Masada: 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.
What changed
Masada
NACE 68.310, Real estate agency activities
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€791,141
2024 · €136,735+€654,407
Equity
€3.2m
2024 · €2.4m+€791,141
Cash
€169,522
2024 · €55,071+€114,451
Balance sheet total
€7.4m
2024 · €14.2m-€6.8m
Largest movements
Assets
- Stocks and contracts -€4.0m
down €4.0m (-51.6%), from €7.8m to €3.8m
- Tangible fixed assets -€3.1m
down €3.1m (-49.7%), from €6.2m to €3.1m
of which Land and buildings: -€3.1m
- Receivables within one year +€145,573
up €145,573 (+907.1%), from €16,048 to €161,621
of which Other amounts receivable: +€151,634
Equity and liabilities
- Short-term financial debts -€7.9m
down €7.9m (-72.3%), from €10.9m to €3.0m
- Reserves +€790,909
up €790,909 (+63.4%), from €1.2m to €2.0m
of which Distributable reserves: +€790,909
- Current portion of long-term debt +€188,926
up €188,926 (+131.0%), from €144,234 to €333,160
Income statement
- Turnover +€5.0m
up €5.0m (+294.3%), from €1.7m to €6.7m
- Purchases and services +€4.6m
up €4.6m (+262.2%), from €1.8m to €6.4m
- Gross operating margin +€512,835
up €512,835 (+38.2%), from €1.3m to €1.9m
- Taxes +€311,055
up €311,055 (+475.2%), from €65,460 to €376,516
- Financial charges -€210,843
down €210,843 (-39.1%), from €539,811 to €328,967
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.
Result 2024
€136,735
Gross operating margin
+€512,835
Staff costs
-€14,925
Depreciation
+€195,799
Other operating charges
+€59,843
Financial income
+€1,067
Financial charges
+€210,843
Taxes
-€311,055
Result 2025
€791,141
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.
From operations
+€5.0m
Investment
+€2.9m
Financing
-€7.8m
Cash 2024
€55,071
From operations (derived)
+€5.0m
Net result for the year
+€791,141
Depreciation
+€154,471
Stocks and contracts
+€4.0m
Receivables within one year
-€145,573
Smaller working-capital items
-€13,587
Tax, wage and social debts
+€56,593
Other debts
+€112,590
Investment (derived)
+€2.9m
Investment in fixed assets (net)
+€2.9m
Financing
-€7.8m
Debts after one year
-€82,668
Current portion of long-term debt
+€188,926
Short-term financial debts
-€7.9m
Cash 2025
€169,522
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €14,198,897 | €7,354,000 | -€6.8m | -48.2% |
| Fixed assets | 21/28 | €6,339,092 | €3,248,200 | -€3.1m | -48.8% |
| Tangible fixed assets | 22/27 | €6,213,906 | €3,123,014 | -€3.1m | -49.7% |
| Land and buildings | 22 | €6,185,581 | €3,113,602 | -€3.1m | -49.7% |
| Plant, machinery and equipment | 23 | €12,922 | €3,625 | -€9,297 | -71.9% |
| Furniture and vehicles | 24 | €15,403 | €5,787 | -€9,615 | -62.4% |
| Financial fixed assets | 28 | €125,186 | €125,186 | = | 0.0% |
| Current assets | 29/58 | €7,859,805 | €4,105,800 | -€3.8m | -47.8% |
| Stocks and contracts in progress | 3 | €7,776,537 | €3,763,184 | -€4.0m | -51.6% |
| Stocks | 30/36 | €7,776,537 | €3,763,184 | -€4.0m | -51.6% |
| Amounts receivable within one year | 40/41 | €16,048 | €161,621 | +€145,573 | +907.1% |
| Trade receivables | 40 | €6,508 | €448 | -€6,061 | -93.1% |
| Other amounts receivable | 41 | €9,540 | €161,174 | +€151,634 | +1589.5% |
| Cash at bank and in hand | 54/58 | €55,071 | €169,522 | +€114,451 | +207.8% |
