MASSART-PALAMARA: 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-PALAMARA
Largest movements
- Cash +€22,037
up €22,037 (+66.9%), from €32,956 to €54,992
mainly Net result for the year (+€35,255) and Depreciation (+€19,103)
- Tangible fixed assets -€15,935
down €15,935 (-5.3%), from €299,847 to €283,912
of which Land and buildings: -€17,614
- Receivables within one year +€14,898
up €14,898 (+70.0%), from €21,289 to €36,187
of which Other amounts receivable: +€15,354
- Reserves +€35,255
up €35,255 (+65.2%), from €54,109 to €89,364
- Debts after one year -€14,718
down €14,718 (-5.9%), from €248,559 to €233,841
- Gross operating margin +€20,740
up €20,740 (+35.7%), from €58,044 to €78,784
- Taxes +€6,706
up €6,706 (+70.3%), from €9,533 to €16,239
- Other operating charges -€1,960
down €1,960 (-64.2%), from €3,051 to €1,091
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 | €355,509 | €376,943 | +€21,434 | +6.0% |
| Fixed assets | 21/28 | €299,907 | €283,972 | -€15,935 | -5.3% |
| Tangible fixed assets | 22/27 | €299,847 | €283,912 | -€15,935 | -5.3% |
| Land and buildings | 22 | €297,970 | €280,356 | -€17,614 | -5.9% |
| Furniture and vehicles | 24 | €933 | €3,132 | +€2,199 | +236% |
| Other tangible fixed assets | 26 | €945 | €425 | -€520 | -55.1% |
| Financial fixed assets | 28 | €60 | €60 | = | 0.0% |
| Current assets | 29/58 | €55,602 | €92,971 | +€37,369 | +67.2% |
| Amounts receivable within one year | 40/41 | €21,289 | €36,187 | +€14,898 | +70.0% |
| Trade receivables | 40 | €19,153 | €18,697 | -€456 | -2.4% |
| Other amounts receivable | 41 | €2,137 | €17,490 | +€15,354 | +719% |
| Cash at bank and in hand | 54/58 | €32,956 | €54,992 | +€22,037 | +66.9% |
| Deferred charges and accrued income | 490/1 | €1,357 | €1,792 | +€435 | +32.0% |
| Total equity and liabilities | 10/49 | €355,509 | €376,943 | +€21,434 | +6.0% |
| Equity | 10/15 | €76,073 | €109,662 | +€33,589 | +44.2% |
| Contributions | 10/11 | €12,200 | €12,200 | = | 0.0% |
| Reserves | 13 | €54,109 | €89,364 | +€35,255 | +65.2% |
| Distributable reserves | 133 | €54,109 | €89,364 | +€35,255 | +65.2% |
| Profit (loss) carried forward | 14 | €9,764 | €8,098 | -€1,666 | -17.1% |
| Amounts payable | 17/49 | €279,436 | €267,282 | -€12,154 | -4.3% |
| Amounts payable after more than one year | 17 | €248,559 | €233,841 | -€14,718 | -5.9% |
| Financial debts | 170/4 | €248,559 | €233,841 | -€14,718 | -5.9% |
| Amounts payable within one year | 42/48 | €30,862 | €33,348 | +€2,486 | +8.1% |
| Current portion of amounts payable after more than one year | 42 | €14,457 | €14,718 | +€261 | +1.8% |
| Financial debts | 43 | €1,500 | €3,000 | +€1,500 | +100% |
| Credit institutions | 430/8 | €1,500 | €3,000 | +€1,500 | +100% |
| Trade debts | 44 | €3,592 | €2,070 | -€1,522 | -42.4% |
| Suppliers | 440/4 | €3,592 | €2,070 | -€1,522 | -42.4% |
| Taxes, remuneration and social security | 45 | €8,708 | €11,027 | +€2,320 | +26.6% |
| Taxes | 450/3 | €4,908 | €10,777 | +€5,870 | +120% |
| Remuneration and social security | 454/9 | €3,800 | €250 | -€3,550 | -93.4% |
| Other amounts payable | 47/48 | €2,606 | €2,533 | -€73 | -2.8% |
| Accrued charges and deferred income | 492/3 | €15 | €92 | +€77 | +515% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,528 | €19,103 | +€575 | +3.1% |
| Other operating charges | 640/8 | €3,051 | €1,091 | -€1,960 | -64.2% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €58,044 | €78,784 | +€20,740 | +35.7% |
| Operating profit (loss) | 9901 | €36,466 | €58,591 | +€22,125 | +60.7% |
| Financial income | 75/76B | €53 | €727 | +€674 | +1,281% |
| Recurring financial income | 75 | €53 | €727 | +€674 | +1,281% |
| Financial charges | 65/66B | €7,389 | €7,824 | +€436 | +5.9% |
| Recurring financial charges | 65 | €7,389 | €7,824 | +€436 | +5.9% |
| Profit (loss) for the period before taxes | 9903 | €29,130 | €51,493 | +€22,363 | +76.8% |
| Income taxes | 67/77 | €9,533 | €16,239 | +€6,706 | +70.3% |
| Profit (loss) for the period | 9904 | €19,598 | €35,255 | +€15,657 | +79.9% |
| Profit (loss) for the period to be appropriated | 9905 | €19,598 | €35,255 | +€15,657 | +79.9% |
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 30 October 2026 via checked.be.