MASU: 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.
MASU
Largest movements
- Cash +€24,771
up €24,771 (+126%), from €19,659 to €44,430
mainly Net result for the year (+€20,355) and Depreciation (+€6,926)
- Tangible fixed assets -€6,926
down €6,926 (-53.8%), from €12,878 to €5,951
of which Furniture and vehicles: -€3,476
- Stocks and contracts -€4,058
down €4,058 (-63.2%), from €6,425 to €2,367
- Receivables within one year -€2,876
down €2,876 (-40.6%), from €7,086 to €4,210
of which Trade receivables: -€6,876
- Deferred charges and accrued income -€1,412
down €1,412 (-50.5%), from €2,794 to €1,382
- Profit (loss) carried forward +€11,128
up €11,128 (+121%), from €9,227 to €20,355
- Other debts -€8,517
no longer reported in 2025 (was €8,517)
- Trade debts +€4,715
up €4,715 (+567%), from €831 to €5,546
- Tax, wage and social debts +€4,705
up €4,705 (+51.2%), from €9,185 to €13,890
of which Taxes: +€5,158
- Advances received -€2,532
no longer reported in 2025 (was €2,532)
- Gross operating margin +€14,821
up €14,821 (+28.2%), from €52,536 to €67,356
- Staff costs -€9,053
down €9,053 (-23.0%), from €39,279 to €30,226
- Taxes +€6,111
up €6,111 (+3,238%), from €189 to €6,300
- Depreciation -€4,378
down €4,378 (-38.7%), from €11,304 to €6,926
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 | €48,842 | €58,340 | +€9,498 | +19.4% |
| Fixed assets | 21/28 | €12,878 | €5,951 | -€6,926 | -53.8% |
| Tangible fixed assets | 22/27 | €12,878 | €5,951 | -€6,926 | -53.8% |
| Plant, machinery and equipment | 23 | €7,275 | €3,824 | -€3,451 | -47.4% |
| Furniture and vehicles | 24 | €5,602 | €2,127 | -€3,476 | -62.0% |
| Current assets | 29/58 | €35,965 | €52,389 | +€16,425 | +45.7% |
| Stocks and contracts in progress | 3 | €6,425 | €2,367 | -€4,058 | -63.2% |
| Stocks | 30/36 | €6,425 | €2,367 | -€4,058 | -63.2% |
| Amounts receivable within one year | 40/41 | €7,086 | €4,210 | -€2,876 | -40.6% |
| Trade receivables | 40 | €6,876 | - | -€6,876 | |
| Other amounts receivable | 41 | €210 | €4,210 | +€4,000 | +1,905% |
| Cash at bank and in hand | 54/58 | €19,659 | €44,430 | +€24,771 | +126% |
| Deferred charges and accrued income | 490/1 | €2,794 | €1,382 | -€1,412 | -50.5% |
| Total equity and liabilities | 10/49 | €48,842 | €58,340 | +€9,498 | +19.4% |
| Equity | 10/15 | €27,777 | €38,905 | +€11,128 | +40.1% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Profit (loss) carried forward | 14 | €9,227 | €20,355 | +€11,128 | +121% |
| Amounts payable | 17/49 | €21,065 | €19,435 | -€1,629 | -7.7% |
| Amounts payable within one year | 42/48 | €21,065 | €19,435 | -€1,629 | -7.7% |
| Trade debts | 44 | €831 | €5,546 | +€4,715 | +567% |
| Suppliers | 440/4 | €831 | €5,546 | +€4,715 | +567% |
| Advances received on contracts in progress | 46 | €2,532 | - | -€2,532 | |
| Taxes, remuneration and social security | 45 | €9,185 | €13,890 | +€4,705 | +51.2% |
| Taxes | 450/3 | €6,828 | €11,986 | +€5,158 | +75.5% |
| Remuneration and social security | 454/9 | €2,357 | €1,904 | -€453 | -19.2% |
| Other amounts payable | 47/48 | €8,517 | - | -€8,517 | |
| Remuneration, social security and pensions | 62 | €39,279 | €30,226 | -€9,053 | -23.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,304 | €6,926 | -€4,378 | -38.7% |
| Other operating charges | 640/8 | €1,786 | €1,807 | +€21 | +1.2% |
| Gross operating margin | 9900 | €52,536 | €67,356 | +€14,821 | +28.2% |
| Operating profit (loss) | 9901 | €166 | €28,397 | +€28,231 | +16,957% |
| Financial income | 75/76B | €117 | - | -€117 | |
| Recurring financial income | 75 | €117 | - | -€117 | |
| Non-recurring financial income | 76B | €117 | - | -€117 | |
| Financial charges | 65/66B | €1,578 | €1,742 | +€164 | +10.4% |
| Recurring financial charges | 65 | €1,578 | €1,742 | +€164 | +10.4% |
| Profit (loss) for the period before taxes | 9903 | -€1,295 | €26,655 | +€27,950 | |
| Income taxes | 67/77 | €189 | €6,300 | +€6,111 | +3,238% |
| Profit (loss) for the period | 9904 | -€1,483 | €20,355 | +€21,839 | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,483 | €20,355 | +€21,839 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.