MASTI: 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.
What changed
MASTI
NACE 70.200, Business and other management consultancy
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€15,323
2024 · €15,251-€30,575
Equity
€104,069
2024 · €119,393-€15,323
Cash
€5,804
2024 · €3,910+€1,894
Balance sheet total
€771,315
2024 · €704,110+€67,205
Largest movements
Assets
- Tangible fixed assets +€98,311
up €98,311 (+15.0%), from €654,342 to €752,653
of which Land and buildings: +€91,265
- Receivables within one year -€33,231
down €33,231 (-78.8%), from €42,169 to €8,937
Equity and liabilities
- Other debts +€97,385
up €97,385 (+31.4%), from €309,695 to €407,080
- Debts after one year -€15,242
down €15,242 (-7.6%), from €199,933 to €184,690
- Profit (loss) carried forward -€11,209
down €11,209 (-9.5%), from -€117,616 to -€128,825
Income statement
- Gross operating margin -€113,534
down €113,534 (-84.9%), from €133,729 to €20,195
- Depreciation -€35,902
down €35,902 (-62.4%), from €57,544 to €21,642
- Other operating charges -€2,241
down €2,241 (-24.0%), from €9,356 to €7,115
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.
Result 2024
€15,251
Gross operating margin
-€113,534
Depreciation
+€35,902
Other operating charges
+€2,241
Financial income
+€3
Financial charges
-€866
Taxes
+€19
Deferred taxes and other
+€45,661
Result 2025
-€15,323
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.
From operations
+€136,695
Investment
-€119,952
Financing
-€14,849
Cash 2024
€3,910
From operations (derived)
+€136,695
Net result for the year
-€15,323
Depreciation
+€21,642
Receivables within one year
+€33,231
Deferred charges and accrued income
-€232
Provisions
-€1,371
Trade debts
-€2,294
Tax, wage and social debts
+€2,863
Other debts
+€97,385
Accrued charges and deferred income
+€795
Investment (derived)
-€119,952
Investment in fixed assets (net)
-€119,952
Financing
-€14,849
Debts after one year
-€15,242
Current portion of long-term debt
+€393
Cash 2025
€5,804
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €704,110 | €771,315 | +€67,205 | +9.5% |
| Fixed assets | 21/28 | €654,342 | €752,653 | +€98,311 | +15.0% |
| Tangible fixed assets | 22/27 | €654,342 | €752,653 | +€98,311 | +15.0% |
| Land and buildings | 22 | €651,911 | €743,176 | +€91,265 | +14.0% |
| Plant, machinery and equipment | 23 | €251 | €150 | -€101 | -40.2% |
| Furniture and vehicles | 24 | €2,181 | €9,327 | +€7,146 | +327.7% |
| Current assets | 29/58 | €49,768 | €18,662 | -€31,105 | -62.5% |
| Amounts receivable within one year | 40/41 | €42,169 | €8,937 | -€33,231 | -78.8% |
| Trade receivables | 40 | €42,169 | €8,937 | -€33,231 | -78.8% |
| Cash at bank and in hand | 54/58 | €3,910 | €5,804 | +€1,894 | +48.4% |
| Deferred charges and accrued income | 490/1 | €3,689 | €3,921 | +€232 | +6.3% |
| Total equity and liabilities | 10/49 | €704,110 | €771,315 | +€67,205 | +9.5% |
| Equity | 10/15 | €119,393 | €104,069 | -€15,323 | -12.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €218,409 | €214,295 | -€4,114 | -1.9% |
| Tax-exempt reserves | 132 | €132,868 | €128,754 | -€4,114 | -3.1% |
| Distributable reserves | 133 | €85,541 | €85,541 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€117,616 | -€128,825 | -€11,209 | -9.5% |
| Provisions and deferred taxes | 16 | €44,289 | €42,918 | -€1,371 | -3.1% |
| Deferred taxes | 168 | €44,289 | €42,918 | -€1,371 | -3.1% |
| Amounts payable | 17/49 | €540,428 | €624,328 | +€83,900 | +15.5% |
| Amounts payable after more than one year | 17 | €199,933 | €184,690 | -€15,242 | -7.6% |
| Financial debts | 170/4 | €199,933 | €184,690 | -€15,242 | -7.6% |
| Amounts payable within one year | 42/48 | €339,866 | €438,212 | +€98,347 | +28.9% |
| Current portion of amounts payable after more than one year | 42 | €14,849 | €15,242 | +€393 | +2.6% |
| Trade debts | 44 | €7,500 | €5,205 | -€2,294 | -30.6% |
| Suppliers | 440/4 | €7,500 | €5,205 | -€2,294 | -30.6% |
| Taxes, remuneration and social security | 45 | €7,821 | €10,685 | +€2,863 | +36.6% |
| Taxes | 450/3 | €7,821 | €10,685 | +€2,863 | +36.6% |
| Other amounts payable | 47/48 | €309,695 | €407,080 | +€97,385 | +31.4% |
| Accrued charges and deferred income | 492/3 | €630 | €1,425 | +€795 | +126.2% |
| Non-recurring operating income | 76A | €181,024 | - | -€181,024 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €57,544 | €21,642 | -€35,902 | -62.4% |
| Other operating charges | 640/8 | €9,356 | €7,115 | -€2,241 | -24.0% |
| Gross operating margin | 9900 | €133,729 | €20,195 | -€113,534 | -84.9% |
| Operating profit (loss) | 9901 | €66,829 | -€8,561 | -€75,391 | |
| Financial income | 75/76B | €5 | €8 | +€3 | +62.2% |
| Recurring financial income | 75 | €5 | €8 | +€3 | +62.2% |
| Financial charges | 65/66B | €7,068 | €7,934 | +€866 | +12.3% |
| Recurring financial charges | 65 | €7,068 | €7,934 | +€866 | +12.3% |
| Profit (loss) for the period before taxes | 9903 | €59,767 | -€16,487 | -€76,254 | |
| Transfer from deferred taxes | 780 | €967 | €1,371 | +€405 | +41.9% |
| Transfer to deferred taxes | 680 | €45,256 | - | -€45,256 | |
| Income taxes | 67/77 | €226 | €207 | -€19 | -8.4% |
| Profit (loss) for the period | 9904 | €15,251 | -€15,323 | -€30,575 | |
| Transfer from tax-exempt reserves | 789 | €2,900 | €4,114 | +€1,214 | +41.9% |
| Transfer to tax-exempt reserves | 689 | €135,768 | - | -€135,768 | |
| Profit (loss) for the period to be appropriated | 9905 | -€117,616 | -€11,209 | +€106,407 | +90.5% |
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 9 October 2026 via checked.be.