MASTRI: 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.
MASTRI
Largest movements
- Tangible fixed assets -€79,895
down €79,895 (-9.5%), from €843,536 to €763,640
of which Leasing and similar rights: -€55,772
- Receivables within one year +€67,057
up €67,057 (+77.3%), from €86,704 to €153,762
of which Other amounts receivable: +€60,850
- Cash +€13,855
up €13,855 (+33.0%), from €41,989 to €55,844
mainly Depreciation (+€79,895) and Net result for the year (+€69,881)
- Debts after one year -€70,358
down €70,358 (-12.0%), from €587,179 to €516,821
of which Financial debts: -€60,358
- Reserves +€69,881
up €69,881 (+21.9%), from €319,005 to €388,886
- Gross operating margin +€12,942
up €12,942 (+7.6%), from €169,792 to €182,735
- Financial charges -€3,723
down €3,723 (-26.8%), from €13,884 to €10,161
- Depreciation +€3,033
up €3,033 (+3.9%), from €76,863 to €79,895
- Taxes +€2,858
up €2,858 (+17.2%), from €16,644 to €19,502
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 | €992,473 | €995,408 | +€2,935 | +0.3% |
| Fixed assets | 21/28 | €843,536 | €763,640 | -€79,895 | -9.5% |
| Tangible fixed assets | 22/27 | €843,536 | €763,640 | -€79,895 | -9.5% |
| Plant, machinery and equipment | 23 | €17,380 | €12,494 | -€4,886 | -28.1% |
| Furniture and vehicles | 24 | €44,033 | €25,148 | -€18,885 | -42.9% |
| Leasing and similar rights | 25 | €779,805 | €724,033 | -€55,772 | -7.2% |
| Other tangible fixed assets | 26 | €2,317 | €1,965 | -€353 | -15.2% |
| Current assets | 29/58 | €148,937 | €231,768 | +€82,831 | +55.6% |
| Amounts receivable within one year | 40/41 | €86,704 | €153,762 | +€67,057 | +77.3% |
| Trade receivables | 40 | €25,560 | €31,766 | +€6,207 | +24.3% |
| Other amounts receivable | 41 | €61,145 | €121,995 | +€60,850 | +99.5% |
| Cash at bank and in hand | 54/58 | €41,989 | €55,844 | +€13,855 | +33.0% |
| Deferred charges and accrued income | 490/1 | €20,244 | €22,162 | +€1,919 | +9.5% |
| Total equity and liabilities | 10/49 | €992,473 | €995,408 | +€2,935 | +0.3% |
| Equity | 10/15 | €325,005 | €394,886 | +€69,881 | +21.5% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Reserves | 13 | €319,005 | €388,886 | +€69,881 | +21.9% |
| Distributable reserves | 133 | €319,005 | €388,886 | +€69,881 | +21.9% |
| Amounts payable | 17/49 | €667,468 | €600,522 | -€66,946 | -10.0% |
| Amounts payable after more than one year | 17 | €587,179 | €516,821 | -€70,358 | -12.0% |
| Financial debts | 170/4 | €577,179 | €516,821 | -€60,358 | -10.5% |
| Other amounts payable | 178/9 | €10,000 | €0 | -€10,000 | -100% |
| Amounts payable within one year | 42/48 | €76,619 | €83,237 | +€6,619 | +8.6% |
| Current portion of amounts payable after more than one year | 42 | €59,267 | €60,358 | +€1,091 | +1.8% |
| Financial debts | 43 | €1,323 | €5,947 | +€4,624 | +350% |
| Credit institutions | 430/8 | €1,323 | €5,947 | +€4,624 | +350% |
| Trade debts | 44 | €2,665 | €2,848 | +€183 | +6.9% |
| Suppliers | 440/4 | €2,665 | €2,848 | +€183 | +6.9% |
| Taxes, remuneration and social security | 45 | €11,707 | €13,289 | +€1,583 | +13.5% |
| Taxes | 450/3 | €9,646 | €11,181 | +€1,535 | +15.9% |
| Remuneration and social security | 454/9 | €2,061 | €2,109 | +€48 | +2.3% |
| Other amounts payable | 47/48 | €1,657 | €794 | -€863 | -52.1% |
| Accrued charges and deferred income | 492/3 | €3,670 | €464 | -€3,206 | -87.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €76,863 | €79,895 | +€3,033 | +3.9% |
| Other operating charges | 640/8 | €3,153 | €3,384 | +€231 | +7.3% |
| Gross operating margin | 9900 | €169,792 | €182,735 | +€12,942 | +7.6% |
| Operating profit (loss) | 9901 | €89,777 | €99,456 | +€9,679 | +10.8% |
| Financial income | 75/76B | €2 | €89 | +€87 | +3,783% |
| Recurring financial income | 75 | €2 | €89 | +€87 | +3,783% |
| Financial charges | 65/66B | €13,884 | €10,161 | -€3,723 | -26.8% |
| Recurring financial charges | 65 | €13,884 | €10,161 | -€3,723 | -26.8% |
| Profit (loss) for the period before taxes | 9903 | €75,895 | €89,383 | +€13,489 | +17.8% |
| Income taxes | 67/77 | €16,644 | €19,502 | +€2,858 | +17.2% |
| Profit (loss) for the period | 9904 | €59,250 | €69,881 | +€10,631 | +17.9% |
| Profit (loss) for the period to be appropriated | 9905 | €59,250 | €69,881 | +€10,631 | +17.9% |
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 18 October 2026 via checked.be.