MASALETO: what changed
MASALETO
Largest movements
- Receivables within one year -€10,720
down €10,720 (-19.5%), from €54,835 to €44,115
of which Other amounts receivable: -€14,620
- Cash +€1,869
up €1,869 (+106%), from €1,757 to €3,626
mainly Short-term financial debts (+€12,305) and Receivables within one year (+€10,720)
- Deferred charges and accrued income +€1,245
up €1,245 (+69.4%), from €1,793 to €3,037
- Stocks and contracts +€955
up €955 (+2.9%), from €32,983 to €33,938
- Trade debts -€16,224
down €16,224 (-78.8%), from €20,582 to €4,358
- Short-term financial debts +€12,305
up €12,305 (+63.2%), from €19,475 to €31,780
- Profit (loss) carried forward -€5,178
down €5,178 (-8.7%), from -€59,257 to -€64,435
- Tax, wage and social debts +€2,209
up €2,209 (+45.0%), from €4,912 to €7,121
- Gross operating margin -€55,902
down €55,902 (-89.8%), from €62,219 to €6,316
- Staff costs -€10,593
down €10,593 (-96.7%), from €10,954 to €362
- Depreciation -€1,991
no longer reported in 2025 (was €1,991)
- Financial charges -€1,290
down €1,290 (-14.4%), from €8,955 to €7,665
- Taxes -€805
down €805 (-79.0%), from €1,019 to €214
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €91,367 | €84,716 | -€6,651 | -7.3% |
| Current assets | 29/58 | €91,367 | €84,716 | -€6,651 | -7.3% |
| Stocks and contracts in progress | 3 | €32,983 | €33,938 | +€955 | +2.9% |
| Stocks | 30/36 | €32,983 | €33,938 | +€955 | +2.9% |
| Amounts receivable within one year | 40/41 | €54,835 | €44,115 | -€10,720 | -19.5% |
| Trade receivables | 40 | €40,215 | €44,115 | +€3,900 | +9.7% |
| Other amounts receivable | 41 | €14,620 | - | -€14,620 | |
| Cash at bank and in hand | 54/58 | €1,757 | €3,626 | +€1,869 | +106% |
| Deferred charges and accrued income | 490/1 | €1,793 | €3,037 | +€1,245 | +69.4% |
| Total equity and liabilities | 10/49 | €91,367 | €84,716 | -€6,651 | -7.3% |
| Equity | 10/15 | €3,337 | -€1,841 | -€5,178 | |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €594 | €594 | = | 0.0% |
| Non-distributable reserves | 130/1 | €594 | €594 | = | 0.0% |
| Legal reserve | 130 | €594 | €594 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€59,257 | -€64,435 | -€5,178 | -8.7% |
| Amounts payable | 17/49 | €88,030 | €86,556 | -€1,473 | -1.7% |
| Amounts payable within one year | 42/48 | €88,030 | €86,556 | -€1,473 | -1.7% |
| Financial debts | 43 | €19,475 | €31,780 | +€12,305 | +63.2% |
| Credit institutions | 430/8 | €19,475 | €31,780 | +€12,305 | +63.2% |
| Trade debts | 44 | €20,582 | €4,358 | -€16,224 | -78.8% |
| Suppliers | 440/4 | €20,582 | €4,358 | -€16,224 | -78.8% |
| Taxes, remuneration and social security | 45 | €4,912 | €7,121 | +€2,209 | +45.0% |
| Taxes | 450/3 | €4,912 | €7,121 | +€2,209 | +45.0% |
| Other amounts payable | 47/48 | €43,061 | €43,297 | +€236 | +0.5% |
| Non-recurring operating income | 76A | €4,559 | - | -€4,559 | |
| Remuneration, social security and pensions | 62 | €10,954 | €362 | -€10,593 | -96.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,991 | - | -€1,991 | |
| Other operating charges | 640/8 | €2,589 | €2,088 | -€501 | -19.3% |
| Non-recurring operating charges | 66A | €14,624 | €1,170 | -€13,455 | -92.0% |
| Gross operating margin | 9900 | €62,219 | €6,316 | -€55,902 | -89.8% |
| Operating profit (loss) | 9901 | €32,060 | €2,697 | -€29,363 | -91.6% |
| Financial income | 75/76B | €5 | €4 | -€2 | -31.6% |
| Recurring financial income | 75 | €5 | €4 | -€2 | -31.6% |
| Financial charges | 65/66B | €8,955 | €7,665 | -€1,290 | -14.4% |
| Recurring financial charges | 65 | €8,955 | €7,665 | -€1,290 | -14.4% |
| Profit (loss) for the period before taxes | 9903 | €23,110 | -€4,965 | -€28,075 | |
| Income taxes | 67/77 | €1,019 | €214 | -€805 | -79.0% |
| Profit (loss) for the period | 9904 | €22,092 | -€5,178 | -€27,270 | |
| Profit (loss) for the period to be appropriated | 9905 | €22,092 | -€5,178 | -€27,270 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.