MASELIS: 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.
What changed
MASELIS
NACE 10.620, Manufacture of food products
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€2.5m
2024 · €2.2m+€311,090
Equity
€69.1m
2024 · €66.6m+€2.5m
Cash
€3.3m
2024 · €7.4m-€4.1m
Balance sheet total
€98.1m
2024 · €99.2m-€1.1m
Largest movements
Assets
- Cash -€4.1m
down €4.1m (-55.2%), from €7.4m to €3.3m
mainly Debts after one year (-€3.6m) and Receivables within one year (-€3.1m)
- Receivables within one year +€3.1m
up €3.1m (+9.2%), from €33.7m to €36.8m
of which Trade receivables: +€1.7m
Equity and liabilities
- Reserves +€4.6m
up €4.6m (+7.5%), from €61.6m to €66.2m
of which Distributable reserves: +€6.5m
- Debts after one year -€3.6m
down €3.6m (-28.8%), from €12.6m to €9.0m
- Profit (loss) carried forward -€2.1m
no longer reported in 2025 (was €2.1m)
Income statement
- Goods and materials -€6.9m
down €6.9m (-4.8%), from €143.4m to €136.5m
of which Purchases: -€6.1m
- Turnover -€5.4m
down €5.4m (-3.1%), from €174.7m to €169.3m
- Services and other goods +€2.1m
up €2.1m (+11.5%), from €18.6m to €20.8m
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.
Result 2024
€2.2m
Turnover
-€5.4m
Other operating income
-€80,932
Goods and materials
+€6.9m
Services and other goods
-€2.1m
Staff costs
-€483,668
Depreciation
+€229,488
Other operating charges
+€386
Other operating items
+€76,501
Financial income
+€888,049
Financial charges
+€119,450
Taxes
+€197,793
Result 2025
€2.5m
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.
From operations
+€1.6m
Investment
-€2.0m
Financing
-€3.6m
Cash 2024
€7.4m
From operations (derived)
+€1.6m
Net result for the year
+€2.5m
Depreciation
+€2.3m
Stocks and contracts
-€222,834
Receivables within one year
-€3.1m
Trade debts
-€179,516
Tax, wage and social debts
+€375,760
Accrued charges and deferred income
-€112,119
Investment (derived)
-€2.0m
Investment in fixed assets (net)
-€2.0m
Financing
-€3.6m
Debts after one year
-€3.6m
Cash 2025
€3.3m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €99,174,973 | €98,113,291 | -€1.1m | -1.1% |
| Fixed assets | 21/28 | €54,131,112 | €53,842,756 | -€288,356 | -0.5% |
| Intangible fixed assets | 21 | - | €109,905 | +€109,905 | |
| Tangible fixed assets | 22/27 | €17,771,011 | €17,389,249 | -€381,762 | -2.1% |
| Land and buildings | 22 | €12,155,494 | €11,305,408 | -€850,086 | -7.0% |
| Plant, machinery and equipment | 23 | €4,672,954 | €4,949,498 | +€276,543 | +5.9% |
| Furniture and vehicles | 24 | €942,563 | €1,134,344 | +€191,781 | +20.3% |
| Financial fixed assets | 28 | €36,360,101 | €36,343,602 | -€16,499 | 0.0% |
| Affiliated companies | 280/1 | €13,709,004 | €13,709,004 | = | 0.0% |
| Participating interests | 280 | €13,709,004 | €13,709,004 | = | 0.0% |
| Companies linked by participating interests | 282/3 | €22,642,893 | €22,623,393 | -€19,500 | -0.1% |
| Participating interests | 282 | €22,642,893 | €22,623,393 | -€19,500 | -0.1% |
| Other financial fixed assets | 284/8 | €8,203 | €11,204 | +€3,001 | +36.6% |
| Shares | 284 | €174 | €174 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €8,029 | €11,030 | +€3,001 | +37.4% |
| Current assets | 29/58 | €45,043,861 | €44,270,535 | -€773,325 | -1.7% |
| Amounts receivable after more than one year | 29 | €96,335 | €96,335 | = | 0.0% |
| Other amounts receivable | 291 | €96,335 | €96,335 | = | 0.0% |
| Stocks and contracts in progress | 3 | €3,831,968 | €4,054,802 | +€222,834 | +5.8% |
| Stocks | 30/36 | €3,831,968 | €4,054,802 | +€222,834 | +5.8% |
| Raw materials and consumables | 30/31 | €2,113,995 | €2,451,106 | +€337,111 | +15.9% |
| Finished goods | 33 | €1,717,973 | €1,603,696 | -€114,277 | -6.7% |
| Amounts receivable within one year | 40/41 | €33,717,009 | €36,802,887 | +€3.1m | +9.2% |
| Trade receivables | 40 | €23,151,126 | €24,885,398 | +€1.7m | +7.5% |
| Other amounts receivable | 41 | €10,565,883 | €11,917,488 | +€1.4m | +12.8% |
| Cash at bank and in hand | 54/58 | €7,398,549 | €3,316,512 | -€4.1m | -55.2% |
| Total equity and liabilities | 10/49 | €99,174,973 | €98,113,291 | -€1.1m | -1.1% |
| Equity | 10/15 | €66,642,859 | €69,122,052 | +€2.5m | +3.7% |
| Contributions | 10/11 | €2,900,000 | €2,900,000 | = | 0.0% |
