MASSART Bertrand: 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.
What changed
MASSART Bertrand
NACE 43.410, Roofing work
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€10,597
2024 · €16,538-€5,941
Equity
€697,306
2024 · €688,139+€9,167
Cash
€19,683
2024 · €35,201-€15,518
Balance sheet total
€1.9m
2024 · €1.8m+€111,245
Largest movements
Assets
- Receivables after one year +€269,000
up €269,000 (+77.1%), from €349,000 to €618,000
- Stocks and contracts -€105,322
down €105,322 (-33.8%), from €311,481 to €206,159
- Tangible fixed assets -€92,472
down €92,472 (-9.4%), from €983,292 to €890,820
of which Leasing and similar rights: -€53,600
- Deferred charges and accrued income +€29,710
up €29,710 (+354%), from €8,383 to €38,092
- Receivables within one year +€25,847
up €25,847 (+18.2%), from €141,888 to €167,735
of which Trade receivables: +€56,324
Equity and liabilities
- Advances received +€250,000
up €250,000 (+265%), from €94,232 to €344,232
- Debts after one year -€91,681
down €91,681 (-13.4%), from €682,184 to €590,502
- Trade debts -€32,354
down €32,354 (-29.3%), from €110,540 to €78,186
Income statement
- Gross operating margin -€57,765
down €57,765 (-10.0%), from €580,235 to €522,470
- Staff costs -€35,573
down €35,573 (-8.7%), from €408,650 to €373,077
- Depreciation -€9,339
down €9,339 (-7.4%), from €126,197 to €116,858
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.
Result 2024
€16,538
Gross operating margin
-€57,765
Staff costs
+€35,573
Depreciation
+€9,339
Other operating charges
-€1,535
Financial income
+€2,521
Financial charges
+€3,074
Taxes
+€2,851
Result 2025
€10,597
raises the resultlowers the result
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.
From operations
+€118,770
Investment
-€24,386
Financing
-€109,902
Cash 2024
€35,201
From operations (derived)
+€118,770
Net result for the year
+€10,597
Depreciation
+€116,858
Receivables after one year
-€269,000
Stocks and contracts
+€105,322
Receivables within one year
-€25,847
Deferred charges and accrued income
-€29,710
Trade debts
-€32,354
Tax, wage and social debts
+€3,585
Advances received
+€250,000
Other debts
-€10,366
Accrued charges and deferred income
-€316
Investment (derived)
-€24,386
Investment in fixed assets (net)
-€24,386
Financing
-€109,902
Debts after one year
-€91,681
Current portion of long-term debt
-€10,705
Short-term financial debts
-€6,085
Contributions, distributions and other
-€1,430
Cash 2025
€19,683
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,829,430 | €1,940,675 | +€111,245 | +6.1% |
| Fixed assets | 21/28 | €983,478 | €891,005 | -€92,472 | -9.4% |
| Tangible fixed assets | 22/27 | €983,292 | €890,820 | -€92,472 | -9.4% |
| Land and buildings | 22 | €587,080 | €549,025 | -€38,055 | -6.5% |
| Plant, machinery and equipment | 23 | €45,922 | €43,553 | -€2,369 | -5.2% |
| Furniture and vehicles | 24 | €50,864 | €52,415 | +€1,551 | +3.1% |
| Leasing and similar rights | 25 | €299,426 | €245,826 | -€53,600 | -17.9% |
| Financial fixed assets | 28 | €186 | €186 | = | 0.0% |
| Current assets | 29/58 | €845,952 | €1,049,669 | +€203,717 | +24.1% |
| Amounts receivable after more than one year | 29 | €349,000 | €618,000 | +€269,000 | +77.1% |
| Other amounts receivable | 291 | €349,000 | €618,000 | +€269,000 | +77.1% |
| Stocks and contracts in progress | 3 | €311,481 | €206,159 | -€105,322 | -33.8% |
