 44 | €11,409 | €6,294 | -€5,115 | -44.8% |
| Suppliers | 440/4 | €11,409 | €6,294 | -€5,115 | -44.8% |
| Taxes, remuneration and social security | 45 | €15,594 | €11,044 | -€4,551 | -29.2% |
| Taxes | 450/3 | €15,594 | €11,044 | -€4,551 | -29.2% |
| Other amounts payable | 47/48 | €286,420 | €338,387 | +€51,967 | +18.1% |
| Accrued charges and deferred income | 492/3 | €18,767 | €14,371 | -€4,395 | -23.4% |
| Non-recurring operating income | 76A | €26,549 | - | -€26,549 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,352 | €56,896 | +€7,544 | +15.3% |
| Other operating charges | 640/8 | €8,058 | €37,876 | +€29,818 | +370% |
| Gross operating margin | 9900 | €188,513 | €218,152 | +€29,639 | +15.7% |
| Operating profit (loss) | 9901 | €131,103 | €123,381 | -€7,722 | -5.9% |
| Financial income | 75/76B | €169,118 | €118,865 | -€50,252 | -29.7% |
| Recurring financial income | 75 | €169,118 | €117,984 | -€51,134 | -30.2% |
| Non-recurring financial income | 76B | - | €881 | +€881 | |
| Financial charges | 65/66B | €36,205 | €30,948 | -€5,256 | -14.5% |
| Recurring financial charges | 65 | €36,205 | €30,948 | -€5,256 | -14.5% |
| Profit (loss) for the period before taxes | 9903 | €264,016 | €211,298 | -€52,718 | -20.0% |
| Income taxes | 67/77 | €61,935 | €49,449 | -€12,486 | -20.2% |
| Profit (loss) for the period | 9904 | €202,082 | €161,849 | -€40,232 | -19.9% |
| Transfer from tax-exempt reserves | 789 | €127,234 | €37,566 | -€89,669 | -70.5% |
| Transfer to tax-exempt reserves | 689 | €63,150 | - | -€63,150 | |
| Profit (loss) for the period to be appropriated | 9905 | €266,166 | €199,415 | -€66,751 | -25.1% |
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.