MASSAERT: 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.
MASSAERT
Largest movements
- Cash +€149,221
up €149,221 (+51.0%), from €292,432 to €441,653
mainly Receivables within one year (+€88,437) and Net result for the year (+€58,096)
- Receivables within one year -€88,437
down €88,437 (-28.2%), from €313,178 to €224,742
of which Trade receivables: -€84,151
- Stocks and contracts +€10,600
up €10,600 (+388.9%), from €2,726 to €13,326
- Reserves +€58,096
up €58,096 (+16.6%), from €349,381 to €407,476
of which Distributable reserves: +€58,096
- Other debts +€9,997
up €9,997 (+18.6%), from €53,824 to €63,821
- Gross operating margin -€9,772
down €9,772 (-8.7%), from €112,416 to €102,644
- Taxes -€2,903
down €2,903 (-9.7%), from €30,024 to €27,121
- Financial income +€1,472
up €1,472 (+494.5%), from €298 to €1,770
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 | €650,924 | €716,939 | +€66,015 | +10.1% |
| Fixed assets | 21/28 | €25,483 | €19,259 | -€6,224 | -24.4% |
| Tangible fixed assets | 22/27 | €25,348 | €19,124 | -€6,224 | -24.6% |
| Land and buildings | 22 | €4,688 | €5,147 | +€459 | +9.8% |
| Plant, machinery and equipment | 23 | €17,727 | €13,978 | -€3,749 | -21.1% |
| Furniture and vehicles | 24 | €2,934 | €0 | -€2,934 | -100.0% |
| Financial fixed assets | 28 | €135 | €135 | = | 0.0% |
| Current assets | 29/58 | €625,440 | €697,680 | +€72,239 | +11.6% |
| Stocks and contracts in progress | 3 | €2,726 | €13,326 | +€10,600 | +388.9% |
| Stocks | 30/36 | €2,726 | €13,326 | +€10,600 | +388.9% |
| Amounts receivable within one year | 40/41 | €313,178 | €224,742 | -€88,437 | -28.2% |
| Trade receivables | 40 | €296,758 | €212,608 | -€84,151 | -28.4% |
| Other amounts receivable | 41 | €16,420 | €12,134 | -€4,286 | -26.1% |
| Cash at bank and in hand | 54/58 | €292,432 | €441,653 | +€149,221 | +51.0% |
| Deferred charges and accrued income | 490/1 | €17,104 | €17,959 | +€855 | +5.0% |
| Total equity and liabilities | 10/49 | €650,924 | €716,939 | +€66,015 | +10.1% |
| Equity | 10/15 | €367,981 | €426,076 | +€58,096 | +15.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €349,381 | €407,476 | +€58,096 | +16.6% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €349,381 | €407,476 | +€58,096 | +16.6% |
| Amounts payable | 17/49 | €282,943 | €290,863 | +€7,920 | +2.8% |
| Amounts payable within one year | 42/48 | €282,943 | €290,863 | +€7,920 | +2.8% |
| Trade debts | 44 | €221,854 | €222,776 | +€922 | +0.4% |
| Suppliers | 440/4 | €221,854 | €222,776 | +€922 | +0.4% |
| Taxes, remuneration and social security | 45 | €7,264 | €4,266 | -€2,999 | -41.3% |
| Taxes | 450/3 | €7,264 | €4,266 | -€2,999 | -41.3% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €53,824 | €63,821 | +€9,997 | +18.6% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,584 | €8,634 | +€50 | +0.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€730 | €0 | +€730 | |
| Other operating charges | 640/8 | €5,602 | €5,949 | +€346 | +6.2% |
| Gross operating margin | 9900 | €112,416 | €102,644 | -€9,772 | -8.7% |
| Operating profit (loss) | 9901 | €98,960 | €88,061 | -€10,899 | -11.0% |
| Financial income | 75/76B | €298 | €1,770 | +€1,472 | +494.5% |
| Recurring financial income | 75 | €298 | €1,770 | +€1,472 | +494.5% |
| Financial charges | 65/66B | €5,096 | €4,614 | -€482 | -9.4% |
| Recurring financial charges | 65 | €5,096 | €4,614 | -€482 | -9.4% |
| Profit (loss) for the period before taxes | 9903 | €94,162 | €85,217 | -€8,945 | -9.5% |
| Income taxes | 67/77 | €30,024 | €27,121 | -€2,903 | -9.7% |
| Profit (loss) for the period | 9904 | €64,138 | €58,096 | -€6,042 | -9.4% |
| Profit (loss) for the period to be appropriated | 9905 | €64,138 | €58,096 | -€6,042 | -9.4% |
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 9 October 2026 via checked.be.