| Stocks | 30/36 | €311,481 | €206,159 | -€105,322 | -33.8% |
| Amounts receivable within one year | 40/41 | €141,888 | €167,735 | +€25,847 | +18.2% |
| Trade receivables | 40 | €90,611 | €146,935 | +€56,324 | +62.2% |
| Other amounts receivable | 41 | €51,277 | €20,800 | -€30,476 | -59.4% |
| Cash at bank and in hand | 54/58 | €35,201 | €19,683 | -€15,518 | -44.1% |
| Deferred charges and accrued income | 490/1 | €8,383 | €38,092 | +€29,710 | +354% |
| Total equity and liabilities | 10/49 | €1,829,430 | €1,940,675 | +€111,245 | +6.1% |
| Equity | 10/15 | €688,139 | €697,306 | +€9,167 | +1.3% |
| Contributions | 10/11 | €51,900 | €51,900 | = | 0.0% |
| Reserves | 13 | €581,431 | €592,028 | +€10,597 | +1.8% |
| Non-distributable reserves | 130/1 | €5,190 | €5,190 | = | 0.0% |
| Reserves not available under the articles | 1311 | €5,190 | €5,190 | = | 0.0% |
| Distributable reserves | 133 | €576,241 | €586,838 | +€10,597 | +1.8% |
| Profit (loss) carried forward | 14 | €50,518 | €50,518 | = | 0.0% |
| Investment grants | 15 | €4,290 | €2,860 | -€1,430 | -33.3% |
| Amounts payable | 17/49 | €1,141,291 | €1,243,369 | +€102,078 | +8.9% |
| Amounts payable after more than one year | 17 | €682,184 | €590,502 | -€91,681 | -13.4% |
| Financial debts | 170/4 | €682,184 | €590,502 | -€91,681 | -13.4% |
| Amounts payable within one year | 42/48 | €458,607 | €652,682 | +€194,075 | +42.3% |
| Current portion of amounts payable after more than one year | 42 | €102,386 | €91,681 | -€10,705 | -10.5% |
| Financial debts | 43 | €6,487 | €402 | -€6,085 | -93.8% |
| Credit institutions | 430/8 | €6,487 | €402 | -€6,085 | -93.8% |
| Trade debts | 44 | €110,540 | €78,186 | -€32,354 | -29.3% |
| Suppliers | 440/4 | €110,540 | €78,186 | -€32,354 | -29.3% |
| Advances received on contracts in progress | 46 | €94,232 | €344,232 | +€250,000 | +265% |
| Taxes, remuneration and social security | 45 | €26,054 | €29,639 | +€3,585 | +13.8% |
| Taxes | 450/3 | €7,588 | €12,326 | +€4,737 | +62.4% |
| Remuneration and social security | 454/9 | €18,465 | €17,313 | -€1,152 | -6.2% |
| Other amounts payable | 47/48 | €118,908 | €108,542 | -€10,366 | -8.7% |
| Accrued charges and deferred income | 492/3 | €500 | €184 | -€316 | -63.2% |
| Remuneration, social security and pensions | 62 | €408,650 | €373,077 | -€35,573 | -8.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €126,197 | €116,858 | -€9,339 | -7.4% |
| Other operating charges | 640/8 | €15,106 | €16,640 | +€1,535 | +10.2% |
| Gross operating margin | 9900 | €580,235 | €522,470 | -€57,765 | -10.0% |
| Operating profit (loss) | 9901 | €30,283 | €15,895 | -€14,387 | -47.5% |
| Financial income | 75/76B | €12,820 | €15,341 | +€2,521 | +19.7% |
| Recurring financial income | 75 | €12,820 | €15,341 | +€2,521 | +19.7% |
| Financial charges | 65/66B | €18,976 | €15,902 | -€3,074 | -16.2% |
| Recurring financial charges | 65 | €18,976 | €15,902 | -€3,074 | -16.2% |
| Profit (loss) for the period before taxes | 9903 | €24,126 | €15,334 | -€8,792 | -36.4% |
| Income taxes | 67/77 | €7,588 | €4,737 | -€2,851 | -37.6% |
| Profit (loss) for the period | 9904 | €16,538 | €10,597 | -€5,941 | -35.9% |
| Profit (loss) for the period to be appropriated | 9905 | €16,538 | €10,597 | -€5,941 | -35.9% |
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 27 October 2026 via checked.be.