Marcel MASSCHELEYN: 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.
Marcel MASSCHELEYN
Largest movements
- Cash +€15,833
up €15,833 (+26.3%), from €60,244 to €76,076
mainly Receivables within one year (+€10,660) and Net result for the year (+€6,631)
- Receivables within one year -€10,660
down €10,660 (-29.5%), from €36,153 to €25,494
- Reserves +€6,631
up €6,631 (+9.2%), from €71,977 to €78,609
of which Distributable reserves: +€6,631
- Tax, wage and social debts -€2,492
down €2,492 (-42.2%), from €5,910 to €3,418
- Trade debts +€1,536
up €1,536 (+15.4%), from €9,959 to €11,495
- Gross operating margin -€7,446
down €7,446 (-41.4%), from €17,994 to €10,548
- Taxes -€2,492
down €2,492 (-42.2%), from €5,910 to €3,418
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 | €105,488 | €111,163 | +€5,676 | +5.4% |
| Fixed assets | 21/28 | €6,000 | €6,000 | = | 0.0% |
| Tangible fixed assets | 22/27 | €6,000 | €6,000 | = | 0.0% |
| Land and buildings | 22 | €6,000 | €6,000 | = | 0.0% |
| Current assets | 29/58 | €99,488 | €105,163 | +€5,676 | +5.7% |
| Amounts receivable within one year | 40/41 | €36,153 | €25,494 | -€10,660 | -29.5% |
| Trade receivables | 40 | €36,153 | €25,494 | -€10,660 | -29.5% |
| Cash at bank and in hand | 54/58 | €60,244 | €76,076 | +€15,833 | +26.3% |
| Deferred charges and accrued income | 490/1 | €3,091 | €3,593 | +€503 | +16.3% |
| Total equity and liabilities | 10/49 | €105,488 | €111,163 | +€5,676 | +5.4% |
| Equity | 10/15 | €84,492 | €91,123 | +€6,631 | +7.8% |
| Contributions | 10/11 | €12,000 | €12,000 | = | 0.0% |
| Reserves | 13 | €71,977 | €78,609 | +€6,631 | +9.2% |
| Non-distributable reserves | 130/1 | €2,400 | €2,400 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,400 | €2,400 | = | 0.0% |
| Distributable reserves | 133 | €69,577 | €76,209 | +€6,631 | +9.5% |
| Profit (loss) carried forward | 14 | €515 | €515 | = | 0.0% |
| Amounts payable | 17/49 | €20,996 | €20,040 | -€956 | -4.6% |
| Amounts payable within one year | 42/48 | €20,996 | €20,040 | -€956 | -4.6% |
| Trade debts | 44 | €9,959 | €11,495 | +€1,536 | +15.4% |
| Suppliers | 440/4 | €9,959 | €11,495 | +€1,536 | +15.4% |
| Taxes, remuneration and social security | 45 | €5,910 | €3,418 | -€2,492 | -42.2% |
| Taxes | 450/3 | €5,910 | €3,418 | -€2,492 | -42.2% |
| Other amounts payable | 47/48 | €5,127 | €5,127 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €154 | - | -€154 | |
| Other operating charges | 640/8 | €454 | €434 | -€20 | -4.4% |
| Gross operating margin | 9900 | €17,994 | €10,548 | -€7,446 | -41.4% |
| Operating profit (loss) | 9901 | €17,386 | €10,114 | -€7,272 | -41.8% |
| Financial charges | 65/66B | €65 | €64 | -€1 | -1.6% |
| Recurring financial charges | 65 | €65 | €64 | -€1 | -1.6% |
| Profit (loss) for the period before taxes | 9903 | €17,320 | €10,050 | -€7,271 | -42.0% |
| Income taxes | 67/77 | €5,910 | €3,418 | -€2,492 | -42.2% |
| Profit (loss) for the period | 9904 | €11,410 | €6,631 | -€4,778 | -41.9% |
| Profit (loss) for the period to be appropriated | 9905 | €11,410 | €6,631 | -€4,778 | -41.9% |
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 25 October 2026 via checked.be.