MASSADA: 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.
MASSADA
Largest movements
- Receivables within one year +€6,669
up €6,669 (+71.9%), from €9,276 to €15,945
of which Trade receivables: +€4,429
- Cash -€3,835
down €3,835 (-31.6%), from €12,134 to €8,300
mainly Receivables within one year (-€6,669) and Investment in fixed assets (net) (-€3,441)
- Tangible fixed assets +€2,522
up €2,522 (+124.5%), from €2,026 to €4,548
of which Plant, machinery and equipment: +€1,314
- Profit (loss) carried forward +€4,009
up €4,009 (+36.2%), from €11,065 to €15,073
- Trade debts +€3,667
up €3,667 (+733.2%), from €500 to €4,168
- Other debts -€2,388
down €2,388 (-98.9%), from €2,414 to €25
- Gross operating margin -€8,002
down €8,002 (-46.6%), from €17,168 to €9,166
- Taxes -€1,245
down €1,245 (-31.2%), from €3,990 to €2,744
- Depreciation -€383
down €383 (-29.4%), from €1,302 to €918
- Other operating charges +€200
up €200 (+32.0%), from €625 to €825
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 | €23,437 | €28,793 | +€5,356 | +22.9% |
| Fixed assets | 21/28 | €2,026 | €4,548 | +€2,522 | +124.5% |
| Tangible fixed assets | 22/27 | €2,026 | €4,548 | +€2,522 | +124.5% |
| Plant, machinery and equipment | 23 | - | €1,314 | +€1,314 | |
| Furniture and vehicles | 24 | €2,026 | €3,234 | +€1,208 | +59.6% |
| Current assets | 29/58 | €21,411 | €24,245 | +€2,834 | +13.2% |
| Amounts receivable within one year | 40/41 | €9,276 | €15,945 | +€6,669 | +71.9% |
| Trade receivables | 40 | €8,276 | €12,705 | +€4,429 | +53.5% |
| Other amounts receivable | 41 | €1,000 | €3,240 | +€2,240 | +224.0% |
| Cash at bank and in hand | 54/58 | €12,134 | €8,300 | -€3,835 | -31.6% |
| Total equity and liabilities | 10/49 | €23,437 | €28,793 | +€5,356 | +22.9% |
| Equity | 10/15 | €13,465 | €17,473 | +€4,009 | +29.8% |
| Contributions | 10/11 | €2,400 | €2,400 | = | 0.0% |
| Profit (loss) carried forward | 14 | €11,065 | €15,073 | +€4,009 | +36.2% |
| Amounts payable | 17/49 | €9,972 | €11,320 | +€1,348 | +13.5% |
| Amounts payable within one year | 42/48 | €9,972 | €11,320 | +€1,348 | +13.5% |
| Trade debts | 44 | €500 | €4,168 | +€3,667 | +733.2% |
| Suppliers | 440/4 | €500 | €4,168 | +€3,667 | +733.2% |
| Taxes, remuneration and social security | 45 | €7,058 | €7,127 | +€68 | +1.0% |
| Taxes | 450/3 | €7,058 | €5,627 | -€1,432 | -20.3% |
| Remuneration and social security | 454/9 | - | €1,500 | +€1,500 | |
| Other amounts payable | 47/48 | €2,414 | €25 | -€2,388 | -98.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,302 | €918 | -€383 | -29.4% |
| Other operating charges | 640/8 | €625 | €825 | +€200 | +32.0% |
| Non-recurring operating charges | 66A | - | €613 | +€613 | |
| Gross operating margin | 9900 | €17,168 | €9,166 | -€8,002 | -46.6% |
| Operating profit (loss) | 9901 | €15,240 | €6,809 | -€8,431 | -55.3% |
| Financial income | 75/76B | €0 | €1 | +€1 | +2166.7% |
| Recurring financial income | 75 | €0 | €1 | +€1 | +2166.7% |
| Financial charges | 65/66B | €186 | €57 | -€129 | -69.4% |
| Recurring financial charges | 65 | €181 | €57 | -€124 | -68.4% |
| Non-recurring financial charges | 66B | €6 | - | -€6 | |
| Profit (loss) for the period before taxes | 9903 | €15,054 | €6,753 | -€8,301 | -55.1% |
| Income taxes | 67/77 | €3,990 | €2,744 | -€1,245 | -31.2% |
| Profit (loss) for the period | 9904 | €11,065 | €4,009 | -€7,056 | -63.8% |
| Profit (loss) for the period to be appropriated | 9905 | €11,065 | €4,009 | -€7,056 | -63.8% |
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 2 October 2026 via checked.be.