MAST MANAGEMENT: 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 MANAGEMENT
Largest movements
- Cash -€26,482
down €26,482 (-19.1%), from €138,567 to €112,085
mainly Investment in fixed assets (net) (-€44,464) and Debts after one year (-€12,391)
- Tangible fixed assets +€26,094
up €26,094 (+88.4%), from €29,532 to €55,627
of which Other tangible fixed assets: +€44,427
- Receivables within one year -€3,114
down €3,114 (-13.0%), from €23,937 to €20,823
of which Other amounts receivable: -€3,599
- Debts after one year -€12,391
down €12,391 (-62.8%), from €19,731 to €7,340
- Reserves +€9,041
up €9,041 (+6.7%), from €134,587 to €143,627
- Tax, wage and social debts -€3,357
down €3,357 (-55.8%), from €6,017 to €2,660
- Trade debts +€2,253
up €2,253 (+126%), from €1,785 to €4,038
- Gross operating margin -€17,860
down €17,860 (-32.5%), from €54,876 to €37,017
- Taxes -€6,062
down €6,062 (-51.8%), from €11,693 to €5,631
- Financial charges -€876
down €876 (-23.1%), from €3,800 to €2,923
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 | €192,036 | €188,535 | -€3,502 | -1.8% |
| Fixed assets | 21/28 | €29,532 | €55,627 | +€26,094 | +88.4% |
| Tangible fixed assets | 22/27 | €29,532 | €55,627 | +€26,094 | +88.4% |
| Plant, machinery and equipment | 23 | €893 | €283 | -€611 | -68.4% |
| Furniture and vehicles | 24 | €28,639 | €10,917 | -€17,723 | -61.9% |
| Other tangible fixed assets | 26 | - | €44,427 | +€44,427 | |
| Current assets | 29/58 | €162,504 | €132,908 | -€29,596 | -18.2% |
| Amounts receivable within one year | 40/41 | €23,937 | €20,823 | -€3,114 | -13.0% |
| Trade receivables | 40 | €11,546 | €12,031 | +€485 | +4.2% |
| Other amounts receivable | 41 | €12,391 | €8,792 | -€3,599 | -29.0% |
| Cash at bank and in hand | 54/58 | €138,567 | €112,085 | -€26,482 | -19.1% |
| Total equity and liabilities | 10/49 | €192,036 | €188,535 | -€3,502 | -1.8% |
| Equity | 10/15 | €139,587 | €148,627 | +€9,041 | +6.5% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €134,587 | €143,627 | +€9,041 | +6.7% |
| Distributable reserves | 133 | €134,587 | €143,627 | +€9,041 | +6.7% |
| Amounts payable | 17/49 | €52,449 | €39,907 | -€12,542 | -23.9% |
| Amounts payable after more than one year | 17 | €19,731 | €7,340 | -€12,391 | -62.8% |
| Financial debts | 170/4 | €19,731 | €7,340 | -€12,391 | -62.8% |
| Amounts payable within one year | 42/48 | €31,151 | €31,737 | +€586 | +1.9% |
| Current portion of amounts payable after more than one year | 42 | €12,152 | €12,391 | +€239 | +2.0% |
| Trade debts | 44 | €1,785 | €4,038 | +€2,253 | +126% |
| Suppliers | 440/4 | €1,785 | €4,038 | +€2,253 | +126% |
| Taxes, remuneration and social security | 45 | €6,017 | €2,660 | -€3,357 | -55.8% |
| Taxes | 450/3 | €6,017 | €2,660 | -€3,357 | -55.8% |
| Other amounts payable | 47/48 | €11,197 | €12,648 | +€1,451 | +13.0% |
| Accrued charges and deferred income | 492/3 | €1,567 | €830 | -€738 | -47.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,212 | €18,370 | +€157 | +0.9% |
| Other operating charges | 640/8 | €1,005 | €1,052 | +€47 | +4.7% |
| Gross operating margin | 9900 | €54,876 | €37,017 | -€17,860 | -32.5% |
| Operating profit (loss) | 9901 | €35,659 | €17,595 | -€18,064 | -50.7% |
| Financial income | 75/76B | €2 | €0 | -€2 | -100% |
| Recurring financial income | 75 | €2 | €0 | -€2 | -100% |
| Financial charges | 65/66B | €3,800 | €2,923 | -€876 | -23.1% |
| Recurring financial charges | 65 | €3,800 | €2,923 | -€876 | -23.1% |
| Profit (loss) for the period before taxes | 9903 | €31,862 | €14,672 | -€17,190 | -54.0% |
| Income taxes | 67/77 | €11,693 | €5,631 | -€6,062 | -51.8% |
| Profit (loss) for the period | 9904 | €20,168 | €9,041 | -€11,128 | -55.2% |
| Profit (loss) for the period to be appropriated | 9905 | €20,168 | €9,041 | -€11,128 | -55.2% |
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 14 October 2026 via checked.be.