MASEDAN: 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.
MASEDAN
Largest movements
- Receivables within one year +€71,276
up €71,276 (+202%), from €35,215 to €106,492
of which Trade receivables: +€90,213
- Tangible fixed assets -€4,546
down €4,546 (-41.3%), from €10,998 to €6,452
- Profit (loss) carried forward +€503,884
up €503,884 (+99.7%), from -€505,459 to -€1,575
- Other debts -€483,000
no longer reported in 2025 (was €483,000)
- Trade debts +€24,189
up €24,189 (+39.3%), from €61,558 to €85,747
- Tax, wage and social debts +€19,035
up €19,035 (+192%), from €9,902 to €28,938
- Financial charges -€585,903
down €585,903 (-99.8%), from €587,054 to €1,151
- Gross operating margin +€377,011
up €377,011 (+246%), from €153,234 to €530,246
- Taxes +€18,737
up €18,737 (+7,118%), from €263 to €19,000
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 | €58,769 | €122,878 | +€64,109 | +109% |
| Fixed assets | 21/28 | €18,536 | €13,083 | -€5,454 | -29.4% |
| Intangible fixed assets | 21 | €7,538 | €6,631 | -€908 | -12.0% |
| Tangible fixed assets | 22/27 | €10,998 | €6,452 | -€4,546 | -41.3% |
| Furniture and vehicles | 24 | €10,998 | €6,452 | -€4,546 | -41.3% |
| Current assets | 29/58 | €40,233 | €109,796 | +€69,563 | +173% |
| Amounts receivable within one year | 40/41 | €35,215 | €106,492 | +€71,276 | +202% |
| Trade receivables | 40 | €5,366 | €95,579 | +€90,213 | +1,681% |
| Other amounts receivable | 41 | €29,849 | €10,913 | -€18,936 | -63.4% |
| Cash at bank and in hand | 54/58 | €4,069 | €2,891 | -€1,178 | -29.0% |
| Deferred charges and accrued income | 490/1 | €949 | €413 | -€535 | -56.4% |
| Total equity and liabilities | 10/49 | €58,769 | €122,878 | +€64,109 | +109% |
| Equity | 10/15 | -€503,459 | €425 | +€503,884 | |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€505,459 | -€1,575 | +€503,884 | +99.7% |
| Amounts payable | 17/49 | €562,228 | €122,453 | -€439,775 | -78.2% |
| Amounts payable within one year | 42/48 | €562,228 | €122,453 | -€439,775 | -78.2% |
| Trade debts | 44 | €61,558 | €85,747 | +€24,189 | +39.3% |
| Suppliers | 440/4 | €61,558 | €85,747 | +€24,189 | +39.3% |
| Advances received on contracts in progress | 46 | €7,769 | €7,769 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €9,902 | €28,938 | +€19,035 | +192% |
| Taxes | 450/3 | €9,902 | €28,938 | +€19,035 | +192% |
| Other amounts payable | 47/48 | €483,000 | - | -€483,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,454 | €5,454 | = | 0.0% |
| Other operating charges | 640/8 | €1,625 | €1,170 | -€455 | -28.0% |
| Gross operating margin | 9900 | €153,234 | €530,246 | +€377,011 | +246% |
| Operating profit (loss) | 9901 | €146,155 | €523,622 | +€377,466 | +258% |
| Financial income | 75/76B | €637 | €413 | -€224 | -35.2% |
| Recurring financial income | 75 | €637 | €413 | -€224 | -35.2% |
| Financial charges | 65/66B | €587,054 | €1,151 | -€585,903 | -99.8% |
| Recurring financial charges | 65 | €587,054 | €1,151 | -€585,903 | -99.8% |
| Profit (loss) for the period before taxes | 9903 | -€440,261 | €522,884 | +€963,146 | |
| Income taxes | 67/77 | €263 | €19,000 | +€18,737 | +7,118% |
| Profit (loss) for the period | 9904 | -€440,524 | €503,884 | +€944,409 | |
| Profit (loss) for the period to be appropriated | 9905 | -€440,524 | €503,884 | +€944,409 |
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 13 October 2026 via checked.be.