MASIS: 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.
MASIS
Largest movements
- Stocks and contracts -€295,000
down €295,000 (-36.7%), from €802,884 to €507,884
- Cash +€77,876
up €77,876 (+9479.5%), from €822 to €78,698
mainly Stocks and contracts (+€295,000) and Trade debts (+€57,055)
- Receivables within one year -€14,629
down €14,629 (-65.9%), from €22,202 to €7,573
of which Trade receivables: -€12,885
- Debts after one year -€260,941
down €260,941 (-38.4%), from €680,000 to €419,059
of which Financial debts: -€260,941
- Trade debts +€57,055
up €57,055 (+8301.6%), from €687 to €57,743
- Other debts -€30,101
down €30,101 (-24.7%), from €121,858 to €91,757
- Financial charges -€2,043
down €2,043 (-7.7%), from €26,386 to €24,343
- Depreciation -€1,963
down €1,963 (-15.0%), from €13,108 to €11,145
- Other operating charges +€1,853
up €1,853 (+55.4%), from €3,347 to €5,200
- Gross operating margin -€1,513
down €1,513 (-1.8%), from €85,672 to €84,160
- Taxes +€898
up €898 (+63.4%), from €1,415 to €2,313
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 | €860,061 | €635,871 | -€224,190 | -26.1% |
| Formation expenses | 20 | €233 | €189 | -€44 | -18.8% |
| Fixed assets | 21/28 | €33,920 | €38,555 | +€4,635 | +13.7% |
| Tangible fixed assets | 22/27 | €33,920 | €38,555 | +€4,635 | +13.7% |
| Plant, machinery and equipment | 23 | - | €9,023 | +€9,023 | |
| Furniture and vehicles | 24 | €33,920 | €29,531 | -€4,389 | -12.9% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €825,908 | €597,127 | -€228,781 | -27.7% |
| Stocks and contracts in progress | 3 | €802,884 | €507,884 | -€295,000 | -36.7% |
| Stocks | 30/36 | €802,884 | €507,884 | -€295,000 | -36.7% |
| Amounts receivable within one year | 40/41 | €22,202 | €7,573 | -€14,629 | -65.9% |
| Trade receivables | 40 | €19,860 | €6,975 | -€12,885 | -64.9% |
| Other amounts receivable | 41 | €2,342 | €598 | -€1,744 | -74.5% |
| Cash at bank and in hand | 54/58 | €822 | €78,698 | +€77,876 | +9479.5% |
| Deferred charges and accrued income | 490/1 | - | €2,972 | +€2,972 | |
| Total equity and liabilities | 10/49 | €860,061 | €635,871 | -€224,190 | -26.1% |
| Equity | 10/15 | €51,548 | €56,140 | +€4,591 | +8.9% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €46,548 | €51,140 | +€4,591 | +9.9% |
| Distributable reserves | 133 | €46,548 | €51,140 | +€4,591 | +9.9% |
| Amounts payable | 17/49 | €808,513 | €579,731 | -€228,781 | -28.3% |
| Amounts payable after more than one year | 17 | €680,000 | €419,059 | -€260,941 | -38.4% |
| Financial debts | 170/4 | €535,000 | €274,059 | -€260,941 | -48.8% |
| Other amounts payable | 178/9 | €145,000 | €145,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €128,513 | €158,684 | +€30,172 | +23.5% |
| Trade debts | 44 | €687 | €57,743 | +€57,055 | +8301.6% |
| Suppliers | 440/4 | €687 | €57,743 | +€57,055 | +8301.6% |
| Taxes, remuneration and social security | 45 | €5,968 | €9,185 | +€3,217 | +53.9% |
| Taxes | 450/3 | €1,415 | €3,728 | +€2,313 | +163.4% |
| Remuneration and social security | 454/9 | €4,552 | €5,457 | +€904 | +19.9% |
| Other amounts payable | 47/48 | €121,858 | €91,757 | -€30,101 | -24.7% |
| Accrued charges and deferred income | 492/3 | - | €1,988 | +€1,988 | |
| Remuneration, social security and pensions | 62 | €35,798 | €36,600 | +€802 | +2.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,108 | €11,145 | -€1,963 | -15.0% |
| Other operating charges | 640/8 | €3,347 | €5,200 | +€1,853 | +55.4% |
| Gross operating margin | 9900 | €85,672 | €84,160 | -€1,513 | -1.8% |
| Operating profit (loss) | 9901 | €33,420 | €31,215 | -€2,205 | -6.6% |
| Financial income | 75/76B | €228 | €32 | -€196 | -85.9% |
| Recurring financial income | 75 | €228 | €32 | -€196 | -85.9% |
| Financial charges | 65/66B | €26,386 | €24,343 | -€2,043 | -7.7% |
| Recurring financial charges | 65 | €26,386 | €24,343 | -€2,043 | -7.7% |
| Profit (loss) for the period before taxes | 9903 | €7,262 | €6,904 | -€357 | -4.9% |
| Income taxes | 67/77 | €1,415 | €2,313 | +€898 | +63.4% |
| Profit (loss) for the period | 9904 | €5,846 | €4,591 | -€1,255 | -21.5% |
| Profit (loss) for the period to be appropriated | 9905 | €5,846 | €4,591 | -€1,255 | -21.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.