MASSAR Sophie: 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.
MASSAR Sophie
Largest movements
- Current investments -€49,795
down €49,795 (-11.2%), from €443,120 to €393,325
- Cash -€42,277
down €42,277 (-34.6%), from €122,051 to €79,774
mainly Other debts (-€110,234) and Investment in fixed assets (net) (-€10,819)
- Receivables within one year -€13,632
no longer reported in 2025 (was €13,632)
of which Other amounts receivable: -€9,957
- Other debts -€110,234
down €110,234 (-61.3%), from €179,890 to €69,656
- Financial charges +€52,426
up €52,426 (+84,832%), from €62 to €52,488
- Taxes -€14,585
down €14,585 (-95.2%), from €15,323 to €738
- Staff costs +€4,303
up €4,303 (+8.8%), from €48,713 to €53,016
- Other operating charges +€2,496
up €2,496 (+235%), from €1,061 to €3,557
- Gross operating margin +€2,199
up €2,199 (+1.8%), from €119,837 to €122,037
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 | €603,120 | €499,342 | -€103,778 | -17.2% |
| Fixed assets | 21/28 | €22,687 | €22,658 | -€29 | -0.1% |
| Tangible fixed assets | 22/27 | €22,687 | €22,658 | -€29 | -0.1% |
| Plant, machinery and equipment | 23 | €2,304 | €430 | -€1,874 | -81.3% |
| Furniture and vehicles | 24 | €20,383 | €22,229 | +€1,846 | +9.1% |
| Current assets | 29/58 | €580,433 | €476,683 | -€103,749 | -17.9% |
| Amounts receivable within one year | 40/41 | €13,632 | - | -€13,632 | |
| Trade receivables | 40 | €3,675 | - | -€3,675 | |
| Other amounts receivable | 41 | €9,957 | - | -€9,957 | |
| Current investments | 50/53 | €443,120 | €393,325 | -€49,795 | -11.2% |
| Cash at bank and in hand | 54/58 | €122,051 | €79,774 | -€42,277 | -34.6% |
| Deferred charges and accrued income | 490/1 | €1,629 | €3,585 | +€1,955 | +120% |
| Total equity and liabilities | 10/49 | €603,120 | €499,342 | -€103,778 | -17.2% |
| Equity | 10/15 | €386,782 | €389,186 | +€2,403 | +0.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €324,060 | €324,060 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €322,200 | €322,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €44,122 | €46,526 | +€2,403 | +5.4% |
| Amounts payable | 17/49 | €216,337 | €110,156 | -€106,181 | -49.1% |
| Amounts payable within one year | 42/48 | €215,756 | €109,958 | -€105,799 | -49.0% |
| Trade debts | 44 | €4,853 | €9,370 | +€4,517 | +93.1% |
| Suppliers | 440/4 | €4,853 | €9,370 | +€4,517 | +93.1% |
| Taxes, remuneration and social security | 45 | €31,014 | €30,932 | -€82 | -0.3% |
| Taxes | 450/3 | €20,771 | €21,243 | +€472 | +2.3% |
| Remuneration and social security | 454/9 | €10,243 | €9,689 | -€554 | -5.4% |
| Other amounts payable | 47/48 | €179,890 | €69,656 | -€110,234 | -61.3% |
| Accrued charges and deferred income | 492/3 | €581 | €199 | -€382 | -65.8% |
| Remuneration, social security and pensions | 62 | €48,713 | €53,016 | +€4,303 | +8.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,419 | €10,848 | +€429 | +4.1% |
| Other operating charges | 640/8 | €1,061 | €3,557 | +€2,496 | +235% |
| Gross operating margin | 9900 | €119,837 | €122,037 | +€2,199 | +1.8% |
| Operating profit (loss) | 9901 | €59,645 | €54,617 | -€5,028 | -8.4% |
| Financial income | 75/76B | €2,481 | €1,012 | -€1,469 | -59.2% |
| Recurring financial income | 75 | €2,481 | €1,012 | -€1,469 | -59.2% |
| Financial charges | 65/66B | €62 | €52,488 | +€52,426 | +84,832% |
| Recurring financial charges | 65 | €62 | €52,488 | +€52,426 | +84,832% |
| Profit (loss) for the period before taxes | 9903 | €62,064 | €3,141 | -€58,923 | -94.9% |
| Income taxes | 67/77 | €15,323 | €738 | -€14,585 | -95.2% |
| Profit (loss) for the period | 9904 | €46,741 | €2,403 | -€44,338 | -94.9% |
| Profit (loss) for the period to be appropriated | 9905 | €46,741 | €2,403 | -€44,338 | -94.9% |
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 31 October 2026 via checked.be.