MASALAQUE: 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.
MASALAQUE
Largest movements
- Cash -€124,300
down €124,300 (-71.7%), from €173,299 to €48,999
mainly Other debts (-€87,783) and Investment in fixed assets (net) (-€84,294)
- Tangible fixed assets +€43,931
up €43,931 (+10.9%), from €404,426 to €448,357
of which Furniture and vehicles: +€73,902
- Receivables within one year -€41,213
down €41,213 (-34.2%), from €120,451 to €79,238
of which Other amounts receivable: -€26,319
- Other debts -€87,783
no longer reported in 2025 (was €87,783)
- Debts after one year -€32,358
down €32,358 (-19.6%), from €165,403 to €133,045
- Reserves +€21,958
up €21,958 (+6.3%), from €348,656 to €370,614
of which Distributable reserves: +€21,958
- Tax, wage and social debts -€19,039
down €19,039 (-90.7%), from €20,984 to €1,945
of which Taxes: -€17,839
- Accrued charges and deferred income +€7,418
new in 2025: €7,418
- Gross operating margin +€55,580
up €55,580 (+293%), from €18,995 to €74,575
- Depreciation +€6,534
up €6,534 (+19.3%), from €33,828 to €40,362
- Taxes +€2,607
up €2,607, from -€245 to €2,362
- Other operating charges +€2,374
up €2,374 (+43.1%), from €5,509 to €7,883
- Financial charges +€1,024
up €1,024 (+33.9%), from €3,017 to €4,041
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 | €700,457 | €579,256 | -€121,201 | -17.3% |
| Fixed assets | 21/28 | €404,426 | €448,357 | +€43,931 | +10.9% |
| Tangible fixed assets | 22/27 | €404,426 | €448,357 | +€43,931 | +10.9% |
| Land and buildings | 22 | €368,586 | €341,563 | -€27,023 | -7.3% |
| Plant, machinery and equipment | 23 | €33,929 | €30,981 | -€2,948 | -8.7% |
| Furniture and vehicles | 24 | €1,912 | €75,813 | +€73,902 | +3,866% |
| Current assets | 29/58 | €296,031 | €130,898 | -€165,133 | -55.8% |
| Amounts receivable within one year | 40/41 | €120,451 | €79,238 | -€41,213 | -34.2% |
| Trade receivables | 40 | €65,177 | €50,283 | -€14,894 | -22.9% |
| Other amounts receivable | 41 | €55,274 | €28,955 | -€26,319 | -47.6% |
| Cash at bank and in hand | 54/58 | €173,299 | €48,999 | -€124,300 | -71.7% |
| Deferred charges and accrued income | 490/1 | €2,281 | €2,661 | +€380 | +16.7% |
| Total equity and liabilities | 10/49 | €700,457 | €579,256 | -€121,201 | -17.3% |
| Equity | 10/15 | €376,897 | €397,826 | +€20,929 | +5.6% |
| Contributions | 10/11 | €10,738 | €10,738 | = | 0.0% |
| Reserves | 13 | €348,656 | €370,614 | +€21,958 | +6.3% |
| Non-distributable reserves | 130/1 | €26,185 | €26,185 | = | 0.0% |
| Reserves not available under the articles | 1311 | €26,185 | €26,185 | = | 0.0% |
| Distributable reserves | 133 | €322,471 | €344,429 | +€21,958 | +6.8% |
| Investment grants | 15 | €17,503 | €16,474 | -€1,030 | -5.9% |
| Provisions and deferred taxes | 16 | €4,376 | €4,118 | -€257 | -5.9% |
| Deferred taxes | 168 | €4,376 | €4,118 | -€257 | -5.9% |
| Amounts payable | 17/49 | €319,184 | €177,312 | -€141,873 | -44.4% |
| Amounts payable after more than one year | 17 | €165,403 | €133,045 | -€32,358 | -19.6% |
| Financial debts | 170/4 | €165,403 | €133,045 | -€32,358 | -19.6% |
| Amounts payable within one year | 42/48 | €153,781 | €36,849 | -€116,933 | -76.0% |
| Current portion of amounts payable after more than one year | 42 | €38,784 | €32,315 | -€6,469 | -16.7% |
| Trade debts | 44 | €6,231 | €2,588 | -€3,642 | -58.5% |
| Suppliers | 440/4 | €6,231 | €2,588 | -€3,642 | -58.5% |
| Taxes, remuneration and social security | 45 | €20,984 | €1,945 | -€19,039 | -90.7% |
| Taxes | 450/3 | €19,784 | €1,945 | -€17,839 | -90.2% |
| Remuneration and social security | 454/9 | €1,200 | - | -€1,200 | |
| Other amounts payable | 47/48 | €87,783 | - | -€87,783 | |
| Accrued charges and deferred income | 492/3 | - | €7,418 | +€7,418 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,828 | €40,362 | +€6,534 | +19.3% |
| Other operating charges | 640/8 | €5,509 | €7,883 | +€2,374 | +43.1% |
| Gross operating margin | 9900 | €18,995 | €74,575 | +€55,580 | +293% |
| Operating profit (loss) | 9901 | -€20,342 | €26,330 | +€46,672 | |
| Financial income | 75/76B | €2,106 | €1,773 | -€332 | -15.8% |
| Recurring financial income | 75 | €2,106 | €1,773 | -€332 | -15.8% |
| Financial charges | 65/66B | €3,017 | €4,041 | +€1,024 | +33.9% |
| Recurring financial charges | 65 | €3,017 | €4,041 | +€1,024 | +33.9% |
| Profit (loss) for the period before taxes | 9903 | -€21,253 | €24,062 | +€45,316 | |
| Transfer from deferred taxes | 780 | €257 | €257 | = | 0.0% |
| Income taxes | 67/77 | -€245 | €2,362 | +€2,607 | |
| Profit (loss) for the period | 9904 | -€20,751 | €21,958 | +€42,709 | |
| Profit (loss) for the period to be appropriated | 9905 | -€20,751 | €21,958 | +€42,709 |
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 16 October 2026 via checked.be.