MASSAGRI: 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.
MASSAGRI
Largest movements
- Tangible fixed assets +€238,598
up €238,598 (+30.0%), from €794,213 to €1.0m
of which Plant, machinery and equipment: +€274,518
- Cash -€38,625
down €38,625 (-31.3%), from €123,364 to €84,739
mainly Investment in fixed assets (net) (-€345,196) and Trade debts (-€161,831)
- Receivables within one year -€26,081
down €26,081 (-13.6%), from €191,615 to €165,534
of which Other amounts receivable: -€52,119
- Financial fixed assets +€20,000
up €20,000 (+3.8%), from €530,000 to €550,000
- Trade debts -€161,831
down €161,831 (-57.2%), from €283,131 to €121,299
- Debts after one year +€105,358
up €105,358 (+12.7%), from €829,358 to €934,716
- Other debts +€87,471
up €87,471 (+113%), from €77,166 to €164,637
- Reserves +€78,000
up €78,000 (+16.8%), from €464,500 to €542,500
of which Distributable reserves: +€78,000
- Current portion of long-term debt +€45,376
up €45,376 (+44.3%), from €102,402 to €147,779
- Gross operating margin -€31,206
down €31,206 (-10.6%), from €295,234 to €264,027
- Depreciation +€23,822
up €23,822 (+37.9%), from €62,776 to €86,598
- Write-downs -€18,996
new in 2025: -€18,996
- Financial charges +€15,131
up €15,131 (+49.1%), from €30,819 to €45,950
- Other operating charges -€10,180
down €10,180 (-42.7%), from €23,850 to €13,670
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 | €1,786,949 | €1,975,531 | +€188,582 | +10.6% |
| Fixed assets | 21/28 | €1,324,213 | €1,582,811 | +€258,598 | +19.5% |
| Tangible fixed assets | 22/27 | €794,213 | €1,032,811 | +€238,598 | +30.0% |
| Land and buildings | 22 | €736,713 | €699,836 | -€36,877 | -5.0% |
| Plant, machinery and equipment | 23 | €50,912 | €325,430 | +€274,518 | +539% |
| Furniture and vehicles | 24 | €6,588 | €7,546 | +€958 | +14.5% |
| Financial fixed assets | 28 | €530,000 | €550,000 | +€20,000 | +3.8% |
| Current assets | 29/58 | €462,736 | €392,720 | -€70,016 | -15.1% |
| Stocks and contracts in progress | 3 | €137,000 | €127,782 | -€9,218 | -6.7% |
| Stocks | 30/36 | €137,000 | €127,782 | -€9,218 | -6.7% |
| Amounts receivable within one year | 40/41 | €191,615 | €165,534 | -€26,081 | -13.6% |
| Trade receivables | 40 | €111,282 | €137,320 | +€26,038 | +23.4% |
| Other amounts receivable | 41 | €80,333 | €28,213 | -€52,119 | -64.9% |
| Cash at bank and in hand | 54/58 | €123,364 | €84,739 | -€38,625 | -31.3% |
| Deferred charges and accrued income | 490/1 | €10,757 | €14,666 | +€3,908 | +36.3% |
| Total equity and liabilities | 10/49 | €1,786,949 | €1,975,531 | +€188,582 | +10.6% |
| Equity | 10/15 | €485,998 | €564,114 | +€78,116 | +16.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €464,500 | €542,500 | +€78,000 | +16.8% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €462,500 | €540,500 | +€78,000 | +16.9% |
| Profit (loss) carried forward | 14 | €9,098 | €9,214 | +€116 | +1.3% |
| Amounts payable | 17/49 | €1,300,951 | €1,411,418 | +€110,466 | +8.5% |
| Amounts payable after more than one year | 17 | €829,358 | €934,716 | +€105,358 | +12.7% |
| Financial debts | 170/4 | €829,358 | €934,716 | +€105,358 | +12.7% |
| Amounts payable within one year | 42/48 | €469,308 | €473,994 | +€4,686 | +1.0% |
| Current portion of amounts payable after more than one year | 42 | €102,402 | €147,779 | +€45,376 | +44.3% |
| Trade debts | 44 | €283,131 | €121,299 | -€161,831 | -57.2% |
| Suppliers | 440/4 | €283,131 | €121,299 | -€161,831 | -57.2% |
| Taxes, remuneration and social security | 45 | €6,609 | €40,280 | +€33,671 | +509% |
| Taxes | 450/3 | - | €34,812 | +€34,812 | |
| Remuneration and social security | 454/9 | €6,609 | €5,467 | -€1,142 | -17.3% |
| Other amounts payable | 47/48 | €77,166 | €164,637 | +€87,471 | +113% |
| Accrued charges and deferred income | 492/3 | €2,285 | €2,707 | +€422 | +18.5% |
| Remuneration, social security and pensions | 62 | €39,132 | €39,297 | +€166 | +0.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €62,776 | €86,598 | +€23,822 | +37.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€18,996 | -€18,996 | |
| Other operating charges | 640/8 | €23,850 | €13,670 | -€10,180 | -42.7% |
| Gross operating margin | 9900 | €295,234 | €264,027 | -€31,206 | -10.6% |
| Operating profit (loss) | 9901 | €169,476 | €143,458 | -€26,018 | -15.4% |
| Financial income | 75/76B | €9,196 | €9,392 | +€196 | +2.1% |
| Recurring financial income | 75 | €9,196 | €9,392 | +€196 | +2.1% |
| Financial charges | 65/66B | €30,819 | €45,950 | +€15,131 | +49.1% |
| Recurring financial charges | 65 | €30,819 | €45,950 | +€15,131 | +49.1% |
| Profit (loss) for the period before taxes | 9903 | €147,853 | €106,900 | -€40,953 | -27.7% |
| Income taxes | 67/77 | €29,065 | €28,784 | -€280 | -1.0% |
| Profit (loss) for the period | 9904 | €118,788 | €78,116 | -€40,672 | -34.2% |
| Profit (loss) for the period to be appropriated | 9905 | €118,788 | €78,116 | -€40,672 | -34.2% |
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 19 October 2026 via checked.be.