Maspa: 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.
Maspa
Largest movements
- Receivables within one year -€135,786
down €135,786 (-97.1%), from €139,868 to €4,081
of which Trade receivables: -€126,646
- Tax, wage and social debts -€53,340
down €53,340 (-77.6%), from €68,781 to €15,441
of which Taxes: -€47,046
- Reserves -€50,560
down €50,560 (-7.9%), from €641,109 to €590,548
of which Distributable reserves: -€50,560
- Other debts -€34,830
down €34,830 (-14.8%), from €234,853 to €200,023
- Gross operating margin -€146,417
down €146,417 (-38.4%), from €381,235 to €234,818
- Staff costs -€86,320
down €86,320 (-26.7%), from €323,143 to €236,823
- Depreciation -€5,471
down €5,471 (-12.5%), from €43,751 to €38,279
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 | €1,014,330 | €876,622 | -€137,708 | -13.6% |
| Fixed assets | 21/28 | €865,994 | €865,806 | -€188 | 0.0% |
| Tangible fixed assets | 22/27 | €857,396 | €856,350 | -€1,047 | -0.1% |
| Land and buildings | 22 | €811,669 | €789,937 | -€21,732 | -2.7% |
| Plant, machinery and equipment | 23 | €45,727 | €66,413 | +€20,685 | +45.2% |
| Financial fixed assets | 28 | €8,598 | €9,456 | +€859 | +10.0% |
| Current assets | 29/58 | €148,336 | €10,816 | -€137,520 | -92.7% |
| Amounts receivable within one year | 40/41 | €139,868 | €4,081 | -€135,786 | -97.1% |
| Trade receivables | 40 | €126,646 | - | -€126,646 | |
| Other amounts receivable | 41 | €13,222 | €4,081 | -€9,141 | -69.1% |
| Cash at bank and in hand | 54/58 | €8,468 | €6,735 | -€1,734 | -20.5% |
| Total equity and liabilities | 10/49 | €1,014,330 | €876,622 | -€137,708 | -13.6% |
| Equity | 10/15 | €672,096 | €621,535 | -€50,560 | -7.5% |
| Contributions | 10/11 | €30,987 | €30,987 | = | 0.0% |
| Capital | 10 | €30,987 | €30,987 | = | 0.0% |
| Issued capital | 100 | €30,987 | €30,987 | = | 0.0% |
| Reserves | 13 | €641,109 | €590,548 | -€50,560 | -7.9% |
| Non-distributable reserves | 130/1 | €3,099 | €3,099 | = | 0.0% |
| Legal reserve | 130 | €3,099 | €3,099 | = | 0.0% |
| Distributable reserves | 133 | €638,010 | €587,450 | -€50,560 | -7.9% |
| Amounts payable | 17/49 | €342,234 | €255,087 | -€87,147 | -25.5% |
| Amounts payable within one year | 42/48 | €342,234 | €254,434 | -€87,801 | -25.7% |
| Trade debts | 44 | €38,600 | €38,970 | +€369 | +1.0% |
| Suppliers | 440/4 | €38,600 | €38,970 | +€369 | +1.0% |
| Taxes, remuneration and social security | 45 | €68,781 | €15,441 | -€53,340 | -77.6% |
| Taxes | 450/3 | €47,046 | - | -€47,046 | |
| Remuneration and social security | 454/9 | €21,734 | €15,441 | -€6,293 | -29.0% |
| Other amounts payable | 47/48 | €234,853 | €200,023 | -€34,830 | -14.8% |
| Accrued charges and deferred income | 492/3 | - | €654 | +€654 | |
| Non-recurring operating income | 76A | €15,504 | - | -€15,504 | |
| Remuneration, social security and pensions | 62 | €323,143 | €236,823 | -€86,320 | -26.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,751 | €38,279 | -€5,471 | -12.5% |
| Other operating charges | 640/8 | €9,992 | €10,211 | +€219 | +2.2% |
| Gross operating margin | 9900 | €381,235 | €234,818 | -€146,417 | -38.4% |
| Operating profit (loss) | 9901 | €4,349 | -€50,495 | -€54,844 | |
| Financial charges | 65/66B | €60 | €65 | +€5 | +8.5% |
| Recurring financial charges | 65 | €60 | €65 | +€5 | +8.5% |
| Profit (loss) for the period before taxes | 9903 | €4,289 | -€50,560 | -€54,849 | |
| Profit (loss) for the period | 9904 | €4,289 | -€50,560 | -€54,849 | |
| Profit (loss) for the period to be appropriated | 9905 | €4,289 | -€50,560 | -€54,849 |
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 29 September 2026 via checked.be.