MASTEEL: 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.
MASTEEL
Largest movements
- Receivables after one year -€1.2m
down €1.2m (-100%), from €1.2m to €0
- Receivables within one year +€369,544
up €369,544 (+165%), from €224,358 to €593,902
of which Other amounts receivable: +€445,385
- Cash -€144,325
down €144,325 (-53.3%), from €270,557 to €126,232
mainly Contributions, distributions and other (-€1.1m) and Receivables within one year (-€369,544)
- Stocks and contracts -€93,917
down €93,917 (-49.8%), from €188,693 to €94,776
- Profit (loss) carried forward -€776,330
down €776,330 (-70.4%), from €1.1m to €327,084
- Advances received -€169,074
down €169,074 (-81.2%), from €208,268 to €39,194
- Trade debts -€117,305
down €117,305 (-21.4%), from €548,712 to €431,407
- Gross operating margin -€70,925
down €70,925 (-15.2%), from €466,131 to €395,207
- Financial income +€17,736
up €17,736 (+48.5%), from €36,569 to €54,305
- Taxes -€13,315
down €13,315 (-11.0%), from €121,356 to €108,041
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 | €1,875,427 | €817,127 | -€1.1m | -56.4% |
| Current assets | 29/58 | €1,875,427 | €817,127 | -€1.1m | -56.4% |
| Amounts receivable after more than one year | 29 | €1,190,468 | €0 | -€1.2m | -100% |
| Trade receivables | 290 | €1,190,468 | €0 | -€1.2m | -100% |
| Stocks and contracts in progress | 3 | €188,693 | €94,776 | -€93,917 | -49.8% |
| Stocks | 30/36 | €188,693 | €94,776 | -€93,917 | -49.8% |
| Amounts receivable within one year | 40/41 | €224,358 | €593,902 | +€369,544 | +165% |
| Trade receivables | 40 | €219,673 | €143,832 | -€75,841 | -34.5% |
| Other amounts receivable | 41 | €4,685 | €450,070 | +€445,385 | +9,507% |
| Cash at bank and in hand | 54/58 | €270,557 | €126,232 | -€144,325 | -53.3% |
| Deferred charges and accrued income | 490/1 | €1,352 | €2,217 | +€865 | +64.0% |
| Total equity and liabilities | 10/49 | €1,875,427 | €817,127 | -€1.1m | -56.4% |
| Equity | 10/15 | €1,107,514 | €331,184 | -€776,330 | -70.1% |
| Contributions | 10/11 | €4,100 | €4,100 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,103,414 | €327,084 | -€776,330 | -70.4% |
| Amounts payable | 17/49 | €767,913 | €485,942 | -€281,971 | -36.7% |
| Amounts payable within one year | 42/48 | €758,336 | €478,642 | -€279,694 | -36.9% |
| Trade debts | 44 | €548,712 | €431,407 | -€117,305 | -21.4% |
| Suppliers | 440/4 | €548,712 | €431,407 | -€117,305 | -21.4% |
| Advances received on contracts in progress | 46 | €208,268 | €39,194 | -€169,074 | -81.2% |
| Taxes, remuneration and social security | 45 | €1,356 | €8,041 | +€6,685 | +493% |
| Taxes | 450/3 | €1,356 | €8,041 | +€6,685 | +493% |
| Accrued charges and deferred income | 492/3 | €9,577 | €7,300 | -€2,277 | -23.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €118 | €1,102 | +€984 | +833% |
| Gross operating margin | 9900 | €466,131 | €395,207 | -€70,925 | -15.2% |
| Operating profit (loss) | 9901 | €466,013 | €394,105 | -€71,908 | -15.4% |
| Financial income | 75/76B | €36,569 | €54,305 | +€17,736 | +48.5% |
| Recurring financial income | 75 | €36,569 | €54,305 | +€17,736 | +48.5% |
| Financial charges | 65/66B | €17,156 | €16,699 | -€457 | -2.7% |
| Recurring financial charges | 65 | €17,156 | €16,699 | -€457 | -2.7% |
| Profit (loss) for the period before taxes | 9903 | €485,426 | €431,711 | -€53,715 | -11.1% |
| Income taxes | 67/77 | €121,356 | €108,041 | -€13,315 | -11.0% |
| Profit (loss) for the period | 9904 | €364,069 | €323,670 | -€40,400 | -11.1% |
| Profit (loss) for the period to be appropriated | 9905 | €364,069 | €323,670 | -€40,400 | -11.1% |
Source: filed annual accounts (NBB), financial years ended 31 August 2024 and 31 August 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.