MASIWA: 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.
MASIWA
Largest movements
- Cash +€57,138
up €57,138 (+81.8%), from €69,829 to €126,967
mainly Net result for the year (+€61,440) and Tax, wage and social debts (+€553)
- Receivables within one year +€1,902
up €1,902 (+13.0%), from €14,631 to €16,533
of which Other amounts receivable: +€3,622
- Tangible fixed assets +€1,802
new in 2025: €1,802
- Reserves +€61,440
up €61,440 (+101%), from €60,664 to €122,104
- Gross operating margin +€2,492
up €2,492 (+3.1%), from €79,654 to €82,145
- Financial charges +€946
up €946 (+31.8%), from €2,976 to €3,922
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 | €86,097 | €147,236 | +€61,139 | +71.0% |
| Fixed assets | 21/28 | - | €1,802 | +€1,802 | |
| Tangible fixed assets | 22/27 | - | €1,802 | +€1,802 | |
| Plant, machinery and equipment | 23 | - | €1,802 | +€1,802 | |
| Current assets | 29/58 | €86,097 | €145,434 | +€59,337 | +68.9% |
| Amounts receivable within one year | 40/41 | €14,631 | €16,533 | +€1,902 | +13.0% |
| Trade receivables | 40 | €14,631 | €12,911 | -€1,720 | -11.8% |
| Other amounts receivable | 41 | - | €3,622 | +€3,622 | |
| Cash at bank and in hand | 54/58 | €69,829 | €126,967 | +€57,138 | +81.8% |
| Deferred charges and accrued income | 490/1 | €1,638 | €1,934 | +€297 | +18.1% |
| Total equity and liabilities | 10/49 | €86,097 | €147,236 | +€61,139 | +71.0% |
| Equity | 10/15 | €63,664 | €125,104 | +€61,440 | +96.5% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €60,664 | €122,104 | +€61,440 | +101% |
| Distributable reserves | 133 | €60,664 | €122,104 | +€61,440 | +101% |
| Amounts payable | 17/49 | €22,434 | €22,133 | -€301 | -1.3% |
| Amounts payable within one year | 42/48 | €22,426 | €22,078 | -€348 | -1.6% |
| Trade debts | 44 | €2,543 | €1,810 | -€733 | -28.8% |
| Suppliers | 440/4 | €2,543 | €1,810 | -€733 | -28.8% |
| Taxes, remuneration and social security | 45 | €19,715 | €20,268 | +€553 | +2.8% |
| Taxes | 450/3 | €19,715 | €20,268 | +€553 | +2.8% |
| Other amounts payable | 47/48 | €168 | €0 | -€168 | -100% |
| Accrued charges and deferred income | 492/3 | €7 | €55 | +€47 | +638% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €451 | +€451 | |
| Other operating charges | 640/8 | €50 | €0 | -€50 | -100% |
| Gross operating margin | 9900 | €79,654 | €82,145 | +€2,492 | +3.1% |
| Operating profit (loss) | 9901 | €79,604 | €81,695 | +€2,091 | +2.6% |
| Financial income | 75/76B | €16 | €182 | +€166 | +1,012% |
| Recurring financial income | 75 | €16 | €182 | +€166 | +1,012% |
| Financial charges | 65/66B | €2,976 | €3,922 | +€946 | +31.8% |
| Recurring financial charges | 65 | €2,976 | €3,922 | +€946 | +31.8% |
| Profit (loss) for the period before taxes | 9903 | €76,644 | €77,956 | +€1,312 | +1.7% |
| Income taxes | 67/77 | €15,980 | €16,516 | +€535 | +3.3% |
| Profit (loss) for the period | 9904 | €60,664 | €61,440 | +€776 | +1.3% |
| Profit (loss) for the period to be appropriated | 9905 | €60,664 | €61,440 | +€776 | +1.3% |
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 29 October 2026 via checked.be.