MASSANA: 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.
MASSANA
Largest movements
- Receivables within one year +€109,051
up €109,051 (+1,235%), from €8,833 to €117,884
of which Other amounts receivable: +€104,805
- Current investments -€100,000
no longer reported in 2025 (was €100,000)
- Tangible fixed assets -€81,623
down €81,623 (-5.1%), from €1.6m to €1.5m
- Debts after one year -€94,184
down €94,184 (-32.4%), from €290,422 to €196,238
of which Financial debts: -€94,219
- Revaluation surpluses -€22,735
down €22,735 (-5.6%), from €409,225 to €386,491
- Reserves +€22,735
up €22,735 (+16.4%), from €138,268 to €161,003
- Profit (loss) carried forward +€20,816
up €20,816 (+721%), from €2,885 to €23,701
- Gross operating margin +€11,659
up €11,659 (+8.7%), from €134,349 to €146,008
- Taxes +€2,960
up €2,960 (+26.2%), from €11,281 to €14,241
- Financial charges -€2,683
down €2,683 (-11.9%), from €22,491 to €19,809
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 | €1,845,047 | €1,764,230 | -€80,817 | -4.4% |
| Fixed assets | 21/28 | €1,605,209 | €1,523,586 | -€81,623 | -5.1% |
| Tangible fixed assets | 22/27 | €1,605,209 | €1,523,586 | -€81,623 | -5.1% |
| Land and buildings | 22 | €1,605,209 | €1,523,586 | -€81,623 | -5.1% |
| Current assets | 29/58 | €239,837 | €240,644 | +€807 | +0.3% |
| Amounts receivable after more than one year | 29 | €75,000 | €75,000 | = | 0.0% |
| Other amounts receivable | 291 | €75,000 | €75,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €8,833 | €117,884 | +€109,051 | +1,235% |
| Trade receivables | 40 | - | €4,246 | +€4,246 | |
| Other amounts receivable | 41 | €8,833 | €113,637 | +€104,805 | +1,187% |
| Current investments | 50/53 | €100,000 | - | -€100,000 | |
| Cash at bank and in hand | 54/58 | €55,341 | €47,638 | -€7,703 | -13.9% |
| Deferred charges and accrued income | 490/1 | €664 | €122 | -€542 | -81.6% |
| Total equity and liabilities | 10/49 | €1,845,047 | €1,764,230 | -€80,817 | -4.4% |
| Equity | 10/15 | €568,979 | €589,795 | +€20,816 | +3.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Revaluation surpluses | 12 | €409,225 | €386,491 | -€22,735 | -5.6% |
| Reserves | 13 | €138,268 | €161,003 | +€22,735 | +16.4% |
| Distributable reserves | 133 | €138,268 | €161,003 | +€22,735 | +16.4% |
| Profit (loss) carried forward | 14 | €2,885 | €23,701 | +€20,816 | +721% |
| Amounts payable | 17/49 | €1,276,068 | €1,174,435 | -€101,633 | -8.0% |
| Amounts payable after more than one year | 17 | €290,422 | €196,238 | -€94,184 | -32.4% |
| Financial debts | 170/4 | €268,905 | €174,686 | -€94,219 | -35.0% |
| Other amounts payable | 178/9 | €21,516 | €21,551 | +€35 | +0.2% |
| Amounts payable within one year | 42/48 | €984,640 | €977,226 | -€7,414 | -0.8% |
| Current portion of amounts payable after more than one year | 42 | €90,354 | €94,219 | +€3,865 | +4.3% |
| Trade debts | 44 | €2,654 | €2,422 | -€232 | -8.7% |
| Suppliers | 440/4 | €2,654 | €2,422 | -€232 | -8.7% |
| Taxes, remuneration and social security | 45 | €11,166 | €41 | -€11,125 | -99.6% |
| Taxes | 450/3 | €11,166 | €41 | -€11,125 | -99.6% |
| Other amounts payable | 47/48 | €880,466 | €880,544 | +€78 | 0.0% |
| Accrued charges and deferred income | 492/3 | €1,006 | €971 | -€35 | -3.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €81,265 | €81,623 | +€358 | +0.4% |
| Other operating charges | 640/8 | €9,982 | €10,152 | +€170 | +1.7% |
| Gross operating margin | 9900 | €134,349 | €146,008 | +€11,659 | +8.7% |
| Operating profit (loss) | 9901 | €43,102 | €54,233 | +€11,131 | +25.8% |
| Financial income | 75/76B | €827 | €633 | -€194 | -23.4% |
| Recurring financial income | 75 | €827 | €633 | -€194 | -23.4% |
| Financial charges | 65/66B | €22,491 | €19,809 | -€2,683 | -11.9% |
| Recurring financial charges | 65 | €22,491 | €19,809 | -€2,683 | -11.9% |
| Profit (loss) for the period before taxes | 9903 | €21,437 | €35,057 | +€13,620 | +63.5% |
| Income taxes | 67/77 | €11,281 | €14,241 | +€2,960 | +26.2% |
| Profit (loss) for the period | 9904 | €10,155 | €20,816 | +€10,661 | +105% |
| Profit (loss) for the period to be appropriated | 9905 | €10,155 | €20,816 | +€10,661 | +105% |
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 1 November 2026 via checked.be.