THEMASHOE: 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.
THEMASHOE
Largest movements
- Tangible fixed assets +€301,123
up €301,123 (+21.1%), from €1.4m to €1.7m
of which Land and buildings: +€315,428
- Current investments -€225,000
no longer reported in 2025 (was €225,000)
- Cash +€194,400
up €194,400 (+149.0%), from €130,430 to €324,830
mainly Current investments (+€225,000) and Debts after one year (+€164,145)
- Debts after one year +€164,145
up €164,145 (+1757.3%), from €9,341 to €173,486
- Reserves +€79,903
up €79,903 (+24.2%), from €330,436 to €410,339
of which Distributable reserves: +€79,903
- Tax, wage and social debts +€28,631
up €28,631 (+176.0%), from €16,268 to €44,899
of which Taxes: +€28,601
- Gross operating margin +€73,057
up €73,057 (+44.6%), from €163,812 to €236,869
- Depreciation +€43,570
up €43,570 (+114.9%), from €37,927 to €81,497
- Taxes +€7,572
up €7,572 (+28.4%), from €26,649 to €34,221
- Financial charges +€3,297
up €3,297 (+12.1%), from €27,337 to €30,634
- Other operating charges +€3,059
up €3,059 (+23.1%), from €13,215 to €16,274
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 | €1,850,814 | €2,132,950 | +€282,136 | +15.2% |
| Fixed assets | 21/28 | €1,439,223 | €1,739,096 | +€299,873 | +20.8% |
| Intangible fixed assets | 21 | €10,832 | €9,582 | -€1,250 | -11.5% |
| Tangible fixed assets | 22/27 | €1,427,201 | €1,728,324 | +€301,123 | +21.1% |
| Land and buildings | 22 | €1,395,859 | €1,711,287 | +€315,428 | +22.6% |
| Plant, machinery and equipment | 23 | €6,677 | €5,022 | -€1,655 | -24.8% |
| Furniture and vehicles | 24 | €24,665 | €12,015 | -€12,650 | -51.3% |
| Financial fixed assets | 28 | €1,190 | €1,190 | = | 0.0% |
| Current assets | 29/58 | €411,591 | €393,854 | -€17,737 | -4.3% |
| Stocks and contracts in progress | 3 | €20,618 | €28,407 | +€7,789 | +37.8% |
| Stocks | 30/36 | €20,618 | €28,407 | +€7,789 | +37.8% |
| Amounts receivable within one year | 40/41 | €26,501 | €29,466 | +€2,965 | +11.2% |
| Trade receivables | 40 | €22,917 | €29,466 | +€6,549 | +28.6% |
| Other amounts receivable | 41 | €3,584 | - | -€3,584 | |
| Current investments | 50/53 | €225,000 | - | -€225,000 | |
| Cash at bank and in hand | 54/58 | €130,430 | €324,830 | +€194,400 | +149.0% |
| Deferred charges and accrued income | 490/1 | €9,042 | €11,151 | +€2,109 | +23.3% |
| Total equity and liabilities | 10/49 | €1,850,814 | €2,132,950 | +€282,136 | +15.2% |
| Equity | 10/15 | €1,395,834 | €1,475,737 | +€79,903 | +5.7% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Revaluation surpluses | 12 | €1,000,000 | €1,000,000 | = | 0.0% |
| Reserves | 13 | €330,436 | €410,339 | +€79,903 | +24.2% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €324,236 | €404,139 | +€79,903 | +24.6% |
| Profit (loss) carried forward | 14 | €3,398 | €3,398 | = | 0.0% |
| Amounts payable | 17/49 | €454,980 | €657,213 | +€202,233 | +44.4% |
| Amounts payable after more than one year | 17 | €9,341 | €173,486 | +€164,145 | +1757.3% |
| Financial debts | 170/4 | €9,341 | €173,486 | +€164,145 | +1757.3% |
| Amounts payable within one year | 42/48 | €414,008 | €451,325 | +€37,317 | +9.0% |
| Current portion of amounts payable after more than one year | 42 | €11,285 | €23,788 | +€12,503 | +110.8% |
| Trade debts | 44 | €23,659 | €14,389 | -€9,270 | -39.2% |
| Suppliers | 440/4 | €23,659 | €14,389 | -€9,270 | -39.2% |
| Taxes, remuneration and social security | 45 | €16,268 | €44,899 | +€28,631 | +176.0% |
| Taxes | 450/3 | €11,957 | €40,558 | +€28,601 | +239.2% |
| Remuneration and social security | 454/9 | €4,311 | €4,341 | +€30 | +0.7% |
| Other amounts payable | 47/48 | €362,796 | €368,249 | +€5,453 | +1.5% |
| Accrued charges and deferred income | 492/3 | €31,631 | €32,402 | +€771 | +2.4% |
| Non-recurring operating income | 76A | - | €618 | +€618 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,927 | €81,497 | +€43,570 | +114.9% |
| Other operating charges | 640/8 | €13,215 | €16,274 | +€3,059 | +23.1% |
| Gross operating margin | 9900 | €163,812 | €236,869 | +€73,057 | +44.6% |
| Operating profit (loss) | 9901 | €112,670 | €139,098 | +€26,428 | +23.5% |
| Financial income | 75/76B | €4,987 | €5,660 | +€673 | +13.5% |
| Recurring financial income | 75 | €4,987 | €5,660 | +€673 | +13.5% |
| Financial charges | 65/66B | €27,337 | €30,634 | +€3,297 | +12.1% |
| Recurring financial charges | 65 | €27,337 | €30,634 | +€3,297 | +12.1% |
| Profit (loss) for the period before taxes | 9903 | €90,320 | €114,124 | +€23,804 | +26.4% |
| Income taxes | 67/77 | €26,649 | €34,221 | +€7,572 | +28.4% |
| Profit (loss) for the period | 9904 | €63,671 | €79,903 | +€16,232 | +25.5% |
| Profit (loss) for the period to be appropriated | 9905 | €63,671 | €79,903 | +€16,232 | +25.5% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.