MASTEL: 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.
MASTEL
Largest movements
- Current investments -€1.2m
down €1.2m (-100.0%), from €1.2m to €0
- Cash +€1.1m
up €1.1m (+536.2%), from €209,879 to €1.3m
mainly Current investments (+€1.2m) and Depreciation (+€249,138)
- Tangible fixed assets -€204,767
down €204,767 (-4.1%), from €5.0m to €4.8m
of which Land and buildings: -€191,708
- Profit (loss) carried forward -€173,133
down €173,133 (-22.5%), from -€768,695 to -€941,829
- Other debts -€88,353
down €88,353 (-100.0%), from €88,353 to €0
- Gross operating margin +€16,088
up €16,088 (+33.1%), from €48,664 to €64,751
- Financial income -€10,978
down €10,978 (-30.6%), from €35,821 to €24,843
- Depreciation -€1,737
down €1,737 (-0.7%), from €250,875 to €249,138
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 | €6,454,516 | €6,190,783 | -€263,733 | -4.1% |
| Fixed assets | 21/28 | €5,024,176 | €4,819,409 | -€204,767 | -4.1% |
| Tangible fixed assets | 22/27 | €5,024,176 | €4,819,409 | -€204,767 | -4.1% |
| Land and buildings | 22 | €4,988,670 | €4,796,962 | -€191,708 | -3.8% |
| Plant, machinery and equipment | 23 | €386 | €0 | -€386 | -100.0% |
| Furniture and vehicles | 24 | €35,120 | €22,447 | -€12,673 | -36.1% |
| Current assets | 29/58 | €1,430,340 | €1,371,374 | -€58,966 | -4.1% |
| Amounts receivable within one year | 40/41 | €11,941 | €28,048 | +€16,107 | +134.9% |
| Trade receivables | 40 | €1,289 | €0 | -€1,289 | -100.0% |
| Other amounts receivable | 41 | €10,652 | €28,048 | +€17,396 | +163.3% |
| Current investments | 50/53 | €1,200,000 | €0 | -€1.2m | -100.0% |
| Cash at bank and in hand | 54/58 | €209,879 | €1,335,336 | +€1.1m | +536.2% |
| Deferred charges and accrued income | 490/1 | €8,520 | €7,990 | -€530 | -6.2% |
| Total equity and liabilities | 10/49 | €6,454,516 | €6,190,783 | -€263,733 | -4.1% |
| Equity | 10/15 | €6,350,575 | €6,177,442 | -€173,133 | -2.7% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €7,057,271 | €7,057,271 | = | 0.0% |
| Non-distributable reserves | 130/1 | €267,200 | €267,200 | = | 0.0% |
| Legal reserve | 130 | €267,200 | €267,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €224,196 | €224,196 | = | 0.0% |
| Distributable reserves | 133 | €6,565,874 | €6,565,874 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€768,695 | -€941,829 | -€173,133 | -22.5% |
| Amounts payable | 17/49 | €103,941 | €13,341 | -€90,600 | -87.2% |
| Amounts payable within one year | 42/48 | €103,082 | €13,341 | -€89,741 | -87.1% |
| Trade debts | 44 | €14,728 | €13,341 | -€1,388 | -9.4% |
| Suppliers | 440/4 | €14,728 | €13,341 | -€1,388 | -9.4% |
| Other amounts payable | 47/48 | €88,353 | €0 | -€88,353 | -100.0% |
| Accrued charges and deferred income | 492/3 | €859 | €0 | -€859 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €250,875 | €249,138 | -€1,737 | -0.7% |
| Other operating charges | 640/8 | €12,656 | €13,152 | +€496 | +3.9% |
| Gross operating margin | 9900 | €48,664 | €64,751 | +€16,088 | +33.1% |
| Operating profit (loss) | 9901 | -€214,867 | -€197,538 | +€17,329 | +8.1% |
| Financial income | 75/76B | €35,821 | €24,843 | -€10,978 | -30.6% |
| Recurring financial income | 75 | €35,821 | €24,843 | -€10,978 | -30.6% |
| Financial charges | 65/66B | €231 | €231 | -€1 | -0.2% |
| Recurring financial charges | 65 | €231 | €231 | -€1 | -0.2% |
| Profit (loss) for the period before taxes | 9903 | -€179,277 | -€172,926 | +€6,351 | +3.5% |
| Income taxes | 67/77 | €94 | €207 | +€113 | +119.4% |
| Profit (loss) for the period | 9904 | -€179,371 | -€173,133 | +€6,238 | +3.5% |
| Transfer from tax-exempt reserves | 789 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | -€179,371 | -€173,133 | +€6,238 | +3.5% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.