FREDERIC MASIL: what changed
Two fiscal 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.
FREDERIC MASIL
Largest movements
- Tangible fixed assets -€29,892
down €29,892 (-5.2%), from €574,226 to €544,333
of which Land and buildings: -€23,604
- Cash +€18,355
up €18,355 (+21.9%), from €83,670 to €102,025
mainly Depreciation (+€36,245) and Tax, wage and social debts (+€9,366)
- Receivables within one year -€8,739
down €8,739 (-11.9%), from €73,591 to €64,852
of which Trade receivables: -€7,351
- Debts after one year -€26,596
down €26,596 (-11.9%), from €223,531 to €196,935
- Current portion of long-term debt -€10,284
down €10,284 (-27.9%), from €36,880 to €26,596
- Tax, wage and social debts +€9,366
up €9,366 (+116.2%), from €8,058 to €17,424
of which Taxes: +€9,067
- Gross operating margin -€4,471
down €4,471 (-6.9%), from €64,446 to €59,975
- Depreciation -€3,301
down €3,301 (-8.3%), from €39,546 to €36,245
- Staff costs +€3,078
up €3,078, from -€5 to €3,073
- Other operating charges +€2,201
up €2,201 (+41.2%), from €5,343 to €7,544
- Taxes -€1,961
down €1,961 (-36.8%), from €5,335 to €3,374
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.
Cash bridge derived
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 | €738,939 | €718,165 | -€20,774 | -2.8% |
| Fixed assets | 21/28 | €576,626 | €546,733 | -€29,892 | -5.2% |
| Tangible fixed assets | 22/27 | €574,226 | €544,333 | -€29,892 | -5.2% |
| Land and buildings | 22 | €533,074 | €509,470 | -€23,604 | -4.4% |
| Plant, machinery and equipment | 23 | €587 | €260 | -€327 | -55.7% |
| Furniture and vehicles | 24 | €40,565 | €34,604 | -€5,961 | -14.7% |
| Financial fixed assets | 28 | €2,400 | €2,400 | = | 0.0% |
| Current assets | 29/58 | €162,313 | €171,431 | +€9,118 | +5.6% |
| Amounts receivable within one year | 40/41 | €73,591 | €64,852 | -€8,739 | -11.9% |
| Trade receivables | 40 | €57,147 | €49,796 | -€7,351 | -12.9% |
| Other amounts receivable | 41 | €16,443 | €15,056 | -€1,388 | -8.4% |
| Current investments | 50/53 | €3,652 | €3,652 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €83,670 | €102,025 | +€18,355 | +21.9% |
| Deferred charges and accrued income | 490/1 | €1,401 | €903 | -€497 | -35.5% |
| Total equity and liabilities | 10/49 | €738,939 | €718,165 | -€20,774 | -2.8% |
| Equity | 10/15 | €447,881 | €452,762 | +€4,881 | +1.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €441,681 | €446,562 | +€4,881 | +1.1% |
| Distributable reserves | 133 | €441,681 | €446,562 | +€4,881 | +1.1% |
| Amounts payable | 17/49 | €291,057 | €265,403 | -€25,654 | -8.8% |
| Amounts payable after more than one year | 17 | €223,531 | €196,935 | -€26,596 | -11.9% |
| Financial debts | 170/4 | €223,531 | €196,935 | -€26,596 | -11.9% |
| Amounts payable within one year | 42/48 | €67,526 | €68,468 | +€941 | +1.4% |
| Current portion of amounts payable after more than one year | 42 | €36,880 | €26,596 | -€10,284 | -27.9% |
| Trade debts | 44 | €11,668 | €15,945 | +€4,276 | +36.6% |
| Suppliers | 440/4 | €11,668 | €15,945 | +€4,276 | +36.6% |
| Taxes, remuneration and social security | 45 | €8,058 | €17,424 | +€9,366 | +116.2% |
| Taxes | 450/3 | €4,348 | €13,415 | +€9,067 | +208.5% |
| Remuneration and social security | 454/9 | €3,709 | €4,009 | +€300 | +8.1% |
| Other amounts payable | 47/48 | €10,920 | €8,504 | -€2,417 | -22.1% |
| Remuneration, social security and pensions | 62 | -€5 | €3,073 | +€3,078 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,546 | €36,245 | -€3,301 | -8.3% |
| Other operating charges | 640/8 | €5,343 | €7,544 | +€2,201 | +41.2% |
| Gross operating margin | 9900 | €64,446 | €59,975 | -€4,471 | -6.9% |
| Operating profit (loss) | 9901 | €19,561 | €13,113 | -€6,448 | -33.0% |
| Financial income | 75/76B | €1,425 | €990 | -€435 | -30.5% |
| Recurring financial income | 75 | €1,425 | €990 | -€435 | -30.5% |
| Financial charges | 65/66B | €7,504 | €5,848 | -€1,656 | -22.1% |
| Recurring financial charges | 65 | €7,504 | €5,848 | -€1,656 | -22.1% |
| Profit (loss) for the period before taxes | 9903 | €13,482 | €8,255 | -€5,227 | -38.8% |
| Income taxes | 67/77 | €5,335 | €3,374 | -€1,961 | -36.8% |
| Profit (loss) for the period | 9904 | €8,147 | €4,881 | -€3,266 | -40.1% |
| Profit (loss) for the period to be appropriated | 9905 | €8,147 | €4,881 | -€3,266 | -40.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.