MASETTI: 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.
MASETTI
Largest movements
- Cash -€188,629
down €188,629 (-37.7%), from €500,515 to €311,886
mainly Other debts (-€181,985) and Tax, wage and social debts (-€105,714)
- Receivables within one year +€93,639
up €93,639 (+22.7%), from €412,019 to €505,658
of which Trade receivables: +€96,149
- Other debts -€181,985
down €181,985 (-74.3%), from €245,034 to €63,049
- Tax, wage and social debts -€105,714
down €105,714 (-49.8%), from €212,105 to €106,391
of which Taxes: -€106,209
- Trade debts +€102,238
up €102,238 (+34.4%), from €296,785 to €399,023
- Reserves +€100,000
up €100,000 (+11.2%), from €891,860 to €991,860
of which Distributable reserves: +€100,000
- Gross operating margin +€80,880
up €80,880 (+18.6%), from €434,961 to €515,841
- Staff costs +€23,009
up €23,009 (+9.8%), from €233,938 to €256,947
- Other operating charges +€21,956
up €21,956 (+108.5%), from €20,243 to €42,200
- Financial income -€13,731
down €13,731 (-95.1%), from €14,441 to €710
- Taxes +€8,890
up €8,890 (+34.0%), from €26,165 to €35,055
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 | €1,748,730 | €1,641,798 | -€106,932 | -6.1% |
| Fixed assets | 21/28 | €103,509 | €95,994 | -€7,515 | -7.3% |
| Tangible fixed assets | 22/27 | €93,249 | €85,734 | -€7,515 | -8.1% |
| Plant, machinery and equipment | 23 | €82,260 | €61,249 | -€21,011 | -25.5% |
| Furniture and vehicles | 24 | €10,990 | €24,485 | +€13,495 | +122.8% |
| Financial fixed assets | 28 | €10,260 | €10,260 | = | 0.0% |
| Current assets | 29/58 | €1,645,220 | €1,545,804 | -€99,417 | -6.0% |
| Stocks and contracts in progress | 3 | €731,092 | €727,737 | -€3,355 | -0.5% |
| Stocks | 30/36 | €731,092 | €727,737 | -€3,355 | -0.5% |
| Amounts receivable within one year | 40/41 | €412,019 | €505,658 | +€93,639 | +22.7% |
| Trade receivables | 40 | €406,662 | €502,811 | +€96,149 | +23.6% |
| Other amounts receivable | 41 | €5,357 | €2,847 | -€2,509 | -46.8% |
| Cash at bank and in hand | 54/58 | €500,515 | €311,886 | -€188,629 | -37.7% |
| Deferred charges and accrued income | 490/1 | €1,594 | €522 | -€1,072 | -67.2% |
| Total equity and liabilities | 10/49 | €1,748,730 | €1,641,798 | -€106,932 | -6.1% |
| Equity | 10/15 | €902,613 | €999,561 | +€96,948 | +10.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €891,860 | €991,860 | +€100,000 | +11.2% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €890,000 | €990,000 | +€100,000 | +11.2% |
| Profit (loss) carried forward | 14 | €4,553 | €1,501 | -€3,052 | -67.0% |
| Amounts payable | 17/49 | €846,117 | €642,237 | -€203,880 | -24.1% |
| Amounts payable after more than one year | 17 | €65,266 | €52,662 | -€12,605 | -19.3% |
| Financial debts | 170/4 | €65,266 | €52,662 | -€12,605 | -19.3% |
| Amounts payable within one year | 42/48 | €766,313 | €581,068 | -€185,245 | -24.2% |
| Current portion of amounts payable after more than one year | 42 | €12,388 | €12,605 | +€216 | +1.7% |
| Trade debts | 44 | €296,785 | €399,023 | +€102,238 | +34.4% |
| Suppliers | 440/4 | €296,785 | €399,023 | +€102,238 | +34.4% |
| Taxes, remuneration and social security | 45 | €212,105 | €106,391 | -€105,714 | -49.8% |
| Taxes | 450/3 | €183,744 | €77,535 | -€106,209 | -57.8% |
| Remuneration and social security | 454/9 | €28,361 | €28,856 | +€495 | +1.7% |
| Other amounts payable | 47/48 | €245,034 | €63,049 | -€181,985 | -74.3% |
| Accrued charges and deferred income | 492/3 | €14,538 | €8,507 | -€6,031 | -41.5% |
| Non-recurring operating income | 76A | €8,506 | - | -€8,506 | |
| Remuneration, social security and pensions | 62 | €233,938 | €256,947 | +€23,009 | +9.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,799 | €28,933 | -€1,866 | -6.1% |
| Other operating charges | 640/8 | €20,243 | €42,200 | +€21,956 | +108.5% |
| Non-recurring operating charges | 66A | €898 | €588 | -€310 | -34.5% |
| Gross operating margin | 9900 | €434,961 | €515,841 | +€80,880 | +18.6% |
| Operating profit (loss) | 9901 | €149,083 | €187,174 | +€38,091 | +25.6% |
| Financial income | 75/76B | €14,441 | €710 | -€13,731 | -95.1% |
| Recurring financial income | 75 | €14,441 | €710 | -€13,731 | -95.1% |
| Financial charges | 65/66B | €23,761 | €16,880 | -€6,881 | -29.0% |
| Recurring financial charges | 65 | €23,761 | €16,880 | -€6,881 | -29.0% |
| Profit (loss) for the period before taxes | 9903 | €139,762 | €171,004 | +€31,241 | +22.4% |
| Income taxes | 67/77 | €26,165 | €35,055 | +€8,890 | +34.0% |
| Profit (loss) for the period | 9904 | €113,597 | €135,948 | +€22,351 | +19.7% |
| Profit (loss) for the period to be appropriated | 9905 | €113,597 | €135,948 | +€22,351 | +19.7% |
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 29 September 2026 via checked.be.