Ivan Massin: 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.
Ivan Massin
Largest movements
- Cash +€382,070
up €382,070 (+1037.7%), from €36,818 to €418,888
mainly Current investments (+€268,703) and Net result for the year (+€128,429)
- Current investments -€268,703
down €268,703 (-24.5%), from €1.1m to €828,897
- Reserves +€127,570
up €127,570 (+11.4%), from €1.1m to €1.3m
of which Distributable reserves: +€127,570
- Financial income +€18,044
up €18,044 (+72.7%), from €24,830 to €42,873
- Financial charges +€12,315
up €12,315 (+1433.8%), from €859 to €13,173
- Gross operating margin -€7,706
down €7,706 (-4.9%), from €158,538 to €150,833
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 | €1,153,637 | €1,273,385 | +€119,748 | +10.4% |
| Current assets | 29/58 | €1,153,637 | €1,273,385 | +€119,748 | +10.4% |
| Amounts receivable within one year | 40/41 | - | €4,321 | +€4,321 | |
| Other amounts receivable | 41 | - | €4,321 | +€4,321 | |
| Current investments | 50/53 | €1,097,601 | €828,897 | -€268,703 | -24.5% |
| Cash at bank and in hand | 54/58 | €36,818 | €418,888 | +€382,070 | +1037.7% |
| Deferred charges and accrued income | 490/1 | €19,218 | €21,278 | +€2,060 | +10.7% |
| Total equity and liabilities | 10/49 | €1,153,637 | €1,273,385 | +€119,748 | +10.4% |
| Equity | 10/15 | €1,138,839 | €1,266,410 | +€127,570 | +11.2% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Reserves | 13 | €1,123,839 | €1,251,410 | +€127,570 | +11.4% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,121,979 | €1,249,550 | +€127,570 | +11.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €14,798 | €6,976 | -€7,822 | -52.9% |
| Amounts payable within one year | 42/48 | €14,798 | €6,976 | -€7,822 | -52.9% |
| Trade debts | 44 | €902 | €890 | -€12 | -1.3% |
| Suppliers | 440/4 | €902 | €890 | -€12 | -1.3% |
| Taxes, remuneration and social security | 45 | €12,414 | €5,226 | -€7,187 | -57.9% |
| Taxes | 450/3 | €12,414 | €5,226 | -€7,187 | -57.9% |
| Other amounts payable | 47/48 | €1,482 | €859 | -€623 | -42.0% |
| Other operating charges | 640/8 | €1,514 | €1,688 | +€173 | +11.4% |
| Gross operating margin | 9900 | €158,538 | €150,833 | -€7,706 | -4.9% |
| Operating profit (loss) | 9901 | €157,024 | €149,145 | -€7,879 | -5.0% |
| Financial income | 75/76B | €24,830 | €42,873 | +€18,044 | +72.7% |
| Recurring financial income | 75 | €24,830 | €42,873 | +€18,044 | +72.7% |
| Financial charges | 65/66B | €859 | €13,173 | +€12,315 | +1433.8% |
| Recurring financial charges | 65 | €859 | €13,173 | +€12,315 | +1433.8% |
| Profit (loss) for the period before taxes | 9903 | €180,995 | €178,845 | -€2,150 | -1.2% |
| Income taxes | 67/77 | €51,432 | €50,416 | -€1,016 | -2.0% |
| Profit (loss) for the period | 9904 | €129,563 | €128,429 | -€1,134 | -0.9% |
| Profit (loss) for the period to be appropriated | 9905 | €129,563 | €128,429 | -€1,134 | -0.9% |
Source: filed annual accounts (NBB), fiscal years ended 30 April 2024 and 30 April 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.