MASU Works: what changed
MASU Works
Largest movements
- Tangible fixed assets +€40,481
up €40,481 (+98.4%), from €41,152 to €81,633
of which Plant, machinery and equipment: +€37,554
- Stocks and contracts +€3,346
up €3,346 (+8.3%), from €40,182 to €43,527
- Cash +€1,530
up €1,530 (+41.8%), from €3,659 to €5,188
mainly Other debts (+€64,750) and Depreciation (+€16,674)
- Receivables within one year -€1,444
down €1,444 (-11.2%), from €12,846 to €11,402
of which Trade receivables: -€1,444
- Other debts +€64,750
up €64,750 (+72.7%), from €89,011 to €153,761
- Profit (loss) carried forward -€32,399
down €32,399 (-34.8%), from -€93,139 to -€125,538
- Trade debts +€9,869
up €9,869 (+4,006%), from €246 to €10,115
- Accrued charges and deferred income +€3,060
new in 2025: €3,060
- Gross operating margin -€21,989
down €21,989, from €12,781 to -€9,208
- Depreciation +€5,911
up €5,911 (+54.9%), from €10,763 to €16,674
- Financial charges +€3,154
up €3,154 (+1,251%), from €252 to €3,406
- Other operating charges +€2,485
up €2,485 (+397%), from €627 to €3,112
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €98,537 | €142,467 | +€43,930 | +44.6% |
| Fixed assets | 21/28 | €41,242 | €81,723 | +€40,481 | +98.2% |
| Tangible fixed assets | 22/27 | €41,152 | €81,633 | +€40,481 | +98.4% |
| Plant, machinery and equipment | 23 | €41,152 | €78,706 | +€37,554 | +91.3% |
| Furniture and vehicles | 24 | - | €2,927 | +€2,927 | |
| Financial fixed assets | 28 | €90 | €90 | = | 0.0% |
| Current assets | 29/58 | €57,295 | €60,744 | +€3,449 | +6.0% |
| Stocks and contracts in progress | 3 | €40,182 | €43,527 | +€3,346 | +8.3% |
| Stocks | 30/36 | €40,182 | €43,527 | +€3,346 | +8.3% |
| Amounts receivable within one year | 40/41 | €12,846 | €11,402 | -€1,444 | -11.2% |
| Trade receivables | 40 | €12,846 | €11,402 | -€1,444 | -11.2% |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €3,659 | €5,188 | +€1,530 | +41.8% |
| Deferred charges and accrued income | 490/1 | €609 | €627 | +€18 | +3.0% |
| Total equity and liabilities | 10/49 | €98,537 | €142,467 | +€43,930 | +44.6% |
| Equity | 10/15 | €6,861 | -€25,538 | -€32,399 | |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€93,139 | -€125,538 | -€32,399 | -34.8% |
| Amounts payable | 17/49 | €91,676 | €168,005 | +€76,329 | +83.3% |
| Amounts payable within one year | 42/48 | €91,676 | €164,945 | +€73,269 | +79.9% |
| Trade debts | 44 | €246 | €10,115 | +€9,869 | +4,006% |
| Suppliers | 440/4 | €246 | €10,115 | +€9,869 | +4,006% |
| Taxes, remuneration and social security | 45 | €2,418 | €1,069 | -€1,349 | -55.8% |
| Taxes | 450/3 | €2,418 | €1,069 | -€1,349 | -55.8% |
| Other amounts payable | 47/48 | €89,011 | €153,761 | +€64,750 | +72.7% |
| Accrued charges and deferred income | 492/3 | - | €3,060 | +€3,060 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,763 | €16,674 | +€5,911 | +54.9% |
| Other operating charges | 640/8 | €627 | €3,112 | +€2,485 | +397% |
| Gross operating margin | 9900 | €12,781 | -€9,208 | -€21,989 | |
| Operating profit (loss) | 9901 | €1,392 | -€28,993 | -€30,385 | |
| Financial income | 75/76B | €0 | €0 | -€0 | -100% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100% |
| Financial charges | 65/66B | €252 | €3,406 | +€3,154 | +1,251% |
| Recurring financial charges | 65 | €252 | €3,406 | +€3,154 | +1,251% |
| Profit (loss) for the period before taxes | 9903 | €1,140 | -€32,399 | -€33,539 | |
| Profit (loss) for the period | 9904 | €1,140 | -€32,399 | -€33,539 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,140 | -€32,399 | -€33,539 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.