MASKOT: 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.
MASKOT
Largest movements
- Tangible fixed assets -€143,561
down €143,561 (-9.2%), from €1.6m to €1.4m
of which Land and buildings: -€176,420
- Receivables within one year -€117,489
down €117,489 (-21.6%), from €545,096 to €427,607
of which Trade receivables: -€116,451
- Cash -€28,833
down €28,833 (-52.7%), from €54,710 to €25,876
mainly Tax, wage and social debts (-€221,647) and Debts after one year (-€143,648)
- Tax, wage and social debts -€221,647
down €221,647 (-94.9%), from €233,440 to €11,793
of which Taxes: -€221,648
- Debts after one year -€143,648
down €143,648 (-25.0%), from €574,378 to €430,730
- Profit (loss) carried forward +€86,535
no longer reported in 2025 (was -€86,535)
- Trade debts -€37,534
no longer reported in 2025 (was €37,534)
- Reserves +€27,632
up €27,632 (+2.1%), from €1.3m to €1.4m
of which Distributable reserves: +€27,632
- Gross operating margin +€174,363
up €174,363 (+141.8%), from €122,984 to €297,347
- Financial charges -€90,902
down €90,902 (-82.2%), from €110,531 to €19,629
of which Non-recurring financial charges: -€93,800
- Depreciation +€55,118
up €55,118 (+58.0%), from €95,109 to €150,228
- Other operating charges +€4,810
up €4,810 (+217.6%), from €2,211 to €7,020
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 | €2,163,827 | €1,871,585 | -€292,243 | -13.5% |
| Fixed assets | 21/28 | €1,560,344 | €1,416,783 | -€143,561 | -9.2% |
| Tangible fixed assets | 22/27 | €1,560,307 | €1,416,746 | -€143,561 | -9.2% |
| Land and buildings | 22 | €1,471,554 | €1,295,134 | -€176,420 | -12.0% |
| Plant, machinery and equipment | 23 | €71,875 | €112,007 | +€40,131 | +55.8% |
| Furniture and vehicles | 24 | €16,878 | €9,605 | -€7,273 | -43.1% |
| Financial fixed assets | 28 | €37 | €37 | = | 0.0% |
| Current assets | 29/58 | €603,484 | €454,802 | -€148,682 | -24.6% |
| Amounts receivable within one year | 40/41 | €545,096 | €427,607 | -€117,489 | -21.6% |
| Trade receivables | 40 | €517,495 | €401,043 | -€116,451 | -22.5% |
| Other amounts receivable | 41 | €27,601 | €26,563 | -€1,038 | -3.8% |
| Cash at bank and in hand | 54/58 | €54,710 | €25,876 | -€28,833 | -52.7% |
| Deferred charges and accrued income | 490/1 | €3,678 | €1,319 | -€2,359 | -64.1% |
| Total equity and liabilities | 10/49 | €2,163,827 | €1,871,585 | -€292,243 | -13.5% |
| Equity | 10/15 | €1,258,452 | €1,372,619 | +€114,167 | +9.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,326,387 | €1,354,019 | +€27,632 | +2.1% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €6,077 | €6,077 | = | 0.0% |
| Distributable reserves | 133 | €1,318,450 | €1,346,082 | +€27,632 | +2.1% |
| Profit (loss) carried forward | 14 | -€86,535 | - | +€86,535 | |
| Amounts payable | 17/49 | €905,375 | €498,965 | -€406,409 | -44.9% |
| Amounts payable after more than one year | 17 | €574,378 | €430,730 | -€143,648 | -25.0% |
| Financial debts | 170/4 | €574,378 | €430,730 | -€143,648 | -25.0% |
| Amounts payable within one year | 42/48 | €330,997 | €68,236 | -€262,761 | -79.4% |
| Current portion of amounts payable after more than one year | 42 | €49,262 | €29,481 | -€19,780 | -40.2% |
| Trade debts | 44 | €37,534 | - | -€37,534 | |
| Suppliers | 440/4 | €37,534 | - | -€37,534 | |
| Taxes, remuneration and social security | 45 | €233,440 | €11,793 | -€221,647 | -94.9% |
| Taxes | 450/3 | €222,715 | €1,067 | -€221,648 | -99.5% |
| Remuneration and social security | 454/9 | €10,725 | €10,726 | +€1 | 0.0% |
| Other amounts payable | 47/48 | €10,760 | €26,961 | +€16,201 | +150.6% |
| Non-recurring operating income | 76A | - | €303,348 | +€303,348 | |
| Remuneration, social security and pensions | 62 | €5,160 | €7,242 | +€2,081 | +40.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €95,109 | €150,228 | +€55,118 | +58.0% |
| Other operating charges | 640/8 | €2,211 | €7,020 | +€4,810 | +217.6% |
| Non-recurring operating charges | 66A | €2,126 | - | -€2,126 | |
| Gross operating margin | 9900 | €122,984 | €297,347 | +€174,363 | +141.8% |
| Operating profit (loss) | 9901 | €18,377 | €132,857 | +€114,480 | +622.9% |
| Financial income | 75/76B | €2,510 | €1,060 | -€1,450 | -57.8% |
| Recurring financial income | 75 | €988 | €1,060 | +€72 | +7.3% |
| Non-recurring financial income | 76B | €1,522 | - | -€1,522 | |
| Financial charges | 65/66B | €110,531 | €19,629 | -€90,902 | -82.2% |
| Recurring financial charges | 65 | €16,730 | €19,629 | +€2,898 | +17.3% |
| Non-recurring financial charges | 66B | €93,800 | - | -€93,800 | |
| Profit (loss) for the period before taxes | 9903 | -€89,643 | €114,288 | +€203,931 | |
| Income taxes | 67/77 | €554 | €121 | -€432 | -78.1% |
| Profit (loss) for the period | 9904 | -€90,197 | €114,167 | +€204,364 | |
| Profit (loss) for the period to be appropriated | 9905 | -€90,197 | €114,167 | +€204,364 |
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 10 October 2026 via checked.be.