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 -€21,605
down €21,605 (-14.0%), from €153,937 to €132,332
of which Plant, machinery and equipment: -€14,566
- Cash +€13,486
up €13,486 (+68.9%), from €19,585 to €33,071
mainly Depreciation (+€21,605) and Net result for the year (+€11,601)
- Receivables within one year +€3,487
up €3,487 (+19.1%), from €18,259 to €21,746
of which Other amounts receivable: +€5,111
- Debts after one year -€13,674
down €13,674 (-19.2%), from €71,076 to €57,402
- Reserves +€11,601
up €11,601 (+16.2%), from €71,612 to €83,213
of which Distributable reserves: +€11,601
- Gross operating margin +€18,918
up €18,918 (+27.3%), from €69,257 to €88,175
- Staff costs -€3,806
down €3,806 (-7.2%), from €52,609 to €48,803
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 | €197,995 | €193,302 | -€4,693 | -2.4% |
| Fixed assets | 21/28 | €153,937 | €132,332 | -€21,605 | -14.0% |
| Tangible fixed assets | 22/27 | €153,937 | €132,332 | -€21,605 | -14.0% |
| Land and buildings | 22 | €125,412 | €120,437 | -€4,975 | -4.0% |
| Plant, machinery and equipment | 23 | €24,398 | €9,831 | -€14,566 | -59.7% |
| Furniture and vehicles | 24 | €4,128 | €2,064 | -€2,064 | -50.0% |
| Current assets | 29/58 | €44,057 | €60,970 | +€16,913 | +38.4% |
| Stocks and contracts in progress | 3 | €3,139 | €3,462 | +€323 | +10.3% |
| Stocks | 30/36 | €3,139 | €3,462 | +€323 | +10.3% |
| Amounts receivable within one year | 40/41 | €18,259 | €21,746 | +€3,487 | +19.1% |
| Trade receivables | 40 | €1,624 | €0 | -€1,624 | -100% |
| Other amounts receivable | 41 | €16,635 | €21,746 | +€5,111 | +30.7% |
| Cash at bank and in hand | 54/58 | €19,585 | €33,071 | +€13,486 | +68.9% |
| Deferred charges and accrued income | 490/1 | €3,074 | €2,691 | -€383 | -12.5% |
| Total equity and liabilities | 10/49 | €197,995 | €193,302 | -€4,693 | -2.4% |
| Equity | 10/15 | €90,212 | €101,813 | +€11,601 | +12.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €71,612 | €83,213 | +€11,601 | +16.2% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €14,800 | €14,800 | = | 0.0% |
| Distributable reserves | 133 | €56,812 | €68,413 | +€11,601 | +20.4% |
| Amounts payable | 17/49 | €107,782 | €91,489 | -€16,294 | -15.1% |
| Amounts payable after more than one year | 17 | €71,076 | €57,402 | -€13,674 | -19.2% |
| Financial debts | 170/4 | €71,076 | €57,402 | -€13,674 | -19.2% |
| Amounts payable within one year | 42/48 | €36,706 | €34,086 | -€2,620 | -7.1% |
| Current portion of amounts payable after more than one year | 42 | €13,437 | €13,674 | +€237 | +1.8% |
| Financial debts | 43 | €4,492 | €3,681 | -€810 | -18.0% |
| Credit institutions | 430/8 | €4,492 | €3,681 | -€810 | -18.0% |
| Trade debts | 44 | €10,263 | €9,952 | -€311 | -3.0% |
| Suppliers | 440/4 | €10,263 | €9,952 | -€311 | -3.0% |
| Taxes, remuneration and social security | 45 | €8,515 | €6,779 | -€1,736 | -20.4% |
| Taxes | 450/3 | €2,553 | €3,561 | +€1,008 | +39.5% |
| Remuneration and social security | 454/9 | €5,962 | €3,218 | -€2,744 | -46.0% |
| Remuneration, social security and pensions | 62 | €52,609 | €48,803 | -€3,806 | -7.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,606 | €21,605 | -€0 | 0.0% |
| Other operating charges | 640/8 | €5,302 | €5,500 | +€198 | +3.7% |
| Gross operating margin | 9900 | €69,257 | €88,175 | +€18,918 | +27.3% |
| Operating profit (loss) | 9901 | -€10,260 | €12,267 | +€22,526 | |
| Financial income | 75/76B | €896 | €1,042 | +€146 | +16.3% |
| Recurring financial income | 75 | €896 | €1,042 | +€146 | +16.3% |
| Financial charges | 65/66B | €2,065 | €1,708 | -€357 | -17.3% |
| Recurring financial charges | 65 | €2,065 | €1,708 | -€357 | -17.3% |
| Profit (loss) for the period before taxes | 9903 | -€11,429 | €11,601 | +€23,030 | |
| Profit (loss) for the period | 9904 | -€11,429 | €11,601 | +€23,030 | |
| Profit (loss) for the period to be appropriated | 9905 | -€11,429 | €11,601 | +€23,030 |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.