The amount relates to balance of the bank account maintained by FMO on behalf of the Fund. Read more about Notes to the financial statements .

Read more about Production .

Read more about Production capacity development .

For FMO, acting in its role as Fund Manager (hereafter ‘FMO’), to be able to carry out the Fund’s strategy, it is essential to have an adequate risk management system in place to identify, measure, monitor and mitigate financial risks. Read more about Risk management .

Sales and exits in 2025 reflected the maturity and diversity of MASSIF’s portfolio. Read more about Sales and exits .

For the year ended December 31, 2025 Read more about Statement of cash flows .

For the year ended at December 31, 2025 Read more about Statement of changes in fund capital .

For the year ended at December 31, 2025 Read more about Statement of comprehensive income .

For the year ended at December 31, 2025 Read more about Statement of financial position .

MASSIF ("the Fund") was established in 2006 by the Dutch Ministry of Foreign Affairs to provide risk capital and local currency financing to financial intermediaries in developing countries who in turn serve micro- and small-scale entrepreneurs and Read more about Summary of material accounting policies .