MASPAIN: 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.
MASPAIN
Largest movements
- Cash -€65,386
down €65,386 (-73.7%), from €88,667 to €23,282
mainly Receivables within one year (-€46,237) and Investment in fixed assets (net) (-€27,042)
- Receivables within one year +€46,237
up €46,237 (+196.9%), from €23,477 to €69,713
- Tangible fixed assets +€22,316
up €22,316 (+150.8%), from €14,800 to €37,117
of which Furniture and vehicles: +€24,512
- Trade debts +€6,403
up €6,403 (+8555.2%), from €75 to €6,478
- Profit (loss) carried forward -€3,235
down €3,235 (-8.9%), from -€36,542 to -€39,777
- Gross operating margin -€7,495
down €7,495 (-58.6%), from €12,797 to €5,302
- Purchases and services +€3,963
up €3,963 (+30.1%), from €13,177 to €17,140
- Turnover -€3,532
down €3,532 (-13.6%), from €25,974 to €22,442
- Other operating charges +€398
up €398 (+12.1%), from €3,295 to €3,693
- Depreciation -€357
down €357 (-7.0%), from €5,083 to €4,725
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 | €127,143 | €130,310 | +€3,167 | +2.5% |
| Fixed assets | 21/28 | €14,999 | €37,315 | +€22,316 | +148.8% |
| Tangible fixed assets | 22/27 | €14,800 | €37,117 | +€22,316 | +150.8% |
| Land and buildings | 22 | €151 | €2 | -€149 | -98.9% |
| Furniture and vehicles | 24 | - | €24,512 | +€24,512 | |
| Other tangible fixed assets | 26 | €14,650 | €12,603 | -€2,047 | -14.0% |
| Financial fixed assets | 28 | €198 | €198 | = | 0.0% |
| Current assets | 29/58 | €112,144 | €92,995 | -€19,149 | -17.1% |
| Amounts receivable within one year | 40/41 | €23,477 | €69,713 | +€46,237 | +196.9% |
| Other amounts receivable | 41 | €23,477 | €69,713 | +€46,237 | +196.9% |
| Cash at bank and in hand | 54/58 | €88,667 | €23,282 | -€65,386 | -73.7% |
| Total equity and liabilities | 10/49 | €127,143 | €130,310 | +€3,167 | +2.5% |
| Equity | 10/15 | €127,068 | €123,833 | -€3,235 | -2.5% |
| Contributions | 10/11 | €148,736 | €148,736 | = | 0.0% |
| Capital | 10 | €148,736 | €148,736 | = | 0.0% |
| Issued capital | 100 | €148,736 | €148,736 | = | 0.0% |
| Reserves | 13 | €14,874 | €14,874 | = | 0.0% |
| Non-distributable reserves | 130/1 | €14,874 | €14,874 | = | 0.0% |
| Legal reserve | 130 | €14,874 | €14,874 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€36,542 | -€39,777 | -€3,235 | -8.9% |
| Amounts payable | 17/49 | €75 | €6,478 | +€6,403 | +8555.2% |
| Amounts payable within one year | 42/48 | €75 | €6,478 | +€6,403 | +8555.2% |
| Trade debts | 44 | €75 | €6,478 | +€6,403 | +8555.2% |
| Suppliers | 440/4 | €75 | €6,478 | +€6,403 | +8555.2% |
| Turnover | 70 | €25,974 | €22,442 | -€3,532 | -13.6% |
| Goods, raw materials, services and sundry goods | 60/61 | €13,177 | €17,140 | +€3,963 | +30.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,083 | €4,725 | -€357 | -7.0% |
| Other operating charges | 640/8 | €3,295 | €3,693 | +€398 | +12.1% |
| Gross operating margin | 9900 | €12,797 | €5,302 | -€7,495 | -58.6% |
| Operating profit (loss) | 9901 | €4,420 | -€3,116 | -€7,536 | |
| Financial charges | 65/66B | €119 | €119 | = | 0.0% |
| Recurring financial charges | 65 | €119 | €119 | = | 0.0% |
| Profit (loss) for the period before taxes | 9903 | €4,301 | -€3,235 | -€7,536 | |
| Profit (loss) for the period | 9904 | €4,301 | -€3,235 | -€7,536 | |
| Profit (loss) for the period to be appropriated | 9905 | €4,301 | -€3,235 | -€7,536 |
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 30 September 2026 via checked.be.