Masser: 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.
Masser
Largest movements
- Current investments -€414,980
down €414,980 (-100%), from €414,980 to €0
- Receivables within one year +€402,391
up €402,391 (+31.3%), from €1.3m to €1.7m
of which Other amounts receivable: +€320,353
- Cash +€253,785
up €253,785 (+67.8%), from €374,344 to €628,129
mainly Current investments (+€414,980) and Net result for the year (+€170,471)
- Stocks and contracts -€99,672
down €99,672 (-27.1%), from €367,900 to €268,227
- Reserves +€170,471
up €170,471 (+8.4%), from €2.0m to €2.2m
of which Distributable reserves: +€170,471
- Trade debts -€48,071
down €48,071 (-28.3%), from €170,023 to €121,953
- Tax, wage and social debts +€39,697
up €39,697 (+30.7%), from €129,454 to €169,151
of which Taxes: +€67,651
- Staff costs -€152,611
down €152,611 (-19.8%), from €769,881 to €617,270
- Taxes +€81,030
up €81,030 (+913%), from €8,875 to €89,904
- Gross operating margin +€75,596
up €75,596 (+8.7%), from €871,867 to €947,463
- Other operating charges -€47,842
down €47,842 (-93.9%), from €50,924 to €3,082
- Write-downs +€43,751
new in 2025: €43,751
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 | €2,490,987 | €2,637,852 | +€146,865 | +5.9% |
| Fixed assets | 21/28 | €48,973 | €33,601 | -€15,372 | -31.4% |
| Tangible fixed assets | 22/27 | €46,424 | €33,601 | -€12,823 | -27.6% |
| Plant, machinery and equipment | 23 | €31,587 | €25,828 | -€5,759 | -18.2% |
| Furniture and vehicles | 24 | €14,838 | €7,773 | -€7,065 | -47.6% |
| Financial fixed assets | 28 | €2,549 | €0 | -€2,549 | -100% |
| Current assets | 29/58 | €2,442,014 | €2,604,252 | +€162,237 | +6.6% |
| Stocks and contracts in progress | 3 | €367,900 | €268,227 | -€99,672 | -27.1% |
| Stocks | 30/36 | €367,900 | €268,227 | -€99,672 | -27.1% |
| Amounts receivable within one year | 40/41 | €1,284,790 | €1,687,181 | +€402,391 | +31.3% |
| Trade receivables | 40 | €75,835 | €157,873 | +€82,038 | +108% |
| Other amounts receivable | 41 | €1,208,955 | €1,529,308 | +€320,353 | +26.5% |
| Current investments | 50/53 | €414,980 | €0 | -€414,980 | -100% |
| Cash at bank and in hand | 54/58 | €374,344 | €628,129 | +€253,785 | +67.8% |
| Deferred charges and accrued income | 490/1 | - | €20,714 | +€20,714 | |
| Total equity and liabilities | 10/49 | €2,490,987 | €2,637,852 | +€146,865 | +5.9% |
| Equity | 10/15 | €2,154,531 | €2,325,002 | +€170,471 | +7.9% |
| Contributions | 10/11 | €123,950 | €123,950 | = | 0.0% |
| Capital | 10 | €123,950 | €123,950 | = | 0.0% |
| Issued capital | 100 | €123,950 | €123,950 | = | 0.0% |
| Reserves | 13 | €2,030,581 | €2,201,052 | +€170,471 | +8.4% |
| Non-distributable reserves | 130/1 | €17,353 | €17,353 | = | 0.0% |
| Legal reserve | 130 | €17,353 | €17,353 | = | 0.0% |
| Distributable reserves | 133 | €2,013,229 | €2,183,699 | +€170,471 | +8.5% |
| Provisions and deferred taxes | 16 | €1 | €0 | -€1 | -100% |
| Provisions for liabilities and charges | 160/5 | €1 | €0 | -€1 | -100% |
| Major repairs and maintenance | 162 | €1 | €0 | -€1 | -100% |
| Amounts payable | 17/49 | €336,455 | €312,851 | -€23,604 | -7.0% |
| Amounts payable after more than one year | 17 | €26,975 | €9,359 | -€17,616 | -65.3% |
| Financial debts | 170/4 | €26,975 | €9,359 | -€17,616 | -65.3% |
| Amounts payable within one year | 42/48 | €309,480 | €303,491 | -€5,988 | -1.9% |
| Current portion of amounts payable after more than one year | 42 | - | €8,987 | +€8,987 | |
| Trade debts | 44 | €170,023 | €121,953 | -€48,071 | -28.3% |
| Suppliers | 440/4 | €170,023 | €121,953 | -€48,071 | -28.3% |
| Taxes, remuneration and social security | 45 | €129,454 | €169,151 | +€39,697 | +30.7% |
| Taxes | 450/3 | €28,277 | €95,928 | +€67,651 | +239% |
| Remuneration and social security | 454/9 | €101,178 | €73,224 | -€27,954 | -27.6% |
| Other amounts payable | 47/48 | €10,002 | €3,401 | -€6,601 | -66.0% |
| Non-recurring operating income | 76A | €49,999 | €0 | -€49,999 | -100% |
| Remuneration, social security and pensions | 62 | €769,881 | €617,270 | -€152,611 | -19.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,789 | €17,714 | -€2,075 | -10.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €43,751 | +€43,751 | |
| Other operating charges | 640/8 | €50,924 | €3,082 | -€47,842 | -93.9% |
| Gross operating margin | 9900 | €871,867 | €947,463 | +€75,596 | +8.7% |
| Operating profit (loss) | 9901 | €31,273 | €265,646 | +€234,373 | +749% |
| Financial income | 75/76B | €10 | €5,189 | +€5,178 | +49,457% |
| Recurring financial income | 75 | €10 | €5,189 | +€5,178 | +49,457% |
| Financial charges | 65/66B | €4,058 | €10,459 | +€6,401 | +158% |
| Recurring financial charges | 65 | €4,058 | €10,459 | +€6,401 | +158% |
| Profit (loss) for the period before taxes | 9903 | €27,225 | €260,375 | +€233,150 | +856% |
| Income taxes | 67/77 | €8,875 | €89,904 | +€81,030 | +913% |
| Profit (loss) for the period | 9904 | €18,351 | €170,471 | +€152,120 | +829% |
| Profit (loss) for the period to be appropriated | 9905 | €18,351 | €170,471 | +€152,120 | +829% |
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 16 October 2026 via checked.be.