MASTHO: 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.
MASTHO
Largest movements
- Receivables within one year +€37,960
up €37,960 (+36.7%), from €103,478 to €141,438
of which Other amounts receivable: +€44,810
- Cash -€9,116
down €9,116 (-75.5%), from €12,071 to €2,955
mainly Receivables within one year (-€37,960) and Short-term financial debts (-€13,333)
- Current investments -€4,026
down €4,026 (-62.0%), from €6,492 to €2,466
- Reserves +€19,879
up €19,879 (+13.7%), from €144,639 to €164,518
- Tax, wage and social debts +€14,348
up €14,348 (+74.3%), from €19,319 to €33,666
- Short-term financial debts -€13,333
no longer reported in 2025 (was €13,333)
- Trade debts +€4,410
up €4,410 (+63.6%), from €6,932 to €11,342
- Gross operating margin -€69,990
down €69,990 (-71.8%), from €97,467 to €27,477
- Taxes -€19,539
down €19,539 (-63.2%), from €30,922 to €11,383
- Financial income +€1,805
up €1,805 (+26.5%), from €6,805 to €8,610
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 | €252,516 | €277,819 | +€25,303 | +10.0% |
| Fixed assets | 21/28 | €2,574 | €1,691 | -€883 | -34.3% |
| Tangible fixed assets | 22/27 | €2,574 | €1,691 | -€883 | -34.3% |
| Plant, machinery and equipment | 23 | €203 | - | -€203 | |
| Furniture and vehicles | 24 | €119 | - | -€119 | |
| Other tangible fixed assets | 26 | €2,253 | €1,691 | -€562 | -24.9% |
| Current assets | 29/58 | €249,942 | €276,129 | +€26,186 | +10.5% |
| Amounts receivable after more than one year | 29 | €125,000 | €125,000 | = | 0.0% |
| Other amounts receivable | 291 | €125,000 | €125,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €103,478 | €141,438 | +€37,960 | +36.7% |
| Trade receivables | 40 | €38,962 | €32,112 | -€6,850 | -17.6% |
| Other amounts receivable | 41 | €64,516 | €109,326 | +€44,810 | +69.5% |
| Current investments | 50/53 | €6,492 | €2,466 | -€4,026 | -62.0% |
| Cash at bank and in hand | 54/58 | €12,071 | €2,955 | -€9,116 | -75.5% |
| Deferred charges and accrued income | 490/1 | €2,902 | €4,270 | +€1,368 | +47.2% |
| Total equity and liabilities | 10/49 | €252,516 | €277,819 | +€25,303 | +10.0% |
| Equity | 10/15 | €212,932 | €232,811 | +€19,879 | +9.3% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €144,639 | €164,518 | +€19,879 | +13.7% |
| Distributable reserves | 133 | €144,639 | €164,518 | +€19,879 | +13.7% |
| Profit (loss) carried forward | 14 | €55,893 | €55,893 | = | 0.0% |
| Amounts payable | 17/49 | €39,584 | €45,009 | +€5,424 | +13.7% |
| Amounts payable within one year | 42/48 | €39,584 | €45,009 | +€5,424 | +13.7% |
| Financial debts | 43 | €13,333 | - | -€13,333 | |
| Credit institutions | 430/8 | €13,333 | - | -€13,333 | |
| Trade debts | 44 | €6,932 | €11,342 | +€4,410 | +63.6% |
| Suppliers | 440/4 | €6,932 | €11,342 | +€4,410 | +63.6% |
| Taxes, remuneration and social security | 45 | €19,319 | €33,666 | +€14,348 | +74.3% |
| Taxes | 450/3 | €19,319 | €33,666 | +€14,348 | +74.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,748 | €883 | -€865 | -49.5% |
| Other operating charges | 640/8 | €1,094 | €1,128 | +€34 | +3.1% |
| Gross operating margin | 9900 | €97,467 | €27,477 | -€69,990 | -71.8% |
| Operating profit (loss) | 9901 | €94,625 | €25,466 | -€69,159 | -73.1% |
| Financial income | 75/76B | €6,805 | €8,610 | +€1,805 | +26.5% |
| Recurring financial income | 75 | €6,805 | €8,610 | +€1,805 | +26.5% |
| Financial charges | 65/66B | €3,407 | €2,814 | -€593 | -17.4% |
| Recurring financial charges | 65 | €3,407 | €2,814 | -€593 | -17.4% |
| Profit (loss) for the period before taxes | 9903 | €98,023 | €31,262 | -€66,761 | -68.1% |
| Income taxes | 67/77 | €30,922 | €11,383 | -€19,539 | -63.2% |
| Profit (loss) for the period | 9904 | €67,102 | €19,879 | -€47,223 | -70.4% |
| Profit (loss) for the period to be appropriated | 9905 | €67,102 | €19,879 | -€47,223 | -70.4% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.