MASSENA: what changed
Two fiscal 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.
MASSENA
Largest movements
- Cash +€27,418
up €27,418 (+21.6%), from €126,655 to €154,072
mainly Net result for the year (+€27,129) and Depreciation (+€23,113)
- Tangible fixed assets -€23,113
down €23,113 (-18.5%), from €124,632 to €101,519
of which Plant, machinery and equipment: -€13,279
- Receivables after one year +€4,313
up €4,313 (+110.5%), from €3,905 to €8,217
- Receivables within one year -€3,844
down €3,844 (-36.1%), from €10,652 to €6,808
of which Trade receivables: -€3,798
- Reserves +€27,129
up €27,129 (+1001.3%), from €2,709 to €29,838
- Tax, wage and social debts +€12,758
up €12,758 (+141.3%), from €9,030 to €21,788
of which Taxes: +€7,955
- Debts after one year -€12,395
down €12,395 (-19.6%), from €63,170 to €50,775
- Current portion of long-term debt -€10,467
down €10,467 (-39.7%), from €26,387 to €15,920
- Accrued charges and deferred income -€8,763
down €8,763 (-67.8%), from €12,934 to €4,171
- Gross operating margin +€39,570
up €39,570 (+37.4%), from €105,922 to €145,493
- Staff costs +€6,273
up €6,273 (+9.3%), from €67,429 to €73,702
- Taxes +€5,765
up €5,765 (+5473.5%), from €105 to €5,871
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.
Cash bridge derived
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 | €377,427 | €381,145 | +€3,718 | +1.0% |
| Fixed assets | 21/28 | €124,715 | €101,602 | -€23,113 | -18.5% |
| Tangible fixed assets | 22/27 | €124,632 | €101,519 | -€23,113 | -18.5% |
| Land and buildings | 22 | €11,333 | €6,587 | -€4,746 | -41.9% |
| Plant, machinery and equipment | 23 | €101,618 | €88,339 | -€13,279 | -13.1% |
| Furniture and vehicles | 24 | €11,682 | €6,594 | -€5,088 | -43.6% |
| Financial fixed assets | 28 | €83 | €83 | = | 0.0% |
| Current assets | 29/58 | €252,712 | €279,543 | +€26,831 | +10.6% |
| Amounts receivable after more than one year | 29 | €3,905 | €8,217 | +€4,313 | +110.5% |
| Trade receivables | 290 | €3,905 | €8,217 | +€4,313 | +110.5% |
| Stocks and contracts in progress | 3 | €105,317 | €103,840 | -€1,477 | -1.4% |
| Stocks | 30/36 | €105,317 | €103,840 | -€1,477 | -1.4% |
| Amounts receivable within one year | 40/41 | €10,652 | €6,808 | -€3,844 | -36.1% |
| Trade receivables | 40 | €3,798 | €0 | -€3,798 | -100.0% |
| Other amounts receivable | 41 | €6,854 | €6,808 | -€46 | -0.7% |
| Cash at bank and in hand | 54/58 | €126,655 | €154,072 | +€27,418 | +21.6% |
| Deferred charges and accrued income | 490/1 | €6,183 | €6,605 | +€422 | +6.8% |
| Total equity and liabilities | 10/49 | €377,427 | €381,145 | +€3,718 | +1.0% |
| Equity | 10/15 | €27,709 | €54,838 | +€27,129 | +97.9% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €2,709 | €29,838 | +€27,129 | +1001.3% |
| Distributable reserves | 133 | €2,709 | €29,838 | +€27,129 | +1001.3% |
| Amounts payable | 17/49 | €349,718 | €326,307 | -€23,410 | -6.7% |
| Amounts payable after more than one year | 17 | €63,170 | €50,775 | -€12,395 | -19.6% |
| Financial debts | 170/4 | €63,170 | €50,775 | -€12,395 | -19.6% |
| Amounts payable within one year | 42/48 | €273,614 | €271,361 | -€2,253 | -0.8% |
| Current portion of amounts payable after more than one year | 42 | €26,387 | €15,920 | -€10,467 | -39.7% |
| Trade debts | 44 | €238,197 | €233,654 | -€4,544 | -1.9% |
| Suppliers | 440/4 | €238,197 | €233,654 | -€4,544 | -1.9% |
| Taxes, remuneration and social security | 45 | €9,030 | €21,788 | +€12,758 | +141.3% |
| Taxes | 450/3 | - | €7,955 | +€7,955 | |
| Remuneration and social security | 454/9 | €9,030 | €13,833 | +€4,803 | +53.2% |
| Accrued charges and deferred income | 492/3 | €12,934 | €4,171 | -€8,763 | -67.8% |
| Remuneration, social security and pensions | 62 | €67,429 | €73,702 | +€6,273 | +9.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,113 | €23,113 | +€0 | 0.0% |
| Other operating charges | 640/8 | €7,721 | €7,136 | -€585 | -7.6% |
| Gross operating margin | 9900 | €105,922 | €145,493 | +€39,570 | +37.4% |
| Operating profit (loss) | 9901 | €7,659 | €41,542 | +€33,883 | +442.4% |
| Financial income | 75/76B | - | €1 | +€1 | |
| Recurring financial income | 75 | - | €1 | +€1 | |
| Financial charges | 65/66B | €7,999 | €8,544 | +€544 | +6.8% |
| Recurring financial charges | 65 | €7,999 | €8,544 | +€544 | +6.8% |
| Profit (loss) for the period before taxes | 9903 | -€340 | €32,999 | +€33,340 | |
| Income taxes | 67/77 | €105 | €5,871 | +€5,765 | +5473.5% |
| Profit (loss) for the period | 9904 | -€446 | €27,129 | +€27,575 | |
| Profit (loss) for the period to be appropriated | 9905 | -€446 | €27,129 | +€27,575 |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.