MASSAER: 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.
MASSAER
Largest movements
- Current investments -€45,023
down €45,023 (-100.0%), from €45,024 to €1
- Receivables within one year -€24,299
down €24,299 (-39.5%), from €61,465 to €37,166
of which Trade receivables: -€24,142
- Tangible fixed assets +€22,258
up €22,258 (+4.4%), from €509,675 to €531,933
of which Furniture and vehicles: +€28,561
- Trade debts -€28,981
down €28,981 (-90.8%), from €31,924 to €2,942
- Reserves +€18,499
up €18,499 (+3.4%), from €538,600 to €557,099
of which Distributable reserves: +€18,499
- Tax, wage and social debts -€11,954
down €11,954 (-63.1%), from €18,943 to €6,989
of which Taxes: -€10,154
- Debts after one year -€9,875
down €9,875 (-100%), from €9,875 to €0
- Gross operating margin -€30,492
down €30,492 (-31.1%), from €98,071 to €67,579
- Taxes -€9,757
down €9,757 (-58.5%), from €16,680 to €6,922
- Depreciation +€5,514
up €5,514 (+17.5%), from €31,475 to €36,989
- Financial charges -€2,461
down €2,461 (-57.8%), from €4,258 to €1,796
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.
Derived cash bridge
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 | €642,188 | €600,725 | -€41,463 | -6.5% |
| Fixed assets | 21/28 | €509,775 | €532,033 | +€22,258 | +4.4% |
| Tangible fixed assets | 22/27 | €509,675 | €531,933 | +€22,258 | +4.4% |
| Land and buildings | 22 | €483,637 | €481,873 | -€1,764 | -0.4% |
| Plant, machinery and equipment | 23 | €17,207 | €13,501 | -€3,706 | -21.5% |
| Furniture and vehicles | 24 | €7,998 | €36,559 | +€28,561 | +357% |
| Other tangible fixed assets | 26 | €833 | €0 | -€833 | -100% |
| Financial fixed assets | 28 | €100 | €100 | = | 0.0% |
| Current assets | 29/58 | €132,413 | €68,692 | -€63,721 | -48.1% |
| Amounts receivable within one year | 40/41 | €61,465 | €37,166 | -€24,299 | -39.5% |
| Trade receivables | 40 | €61,289 | €37,148 | -€24,142 | -39.4% |
| Other amounts receivable | 41 | €176 | €19 | -€157 | -89.4% |
| Current investments | 50/53 | €45,024 | €1 | -€45,023 | -100.0% |
| Cash at bank and in hand | 54/58 | €21,777 | €27,246 | +€5,469 | +25.1% |
| Deferred charges and accrued income | 490/1 | €4,147 | €4,279 | +€132 | +3.2% |
| Total equity and liabilities | 10/49 | €642,188 | €600,725 | -€41,463 | -6.5% |
| Equity | 10/15 | €557,192 | €575,691 | +€18,499 | +3.3% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €538,600 | €557,099 | +€18,499 | +3.4% |
| Tax-exempt reserves | 132 | €77,710 | €77,710 | = | 0.0% |
| Distributable reserves | 133 | €460,890 | €479,389 | +€18,499 | +4.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €84,996 | €25,034 | -€59,962 | -70.5% |
| Amounts payable after more than one year | 17 | €9,875 | €0 | -€9,875 | -100% |
| Financial debts | 170/4 | €9,875 | €0 | -€9,875 | -100% |
| Amounts payable within one year | 42/48 | €75,121 | €25,034 | -€50,087 | -66.7% |
| Current portion of amounts payable after more than one year | 42 | €16,098 | €9,875 | -€6,223 | -38.7% |
| Trade debts | 44 | €31,924 | €2,942 | -€28,981 | -90.8% |
| Suppliers | 440/4 | €31,924 | €2,942 | -€28,981 | -90.8% |
| Taxes, remuneration and social security | 45 | €18,943 | €6,989 | -€11,954 | -63.1% |
| Taxes | 450/3 | €17,143 | €6,989 | -€10,154 | -59.2% |
| Remuneration and social security | 454/9 | €1,800 | €0 | -€1,800 | -100% |
| Other amounts payable | 47/48 | €8,156 | €5,228 | -€2,928 | -35.9% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,475 | €36,989 | +€5,514 | +17.5% |
| Other operating charges | 640/8 | €3,200 | €3,659 | +€459 | +14.3% |
| Non-recurring operating charges | 66A | €1,021 | €0 | -€1,021 | -100% |
| Gross operating margin | 9900 | €98,071 | €67,579 | -€30,492 | -31.1% |
| Operating profit (loss) | 9901 | €62,375 | €26,931 | -€35,444 | -56.8% |
| Financial income | 75/76B | €61 | €286 | +€225 | +368% |
| Recurring financial income | 75 | €61 | €286 | +€225 | +368% |
| Financial charges | 65/66B | €4,258 | €1,796 | -€2,461 | -57.8% |
| Recurring financial charges | 65 | €4,258 | €1,796 | -€2,461 | -57.8% |
| Profit (loss) for the period before taxes | 9903 | €58,178 | €25,421 | -€32,757 | -56.3% |
| Income taxes | 67/77 | €16,680 | €6,922 | -€9,757 | -58.5% |
| Profit (loss) for the period | 9904 | €41,499 | €18,499 | -€23,000 | -55.4% |
| Profit (loss) for the period to be appropriated | 9905 | €41,499 | €18,499 | -€23,000 | -55.4% |
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 14 October 2026 via checked.be.