Masset Projects: 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.
Masset Projects
Largest movements
- Receivables within one year +€76,447
up €76,447 (+57.4%), from €133,294 to €209,741
of which Trade receivables: +€66,050
- Cash -€34,040
down €34,040 (-64.1%), from €53,135 to €19,095
mainly Receivables within one year (-€76,447) and Investment in fixed assets (net) (-€49,149)
- Tangible fixed assets +€6,679
up €6,679 (+2.2%), from €298,487 to €305,166
of which Furniture and vehicles: +€35,144
- Reserves +€47,418
up €47,418 (+30.6%), from €155,144 to €202,562
of which Distributable reserves: +€47,418
- Tax, wage and social debts +€9,694
up €9,694 (+54.9%), from €17,662 to €27,356
of which Taxes: +€7,543
- Trade debts +€8,729
up €8,729 (+15.6%), from €55,783 to €64,512
- Other debts -€7,765
down €7,765 (-14.2%), from €54,657 to €46,892
- Gross operating margin +€11,566
up €11,566 (+6.4%), from €180,240 to €191,806
- Financial income -€5,559
down €5,559 (-28.7%), from €19,344 to €13,785
of which Financial income: -€4,647
- Write-downs +€4,303
new in 2025: €4,303
- Depreciation +€3,276
up €3,276 (+8.2%), from €39,969 to €43,245
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 | €522,769 | €571,892 | +€49,123 | +9.4% |
| Fixed assets | 21/28 | €303,497 | €309,401 | +€5,904 | +1.9% |
| Intangible fixed assets | 21 | €5,010 | €4,235 | -€775 | -15.5% |
| Tangible fixed assets | 22/27 | €298,487 | €305,166 | +€6,679 | +2.2% |
| Land and buildings | 22 | €120,148 | €115,167 | -€4,981 | -4.1% |
| Plant, machinery and equipment | 23 | €154,774 | €131,290 | -€23,484 | -15.2% |
| Furniture and vehicles | 24 | €23,565 | €58,709 | +€35,144 | +149% |
| Current assets | 29/58 | €219,272 | €262,491 | +€43,219 | +19.7% |
| Stocks and contracts in progress | 3 | €26,920 | €26,580 | -€340 | -1.3% |
| Stocks | 30/36 | €23,753 | €18,604 | -€5,149 | -21.7% |
| Contracts in progress | 37 | €3,167 | €7,976 | +€4,809 | +152% |
| Amounts receivable within one year | 40/41 | €133,294 | €209,741 | +€76,447 | +57.4% |
| Trade receivables | 40 | €132,795 | €198,845 | +€66,050 | +49.7% |
| Other amounts receivable | 41 | €499 | €10,896 | +€10,397 | +2,084% |
| Cash at bank and in hand | 54/58 | €53,135 | €19,095 | -€34,040 | -64.1% |
| Deferred charges and accrued income | 490/1 | €5,923 | €7,075 | +€1,152 | +19.4% |
| Total equity and liabilities | 10/49 | €522,769 | €571,892 | +€49,123 | +9.4% |
| Equity | 10/15 | €198,744 | €246,162 | +€47,418 | +23.9% |
| Contributions | 10/11 | €43,600 | €43,600 | = | 0.0% |
| Reserves | 13 | €155,144 | €202,562 | +€47,418 | +30.6% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €153,284 | €200,702 | +€47,418 | +30.9% |
| Amounts payable | 17/49 | €324,025 | €325,730 | +€1,705 | +0.5% |
| Amounts payable after more than one year | 17 | €137,639 | €133,515 | -€4,124 | -3.0% |
| Financial debts | 170/4 | €137,639 | €133,515 | -€4,124 | -3.0% |
| Amounts payable within one year | 42/48 | €186,386 | €192,215 | +€5,829 | +3.1% |
| Current portion of amounts payable after more than one year | 42 | €48,155 | €44,930 | -€3,225 | -6.7% |
| Financial debts | 43 | €10,129 | €8,525 | -€1,604 | -15.8% |
| Credit institutions | 430/8 | €10,129 | €8,525 | -€1,604 | -15.8% |
| Trade debts | 44 | €55,783 | €64,512 | +€8,729 | +15.6% |
| Suppliers | 440/4 | €55,783 | €64,512 | +€8,729 | +15.6% |
| Taxes, remuneration and social security | 45 | €17,662 | €27,356 | +€9,694 | +54.9% |
| Taxes | 450/3 | €6,842 | €14,385 | +€7,543 | +110% |
| Remuneration and social security | 454/9 | €10,820 | €12,971 | +€2,151 | +19.9% |
| Other amounts payable | 47/48 | €54,657 | €46,892 | -€7,765 | -14.2% |
| Remuneration, social security and pensions | 62 | €70,658 | €71,567 | +€909 | +1.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,969 | €43,245 | +€3,276 | +8.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €4,303 | +€4,303 | |
| Other operating charges | 640/8 | €2,738 | €2,423 | -€315 | -11.5% |
| Gross operating margin | 9900 | €180,240 | €191,806 | +€11,566 | +6.4% |
| Operating profit (loss) | 9901 | €66,875 | €70,268 | +€3,393 | +5.1% |
| Financial income | 75/76B | €19,344 | €13,785 | -€5,559 | -28.7% |
| Recurring financial income | 75 | €18,432 | €13,785 | -€4,647 | -25.2% |
| Non-recurring financial income | 76B | €912 | - | -€912 | |
| Financial charges | 65/66B | €15,306 | €14,362 | -€944 | -6.2% |
| Recurring financial charges | 65 | €15,306 | €14,362 | -€944 | -6.2% |
| Profit (loss) for the period before taxes | 9903 | €70,913 | €69,691 | -€1,222 | -1.7% |
| Income taxes | 67/77 | €23,612 | €22,273 | -€1,339 | -5.7% |
| Profit (loss) for the period | 9904 | €47,301 | €47,418 | +€117 | +0.2% |
| Profit (loss) for the period to be appropriated | 9905 | €47,301 | €47,418 | +€117 | +0.2% |
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 26 October 2026 via checked.be.