MasMes: 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.
MasMes
Largest movements
- Cash -€132,687
down €132,687 (-60.1%), from €220,639 to €87,951
mainly Investment in fixed assets (net) (-€193,567) and Contributions, distributions and other (-€140,000)
- Tangible fixed assets +€111,617
up €111,617 (+19.0%), from €588,358 to €699,976
of which Other tangible fixed assets: +€94,457
- Receivables within one year +€19,383
up €19,383 (+66.1%), from €29,321 to €48,704
of which Other amounts receivable: +€16,533
- Stocks and contracts +€13,611
up €13,611 (+32.0%), from €42,540 to €56,151
- Other debts +€46,116
up €46,116 (+12.6%), from €365,751 to €411,868
- Debts after one year -€29,448
down €29,448 (-10.5%), from €280,898 to €251,450
- Trade debts -€16,294
down €16,294 (-81.2%), from €20,075 to €3,782
- Gross operating margin -€98,303
down €98,303 (-16.8%), from €586,512 to €488,209
- Staff costs +€55,435
up €55,435 (+28.5%), from €194,346 to €249,781
- Depreciation +€21,097
up €21,097 (+34.7%), from €60,853 to €81,950
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 | €880,858 | €893,134 | +€12,276 | +1.4% |
| Fixed assets | 21/28 | €588,358 | €699,976 | +€111,617 | +19.0% |
| Tangible fixed assets | 22/27 | €588,358 | €699,976 | +€111,617 | +19.0% |
| Plant, machinery and equipment | 23 | €68,993 | €57,860 | -€11,133 | -16.1% |
| Furniture and vehicles | 24 | - | €28,293 | +€28,293 | |
| Other tangible fixed assets | 26 | €519,366 | €613,822 | +€94,457 | +18.2% |
| Current assets | 29/58 | €292,500 | €193,159 | -€99,341 | -34.0% |
| Stocks and contracts in progress | 3 | €42,540 | €56,151 | +€13,611 | +32.0% |
| Stocks | 30/36 | €42,540 | €56,151 | +€13,611 | +32.0% |
| Amounts receivable within one year | 40/41 | €29,321 | €48,704 | +€19,383 | +66.1% |
| Trade receivables | 40 | - | €2,850 | +€2,850 | |
| Other amounts receivable | 41 | €29,321 | €45,854 | +€16,533 | +56.4% |
| Cash at bank and in hand | 54/58 | €220,639 | €87,951 | -€132,687 | -60.1% |
| Deferred charges and accrued income | 490/1 | - | €352 | +€352 | |
| Total equity and liabilities | 10/49 | €880,858 | €893,134 | +€12,276 | +1.4% |
| Equity | 10/15 | €158,096 | €163,559 | +€5,463 | +3.5% |
| Reserves | 13 | €158,096 | €163,559 | +€5,463 | +3.5% |
| Distributable reserves | 133 | €158,096 | €163,559 | +€5,463 | +3.5% |
| Amounts payable | 17/49 | €722,762 | €729,576 | +€6,814 | +0.9% |
| Amounts payable after more than one year | 17 | €280,898 | €251,450 | -€29,448 | -10.5% |
| Financial debts | 170/4 | €280,898 | €251,450 | -€29,448 | -10.5% |
| Amounts payable within one year | 42/48 | €441,864 | €478,125 | +€36,261 | +8.2% |
| Current portion of amounts payable after more than one year | 42 | €30,172 | €30,492 | +€320 | +1.1% |
| Trade debts | 44 | €20,075 | €3,782 | -€16,294 | -81.2% |
| Suppliers | 440/4 | €20,075 | €3,782 | -€16,294 | -81.2% |
| Taxes, remuneration and social security | 45 | €25,866 | €31,984 | +€6,118 | +23.7% |
| Taxes | 450/3 | €12,622 | €5,235 | -€7,388 | -58.5% |
| Remuneration and social security | 454/9 | €13,244 | €26,750 | +€13,506 | +102.0% |
| Other amounts payable | 47/48 | €365,751 | €411,868 | +€46,116 | +12.6% |
| Remuneration, social security and pensions | 62 | €194,346 | €249,781 | +€55,435 | +28.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €60,853 | €81,950 | +€21,097 | +34.7% |
| Other operating charges | 640/8 | €736 | €1,323 | +€588 | +79.9% |
| Gross operating margin | 9900 | €586,512 | €488,209 | -€98,303 | -16.8% |
| Operating profit (loss) | 9901 | €330,577 | €155,154 | -€175,423 | -53.1% |
| Financial income | 75/76B | €710 | €838 | +€128 | +18.0% |
| Recurring financial income | 75 | €710 | €838 | +€128 | +18.0% |
| Financial charges | 65/66B | €8,177 | €7,905 | -€272 | -3.3% |
| Recurring financial charges | 65 | €8,177 | €7,905 | -€272 | -3.3% |
| Profit (loss) for the period before taxes | 9903 | €323,110 | €148,087 | -€175,023 | -54.2% |
| Income taxes | 67/77 | €6,133 | €2,624 | -€3,508 | -57.2% |
| Profit (loss) for the period | 9904 | €316,978 | €145,463 | -€171,515 | -54.1% |
| Profit (loss) for the period to be appropriated | 9905 | €316,978 | €145,463 | -€171,515 | -54.1% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.