MASARO: 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.
MASARO
Largest movements
- Current investments -€150,000
no longer reported in 2025 (was €150,000)
- Cash +€22,526
up €22,526 (+60.4%), from €37,293 to €59,819
mainly Current investments (+€150,000) and Net result for the year (+€60,677)
- Deferred charges and accrued income +€16,928
up €16,928 (+1085.8%), from €1,559 to €18,487
- Receivables within one year -€7,672
down €7,672 (-73.6%), from €10,418 to €2,746
of which Trade receivables: -€10,067
- Tangible fixed assets -€5,531
down €5,531 (-23.4%), from €23,625 to €18,093
of which Leasing and similar rights: -€8,397
- Other debts -€87,000
down €87,000 (-52.7%), from €165,000 to €78,000
- Reserves -€17,323
down €17,323 (-94.3%), from €18,372 to €1,049
- Tax, wage and social debts -€9,586
down €9,586 (-55.0%), from €17,413 to €7,828
- Current portion of long-term debt -€5,974
down €5,974 (-58.4%), from €10,231 to €4,256
- Debts after one year -€4,256
no longer reported in 2025 (was €4,256)
- Write-downs -€16,000
no longer reported in 2025 (was €16,000)
- Gross operating margin -€5,832
down €5,832 (-6.0%), from €96,686 to €90,854
- Taxes +€2,442
up €2,442 (+17.0%), from €14,379 to €16,820
- Financial income +€1,410
up €1,410 (+169.9%), from €830 to €2,241
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €222,894 | €99,145 | -€123,749 | -55.5% |
| Fixed assets | 21/28 | €23,625 | €18,093 | -€5,531 | -23.4% |
| Tangible fixed assets | 22/27 | €23,625 | €18,093 | -€5,531 | -23.4% |
| Furniture and vehicles | 24 | €4,686 | €7,551 | +€2,866 | +61.2% |
| Leasing and similar rights | 25 | €18,939 | €10,542 | -€8,397 | -44.3% |
| Current assets | 29/58 | €199,270 | €81,052 | -€118,218 | -59.3% |
| Amounts receivable within one year | 40/41 | €10,418 | €2,746 | -€7,672 | -73.6% |
| Trade receivables | 40 | €10,067 | - | -€10,067 | |
| Other amounts receivable | 41 | €351 | €2,746 | +€2,395 | +683.1% |
| Current investments | 50/53 | €150,000 | - | -€150,000 | |
| Cash at bank and in hand | 54/58 | €37,293 | €59,819 | +€22,526 | +60.4% |
| Deferred charges and accrued income | 490/1 | €1,559 | €18,487 | +€16,928 | +1085.8% |
| Total equity and liabilities | 10/49 | €222,894 | €99,145 | -€123,749 | -55.5% |
| Equity | 10/15 | €24,372 | €7,049 | -€17,323 | -71.1% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Reserves | 13 | €18,372 | €1,049 | -€17,323 | -94.3% |
| Distributable reserves | 133 | €18,372 | €1,049 | -€17,323 | -94.3% |
| Amounts payable | 17/49 | €198,523 | €92,096 | -€106,426 | -53.6% |
| Amounts payable after more than one year | 17 | €4,256 | - | -€4,256 | |
| Financial debts | 170/4 | €4,256 | - | -€4,256 | |
| Amounts payable within one year | 42/48 | €194,266 | €91,697 | -€102,570 | -52.8% |
| Current portion of amounts payable after more than one year | 42 | €10,231 | €4,256 | -€5,974 | -58.4% |
| Financial debts | 43 | €109 | €140 | +€31 | +28.6% |
| Credit institutions | 430/8 | €109 | €140 | +€31 | +28.6% |
| Trade debts | 44 | €1,514 | €1,473 | -€41 | -2.7% |
| Suppliers | 440/4 | €1,514 | €1,473 | -€41 | -2.7% |
| Taxes, remuneration and social security | 45 | €17,413 | €7,828 | -€9,586 | -55.0% |
| Taxes | 450/3 | €17,413 | €7,828 | -€9,586 | -55.0% |
| Other amounts payable | 47/48 | €165,000 | €78,000 | -€87,000 | -52.7% |
| Accrued charges and deferred income | 492/3 | - | €400 | +€400 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,412 | €11,676 | -€736 | -5.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €16,000 | - | -€16,000 | |
| Other operating charges | 640/8 | €3,865 | €3,739 | -€126 | -3.3% |
| Gross operating margin | 9900 | €96,686 | €90,854 | -€5,832 | -6.0% |
| Operating profit (loss) | 9901 | €64,409 | €75,440 | +€11,030 | +17.1% |
| Financial income | 75/76B | €830 | €2,241 | +€1,410 | +169.9% |
| Recurring financial income | 75 | €830 | €2,241 | +€1,410 | +169.9% |
| Financial charges | 65/66B | €318 | €183 | -€135 | -42.5% |
| Recurring financial charges | 65 | €318 | €183 | -€135 | -42.5% |
| Profit (loss) for the period before taxes | 9903 | €64,922 | €77,497 | +€12,576 | +19.4% |
| Income taxes | 67/77 | €14,379 | €16,820 | +€2,442 | +17.0% |
| Profit (loss) for the period | 9904 | €50,543 | €60,677 | +€10,134 | +20.1% |
| Profit (loss) for the period to be appropriated | 9905 | €50,543 | €60,677 | +€10,134 | +20.1% |
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 1 October 2026 via checked.be.