MASSART IMMA: 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 IMMA
Largest movements
- Tangible fixed assets +€308,479
up €308,479 (+137%), from €224,685 to €533,163
of which Assets under construction and advance payments: +€320,605
- Receivables within one year -€45,567
down €45,567 (-66.2%), from €68,879 to €23,313
of which Trade receivables: -€58,869
- Cash +€11,891
up €11,891 (+32.3%), from €36,778 to €48,669
mainly Debts after one year (+€199,973) and Trade debts (+€63,149)
- Debts after one year +€199,973
up €199,973 (+113%), from €176,958 to €376,931
- Trade debts +€63,149
up €63,149 (+2,077%), from €3,040 to €66,189
- Profit (loss) carried forward +€16,290
up €16,290 (+14.7%), from €111,021 to €127,311
- Gross operating margin -€52,546
down €52,546 (-41.5%), from €126,638 to €74,093
- Other operating charges +€24,751
up €24,751 (+34,559%), from €72 to €24,823
- Taxes -€17,836
down €17,836 (-81.0%), from €22,033 to €4,197
- Financial charges +€9,606
up €9,606 (+136%), from €7,051 to €16,657
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 | €330,368 | €605,194 | +€274,826 | +83.2% |
| Fixed assets | 21/28 | €224,685 | €533,163 | +€308,479 | +137% |
| Tangible fixed assets | 22/27 | €224,685 | €533,163 | +€308,479 | +137% |
| Land and buildings | 22 | €224,685 | €212,559 | -€12,126 | -5.4% |
| Assets under construction and advance payments | 27 | - | €320,605 | +€320,605 | |
| Current assets | 29/58 | €105,684 | €72,031 | -€33,653 | -31.8% |
| Amounts receivable within one year | 40/41 | €68,879 | €23,313 | -€45,567 | -66.2% |
| Trade receivables | 40 | €68,879 | €10,010 | -€58,869 | -85.5% |
| Other amounts receivable | 41 | - | €13,303 | +€13,303 | |
| Cash at bank and in hand | 54/58 | €36,778 | €48,669 | +€11,891 | +32.3% |
| Deferred charges and accrued income | 490/1 | €26 | €49 | +€23 | +86.8% |
| Total equity and liabilities | 10/49 | €330,368 | €605,194 | +€274,826 | +83.2% |
| Equity | 10/15 | €114,021 | €130,311 | +€16,290 | +14.3% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €111,021 | €127,311 | +€16,290 | +14.7% |
| Amounts payable | 17/49 | €216,348 | €474,883 | +€258,536 | +120% |
| Amounts payable after more than one year | 17 | €176,958 | €376,931 | +€199,973 | +113% |
| Financial debts | 170/4 | €176,958 | €376,931 | +€199,973 | +113% |
| Amounts payable within one year | 42/48 | €39,389 | €97,952 | +€58,563 | +149% |
| Current portion of amounts payable after more than one year | 42 | €11,174 | €11,573 | +€400 | +3.6% |
| Trade debts | 44 | €3,040 | €66,189 | +€63,149 | +2,077% |
| Suppliers | 440/4 | €3,040 | €66,189 | +€63,149 | +2,077% |
| Taxes, remuneration and social security | 45 | €25,176 | €20,190 | -€4,986 | -19.8% |
| Taxes | 450/3 | €23,577 | €18,604 | -€4,973 | -21.1% |
| Remuneration and social security | 454/9 | €1,599 | €1,587 | -€12 | -0.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,721 | €12,126 | +€405 | +3.5% |
| Other operating charges | 640/8 | €72 | €24,823 | +€24,751 | +34,559% |
| Gross operating margin | 9900 | €126,638 | €74,093 | -€52,546 | -41.5% |
| Operating profit (loss) | 9901 | €114,846 | €37,144 | -€77,702 | -67.7% |
| Financial income | 75/76B | €272 | €0 | -€272 | -100.0% |
| Recurring financial income | 75 | €272 | €0 | -€272 | -100.0% |
| Financial charges | 65/66B | €7,051 | €16,657 | +€9,606 | +136% |
| Recurring financial charges | 65 | €7,051 | €16,657 | +€9,606 | +136% |
| Profit (loss) for the period before taxes | 9903 | €108,067 | €20,487 | -€87,580 | -81.0% |
| Income taxes | 67/77 | €22,033 | €4,197 | -€17,836 | -81.0% |
| Profit (loss) for the period | 9904 | €86,034 | €16,290 | -€69,744 | -81.1% |
| Profit (loss) for the period to be appropriated | 9905 | €86,034 | €16,290 | -€69,744 | -81.1% |
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 29 October 2026 via checked.be.