MASRAF: 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.
MASRAF
Largest movements
- Intangible fixed assets +€499,275
up €499,275 (+222%), from €225,397 to €724,672
- Receivables within one year +€449,540
up €449,540 (+432%), from €104,159 to €553,699
of which Trade receivables: +€449,395
- Debts after one year +€710,845
new in 2025: €710,845
- Trade debts +€246,821
up €246,821 (+97.8%), from €252,454 to €499,275
- Gross operating margin -€8,362
new in 2025: -€8,362
- Financial charges +€2,655
up €2,655 (+830%), from €320 to €2,975
- Financial income +€1,280
up €1,280 (+1,213%), from €106 to €1,386
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 | €356,879 | €1,306,184 | +€949,304 | +266% |
| Fixed assets | 21/28 | €225,397 | €724,672 | +€499,275 | +222% |
| Intangible fixed assets | 21 | €225,397 | €724,672 | +€499,275 | +222% |
| Current assets | 29/58 | €131,482 | €581,512 | +€450,029 | +342% |
| Stocks and contracts in progress | 3 | €27,056 | €27,056 | = | 0.0% |
| Stocks | 30/36 | €27,056 | €27,056 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €104,159 | €553,699 | +€449,540 | +432% |
| Trade receivables | 40 | €104,159 | €553,554 | +€449,395 | +431% |
| Other amounts receivable | 41 | - | €145 | +€145 | |
| Cash at bank and in hand | 54/58 | €266 | €756 | +€490 | +184% |
| Total equity and liabilities | 10/49 | €356,879 | €1,306,184 | +€949,304 | +266% |
| Equity | 10/15 | €78,174 | €68,222 | -€9,952 | -12.7% |
| Contributions | 10/11 | €80,000 | €80,000 | = | 0.0% |
| Capital | 10 | €80,000 | €80,000 | = | 0.0% |
| Issued capital | 100 | €80,000 | €80,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,826 | -€11,778 | -€9,952 | -545% |
| Amounts payable | 17/49 | €278,706 | €1,237,962 | +€959,256 | +344% |
| Amounts payable after more than one year | 17 | - | €710,845 | +€710,845 | |
| Other amounts payable | 178/9 | - | €710,845 | +€710,845 | |
| Amounts payable within one year | 42/48 | €278,706 | €527,117 | +€248,411 | +89.1% |
| Trade debts | 44 | €252,454 | €499,275 | +€246,821 | +97.8% |
| Suppliers | 440/4 | €252,454 | €499,275 | +€246,821 | +97.8% |
| Other amounts payable | 47/48 | €26,252 | €27,842 | +€1,590 | +6.1% |
| Gross operating margin | 9900 | - | -€8,362 | -€8,362 | |
| Operating profit (loss) | 9901 | - | -€8,362 | -€8,362 | |
| Financial income | 75/76B | €106 | €1,386 | +€1,280 | +1,213% |
| Recurring financial income | 75 | €106 | €1,386 | +€1,280 | +1,213% |
| Financial charges | 65/66B | €320 | €2,975 | +€2,655 | +830% |
| Recurring financial charges | 65 | €320 | €2,975 | +€2,655 | +830% |
| Profit (loss) for the period before taxes | 9903 | -€214 | -€9,952 | -€9,737 | -4,541% |
| Profit (loss) for the period | 9904 | -€214 | -€9,952 | -€9,737 | -4,541% |
| Profit (loss) for the period to be appropriated | 9905 | -€214 | -€9,952 | -€9,737 | -4,541% |
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 21 October 2026 via checked.be.