MAST: 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.
MAST
Largest movements
- Tangible fixed assets -€75,651
down €75,651 (-7.7%), from €980,572 to €904,922
of which Land and buildings: -€48,751
- Receivables within one year +€64,044
up €64,044 (+921%), from €6,951 to €70,996
- Cash -€56,675
down €56,675 (-93.2%), from €60,791 to €4,116
mainly Debts after one year (-€76,449) and Receivables within one year (-€64,044)
- Debts after one year -€76,449
down €76,449 (-28.2%), from €270,946 to €194,497
of which Financial debts: -€76,449
- Reserves +€26,608
up €26,608 (+28.4%), from €93,852 to €120,460
of which Distributable reserves: +€26,608
- Trade debts -€17,928
down €17,928 (-97.1%), from €18,473 to €545
- Other operating charges +€9,009
up €9,009 (+164%), from €5,505 to €14,514
- Financial charges -€2,632
down €2,632 (-19.6%), from €13,424 to €10,792
- Gross operating margin +€2,054
up €2,054 (+1.5%), from €138,826 to €140,880
- Taxes -€1,502
down €1,502 (-10.1%), from €14,817 to €13,315
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 | €1,048,315 | €980,033 | -€68,281 | -6.5% |
| Fixed assets | 21/28 | €980,572 | €904,922 | -€75,651 | -7.7% |
| Tangible fixed assets | 22/27 | €980,572 | €904,922 | -€75,651 | -7.7% |
| Land and buildings | 22 | €766,582 | €717,832 | -€48,751 | -6.4% |
| Plant, machinery and equipment | 23 | €213,990 | €187,090 | -€26,900 | -12.6% |
| Current assets | 29/58 | €67,742 | €75,112 | +€7,370 | +10.9% |
| Amounts receivable within one year | 40/41 | €6,951 | €70,996 | +€64,044 | +921% |
| Trade receivables | 40 | €6,951 | €70,996 | +€64,044 | +921% |
| Cash at bank and in hand | 54/58 | €60,791 | €4,116 | -€56,675 | -93.2% |
| Total equity and liabilities | 10/49 | €1,048,315 | €980,033 | -€68,281 | -6.5% |
| Equity | 10/15 | €457,417 | €484,025 | +€26,608 | +5.8% |
| Contributions | 10/11 | €131,384 | €131,384 | = | 0.0% |
| Revaluation surpluses | 12 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €93,852 | €120,460 | +€26,608 | +28.4% |
| Non-distributable reserves | 130/1 | €16,082 | €16,082 | = | 0.0% |
| Reserves not available under the articles | 1311 | €13,138 | €13,138 | = | 0.0% |
| Other | 1319 | €2,944 | €2,944 | = | 0.0% |
| Distributable reserves | 133 | €77,770 | €104,378 | +€26,608 | +34.2% |
| Profit (loss) carried forward | 14 | €170,208 | €170,208 | = | 0.0% |
| Amounts payable | 17/49 | €590,897 | €496,008 | -€94,889 | -16.1% |
| Amounts payable after more than one year | 17 | €270,946 | €194,497 | -€76,449 | -28.2% |
| Financial debts | 170/4 | €270,046 | €193,597 | -€76,449 | -28.3% |
| Other amounts payable | 178/9 | €900 | €900 | = | 0.0% |
| Amounts payable within one year | 42/48 | €319,952 | €301,512 | -€18,440 | -5.8% |
| Current portion of amounts payable after more than one year | 42 | €83,716 | €76,449 | -€7,267 | -8.7% |
| Trade debts | 44 | €18,473 | €545 | -€17,928 | -97.1% |
| Suppliers | 440/4 | €18,473 | €545 | -€17,928 | -97.1% |
| Taxes, remuneration and social security | 45 | €27,091 | €33,429 | +€6,339 | +23.4% |
| Taxes | 450/3 | €27,091 | €33,429 | +€6,339 | +23.4% |
| Other amounts payable | 47/48 | €190,673 | €191,089 | +€416 | +0.2% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €76,143 | €75,651 | -€492 | -0.6% |
| Other operating charges | 640/8 | €5,505 | €14,514 | +€9,009 | +164% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €138,826 | €140,880 | +€2,054 | +1.5% |
| Operating profit (loss) | 9901 | €57,178 | €50,715 | -€6,463 | -11.3% |
| Financial charges | 65/66B | €13,424 | €10,792 | -€2,632 | -19.6% |
| Recurring financial charges | 65 | €13,424 | €10,792 | -€2,632 | -19.6% |
| Profit (loss) for the period before taxes | 9903 | €43,754 | €39,923 | -€3,831 | -8.8% |
| Income taxes | 67/77 | €14,817 | €13,315 | -€1,502 | -10.1% |
| Profit (loss) for the period | 9904 | €28,937 | €26,608 | -€2,330 | -8.1% |
| Profit (loss) for the period to be appropriated | 9905 | €28,937 | €26,608 | -€2,330 | -8.1% |
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 15 October 2026 via checked.be.