MASRAF: what changed
What changed
MASRAF
NACE 66.199, Other activities auxiliary to financial services, excluding insurance and pension funding
filed annual accounts (NBB)
Net result for the year
-€9,952
2024 · -€214-€9,737
Equity
€68,222
2024 · €78,174-€9,952
Cash
€756
2024 · €266+€490
Balance sheet total
€1.3m
2024 · €356,879+€949,304
Largest movements
Assets
- Intangible fixed assets +€499,275
up €499,275 (+222%), from €225,397 to €724,672
- Receivables within one year +€449,540
up €449,540 (+432%), from €104,159 to €553,699
of which Trade receivables: +€449,395
Equity and liabilities
- Debts after one year +€710,845
new in 2025: €710,845
- Trade debts +€246,821
up €246,821 (+97.8%), from €252,454 to €499,275
Income statement
- Gross operating margin -€8,362
new in 2025: -€8,362
- Financial charges +€2,655
up €2,655 (+830%), from €320 to €2,975
- Financial income +€1,280
up €1,280 (+1,213%), from €106 to €1,386
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.
Result 2024
-€214
Financial income
+€1,280
Financial charges
-€2,655
Not broken down
-€8,362
Result 2025
-€9,952
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
-€211,080
Investment
-€499,275
Financing
+€710,845
Cash 2024
€266
From operations (derived)
-€211,080
Net result for the year
-€9,952
Receivables within one year
-€449,540
Trade debts
+€246,821
Other debts
+€1,590
Investment (derived)
-€499,275
Investment in fixed assets (net)
-€499,275
Financing
+€710,845
Debts after one year
+€710,845
Cash 2025
€756
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €356,879 | €1,306,184 | +€949,304 | +266% |
| Fixed assets | 21/28 | €225,397 | €724,672 | +€499,275 | +222% |
| Intangible fixed assets | 21 | €225,397 | €724,672 | +€499,275 | +222% |
| Current assets | 29/58 | €131,482 | €581,512 | +€450,029 | +342% |
| Stocks and contracts in progress | 3 | €27,056 | €27,056 | = | 0.0% |
| Stocks | 30/36 | €27,056 | €27,056 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €104,159 | €553,699 | +€449,540 | +432% |
| Trade receivables | 40 | €104,159 | €553,554 | +€449,395 | +431% |
| Other amounts receivable | 41 | - | €145 | +€145 | |
| Cash at bank and in hand | 54/58 | €266 | €756 | +€490 | +184% |
| Total equity and liabilities | 10/49 | €356,879 | €1,306,184 | +€949,304 | +266% |
| Equity | 10/15 | €78,174 | €68,222 | -€9,952 | -12.7% |
| Contributions | 10/11 | €80,000 | €80,000 | = | 0.0% |
| Capital | 10 | €80,000 | €80,000 | = | 0.0% |
| Issued capital | 100 | €80,000 | €80,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,826 | -€11,778 | -€9,952 | -545% |
| Amounts payable | 17/49 | €278,706 | €1,237,962 | +€959,256 | +344% |
| Amounts payable after more than one year | 17 | - | €710,845 | +€710,845 | |
| Other amounts payable | 178/9 | - | €710,845 | +€710,845 | |
| Amounts payable within one year | 42/48 | €278,706 | €527,117 | +€248,411 | +89.1% |
| Trade debts | 44 | €252,454 | €499,275 | +€246,821 | +97.8% |
| Suppliers | 440/4 | €252,454 | €499,275 | +€246,821 | +97.8% |
| Other amounts payable | 47/48 | €26,252 | €27,842 | +€1,590 | +6.1% |
| Gross operating margin | 9900 | - | -€8,362 | -€8,362 | |
| Operating profit (loss) | 9901 | - | -€8,362 | -€8,362 | |
| Financial income | 75/76B | €106 | €1,386 | +€1,280 | +1,213% |
| Recurring financial income | 75 | €106 | €1,386 | +€1,280 | +1,213% |
| Financial charges | 65/66B | €320 | €2,975 | +€2,655 | +830% |
| Recurring financial charges | 65 | €320 | €2,975 | +€2,655 | +830% |
| Profit (loss) for the period before taxes | 9903 | -€214 | -€9,952 | -€9,737 | -4,541% |
| Profit (loss) for the period | 9904 | -€214 | -€9,952 | -€9,737 | -4,541% |
| Profit (loss) for the period to be appropriated | 9905 | -€214 | -€9,952 | -€9,737 | -4,541% |
Next steps
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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 8 November 2026 via checked.be.