MASOPI: 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.
What changed
MASOPI
NACE 64.210, Activities of holding companies
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€128,128
2024 · €127,423-€255,551
Equity
€2.7m
2024 · €2.8m-€128,128
Cash
€111,507
2024 · €74,188+€37,319
Balance sheet total
€13.8m
2024 · €9.7m+€4.2m
Largest movements
Assets
- Tangible fixed assets +€3.9m
up €3.9m (+75.0%), from €5.2m to €9.2m
of which Land and buildings: +€3.9m
- Receivables within one year +€404,547
up €404,547 (+65.5%), from €618,035 to €1.0m
of which Other amounts receivable: +€429,089
- Receivables after one year -€158,351
down €158,351 (-100.0%), from €158,351 to €0
Equity and liabilities
- Debts after one year +€3.0m
up €3.0m (+136.7%), from €2.2m to €5.2m
- Other debts +€1.1m
up €1.1m (+25.8%), from €4.2m to €5.3m
Income statement
- Staff costs +€188,819
up €188,819 (+257.2%), from €73,419 to €262,238
- Depreciation +€67,438
up €67,438 (+81.5%), from €82,719 to €150,158
- Gross operating margin -€30,716
down €30,716 (-6.9%), from €445,507 to €414,791
- Taxes -€27,469
down €27,469 (-76.7%), from €35,833 to €8,364
- Financial income +€19,434
up €19,434 (+138.0%), from €14,082 to €33,516
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.
Result 2024
€127,423
Gross operating margin
-€30,716
Staff costs
-€188,819
Depreciation
-€67,438
Other operating charges
-€9,478
Financial income
+€19,434
Financial charges
-€6,003
Taxes
+€27,469
Result 2025
-€128,128
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.
From operations
+€1.1m
Investment
-€4.1m
Financing
+€3.1m
Cash 2024
€74,188
From operations (derived)
+€1.1m
Net result for the year
-€128,128
Depreciation
+€150,158
Receivables after one year
+€158,351
Receivables within one year
-€404,547
Deferred charges and accrued income
+€64,500
Trade debts
+€89,513
Tax, wage and social debts
+€55,750
Other debts
+€1.1m
Accrued charges and deferred income
-€4,158
Investment (derived)
-€4.1m
Investment in fixed assets (net)
-€4.1m
Financing
+€3.1m
Debts after one year
+€3.0m
Current portion of long-term debt
+€87,978
Cash 2025
€111,507
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €9,670,761 | €13,829,552 | +€4.2m | +43.0% |
| Fixed assets | 21/28 | €8,755,687 | €12,695,463 | +€3.9m | +45.0% |
| Tangible fixed assets | 22/27 | €5,247,664 | €9,185,261 | +€3.9m | +75.0% |
| Land and buildings | 22 | €5,217,057 | €9,105,002 | +€3.9m | +74.5% |
| Plant, machinery and equipment | 23 | €9,701 | €21,017 | +€11,316 | +116.6% |
| Furniture and vehicles | 24 | €2,242 | €43,131 | +€40,889 | +1824.0% |
| Other tangible fixed assets | 26 | €18,664 | €16,112 | -€2,553 | -13.7% |
| Financial fixed assets | 28 | €3,508,023 | €3,510,202 | +€2,178 | +0.1% |
| Current assets | 29/58 | €915,074 | €1,134,089 | +€219,016 | +23.9% |
| Amounts receivable after more than one year | 29 | €158,351 | €0 | -€158,351 | -100.0% |
| Other amounts receivable | 291 | €158,351 | €0 | -€158,351 | -100.0% |
| Amounts receivable within one year | 40/41 | €618,035 | €1,022,582 | +€404,547 | +65.5% |
| Trade receivables | 40 | €242,702 | €218,160 | -€24,542 | -10.1% |
| Other amounts receivable | 41 | €375,332 | €804,422 | +€429,089 | +114.3% |
| Cash at bank and in hand | 54/58 | €74,188 | €111,507 | +€37,319 | +50.3% |
| Deferred charges and accrued income | 490/1 | €64,500 | €0 | -€64,500 | -100.0% |
| Total equity and liabilities | 10/49 | €9,670,761 | €13,829,552 | +€4.2m | +43.0% |
| Equity | 10/15 | €2,803,873 | €2,675,745 | -€128,128 | -4.6% |
| Contributions | 10/11 | €150,000 | €150,000 | = | 0.0% |
| Capital | 10 | €150,000 | €150,000 | = | 0.0% |
| Issued capital | 100 | €150,000 | €150,000 | = | 0.0% |
| Reserves | 13 | €1,786,873 | €1,786,873 | = | 0.0% |
| Non-distributable reserves | 130/1 | €15,000 | €15,000 | = | 0.0% |
| Legal reserve | 130 | €15,000 | €15,000 | = | 0.0% |
| Distributable reserves | 133 | €1,771,873 | €1,771,873 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€128,128 | -€128,128 | |
| Investment grants | 15 | €867,000 | €867,000 | = | 0.0% |
| Amounts payable | 17/49 | €6,866,888 | €11,153,807 | +€4.3m | +62.4% |
| Amounts payable after more than one year | 17 | €2,181,022 | €5,161,468 | +€3.0m | +136.7% |
| Financial debts | 170/4 | €2,181,022 | €5,161,468 | +€3.0m | +136.7% |
| Amounts payable within one year | 42/48 | €4,681,707 | €5,992,339 | +€1.3m | +28.0% |
| Current portion of amounts payable after more than one year | 42 | €312,618 | €400,596 | +€87,978 | +28.1% |
| Trade debts | 44 | €96,225 | €185,738 | +€89,513 | +93.0% |
| Suppliers | 440/4 | €96,225 | €185,738 | +€89,513 | +93.0% |
| Taxes, remuneration and social security | 45 | €92,206 | €147,956 | +€55,750 | +60.5% |
| Taxes | 450/3 | €54,586 | €81,694 | +€27,108 | +49.7% |
| Remuneration and social security | 454/9 | €37,620 | €66,262 | +€28,642 | +76.1% |
| Other amounts payable | 47/48 | €4,180,658 | €5,258,049 | +€1.1m | +25.8% |
| Accrued charges and deferred income | 492/3 | €4,158 | €0 | -€4,158 | -100.0% |
| Non-recurring operating income | 76A | €26,414 | €0 | -€26,414 | -100.0% |
| Remuneration, social security and pensions | 62 | €73,419 | €262,238 | +€188,819 | +257.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €82,719 | €150,158 | +€67,438 | +81.5% |
| Other operating charges | 640/8 | €13,800 | €23,278 | +€9,478 | +68.7% |
| Gross operating margin | 9900 | €445,507 | €414,791 | -€30,716 | -6.9% |
| Operating profit (loss) | 9901 | €275,568 | -€20,883 | -€296,452 | |
| Financial income | 75/76B | €14,082 | €33,516 | +€19,434 | +138.0% |
| Recurring financial income | 75 | €14,082 | €33,516 | +€19,434 | +138.0% |
| Financial charges | 65/66B | €126,394 | €132,397 | +€6,003 | +4.7% |
| Recurring financial charges | 65 | €126,394 | €132,397 | +€6,003 | +4.7% |
| Profit (loss) for the period before taxes | 9903 | €163,256 | -€119,764 | -€283,020 | |
| Income taxes | 67/77 | €35,833 | €8,364 | -€27,469 | -76.7% |
| Profit (loss) for the period | 9904 | €127,423 | -€128,128 | -€255,551 | |
| Profit (loss) for the period to be appropriated | 9905 | €127,423 | -€128,128 | -€255,551 |
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.