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
- Cash +€62,781
up €62,781 (+359%), from €17,478 to €80,260
mainly Net result for the year (+€25,871) and Tax, wage and social debts (+€17,862)
- Current investments -€10,148
no longer reported in 2025 (was €10,148)
- Receivables within one year -€6,248
down €6,248 (-63.5%), from €9,833 to €3,586
of which Other amounts receivable: -€3,336
- Deferred charges and accrued income +€1,754
up €1,754 (+646%), from €272 to €2,025
- Tangible fixed assets -€1,389
down €1,389 (-35.9%), from €3,865 to €2,476
of which Furniture and vehicles: -€970
- Reserves +€25,871
up €25,871 (+194%), from €13,335 to €39,206
- Tax, wage and social debts +€17,862
up €17,862 (+108%), from €16,601 to €34,463
of which Taxes: +€15,280
- Accrued charges and deferred income +€2,567
up €2,567, from €0 to €2,567
- Gross operating margin +€67,822
up €67,822 (+98.9%), from €68,559 to €136,381
- Staff costs +€29,837
up €29,837 (+46.6%), from €64,068 to €93,905
- Taxes +€7,536
up €7,536 (+453%), from €1,664 to €9,200
- Financial charges -€1,469
down €1,469 (-25.0%), from €5,878 to €4,409
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 | €41,696 | €88,447 | +€46,751 | +112% |
| Fixed assets | 21/28 | €3,965 | €2,576 | -€1,389 | -35.0% |
| Tangible fixed assets | 22/27 | €3,865 | €2,476 | -€1,389 | -35.9% |
| Plant, machinery and equipment | 23 | €1,421 | €1,001 | -€419 | -29.5% |
| Furniture and vehicles | 24 | €2,445 | €1,475 | -€970 | -39.7% |
| Financial fixed assets | 28 | €100 | €100 | = | 0.0% |
| Current assets | 29/58 | €37,731 | €85,871 | +€48,140 | +128% |
| Amounts receivable within one year | 40/41 | €9,833 | €3,586 | -€6,248 | -63.5% |
| Trade receivables | 40 | €4,998 | €2,086 | -€2,912 | -58.3% |
| Other amounts receivable | 41 | €4,836 | €1,500 | -€3,336 | -69.0% |
| Current investments | 50/53 | €10,148 | - | -€10,148 | |
| Cash at bank and in hand | 54/58 | €17,478 | €80,260 | +€62,781 | +359% |
| Deferred charges and accrued income | 490/1 | €272 | €2,025 | +€1,754 | +646% |
| Total equity and liabilities | 10/49 | €41,696 | €88,447 | +€46,751 | +112% |
| Equity | 10/15 | €15,335 | €41,206 | +€25,871 | +169% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €13,335 | €39,206 | +€25,871 | +194% |
| Distributable reserves | 133 | €13,335 | €39,206 | +€25,871 | +194% |
| Amounts payable | 17/49 | €26,361 | €47,241 | +€20,880 | +79.2% |
| Amounts payable within one year | 42/48 | €26,361 | €44,674 | +€18,313 | +69.5% |
| Trade debts | 44 | €9,760 | €10,211 | +€451 | +4.6% |
| Suppliers | 440/4 | €9,760 | €10,211 | +€451 | +4.6% |
| Taxes, remuneration and social security | 45 | €16,601 | €34,463 | +€17,862 | +108% |
| Taxes | 450/3 | €10,381 | €25,661 | +€15,280 | +147% |
| Remuneration and social security | 454/9 | €6,220 | €8,802 | +€2,582 | +41.5% |
| Accrued charges and deferred income | 492/3 | €0 | €2,567 | +€2,567 | |
| Remuneration, social security and pensions | 62 | €64,068 | €93,905 | +€29,837 | +46.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,283 | €1,389 | +€107 | +8.3% |
| Other operating charges | 640/8 | €2,218 | €1,634 | -€584 | -26.3% |
| Gross operating margin | 9900 | €68,559 | €136,381 | +€67,822 | +98.9% |
| Operating profit (loss) | 9901 | €990 | €39,453 | +€38,463 | +3,884% |
| Financial income | 75/76B | €133 | €27 | -€106 | -79.7% |
| Recurring financial income | 75 | €133 | €27 | -€106 | -79.7% |
| Financial charges | 65/66B | €5,878 | €4,409 | -€1,469 | -25.0% |
| Recurring financial charges | 65 | €5,878 | €4,409 | -€1,469 | -25.0% |
| Profit (loss) for the period before taxes | 9903 | -€4,755 | €35,071 | +€39,826 | |
| Income taxes | 67/77 | €1,664 | €9,200 | +€7,536 | +453% |
| Profit (loss) for the period | 9904 | -€6,419 | €25,871 | +€32,290 | |
| Profit (loss) for the period to be appropriated | 9905 | -€6,419 | €25,871 | +€32,290 |
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 27 October 2026 via checked.be.