MASAGI: 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.
MASAGI
Largest movements
- Cash +€17,824
up €17,824 (+17.2%), from €103,871 to €121,695
mainly Net result for the year (+€39,507) and Tax, wage and social debts (+€29,402)
- Tangible fixed assets -€13,758
down €13,758 (-45.7%), from €30,113 to €16,355
- Stocks and contracts -€4,466
down €4,466 (-26.5%), from €16,834 to €12,369
- Receivables within one year -€2,892
down €2,892 (-13.7%), from €21,095 to €18,203
- Tax, wage and social debts +€29,402
up €29,402 (+78.3%), from €37,553 to €66,955
of which Taxes: +€28,588
- Trade debts -€19,174
down €19,174 (-48.0%), from €39,965 to €20,791
- Profit (loss) carried forward -€12,941
down €12,941 (-13.6%), from €94,826 to €81,886
- Other debts -€2,772
no longer reported in 2024 (was €2,772)
- Advances received +€2,468
up €2,468 (+21.5%), from €11,475 to €13,943
- Staff costs -€23,670
down €23,670 (-17.9%), from €132,050 to €108,380
- Gross operating margin -€8,798
down €8,798 (-4.6%), from €190,774 to €181,976
- Taxes +€7,328
up €7,328 (+78.5%), from €9,340 to €16,668
- Depreciation +€3,248
up €3,248 (+30.9%), from €10,510 to €13,758
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €196,592 | €193,574 | -€3,017 | -1.5% |
| Fixed assets | 21/28 | €53,084 | €39,326 | -€13,758 | -25.9% |
| Tangible fixed assets | 22/27 | €30,113 | €16,355 | -€13,758 | -45.7% |
| Plant, machinery and equipment | 23 | €8,858 | €2,382 | -€6,476 | -73.1% |
| Furniture and vehicles | 24 | €17,298 | €10,545 | -€6,752 | -39.0% |
| Other tangible fixed assets | 26 | €3,957 | €3,428 | -€529 | -13.4% |
| Financial fixed assets | 28 | €22,970 | €22,970 | = | 0.0% |
| Current assets | 29/58 | €143,508 | €154,249 | +€10,741 | +7.5% |
| Stocks and contracts in progress | 3 | €16,834 | €12,369 | -€4,466 | -26.5% |
| Stocks | 30/36 | €16,834 | €12,369 | -€4,466 | -26.5% |
| Amounts receivable within one year | 40/41 | €21,095 | €18,203 | -€2,892 | -13.7% |
| Other amounts receivable | 41 | €21,095 | €18,203 | -€2,892 | -13.7% |
| Cash at bank and in hand | 54/58 | €103,871 | €121,695 | +€17,824 | +17.2% |
| Deferred charges and accrued income | 490/1 | €1,707 | €1,982 | +€274 | +16.1% |
| Total equity and liabilities | 10/49 | €196,592 | €193,574 | -€3,017 | -1.5% |
| Equity | 10/15 | €104,826 | €91,886 | -€12,941 | -12.3% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €94,826 | €81,886 | -€12,941 | -13.6% |
| Amounts payable | 17/49 | €91,766 | €101,689 | +€9,923 | +10.8% |
| Amounts payable within one year | 42/48 | €91,766 | €101,689 | +€9,923 | +10.8% |
| Trade debts | 44 | €39,965 | €20,791 | -€19,174 | -48.0% |
| Suppliers | 440/4 | €39,965 | €20,791 | -€19,174 | -48.0% |
| Advances received on contracts in progress | 46 | €11,475 | €13,943 | +€2,468 | +21.5% |
| Taxes, remuneration and social security | 45 | €37,553 | €66,955 | +€29,402 | +78.3% |
| Taxes | 450/3 | €20,806 | €49,394 | +€28,588 | +137.4% |
| Remuneration and social security | 454/9 | €16,746 | €17,561 | +€814 | +4.9% |
| Other amounts payable | 47/48 | €2,772 | - | -€2,772 | |
| Remuneration, social security and pensions | 62 | €132,050 | €108,380 | -€23,670 | -17.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,510 | €13,758 | +€3,248 | +30.9% |
| Other operating charges | 640/8 | €4,125 | €2,921 | -€1,203 | -29.2% |
| Non-recurring operating charges | 66A | €3,600 | - | -€3,600 | |
| Gross operating margin | 9900 | €190,774 | €181,976 | -€8,798 | -4.6% |
| Operating profit (loss) | 9901 | €40,490 | €56,916 | +€16,427 | +40.6% |
| Financial income | 75/76B | €13 | €45 | +€32 | +240.5% |
| Recurring financial income | 75 | €13 | €45 | +€32 | +240.5% |
| Financial charges | 65/66B | €1,046 | €787 | -€260 | -24.8% |
| Recurring financial charges | 65 | €1,046 | €787 | -€260 | -24.8% |
| Profit (loss) for the period before taxes | 9903 | €39,457 | €56,175 | +€16,718 | +42.4% |
| Income taxes | 67/77 | €9,340 | €16,668 | +€7,328 | +78.5% |
| Profit (loss) for the period | 9904 | €30,117 | €39,507 | +€9,390 | +31.2% |
| Profit (loss) for the period to be appropriated | 9905 | €30,117 | €39,507 | +€9,390 | +31.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.