Masinope: 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.
Masinope
Largest movements
- Stocks and contracts -€26,364
down €26,364 (-93.7%), from €28,132 to €1,768
of which Contracts in progress: -€19,865
- Receivables within one year +€22,190
up €22,190 (+118.0%), from €18,811 to €41,000
of which Trade receivables: +€25,941
- Cash +€1,613
up €1,613 (+602.5%), from €268 to €1,881
mainly Trade debts (+€41,712) and Stocks and contracts (+€26,364)
- Tangible fixed assets -€1,220
down €1,220 (-40.3%), from €3,029 to €1,808
- Profit (loss) carried forward -€58,566
new in 2025: -€58,566
- Trade debts +€41,712
up €41,712 (+454.5%), from €9,177 to €50,890
- Debts after one year +€11,847
up €11,847 (+674.3%), from €1,757 to €13,604
- Current portion of long-term debt +€2,997
up €2,997 (+58.1%), from €5,156 to €8,153
- Other debts -€2,970
down €2,970 (-17.5%), from €16,984 to €14,014
- Gross operating margin -€61,534
down €61,534, from €10,229 to -€51,305
- Staff costs -€3,300
down €3,300 (-100.0%), from €3,300 to €0
- Financial charges +€1,647
up €1,647 (+121.6%), from €1,354 to €3,001
- Financial income -€1,286
down €1,286 (-99.7%), from €1,290 to €4
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 | €56,216 | €52,071 | -€4,146 | -7.4% |
| Formation expenses | 20 | €4,765 | €4,765 | = | 0.0% |
| Fixed assets | 21/28 | €3,054 | €1,833 | -€1,220 | -40.0% |
| Tangible fixed assets | 22/27 | €3,029 | €1,808 | -€1,220 | -40.3% |
| Plant, machinery and equipment | 23 | €3,029 | €1,808 | -€1,220 | -40.3% |
| Financial fixed assets | 28 | €25 | €25 | = | 0.0% |
| Current assets | 29/58 | €48,398 | €45,472 | -€2,925 | -6.0% |
| Stocks and contracts in progress | 3 | €28,132 | €1,768 | -€26,364 | -93.7% |
| Stocks | 30/36 | €8,267 | €1,768 | -€6,499 | -78.6% |
| Contracts in progress | 37 | €19,865 | €0 | -€19,865 | -100.0% |
| Amounts receivable within one year | 40/41 | €18,811 | €41,000 | +€22,190 | +118.0% |
| Trade receivables | 40 | €9,289 | €35,230 | +€25,941 | +279.2% |
| Other amounts receivable | 41 | €9,521 | €5,770 | -€3,751 | -39.4% |
| Cash at bank and in hand | 54/58 | €268 | €1,881 | +€1,613 | +602.5% |
| Deferred charges and accrued income | 490/1 | €1,187 | €823 | -€364 | -30.7% |
| Total equity and liabilities | 10/49 | €56,216 | €52,071 | -€4,146 | -7.4% |
| Equity | 10/15 | €22,335 | -€36,231 | -€58,566 | |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €17,335 | €17,335 | = | 0.0% |
| Tax-exempt reserves | 132 | €92 | €92 | = | 0.0% |
| Distributable reserves | 133 | €17,243 | €17,243 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€58,566 | -€58,566 | |
| Amounts payable | 17/49 | €33,881 | €88,302 | +€54,421 | +160.6% |
| Amounts payable after more than one year | 17 | €1,757 | €13,604 | +€11,847 | +674.3% |
| Financial debts | 170/4 | €1,757 | €13,604 | +€11,847 | +674.3% |
| Amounts payable within one year | 42/48 | €32,124 | €74,448 | +€42,324 | +131.8% |
| Current portion of amounts payable after more than one year | 42 | €5,156 | €8,153 | +€2,997 | +58.1% |
| Trade debts | 44 | €9,177 | €50,890 | +€41,712 | +454.5% |
| Suppliers | 440/4 | €9,177 | €50,890 | +€41,712 | +454.5% |
| Taxes, remuneration and social security | 45 | €807 | €1,391 | +€584 | +72.4% |
| Taxes | 450/3 | €807 | €1,391 | +€584 | +72.4% |
| Other amounts payable | 47/48 | €16,984 | €14,014 | -€2,970 | -17.5% |
| Accrued charges and deferred income | 492/3 | - | €250 | +€250 | |
| Remuneration, social security and pensions | 62 | €3,300 | €0 | -€3,300 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,262 | €1,220 | -€41 | -3.3% |
| Other operating charges | 640/8 | €932 | €878 | -€54 | -5.8% |
| Gross operating margin | 9900 | €10,229 | -€51,305 | -€61,534 | |
| Operating profit (loss) | 9901 | €4,735 | -€53,404 | -€58,138 | |
| Financial income | 75/76B | €1,290 | €4 | -€1,286 | -99.7% |
| Recurring financial income | 75 | €1,290 | €4 | -€1,286 | -99.7% |
| Financial charges | 65/66B | €1,354 | €3,001 | +€1,647 | +121.6% |
| Recurring financial charges | 65 | €1,354 | €3,001 | +€1,647 | +121.6% |
| Profit (loss) for the period before taxes | 9903 | €4,670 | -€56,401 | -€61,071 | |
| Income taxes | 67/77 | €2,642 | €2,166 | -€476 | -18.0% |
| Profit (loss) for the period | 9904 | €2,029 | -€58,566 | -€60,595 | |
| Profit (loss) for the period to be appropriated | 9905 | €2,029 | -€58,566 | -€60,595 |
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 7 October 2026 via checked.be.