SO MASH: 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.
SO MASH
Largest movements
- Receivables within one year +€2,051
up €2,051 (+982.9%), from €209 to €2,259
of which Trade receivables: +€2,259
- Tangible fixed assets +€1,276
up €1,276 (+650.0%), from €196 to €1,472
- Stocks and contracts +€542
new in 2025: €542
- Cash +€252
up €252 (+1148.5%), from €22 to €274
mainly Other debts (+€2,853) and Tax, wage and social debts (+€2,067)
- Other debts +€2,853
up €2,853 (+31.7%), from €8,991 to €11,845
- Tax, wage and social debts +€2,067
up €2,067 (+379.7%), from €544 to €2,611
- Trade debts -€882
down €882 (-27.8%), from €3,169 to €2,287
- Short-term financial debts +€59
new in 2025: €59
- Gross operating margin -€18,006
down €18,006 (-96.2%), from €18,726 to €720
- Other operating charges -€1,036
no longer reported in 2025 (was €1,036)
- Staff costs -€851
down €851 (-88.8%), from €958 to €107
- Financial charges -€767
down €767 (-81.3%), from €943 to €177
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €758 | €4,879 | +€4,120 | +543.5% |
| Fixed assets | 21/28 | €528 | €1,803 | +€1,276 | +241.8% |
| Tangible fixed assets | 22/27 | €196 | €1,472 | +€1,276 | +650.0% |
| Furniture and vehicles | 24 | €196 | €1,472 | +€1,276 | +650.0% |
| Financial fixed assets | 28 | €331 | €331 | = | 0.0% |
| Current assets | 29/58 | €231 | €3,075 | +€2,845 | +1233.7% |
| Stocks and contracts in progress | 3 | - | €542 | +€542 | |
| Stocks | 30/36 | - | €542 | +€542 | |
| Amounts receivable within one year | 40/41 | €209 | €2,259 | +€2,051 | +982.9% |
| Trade receivables | 40 | - | €2,259 | +€2,259 | |
| Other amounts receivable | 41 | €209 | - | -€209 | |
| Cash at bank and in hand | 54/58 | €22 | €274 | +€252 | +1148.5% |
| Total equity and liabilities | 10/49 | €758 | €4,879 | +€4,120 | +543.5% |
| Equity | 10/15 | -€11,946 | -€11,923 | +€24 | +0.2% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€13,946 | -€13,923 | +€24 | +0.2% |
| Amounts payable | 17/49 | €12,704 | €16,801 | +€4,097 | +32.2% |
| Amounts payable within one year | 42/48 | €12,704 | €16,801 | +€4,097 | +32.2% |
| Financial debts | 43 | - | €59 | +€59 | |
| Credit institutions | 430/8 | - | €59 | +€59 | |
| Trade debts | 44 | €3,169 | €2,287 | -€882 | -27.8% |
| Suppliers | 440/4 | €3,169 | €2,287 | -€882 | -27.8% |
| Taxes, remuneration and social security | 45 | €544 | €2,611 | +€2,067 | +379.7% |
| Taxes | 450/3 | €544 | €2,611 | +€2,067 | +379.7% |
| Other amounts payable | 47/48 | €8,991 | €11,845 | +€2,853 | +31.7% |
| Remuneration, social security and pensions | 62 | €958 | €107 | -€851 | -88.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €233 | €274 | +€40 | +17.3% |
| Other operating charges | 640/8 | €1,036 | - | -€1,036 | |
| Non-recurring operating charges | 66A | €478 | €138 | -€340 | -71.0% |
| Gross operating margin | 9900 | €18,726 | €720 | -€18,006 | -96.2% |
| Operating profit (loss) | 9901 | €16,020 | €200 | -€15,820 | -98.8% |
| Financial charges | 65/66B | €943 | €177 | -€767 | -81.3% |
| Recurring financial charges | 65 | €943 | €177 | -€767 | -81.3% |
| Profit (loss) for the period before taxes | 9903 | €15,077 | €24 | -€15,053 | -99.8% |
| Profit (loss) for the period | 9904 | €15,077 | €24 | -€15,053 | -99.8% |
| Profit (loss) for the period to be appropriated | 9905 | €15,077 | €24 | -€15,053 | -99.8% |
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 4 October 2026 via checked.be.