ETUDE MASSILLON: 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.
ETUDE MASSILLON
Largest movements
- Deferred charges and accrued income +€209,017
up €209,017 (+271%), from €77,023 to €286,040
- Receivables within one year -€99,000
down €99,000 (-16.1%), from €613,020 to €514,020
of which Trade receivables: -€99,000
- Cash +€82,337
up €82,337 (+9.1%), from €906,612 to €988,949
mainly Net result for the year (+€1.0m) and Receivables within one year (+€99,000)
- Reserves +€158,673
up €158,673 (+24.6%), from €645,331 to €804,004
of which Distributable reserves: +€105,977
- Other debts +€67,499
up €67,499 (+6.9%), from €976,705 to €1.0m
- Profit (loss) carried forward -€52,560
no longer reported in 2025 (was €52,560)
- Other operating charges -€550,309
down €550,309 (-99.4%), from €553,531 to €3,222
- Gross operating margin -€375,129
down €375,129 (-12.8%), from €2.9m to €2.6m
- Staff costs +€114,094
up €114,094 (+11.2%), from €1.0m to €1.1m
- Financial income -€54,478
down €54,478 (-66.0%), from €82,584 to €28,106
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 | €2,276,028 | €2,433,398 | +€157,370 | +6.9% |
| Fixed assets | 21/28 | €380,106 | €363,334 | -€16,772 | -4.4% |
| Intangible fixed assets | 21 | €3,165 | - | -€3,165 | |
| Tangible fixed assets | 22/27 | €62,257 | €48,650 | -€13,607 | -21.9% |
| Land and buildings | 22 | €5,908 | €14,667 | +€8,759 | +148% |
| Plant, machinery and equipment | 23 | €33,278 | €26,546 | -€6,732 | -20.2% |
| Furniture and vehicles | 24 | €23,072 | €7,437 | -€15,635 | -67.8% |
| Financial fixed assets | 28 | €314,684 | €314,684 | = | 0.0% |
| Current assets | 29/58 | €1,895,922 | €2,070,064 | +€174,142 | +9.2% |
| Amounts receivable within one year | 40/41 | €613,020 | €514,020 | -€99,000 | -16.1% |
| Trade receivables | 40 | €566,691 | €467,691 | -€99,000 | -17.5% |
| Other amounts receivable | 41 | €46,329 | €46,329 | = | 0.0% |
| Current investments | 50/53 | €299,267 | €281,055 | -€18,212 | -6.1% |
| Cash at bank and in hand | 54/58 | €906,612 | €988,949 | +€82,337 | +9.1% |
| Deferred charges and accrued income | 490/1 | €77,023 | €286,040 | +€209,017 | +271% |
| Total equity and liabilities | 10/49 | €2,276,028 | €2,433,398 | +€157,370 | +6.9% |
| Equity | 10/15 | €716,483 | €822,596 | +€106,113 | +14.8% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €645,331 | €804,004 | +€158,673 | +24.6% |
| Tax-exempt reserves | 132 | €52,553 | €105,250 | +€52,697 | +100% |
| Distributable reserves | 133 | €592,777 | €698,754 | +€105,977 | +17.9% |
| Profit (loss) carried forward | 14 | €52,560 | - | -€52,560 | |
| Amounts payable | 17/49 | €1,559,545 | €1,610,801 | +€51,257 | +3.3% |
| Amounts payable within one year | 42/48 | €1,543,042 | €1,609,296 | +€66,254 | +4.3% |
| Trade debts | 44 | €336,678 | €326,474 | -€10,204 | -3.0% |
| Suppliers | 440/4 | €336,678 | €326,474 | -€10,204 | -3.0% |
| Taxes, remuneration and social security | 45 | €229,659 | €238,618 | +€8,959 | +3.9% |
| Taxes | 450/3 | €64,230 | €57,820 | -€6,410 | -10.0% |
| Remuneration and social security | 454/9 | €165,429 | €180,798 | +€15,369 | +9.3% |
| Other amounts payable | 47/48 | €976,705 | €1,044,203 | +€67,499 | +6.9% |
| Accrued charges and deferred income | 492/3 | €16,503 | €1,506 | -€14,997 | -90.9% |
| Remuneration, social security and pensions | 62 | €1,019,936 | €1,134,031 | +€114,094 | +11.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,160 | €32,165 | -€12,996 | -28.8% |
| Other operating charges | 640/8 | €553,531 | €3,222 | -€550,309 | -99.4% |
| Gross operating margin | 9900 | €2,936,474 | €2,561,345 | -€375,129 | -12.8% |
| Operating profit (loss) | 9901 | €1,317,847 | €1,391,928 | +€74,081 | +5.6% |
| Financial income | 75/76B | €82,584 | €28,106 | -€54,478 | -66.0% |
| Recurring financial income | 75 | €82,584 | €28,106 | -€54,478 | -66.0% |
| Financial charges | 65/66B | €7,452 | €22,511 | +€15,059 | +202% |
| Recurring financial charges | 65 | €7,452 | €22,511 | +€15,059 | +202% |
| Profit (loss) for the period before taxes | 9903 | €1,392,978 | €1,397,523 | +€4,544 | +0.3% |
| Income taxes | 67/77 | €366,335 | €360,409 | -€5,926 | -1.6% |
| Profit (loss) for the period | 9904 | €1,026,643 | €1,037,113 | +€10,470 | +1.0% |
| Transfer from tax-exempt reserves | 789 | €252,600 | - | -€252,600 | |
| Transfer to tax-exempt reserves | 689 | €52,553 | €52,697 | +€143 | +0.3% |
| Profit (loss) for the period to be appropriated | 9905 | €1,226,690 | €984,417 | -€242,273 | -19.8% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 October 2026 via checked.be.