MASPEL: 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.
MASPEL
Largest movements
- Tangible fixed assets +€103,259
up €103,259 (+257%), from €40,163 to €143,422
of which Furniture and vehicles: +€102,010
- Cash +€33,394
up €33,394 (+73.1%), from €45,710 to €79,104
mainly Debts after one year (+€79,714) and Net result for the year (+€61,986)
- Receivables within one year -€21,193
down €21,193 (-73.0%), from €29,045 to €7,852
of which Trade receivables: -€25,694
- Debts after one year +€79,714
up €79,714 (+781%), from €10,207 to €89,921
- Profit (loss) carried forward +€31,986
up €31,986 (+60.0%), from €53,287 to €85,273
- Other debts -€19,661
no longer reported in 2025 (was €19,661)
- Current portion of long-term debt +€12,266
up €12,266 (+101%), from €12,138 to €24,404
- Trade debts +€6,104
up €6,104 (+129%), from €4,730 to €10,834
- Gross operating margin +€16,963
up €16,963 (+18.2%), from €93,216 to €110,179
- Depreciation +€5,140
up €5,140 (+26.2%), from €19,601 to €24,741
- Financial charges +€2,526
up €2,526 (+440%), from €574 to €3,100
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.
Derived cash bridge
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 | €119,876 | €234,271 | +€114,395 | +95.4% |
| Fixed assets | 21/28 | €41,263 | €144,522 | +€103,259 | +250% |
| Tangible fixed assets | 22/27 | €40,163 | €143,422 | +€103,259 | +257% |
| Plant, machinery and equipment | 23 | €1,302 | €3,015 | +€1,713 | +132% |
| Furniture and vehicles | 24 | €37,466 | €139,477 | +€102,010 | +272% |
| Other tangible fixed assets | 26 | €1,395 | €930 | -€465 | -33.3% |
| Financial fixed assets | 28 | €1,100 | €1,100 | = | 0.0% |
| Current assets | 29/58 | €78,613 | €89,749 | +€11,136 | +14.2% |
| Amounts receivable within one year | 40/41 | €29,045 | €7,852 | -€21,193 | -73.0% |
| Trade receivables | 40 | €27,820 | €2,126 | -€25,694 | -92.4% |
| Other amounts receivable | 41 | €1,225 | €5,727 | +€4,502 | +368% |
| Cash at bank and in hand | 54/58 | €45,710 | €79,104 | +€33,394 | +73.1% |
| Deferred charges and accrued income | 490/1 | €3,858 | €2,793 | -€1,065 | -27.6% |
| Total equity and liabilities | 10/49 | €119,876 | €234,271 | +€114,395 | +95.4% |
| Equity | 10/15 | €53,287 | €85,273 | +€31,986 | +60.0% |
| Profit (loss) carried forward | 14 | €53,287 | €85,273 | +€31,986 | +60.0% |
| Amounts payable | 17/49 | €66,589 | €148,998 | +€82,409 | +124% |
| Amounts payable after more than one year | 17 | €10,207 | €89,921 | +€79,714 | +781% |
| Financial debts | 170/4 | €10,207 | €89,921 | +€79,714 | +781% |
| Amounts payable within one year | 42/48 | €56,290 | €58,874 | +€2,585 | +4.6% |
| Current portion of amounts payable after more than one year | 42 | €12,138 | €24,404 | +€12,266 | +101% |
| Financial debts | 43 | - | €1,470 | +€1,470 | |
| Credit institutions | 430/8 | - | €1,470 | +€1,470 | |
| Trade debts | 44 | €4,730 | €10,834 | +€6,104 | +129% |
| Suppliers | 440/4 | €4,730 | €10,834 | +€6,104 | +129% |
| Taxes, remuneration and social security | 45 | €19,761 | €22,166 | +€2,405 | +12.2% |
| Taxes | 450/3 | €19,761 | €22,166 | +€2,405 | +12.2% |
| Other amounts payable | 47/48 | €19,661 | - | -€19,661 | |
| Accrued charges and deferred income | 492/3 | €92 | €203 | +€111 | +120% |
| Non-recurring operating income | 76A | - | €11,996 | +€11,996 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,601 | €24,741 | +€5,140 | +26.2% |
| Other operating charges | 640/8 | €387 | €446 | +€58 | +15.1% |
| Non-recurring operating charges | 66A | €622 | €1,021 | +€400 | +64.3% |
| Gross operating margin | 9900 | €93,216 | €110,179 | +€16,963 | +18.2% |
| Operating profit (loss) | 9901 | €72,606 | €83,971 | +€11,365 | +15.7% |
| Financial income | 75/76B | €31 | €18 | -€12 | -40.2% |
| Recurring financial income | 75 | €31 | €18 | -€12 | -40.2% |
| Financial charges | 65/66B | €574 | €3,100 | +€2,526 | +440% |
| Recurring financial charges | 65 | €574 | €3,100 | +€2,526 | +440% |
| Profit (loss) for the period before taxes | 9903 | €72,062 | €80,889 | +€8,827 | +12.2% |
| Income taxes | 67/77 | €18,775 | €18,903 | +€128 | +0.7% |
| Profit (loss) for the period | 9904 | €53,287 | €61,986 | +€8,699 | +16.3% |
| Profit (loss) for the period to be appropriated | 9905 | €53,287 | €61,986 | +€8,699 | +16.3% |
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 26 October 2026 via checked.be.