MASZON: 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.
MASZON
Largest movements
- Current investments -€771,457
down €771,457 (-46.4%), from €1.7m to €890,061
- Tangible fixed assets -€429,171
down €429,171 (-11.9%), from €3.6m to €3.2m
of which Land and buildings: -€379,346
- Cash -€295,205
down €295,205 (-67.0%), from €440,290 to €145,085
mainly Contributions, distributions and other (-€1.4m) and Net result for the year (-€114,188)
- Reserves -€1.4m
down €1.4m (-23.3%), from €6.0m to €4.6m
of which Distributable reserves: -€1.4m
- Profit (loss) carried forward -€114,188
new in 2025: -€114,188
- Financial income +€30,617
up €30,617 (+178%), from €17,176 to €47,793
- Gross operating margin -€24,699
down €24,699 (-10.7%), from €231,814 to €207,116
- Depreciation -€10,600
down €10,600 (-3.2%), from €330,878 to €320,278
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 | €6,109,854 | €4,614,910 | -€1.5m | -24.5% |
| Fixed assets | 21/28 | €3,912,432 | €3,483,262 | -€429,171 | -11.0% |
| Tangible fixed assets | 22/27 | €3,604,119 | €3,174,948 | -€429,171 | -11.9% |
| Land and buildings | 22 | €3,456,312 | €3,076,966 | -€379,346 | -11.0% |
| Plant, machinery and equipment | 23 | €8,265 | €6,357 | -€1,908 | -23.1% |
| Furniture and vehicles | 24 | €45,581 | €18,138 | -€27,443 | -60.2% |
| Other tangible fixed assets | 26 | €93,961 | €73,488 | -€20,473 | -21.8% |
| Financial fixed assets | 28 | €308,313 | €308,313 | = | 0.0% |
| Current assets | 29/58 | €2,197,422 | €1,131,648 | -€1.1m | -48.5% |
| Amounts receivable within one year | 40/41 | €74,069 | €72,263 | -€1,807 | -2.4% |
| Trade receivables | 40 | €9,445 | €85 | -€9,361 | -99.1% |
| Other amounts receivable | 41 | €64,624 | €72,178 | +€7,554 | +11.7% |
| Current investments | 50/53 | €1,661,518 | €890,061 | -€771,457 | -46.4% |
| Cash at bank and in hand | 54/58 | €440,290 | €145,085 | -€295,205 | -67.0% |
| Deferred charges and accrued income | 490/1 | €21,545 | €24,240 | +€2,695 | +12.5% |
| Total equity and liabilities | 10/49 | €6,109,854 | €4,614,910 | -€1.5m | -24.5% |
| Equity | 10/15 | €6,105,146 | €4,590,958 | -€1.5m | -24.8% |
| Contributions | 10/11 | €92,200 | €92,200 | = | 0.0% |
| Reserves | 13 | €6,012,946 | €4,612,946 | -€1.4m | -23.3% |
| Non-distributable reserves | 130/1 | €9,220 | €0 | -€9,220 | -100% |
| Reserves not available under the articles | 1311 | €9,220 | €0 | -€9,220 | -100% |
| Tax-exempt reserves | 132 | €1,836 | €1,836 | = | 0.0% |
| Distributable reserves | 133 | €6,001,890 | €4,611,110 | -€1.4m | -23.2% |
| Profit (loss) carried forward | 14 | - | -€114,188 | -€114,188 | |
| Amounts payable | 17/49 | €4,708 | €23,952 | +€19,244 | +409% |
| Amounts payable within one year | 42/48 | €4,708 | €23,952 | +€19,244 | +409% |
| Trade debts | 44 | €3,426 | €20,874 | +€17,449 | +509% |
| Suppliers | 440/4 | €3,426 | €20,874 | +€17,449 | +509% |
| Taxes, remuneration and social security | 45 | €1,282 | €2,402 | +€1,120 | +87.3% |
| Taxes | 450/3 | €1,282 | €2,402 | +€1,120 | +87.3% |
| Other amounts payable | 47/48 | €0 | €675 | +€675 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €330,878 | €320,278 | -€10,600 | -3.2% |
| Other operating charges | 640/8 | €35,918 | €34,137 | -€1,780 | -5.0% |
| Non-recurring operating charges | 66A | €0 | €13,839 | +€13,839 | |
| Gross operating margin | 9900 | €231,814 | €207,116 | -€24,699 | -10.7% |
| Operating profit (loss) | 9901 | -€134,982 | -€161,139 | -€26,158 | -19.4% |
| Financial income | 75/76B | €17,176 | €47,793 | +€30,617 | +178% |
| Recurring financial income | 75 | €17,176 | €47,793 | +€30,617 | +178% |
| Financial charges | 65/66B | €351 | €427 | +€76 | +21.6% |
| Recurring financial charges | 65 | €351 | €427 | +€76 | +21.6% |
| Profit (loss) for the period before taxes | 9903 | -€118,157 | -€113,774 | +€4,383 | +3.7% |
| Income taxes | 67/77 | €432 | €415 | -€18 | -4.1% |
| Profit (loss) for the period | 9904 | -€118,590 | -€114,188 | +€4,401 | +3.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€118,590 | -€114,188 | +€4,401 | +3.7% |
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 23 October 2026 via checked.be.