Mast Construct: what changed
Two fiscal 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 Construct
Largest movements
- Stocks and contracts -€143,977
down €143,977 (-87.8%), from €163,977 to €20,000
- Cash +€50,904
up €50,904 (+261.4%), from €19,476 to €70,380
mainly Stocks and contracts (+€143,977) and Net result for the year (+€74,380)
- Receivables within one year -€26,519
down €26,519 (-60.4%), from €43,899 to €17,381
of which Trade receivables: -€26,469
- Tangible fixed assets -€24,958
down €24,958 (-21.4%), from €116,357 to €91,399
of which Other tangible fixed assets: -€18,104
- Debts after one year -€95,000
down €95,000 (-100.0%), from €95,000 to €0
- Reserves -€65,620
down €65,620 (-44.9%), from €146,250 to €80,629
- Other debts +€7,871
up €7,871 (+9.6%), from €81,736 to €89,607
- Trade debts +€3,737
up €3,737 (+389.1%), from €960 to €4,697
- Gross operating margin +€40,762
up €40,762 (+46.1%), from €88,352 to €129,114
- Taxes +€6,683
up €6,683 (+35.6%), from €18,773 to €25,456
- Depreciation +€6,132
up €6,132 (+53.2%), from €11,527 to €17,659
- Financial charges +€2,457
up €2,457 (+103.7%), from €2,368 to €4,825
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 | €344,772 | €200,071 | -€144,702 | -42.0% |
| Fixed assets | 21/28 | €116,357 | €91,399 | -€24,958 | -21.4% |
| Tangible fixed assets | 22/27 | €116,357 | €91,399 | -€24,958 | -21.4% |
| Land and buildings | 22 | €3,360 | €3,360 | = | 0.0% |
| Plant, machinery and equipment | 23 | €1,665 | €2,828 | +€1,163 | +69.8% |
| Furniture and vehicles | 24 | €48,629 | €40,613 | -€8,016 | -16.5% |
| Other tangible fixed assets | 26 | €62,702 | €44,598 | -€18,104 | -28.9% |
| Current assets | 29/58 | €228,416 | €108,672 | -€119,744 | -52.4% |
| Stocks and contracts in progress | 3 | €163,977 | €20,000 | -€143,977 | -87.8% |
| Stocks | 30/36 | €163,977 | €20,000 | -€143,977 | -87.8% |
| Amounts receivable within one year | 40/41 | €43,899 | €17,381 | -€26,519 | -60.4% |
| Trade receivables | 40 | €43,699 | €17,230 | -€26,469 | -60.6% |
| Other amounts receivable | 41 | €200 | €150 | -€50 | -24.9% |
| Cash at bank and in hand | 54/58 | €19,476 | €70,380 | +€50,904 | +261.4% |
| Deferred charges and accrued income | 490/1 | €1,064 | €911 | -€152 | -14.3% |
| Total equity and liabilities | 10/49 | €344,772 | €200,071 | -€144,702 | -42.0% |
| Equity | 10/15 | €151,250 | €85,629 | -€65,620 | -43.4% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €146,250 | €80,629 | -€65,620 | -44.9% |
| Distributable reserves | 133 | €146,250 | €80,629 | -€65,620 | -44.9% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €193,523 | €114,442 | -€79,081 | -40.9% |
| Amounts payable after more than one year | 17 | €95,000 | €0 | -€95,000 | -100.0% |
| Financial debts | 170/4 | €95,000 | €0 | -€95,000 | -100.0% |
| Amounts payable within one year | 42/48 | €96,301 | €109,677 | +€13,377 | +13.9% |
| Trade debts | 44 | €960 | €4,697 | +€3,737 | +389.1% |
| Suppliers | 440/4 | €960 | €4,697 | +€3,737 | +389.1% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €13,604 | €15,373 | +€1,769 | +13.0% |
| Taxes | 450/3 | €13,604 | €15,373 | +€1,769 | +13.0% |
| Other amounts payable | 47/48 | €81,736 | €89,607 | +€7,871 | +9.6% |
| Accrued charges and deferred income | 492/3 | €2,222 | €4,764 | +€2,542 | +114.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,527 | €17,659 | +€6,132 | +53.2% |
| Other operating charges | 640/8 | €1,715 | €1,447 | -€268 | -15.6% |
| Non-recurring operating charges | 66A | - | €5,347 | +€5,347 | |
| Gross operating margin | 9900 | €88,352 | €129,114 | +€40,762 | +46.1% |
| Operating profit (loss) | 9901 | €75,110 | €104,660 | +€29,550 | +39.3% |
| Financial income | 75/76B | €5 | €1 | -€4 | -89.0% |
| Recurring financial income | 75 | €5 | €1 | -€4 | -89.0% |
| Financial charges | 65/66B | €2,368 | €4,825 | +€2,457 | +103.7% |
| Recurring financial charges | 65 | €2,368 | €4,825 | +€2,457 | +103.7% |
| Profit (loss) for the period before taxes | 9903 | €72,747 | €99,836 | +€27,089 | +37.2% |
| Income taxes | 67/77 | €18,773 | €25,456 | +€6,683 | +35.6% |
| Profit (loss) for the period | 9904 | €53,974 | €74,380 | +€20,406 | +37.8% |
| Profit (loss) for the period to be appropriated | 9905 | €53,974 | €74,380 | +€20,406 | +37.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.