MASPOE: 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.
MASPOE
Largest movements
- Tangible fixed assets +€277,865
up €277,865 (+721.7%), from €38,502 to €316,367
of which Land and buildings: +€234,860
- Cash -€198,900
down €198,900 (-64.0%), from €310,733 to €111,833
mainly Investment in fixed assets (net) (-€304,612) and Contributions, distributions and other (-€169,227)
- Receivables within one year -€115,360
down €115,360 (-64.1%), from €179,896 to €64,536
of which Trade receivables: -€129,402
- Deferred charges and accrued income +€20,577
up €20,577 (+167.9%), from €12,257 to €32,834
- Debts after one year +€89,716
up €89,716 (+71.8%), from €125,000 to €214,716
- Tax, wage and social debts -€48,818
down €48,818 (-54.5%), from €89,552 to €40,734
of which Taxes: -€58,007
- Profit (loss) carried forward -€36,844
down €36,844 (-34.8%), from €105,802 to €68,959
- Other debts -€26,732
down €26,732 (-21.1%), from €126,929 to €100,197
- Current portion of long-term debt +€12,382
new in 2025: €12,382
- Staff costs +€69,252
up €69,252 (+53.7%), from €128,925 to €198,177
- Gross operating margin -€45,462
down €45,462 (-11.3%), from €403,894 to €358,433
- Taxes -€37,071
down €37,071 (-92.1%), from €40,267 to €3,195
- Depreciation +€13,900
up €13,900 (+104.3%), from €13,325 to €27,225
- Financial income +€12,230
up €12,230 (+1769.8%), from €691 to €12,921
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 | €542,063 | €525,767 | -€16,296 | -3.0% |
| Fixed assets | 21/28 | €39,176 | €316,563 | +€277,387 | +708.0% |
| Intangible fixed assets | 21 | €674 | €196 | -€478 | -70.9% |
| Tangible fixed assets | 22/27 | €38,502 | €316,367 | +€277,865 | +721.7% |
| Land and buildings | 22 | - | €234,860 | +€234,860 | |
| Plant, machinery and equipment | 23 | €25,949 | €19,493 | -€6,455 | -24.9% |
| Furniture and vehicles | 24 | €12,553 | €62,014 | +€49,461 | +394.0% |
| Current assets | 29/58 | €502,887 | €209,204 | -€293,683 | -58.4% |
| Amounts receivable within one year | 40/41 | €179,896 | €64,536 | -€115,360 | -64.1% |
| Trade receivables | 40 | €179,896 | €50,493 | -€129,402 | -71.9% |
| Other amounts receivable | 41 | €1 | €14,043 | +€14,042 | +1872301.3% |
| Cash at bank and in hand | 54/58 | €310,733 | €111,833 | -€198,900 | -64.0% |
| Deferred charges and accrued income | 490/1 | €12,257 | €32,834 | +€20,577 | +167.9% |
| Total equity and liabilities | 10/49 | €542,063 | €525,767 | -€16,296 | -3.0% |
| Equity | 10/15 | €124,402 | €87,559 | -€36,844 | -29.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €105,802 | €68,959 | -€36,844 | -34.8% |
| Amounts payable | 17/49 | €417,661 | €438,209 | +€20,548 | +4.9% |
| Amounts payable after more than one year | 17 | €125,000 | €214,716 | +€89,716 | +71.8% |
| Financial debts | 170/4 | €125,000 | €214,716 | +€89,716 | +71.8% |
| Amounts payable within one year | 42/48 | €292,661 | €220,791 | -€71,869 | -24.6% |
| Current portion of amounts payable after more than one year | 42 | - | €12,382 | +€12,382 | |
| Trade debts | 44 | €76,180 | €67,478 | -€8,701 | -11.4% |
| Suppliers | 440/4 | €76,180 | €67,478 | -€8,701 | -11.4% |
| Taxes, remuneration and social security | 45 | €89,552 | €40,734 | -€48,818 | -54.5% |
| Taxes | 450/3 | €70,270 | €12,262 | -€58,007 | -82.5% |
| Remuneration and social security | 454/9 | €19,282 | €28,472 | +€9,190 | +47.7% |
| Other amounts payable | 47/48 | €126,929 | €100,197 | -€26,732 | -21.1% |
| Accrued charges and deferred income | 492/3 | - | €2,702 | +€2,702 | |
| Non-recurring operating income | 76A | - | €4,500 | +€4,500 | |
| Remuneration, social security and pensions | 62 | €128,925 | €198,177 | +€69,252 | +53.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,325 | €27,225 | +€13,900 | +104.3% |
| Other operating charges | 640/8 | €1,419 | €3,088 | +€1,669 | +117.7% |
| Gross operating margin | 9900 | €403,894 | €358,433 | -€45,462 | -11.3% |
| Operating profit (loss) | 9901 | €260,226 | €129,942 | -€130,284 | -50.1% |
| Financial income | 75/76B | €691 | €12,921 | +€12,230 | +1769.8% |
| Recurring financial income | 75 | €691 | €12,921 | +€12,230 | +1769.8% |
| Financial charges | 65/66B | €2,202 | €7,284 | +€5,082 | +230.8% |
| Recurring financial charges | 65 | €2,202 | €7,284 | +€5,082 | +230.8% |
| Profit (loss) for the period before taxes | 9903 | €258,715 | €135,579 | -€123,136 | -47.6% |
| Income taxes | 67/77 | €40,267 | €3,195 | -€37,071 | -92.1% |
| Profit (loss) for the period | 9904 | €218,448 | €132,384 | -€86,065 | -39.4% |
| Profit (loss) for the period to be appropriated | 9905 | €218,448 | €132,384 | -€86,065 | -39.4% |
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 10 October 2026 via checked.be.