| Capital | 10 | €2,900,000 | €2,900,000 | = | 0.0% |
| Issued capital | 100 | €2,900,000 | €2,900,000 | = | 0.0% |
| Reserves | 13 | €61,600,016 | €66,222,052 | +€4.6m | +7.5% |
| Non-distributable reserves | 130/1 | €290,000 | €290,000 | = | 0.0% |
| Legal reserve | 130 | €290,000 | €290,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €5,135,301 | €3,282,901 | -€1.9m | -36.1% |
| Distributable reserves | 133 | €56,174,715 | €62,649,151 | +€6.5m | +11.5% |
| Profit (loss) carried forward | 14 | €2,142,843 | - | -€2.1m | |
| Provisions and deferred taxes | 16 | €3,000,000 | €3,000,000 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €3,000,000 | €3,000,000 | = | 0.0% |
| Other liabilities and charges | 164/5 | €3,000,000 | €3,000,000 | = | 0.0% |
| Amounts payable | 17/49 | €29,532,114 | €25,991,239 | -€3.5m | -12.0% |
| Amounts payable after more than one year | 17 | €12,583,334 | €8,958,334 | -€3.6m | -28.8% |
| Financial debts | 170/4 | €12,583,334 | €8,958,334 | -€3.6m | -28.8% |
| Credit institutions | 173 | €6,583,334 | €4,958,334 | -€1.6m | -24.7% |
| Other loans | 174 | €6,000,000 | €4,000,000 | -€2.0m | -33.3% |
| Amounts payable within one year | 42/48 | €16,811,661 | €17,007,905 | +€196,244 | +1.2% |
| Current portion of amounts payable after more than one year | 42 | €1,625,000 | €1,625,000 | = | 0.0% |
| Trade debts | 44 | €13,935,198 | €13,755,682 | -€179,516 | -1.3% |
| Suppliers | 440/4 | €13,935,198 | €13,755,682 | -€179,516 | -1.3% |
| Taxes, remuneration and social security | 45 | €1,251,464 | €1,627,224 | +€375,760 | +30.0% |
| Taxes | 450/3 | €217,427 | €436,503 | +€219,076 | +100.8% |
| Remuneration and social security | 454/9 | €1,034,037 | €1,190,720 | +€156,683 | +15.2% |
| Accrued charges and deferred income | 492/3 | €137,119 | €25,000 | -€112,119 | -81.8% |
| Operating income | 70/76A | €175,273,607 | €169,886,866 | -€5.4m | -3.1% |
| Turnover | 70 | €174,703,135 | €169,320,826 | -€5.4m | -3.1% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | -€190,778 | -€114,277 | +€76,501 | +40.1% |
| Other operating income | 74 | €761,250 | €680,318 | -€80,932 | -10.6% |
| Operating charges | 60/66A | €173,061,861 | €168,569,322 | -€4.5m | -2.6% |
| Goods for resale, raw materials and consumables | 60 | €143,374,921 | €136,482,717 | -€6.9m | -4.8% |
| Purchases | 600/8 | €142,926,192 | €136,819,828 | -€6.1m | -4.3% |
| Change in stocks: decrease (increase) | 609 | €448,729 | -€337,111 | -€785,840 | |
| Services and other goods | 61 | €18,641,921 | €20,787,792 | +€2.1m | +11.5% |
| Remuneration, social security and pensions | 62 | €8,297,746 | €8,781,414 | +€483,668 | +5.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,553,110 | €2,323,622 | -€229,488 | -9.0% |
| Other operating charges | 640/8 | €194,163 | €193,777 | -€386 | -0.2% |
| Operating profit (loss) | 9901 | €2,211,746 | €1,317,544 | -€894,202 | -40.4% |
| Financial income | 75/76B | €920,960 | €1,809,009 | +€888,049 | +96.4% |
| Recurring financial income | 75 | €920,960 | €1,809,009 | +€888,049 | +96.4% |
| Income from financial fixed assets | 750 | €605,748 | €1,621,015 | +€1.0m | +167.6% |
| Income from current assets | 751 | €314,744 | €179,803 | -€134,940 | -42.9% |
| Other financial income | 752/9 | €468 | €8,191 | +€7,723 | +1648.8% |
| Financial charges | 65/66B | €346,525 | €227,075 | -€119,450 | -34.5% |
| Recurring financial charges | 65 | €346,525 | €227,075 | -€119,450 | -34.5% |
| Debt charges | 650 | €324,101 | €204,110 | -€119,991 | -37.0% |
| Other financial charges | 652/9 | €22,424 | €22,964 | +€541 | +2.4% |
| Profit (loss) for the period before taxes | 9903 | €2,786,181 | €2,899,478 | +€113,297 | +4.1% |
| Income taxes | 67/77 | €618,078 | €420,285 | -€197,793 | -32.0% |
| Taxes | 670/3 | €618,078 | €420,285 | -€197,793 | -32.0% |
| Profit (loss) for the period | 9904 | €2,168,103 | €2,479,193 | +€311,090 | +14.3% |
| Transfer from tax-exempt reserves | 789 | €589,400 | €2,062,900 | +€1.5m | +250.0% |
| Transfer to tax-exempt reserves | 689 | €614,660 | €210,500 | -€404,160 | -65.8% |
| Profit (loss) for the period to be appropriated | 9905 | €2,142,843 | €4,331,593 | +€2.2m | +102.1% |
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 12 October 2026 via checked.be.