| Deferred charges and accrued income | 490/1 | €12,150 | €11,473 | -€677 | -5.6% |
| Total equity and liabilities | 10/49 | €14,198,897 | €7,354,000 | -€6.8m | -48.2% |
| Equity | 10/15 | €2,437,843 | €3,228,984 | +€791,141 | +32.5% |
| Contributions | 10/11 | €94,198 | €94,198 | = | 0.0% |
| Capital | 10 | €94,198 | €94,198 | = | 0.0% |
| Issued capital | 100 | €94,198 | €94,198 | = | 0.0% |
| Reserves | 13 | €1,247,801 | €2,038,710 | +€790,909 | +63.4% |
| Non-distributable reserves | 130/1 | €21,691 | €21,691 | = | 0.0% |
| Legal reserve | 130 | €21,691 | €21,691 | = | 0.0% |
| Tax-exempt reserves | 132 | €7,526 | €7,526 | = | 0.0% |
| Distributable reserves | 133 | €1,218,584 | €2,009,493 | +€790,909 | +64.9% |
| Profit (loss) carried forward | 14 | €1,095,845 | €1,096,077 | +€232 | 0.0% |
| Amounts payable | 17/49 | €11,761,054 | €4,125,016 | -€7.6m | -64.9% |
| Amounts payable after more than one year | 17 | €117,443 | €34,775 | -€82,668 | -70.4% |
| Financial debts | 170/4 | €117,443 | €34,775 | -€82,668 | -70.4% |
| Amounts payable within one year | 42/48 | €11,631,729 | €4,086,585 | -€7.5m | -64.9% |
| Current portion of amounts payable after more than one year | 42 | €144,234 | €333,160 | +€188,926 | +131.0% |
| Financial debts | 43 | €10,927,550 | €3,030,334 | -€7.9m | -72.3% |
| Credit institutions | 430/8 | €10,927,550 | €3,030,334 | -€7.9m | -72.3% |
| Trade debts | 44 | €26,151 | €20,114 | -€6,038 | -23.1% |
| Suppliers | 440/4 | €26,151 | €20,114 | -€6,038 | -23.1% |
| Taxes, remuneration and social security | 45 | €54,406 | €110,998 | +€56,593 | +104.0% |
| Taxes | 450/3 | €40,721 | €87,936 | +€47,215 | +115.9% |
| Remuneration and social security | 454/9 | €13,685 | €23,062 | +€9,377 | +68.5% |
| Other amounts payable | 47/48 | €479,388 | €591,978 | +€112,590 | +23.5% |
| Accrued charges and deferred income | 492/3 | €11,882 | €3,656 | -€8,226 | -69.2% |
| Turnover | 70 | €1,703,706 | €6,717,667 | +€5.0m | +294.3% |
| Goods, raw materials, services and sundry goods | 60/61 | €1,763,405 | €6,386,764 | +€4.6m | +262.2% |
| Remuneration, social security and pensions | 62 | €126,028 | €140,953 | +€14,925 | +11.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €350,270 | €154,471 | -€195,799 | -55.9% |
| Other operating charges | 640/8 | €123,481 | €63,639 | -€59,843 | -48.5% |
| Gross operating margin | 9900 | €1,341,785 | €1,854,620 | +€512,835 | +38.2% |
| Operating profit (loss) | 9901 | €742,005 | €1,495,557 | +€753,552 | +101.6% |
| Financial income | 75/76B | - | €1,067 | +€1,067 | |
| Recurring financial income | 75 | - | €1,067 | +€1,067 | |
| Financial charges | 65/66B | €539,811 | €328,967 | -€210,843 | -39.1% |
| Recurring financial charges | 65 | €539,811 | €328,967 | -€210,843 | -39.1% |
| Profit (loss) for the period before taxes | 9903 | €202,195 | €1,167,657 | +€965,462 | +477.5% |
| Income taxes | 67/77 | €65,460 | €376,516 | +€311,055 | +475.2% |
| Profit (loss) for the period | 9904 | €136,735 | €791,141 | +€654,407 | +478.6% |
| Profit (loss) for the period to be appropriated | 9905 | €136,735 | €791,141 | +€654,407 | +478.6% |
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 2 October 2026 via checked.be.