MASSART: 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.
MASSART
Largest movements
- Tangible fixed assets -€44,114
down €44,114 (-29.8%), from €147,963 to €103,849
of which Furniture and vehicles: -€28,750
- Cash +€41,050
up €41,050 (+35.4%), from €115,924 to €156,974
mainly Depreciation (+€47,714) and Net result for the year (+€21,850)
- Receivables within one year -€15,222
down €15,222 (-13.3%), from €114,496 to €99,275
of which Trade receivables: -€14,497
- Deferred charges and accrued income +€4,444
up €4,444 (+110%), from €4,054 to €8,498
- Debts after one year -€28,409
down €28,409 (-43.5%), from €65,371 to €36,962
- Profit (loss) carried forward +€21,850
up €21,850 (+38.4%), from -€56,949 to -€35,099
- Trade debts +€14,905
up €14,905 (+29.2%), from €50,974 to €65,880
- Other debts -€11,311
down €11,311 (-88.0%), from €12,855 to €1,544
- Tax, wage and social debts -€7,315
down €7,315 (-21.6%), from €33,895 to €26,579
of which Remuneration and social security: -€7,783
- Other operating charges -€52,818
down €52,818 (-93.2%), from €56,672 to €3,854
- Staff costs -€46,095
down €46,095 (-25.4%), from €181,679 to €135,584
- Gross operating margin -€10,009
down €10,009 (-4.5%), from €223,912 to €213,903
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 | €398,862 | €385,020 | -€13,842 | -3.5% |
| Fixed assets | 21/28 | €157,638 | €113,524 | -€44,114 | -28.0% |
| Tangible fixed assets | 22/27 | €147,963 | €103,849 | -€44,114 | -29.8% |
| Plant, machinery and equipment | 23 | €851 | €302 | -€549 | -64.5% |
| Furniture and vehicles | 24 | €111,362 | €82,612 | -€28,750 | -25.8% |
| Other tangible fixed assets | 26 | €35,750 | €20,935 | -€14,815 | -41.4% |
| Financial fixed assets | 28 | €9,675 | €9,675 | = | 0.0% |
| Current assets | 29/58 | €241,224 | €271,496 | +€30,272 | +12.5% |
| Amounts receivable after more than one year | 29 | €2,000 | €2,000 | = | 0.0% |
| Other amounts receivable | 291 | €2,000 | €2,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €4,750 | €4,750 | = | 0.0% |
| Stocks | 30/36 | €4,750 | €4,750 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €114,496 | €99,275 | -€15,222 | -13.3% |
| Trade receivables | 40 | €109,063 | €94,566 | -€14,497 | -13.3% |
| Other amounts receivable | 41 | €5,433 | €4,708 | -€725 | -13.3% |
| Cash at bank and in hand | 54/58 | €115,924 | €156,974 | +€41,050 | +35.4% |
| Deferred charges and accrued income | 490/1 | €4,054 | €8,498 | +€4,444 | +110% |
| Total equity and liabilities | 10/49 | €398,862 | €385,020 | -€13,842 | -3.5% |
| Equity | 10/15 | €201,771 | €223,621 | +€21,850 | +10.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €240,120 | €240,120 | = | 0.0% |
| Tax-exempt reserves | 132 | €0 | - | = | |
| Distributable reserves | 133 | €240,120 | €240,120 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€56,949 | -€35,099 | +€21,850 | +38.4% |
| Amounts payable | 17/49 | €197,091 | €161,400 | -€35,692 | -18.1% |
| Amounts payable after more than one year | 17 | €65,371 | €36,962 | -€28,409 | -43.5% |
| Financial debts | 170/4 | €65,371 | €36,962 | -€28,409 | -43.5% |
| Amounts payable within one year | 42/48 | €129,020 | €122,413 | -€6,607 | -5.1% |
| Current portion of amounts payable after more than one year | 42 | €31,296 | €28,409 | -€2,887 | -9.2% |
| Trade debts | 44 | €50,974 | €65,880 | +€14,905 | +29.2% |
| Suppliers | 440/4 | €50,974 | €65,880 | +€14,905 | +29.2% |
| Taxes, remuneration and social security | 45 | €33,895 | €26,579 | -€7,315 | -21.6% |
| Taxes | 450/3 | €584 | €1,052 | +€468 | +80.1% |
| Remuneration and social security | 454/9 | €33,311 | €25,528 | -€7,783 | -23.4% |
| Other amounts payable | 47/48 | €12,855 | €1,544 | -€11,311 | -88.0% |
| Accrued charges and deferred income | 492/3 | €2,700 | €2,025 | -€675 | -25.0% |
| Non-recurring operating income | 76A | - | €2,000 | +€2,000 | |
| Remuneration, social security and pensions | 62 | €181,679 | €135,584 | -€46,095 | -25.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,716 | €47,714 | +€999 | +2.1% |
| Other operating charges | 640/8 | €56,672 | €3,854 | -€52,818 | -93.2% |
| Gross operating margin | 9900 | €223,912 | €213,903 | -€10,009 | -4.5% |
| Operating profit (loss) | 9901 | -€61,154 | €26,751 | +€87,905 | |
| Financial income | 75/76B | €0 | €0 | +€0 | |
| Recurring financial income | 75 | €0 | €0 | +€0 | |
| Financial charges | 65/66B | €4,180 | €4,481 | +€301 | +7.2% |
| Recurring financial charges | 65 | €4,180 | €4,481 | +€301 | +7.2% |
| Profit (loss) for the period before taxes | 9903 | -€65,334 | €22,271 | +€87,605 | |
| Income taxes | 67/77 | €1,945 | €420 | -€1,525 | -78.4% |
| Profit (loss) for the period | 9904 | -€67,279 | €21,850 | +€89,130 | |
| Profit (loss) for the period to be appropriated | 9905 | -€67,279 | €21,850 | +€89,130 |
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.