François Massinon: 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.
François Massinon
Largest movements
- Cash +€11,583
up €11,583 (+65.0%), from €17,821 to €29,404
mainly Net result for the year (+€14,362) and Investment in fixed assets (net) (+€5,178)
- Receivables within one year +€7,849
up €7,849 (+52.7%), from €14,890 to €22,739
of which Trade receivables: +€9,999
- Tangible fixed assets -€6,670
down €6,670 (-74.0%), from €9,019 to €2,349
- Profit (loss) carried forward +€14,362
up €14,362 (+73.8%), from €19,471 to €33,833
- Debts after one year -€2,498
no longer reported in 2025 (was €2,498)
- Tax, wage and social debts +€767
up €767 (+17.4%), from €4,404 to €5,171
of which Taxes: +€1,383
- Trade debts +€667
up €667 (+9.1%), from €7,323 to €7,990
- Gross operating margin +€7,993
up €7,993 (+27.3%), from €29,274 to €37,267
- Taxes +€7,806
up €7,806, from -€2,906 to €4,900
- Depreciation -€4,535
down €4,535 (-75.2%), from €6,027 to €1,492
- Other operating charges +€3,096
up €3,096 (+27.4%), from €11,279 to €14,375
- Financial charges -€661
down €661 (-81.1%), from €815 to €154
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 | €41,730 | €54,492 | +€12,762 | +30.6% |
| Fixed assets | 21/28 | €9,019 | €2,349 | -€6,670 | -74.0% |
| Tangible fixed assets | 22/27 | €9,019 | €2,349 | -€6,670 | -74.0% |
| Furniture and vehicles | 24 | €9,019 | €2,349 | -€6,670 | -74.0% |
| Current assets | 29/58 | €32,711 | €52,143 | +€19,432 | +59.4% |
| Amounts receivable within one year | 40/41 | €14,890 | €22,739 | +€7,849 | +52.7% |
| Trade receivables | 40 | €3,094 | €13,093 | +€9,999 | +323% |
| Other amounts receivable | 41 | €11,796 | €9,646 | -€2,150 | -18.2% |
| Cash at bank and in hand | 54/58 | €17,821 | €29,404 | +€11,583 | +65.0% |
| Total equity and liabilities | 10/49 | €41,730 | €54,492 | +€12,762 | +30.6% |
| Equity | 10/15 | €24,471 | €38,833 | +€14,362 | +58.7% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €19,471 | €33,833 | +€14,362 | +73.8% |
| Amounts payable | 17/49 | €17,259 | €15,659 | -€1,600 | -9.3% |
| Amounts payable after more than one year | 17 | €2,498 | - | -€2,498 | |
| Financial debts | 170/4 | €2,498 | - | -€2,498 | |
| Amounts payable within one year | 42/48 | €14,761 | €15,659 | +€898 | +6.1% |
| Current portion of amounts payable after more than one year | 42 | €3,034 | €2,498 | -€536 | -17.7% |
| Trade debts | 44 | €7,323 | €7,990 | +€667 | +9.1% |
| Suppliers | 440/4 | €7,323 | €7,990 | +€667 | +9.1% |
| Taxes, remuneration and social security | 45 | €4,404 | €5,171 | +€767 | +17.4% |
| Taxes | 450/3 | €3,604 | €4,987 | +€1,383 | +38.4% |
| Remuneration and social security | 454/9 | €800 | €184 | -€616 | -77.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,027 | €1,492 | -€4,535 | -75.2% |
| Other operating charges | 640/8 | €11,279 | €14,375 | +€3,096 | +27.4% |
| Non-recurring operating charges | 66A | €565 | €1,984 | +€1,419 | +251% |
| Gross operating margin | 9900 | €29,274 | €37,267 | +€7,993 | +27.3% |
| Operating profit (loss) | 9901 | €11,403 | €19,416 | +€8,013 | +70.3% |
| Financial charges | 65/66B | €815 | €154 | -€661 | -81.1% |
| Recurring financial charges | 65 | €815 | €154 | -€661 | -81.1% |
| Profit (loss) for the period before taxes | 9903 | €10,588 | €19,262 | +€8,674 | +81.9% |
| Income taxes | 67/77 | -€2,906 | €4,900 | +€7,806 | |
| Profit (loss) for the period | 9904 | €13,494 | €14,362 | +€868 | +6.4% |
| Profit (loss) for the period to be appropriated | 9905 | €13,494 | €14,362 | +€868 | +6.4% |
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 17 October 2026 via checked.be.