ALAIN MASSUIR: 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.
ALAIN MASSUIR
Largest movements
- Current investments +€999,218
up €999,218 (+127,797%), from €782 to €1.0m
- Cash -€864,023
down €864,023 (-59.4%), from €1.5m to €591,729
mainly Current investments (-€999,218) and Receivables within one year (-€162,370)
- Receivables within one year +€162,370
up €162,370 (+719%), from €22,577 to €184,947
of which Other amounts receivable: +€154,112
- Stocks and contracts -€23,549
down €23,549 (-39.3%), from €59,993 to €36,445
- Profit (loss) carried forward +€119,704
up €119,704 (+233%), from €51,356 to €171,060
- Trade debts +€101,579
up €101,579 (+122%), from €83,173 to €184,752
- Tax, wage and social debts +€58,915
up €58,915 (+159%), from €36,987 to €95,902
of which Taxes: +€47,414
- Gross operating margin -€277,393
down €277,393 (-42.8%), from €647,627 to €370,234
- Taxes -€70,172
down €70,172 (-37.6%), from €186,483 to €116,311
- Staff costs +€32,801
up €32,801 (+36.1%), from €90,864 to €123,665
- Financial income -€28,521
down €28,521 (-75.9%), from €37,553 to €9,032
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 | €1,609,473 | €1,893,895 | +€284,422 | +17.7% |
| Fixed assets | 21/28 | €64,018 | €73,832 | +€9,814 | +15.3% |
| Tangible fixed assets | 22/27 | €61,051 | €70,121 | +€9,070 | +14.9% |
| Furniture and vehicles | 24 | - | €31,416 | +€31,416 | |
| Other tangible fixed assets | 26 | €61,051 | €38,705 | -€22,346 | -36.6% |
| Financial fixed assets | 28 | €2,967 | €3,711 | +€744 | +25.1% |
| Current assets | 29/58 | €1,545,455 | €1,820,063 | +€274,608 | +17.8% |
| Stocks and contracts in progress | 3 | €59,993 | €36,445 | -€23,549 | -39.3% |
| Stocks | 30/36 | €59,993 | €36,445 | -€23,549 | -39.3% |
| Amounts receivable within one year | 40/41 | €22,577 | €184,947 | +€162,370 | +719% |
| Trade receivables | 40 | €22,436 | €30,694 | +€8,259 | +36.8% |
| Other amounts receivable | 41 | €141 | €154,253 | +€154,112 | +109,222% |
| Current investments | 50/53 | €782 | €1,000,000 | +€999,218 | +127,797% |
| Cash at bank and in hand | 54/58 | €1,455,751 | €591,729 | -€864,023 | -59.4% |
| Deferred charges and accrued income | 490/1 | €6,352 | €6,942 | +€590 | +9.3% |
| Total equity and liabilities | 10/49 | €1,609,473 | €1,893,895 | +€284,422 | +17.7% |
| Equity | 10/15 | €1,488,410 | €1,608,114 | +€119,704 | +8.0% |
| Contributions | 10/11 | €68,210 | €68,210 | = | 0.0% |
| Reserves | 13 | €1,368,843 | €1,368,843 | = | 0.0% |
| Distributable reserves | 133 | €1,368,843 | €1,368,843 | = | 0.0% |
| Profit (loss) carried forward | 14 | €51,356 | €171,060 | +€119,704 | +233% |
| Amounts payable | 17/49 | €121,063 | €285,781 | +€164,718 | +136% |
| Amounts payable within one year | 42/48 | €121,063 | €285,781 | +€164,718 | +136% |
| Trade debts | 44 | €83,173 | €184,752 | +€101,579 | +122% |
| Suppliers | 440/4 | €83,173 | €184,752 | +€101,579 | +122% |
| Taxes, remuneration and social security | 45 | €36,987 | €95,902 | +€58,915 | +159% |
| Taxes | 450/3 | €32,595 | €80,009 | +€47,414 | +145% |
| Remuneration and social security | 454/9 | €4,391 | €15,893 | +€11,501 | +262% |
| Other amounts payable | 47/48 | €904 | €5,127 | +€4,223 | +467% |
| Non-recurring operating income | 76A | - | €0 | = | |
| Remuneration, social security and pensions | 62 | €90,864 | €123,665 | +€32,801 | +36.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,346 | €26,752 | +€4,407 | +19.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €419 | +€419 | |
| Other operating charges | 640/8 | €6,158 | €5,979 | -€179 | -2.9% |
| Gross operating margin | 9900 | €647,627 | €370,234 | -€277,393 | -42.8% |
| Operating profit (loss) | 9901 | €528,259 | €213,418 | -€314,840 | -59.6% |
| Financial income | 75/76B | €37,553 | €9,032 | -€28,521 | -75.9% |
| Recurring financial income | 75 | €37,553 | €9,032 | -€28,521 | -75.9% |
| Financial charges | 65/66B | €3,689 | €2,908 | -€781 | -21.2% |
| Recurring financial charges | 65 | €3,689 | €2,908 | -€781 | -21.2% |
| Profit (loss) for the period before taxes | 9903 | €562,122 | €219,542 | -€342,581 | -60.9% |
| Income taxes | 67/77 | €186,483 | €116,311 | -€70,172 | -37.6% |
| Profit (loss) for the period | 9904 | €375,639 | €103,231 | -€272,409 | -72.5% |
| Profit (loss) for the period to be appropriated | 9905 | €375,639 | €103,231 | -€272,409 | -72.5% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.