MASARYS: 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.
MASARYS
Largest movements
- Cash -€92,407
down €92,407 (-49.5%), from €186,830 to €94,423
mainly Net result for the year (-€128,959) and Receivables within one year (-€65,989)
- Receivables within one year +€65,989
up €65,989 (+211%), from €31,316 to €97,305
of which Trade receivables: +€73,041
- Tangible fixed assets -€14,936
down €14,936 (-24.5%), from €60,864 to €45,928
of which Furniture and vehicles: -€13,789
- Profit (loss) carried forward -€128,959
down €128,959, from €177 to -€128,782
- Trade debts +€114,526
up €114,526 (+113%), from €101,512 to €216,038
- Short-term financial debts -€24,891
no longer reported in 2025 (was €24,891)
- Debts after one year -€8,410
down €8,410 (-19.0%), from €44,320 to €35,910
- Tax, wage and social debts +€5,167
up €5,167 (+16.6%), from €31,074 to €36,241
of which Remuneration and social security: +€13,328
- Gross operating margin -€230,759
down €230,759 (-77.1%), from €299,268 to €68,509
- Taxes -€27,969
down €27,969 (-97.9%), from €28,556 to €587
- Staff costs -€26,830
down €26,830 (-15.5%), from €172,688 to €145,858
- Other operating charges +€9,349
up €9,349 (+107%), from €8,722 to €18,071
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 | €290,564 | €252,430 | -€38,134 | -13.1% |
| Fixed assets | 21/28 | €60,864 | €45,928 | -€14,936 | -24.5% |
| Tangible fixed assets | 22/27 | €60,864 | €45,928 | -€14,936 | -24.5% |
| Furniture and vehicles | 24 | €49,994 | €36,205 | -€13,789 | -27.6% |
| Other tangible fixed assets | 26 | €10,870 | €9,723 | -€1,147 | -10.6% |
| Current assets | 29/58 | €229,700 | €206,502 | -€23,198 | -10.1% |
| Stocks and contracts in progress | 3 | €9,905 | €12,788 | +€2,883 | +29.1% |
| Stocks | 30/36 | €9,905 | €12,788 | +€2,883 | +29.1% |
| Amounts receivable within one year | 40/41 | €31,316 | €97,305 | +€65,989 | +211% |
| Trade receivables | 40 | €2,228 | €75,269 | +€73,041 | +3,278% |
| Other amounts receivable | 41 | €29,088 | €22,036 | -€7,052 | -24.2% |
| Cash at bank and in hand | 54/58 | €186,830 | €94,423 | -€92,407 | -49.5% |
| Deferred charges and accrued income | 490/1 | €1,649 | €1,986 | +€337 | +20.4% |
| Total equity and liabilities | 10/49 | €290,564 | €252,430 | -€38,134 | -13.1% |
| Equity | 10/15 | €83,277 | -€45,682 | -€128,959 | |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €76,900 | €76,900 | = | 0.0% |
| Distributable reserves | 133 | €76,900 | €76,900 | = | 0.0% |
| Profit (loss) carried forward | 14 | €177 | -€128,782 | -€128,959 | |
| Amounts payable | 17/49 | €207,287 | €298,112 | +€90,825 | +43.8% |
| Amounts payable after more than one year | 17 | €44,320 | €35,910 | -€8,410 | -19.0% |
| Financial debts | 170/4 | €44,320 | €35,910 | -€8,410 | -19.0% |
| Amounts payable within one year | 42/48 | €162,967 | €258,396 | +€95,429 | +58.6% |
| Current portion of amounts payable after more than one year | 42 | €5,490 | €5,787 | +€297 | +5.4% |
| Financial debts | 43 | €24,891 | - | -€24,891 | |
| Credit institutions | 430/8 | €24,891 | - | -€24,891 | |
| Trade debts | 44 | €101,512 | €216,038 | +€114,526 | +113% |
| Suppliers | 440/4 | €101,512 | €216,038 | +€114,526 | +113% |
| Advances received on contracts in progress | 46 | - | €150 | +€150 | |
| Taxes, remuneration and social security | 45 | €31,074 | €36,241 | +€5,167 | +16.6% |
| Taxes | 450/3 | €12,798 | €4,637 | -€8,161 | -63.8% |
| Remuneration and social security | 454/9 | €18,276 | €31,604 | +€13,328 | +72.9% |
| Other amounts payable | 47/48 | - | €180 | +€180 | |
| Accrued charges and deferred income | 492/3 | - | €3,806 | +€3,806 | |
| Remuneration, social security and pensions | 62 | €172,688 | €145,858 | -€26,830 | -15.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,555 | €17,943 | +€2,388 | +15.4% |
| Other operating charges | 640/8 | €8,722 | €18,071 | +€9,349 | +107% |
| Gross operating margin | 9900 | €299,268 | €68,509 | -€230,759 | -77.1% |
| Operating profit (loss) | 9901 | €102,303 | -€113,363 | -€215,666 | |
| Financial income | 75/76B | €22 | €86 | +€64 | +291% |
| Recurring financial income | 75 | €22 | €86 | +€64 | +291% |
| Financial charges | 65/66B | €14,672 | €15,095 | +€423 | +2.9% |
| Recurring financial charges | 65 | €14,672 | €15,095 | +€423 | +2.9% |
| Profit (loss) for the period before taxes | 9903 | €87,653 | -€128,372 | -€216,025 | |
| Income taxes | 67/77 | €28,556 | €587 | -€27,969 | -97.9% |
| Profit (loss) for the period | 9904 | €59,097 | -€128,959 | -€188,056 | |
| Profit (loss) for the period to be appropriated | 9905 | €59,097 | -€128,959 | -€188,056 |
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 26 October 2026 via checked.be.