MASINVER: 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.
MASINVER
Largest movements
- Tangible fixed assets -€12,968
down €12,968 (-4.2%), from €310,591 to €297,623
of which Land and buildings: -€12,249
- Receivables within one year +€12,251
up €12,251 (+14.3%), from €85,397 to €97,648
of which Trade receivables: +€12,251
- Profit (loss) carried forward +€40,113
up €40,113 (+49.8%), from -€80,544 to -€40,431
- Other debts -€24,295
down €24,295 (-9.9%), from €244,840 to €220,544
- Debts after one year -€19,558
down €19,558 (-10.4%), from €187,505 to €167,947
- Trade debts +€4,798
up €4,798 (+78.1%), from €6,143 to €10,940
- Gross operating margin +€17,722
up €17,722 (+41.3%), from €42,862 to €60,584
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 | €399,685 | €399,313 | -€372 | -0.1% |
| Fixed assets | 21/28 | €310,591 | €297,623 | -€12,968 | -4.2% |
| Tangible fixed assets | 22/27 | €310,591 | €297,623 | -€12,968 | -4.2% |
| Land and buildings | 22 | €308,135 | €295,886 | -€12,249 | -4.0% |
| Furniture and vehicles | 24 | €2,456 | €1,737 | -€719 | -29.3% |
| Current assets | 29/58 | €89,095 | €101,690 | +€12,595 | +14.1% |
| Amounts receivable within one year | 40/41 | €85,397 | €97,648 | +€12,251 | +14.3% |
| Trade receivables | 40 | €9,741 | €21,992 | +€12,251 | +125.8% |
| Other amounts receivable | 41 | €75,655 | €75,655 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €3,698 | €4,043 | +€345 | +9.3% |
| Total equity and liabilities | 10/49 | €399,685 | €399,313 | -€372 | -0.1% |
| Equity | 10/15 | -€61,944 | -€21,831 | +€40,113 | +64.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€80,544 | -€40,431 | +€40,113 | +49.8% |
| Amounts payable | 17/49 | €461,629 | €421,144 | -€40,485 | -8.8% |
| Amounts payable after more than one year | 17 | €187,505 | €167,947 | -€19,558 | -10.4% |
| Financial debts | 170/4 | €187,505 | €167,947 | -€19,558 | -10.4% |
| Amounts payable within one year | 42/48 | €274,124 | €253,197 | -€20,927 | -7.6% |
| Current portion of amounts payable after more than one year | 42 | €20,028 | €19,558 | -€471 | -2.3% |
| Trade debts | 44 | €6,143 | €10,940 | +€4,798 | +78.1% |
| Suppliers | 440/4 | €6,143 | €10,940 | +€4,798 | +78.1% |
| Taxes, remuneration and social security | 45 | €3,114 | €2,154 | -€959 | -30.8% |
| Taxes | 450/3 | €3,114 | €2,154 | -€959 | -30.8% |
| Other amounts payable | 47/48 | €244,840 | €220,544 | -€24,295 | -9.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,968 | €12,968 | = | 0.0% |
| Other operating charges | 640/8 | €2,949 | €2,738 | -€211 | -7.2% |
| Gross operating margin | 9900 | €42,862 | €60,584 | +€17,722 | +41.3% |
| Operating profit (loss) | 9901 | €26,945 | €44,879 | +€17,933 | +66.6% |
| Financial charges | 65/66B | €5,204 | €4,765 | -€438 | -8.4% |
| Recurring financial charges | 65 | €5,204 | €4,765 | -€438 | -8.4% |
| Profit (loss) for the period before taxes | 9903 | €21,742 | €40,113 | +€18,371 | +84.5% |
| Profit (loss) for the period | 9904 | €21,742 | €40,113 | +€18,371 | +84.5% |
| Profit (loss) for the period to be appropriated | 9905 | €21,742 | €40,113 | +€18,371 | +84.5% |
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.