MASELEC: 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.
MASELEC
Largest movements
- Cash -€231,395
down €231,395 (-97.9%), from €236,279 to €4,884
mainly Receivables within one year (-€200,342) and Other debts (-€83,635)
- Receivables within one year +€200,342
up €200,342 (+19.0%), from €1.1m to €1.3m
of which Other amounts receivable: +€275,934
- Tangible fixed assets -€86,644
down €86,644 (-7.0%), from €1.2m to €1.2m
of which Land and buildings: -€84,818
- Other debts -€83,635
down €83,635 (-4.8%), from €1.7m to €1.6m
- Debts after one year -€73,913
down €73,913 (-20.9%), from €354,058 to €280,145
- Trade debts +€51,297
up €51,297 (+42.4%), from €120,963 to €172,260
- Provisions -€26,850
down €26,850 (-68.0%), from €39,475 to €12,625
- Gross operating margin -€19,442
down €19,442 (-14.2%), from €137,276 to €117,834
- Other operating charges +€3,433
up €3,433 (+26.8%), from €12,801 to €16,234
- Taxes -€2,443
down €2,443 (-16.9%), from €14,460 to €12,017
- Depreciation +€1,837
up €1,837 (+2.2%), from €84,807 to €86,644
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 | €2,536,414 | €2,418,207 | -€118,207 | -4.7% |
| Fixed assets | 21/28 | €1,243,987 | €1,157,343 | -€86,644 | -7.0% |
| Tangible fixed assets | 22/27 | €1,243,940 | €1,157,295 | -€86,644 | -7.0% |
| Land and buildings | 22 | €1,225,572 | €1,140,755 | -€84,818 | -6.9% |
| Plant, machinery and equipment | 23 | €18,367 | €16,541 | -€1,827 | -9.9% |
| Financial fixed assets | 28 | €47 | €47 | = | 0.0% |
| Current assets | 29/58 | €1,292,427 | €1,260,865 | -€31,563 | -2.4% |
| Amounts receivable within one year | 40/41 | €1,051,885 | €1,252,227 | +€200,342 | +19.0% |
| Trade receivables | 40 | €112,049 | €36,457 | -€75,592 | -67.5% |
| Other amounts receivable | 41 | €939,836 | €1,215,770 | +€275,934 | +29.4% |
| Cash at bank and in hand | 54/58 | €236,279 | €4,884 | -€231,395 | -97.9% |
| Deferred charges and accrued income | 490/1 | €4,263 | €3,754 | -€510 | -12.0% |
| Total equity and liabilities | 10/49 | €2,536,414 | €2,418,207 | -€118,207 | -4.7% |
| Equity | 10/15 | €196,222 | €220,388 | +€24,165 | +12.3% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €134,722 | €158,888 | +€24,165 | +17.9% |
| Non-distributable reserves | 130/1 | €10,766 | €10,766 | = | 0.0% |
| Legal reserve | 130 | €10,766 | €10,766 | = | 0.0% |
| Tax-exempt reserves | 132 | €42,594 | €37,875 | -€4,719 | -11.1% |
| Distributable reserves | 133 | €81,363 | €110,247 | +€28,884 | +35.5% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Provisions and deferred taxes | 16 | €39,475 | €12,625 | -€26,850 | -68.0% |
| Deferred taxes | 168 | €39,475 | €12,625 | -€26,850 | -68.0% |
| Amounts payable | 17/49 | €2,300,717 | €2,185,195 | -€115,522 | -5.0% |
| Amounts payable after more than one year | 17 | €354,058 | €280,145 | -€73,913 | -20.9% |
| Financial debts | 170/4 | €354,058 | €280,145 | -€73,913 | -20.9% |
| Amounts payable within one year | 42/48 | €1,946,659 | €1,905,049 | -€41,610 | -2.1% |
| Current portion of amounts payable after more than one year | 42 | €73,336 | €73,913 | +€577 | +0.8% |
| Trade debts | 44 | €120,963 | €172,260 | +€51,297 | +42.4% |
| Suppliers | 440/4 | €120,963 | €172,260 | +€51,297 | +42.4% |
| Taxes, remuneration and social security | 45 | €27,795 | €17,947 | -€9,848 | -35.4% |
| Taxes | 450/3 | €27,795 | €17,947 | -€9,848 | -35.4% |
| Other amounts payable | 47/48 | €1,724,565 | €1,640,930 | -€83,635 | -4.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €84,807 | €86,644 | +€1,837 | +2.2% |
| Other operating charges | 640/8 | €12,801 | €16,234 | +€3,433 | +26.8% |
| Gross operating margin | 9900 | €137,276 | €117,834 | -€19,442 | -14.2% |
| Operating profit (loss) | 9901 | €39,668 | €14,956 | -€24,712 | -62.3% |
| Financial income | 75/76B | €119 | €292 | +€173 | +146.1% |
| Recurring financial income | 75 | €119 | €292 | +€173 | +146.1% |
| Financial charges | 65/66B | €6,871 | €5,916 | -€955 | -13.9% |
| Recurring financial charges | 65 | €6,871 | €5,916 | -€955 | -13.9% |
| Profit (loss) for the period before taxes | 9903 | €32,916 | €9,332 | -€23,584 | -71.6% |
| Transfer from deferred taxes | 780 | €8,772 | €26,850 | +€18,078 | +206.1% |
| Income taxes | 67/77 | €14,460 | €12,017 | -€2,443 | -16.9% |
| Profit (loss) for the period | 9904 | €27,228 | €24,165 | -€3,063 | -11.2% |
| Transfer from tax-exempt reserves | 789 | €17,035 | €18,938 | +€1,902 | +11.2% |
| Transfer to tax-exempt reserves | 689 | - | €14,219 | +€14,219 | |
| Profit (loss) for the period to be appropriated | 9905 | €44,263 | €28,884 | -€15,379 | -34.7% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.