MASSEZ: 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.
MASSEZ
Largest movements
- Tangible fixed assets +€358,710
up €358,710 (+67.2%), from €534,068 to €892,779
of which Land and buildings: +€343,612
- Receivables within one year +€66,035
up €66,035 (+226.4%), from €29,161 to €95,196
of which Trade receivables: +€61,912
- Cash -€46,345
down €46,345 (-14.1%), from €329,808 to €283,463
mainly Investment in fixed assets (net) (-€431,862) and Receivables within one year (-€66,035)
- Debts after one year +€285,935
up €285,935 (+61.9%), from €461,638 to €747,573
- Reserves +€123,035
up €123,035 (+35.1%), from €350,710 to €473,745
- Other debts -€19,718
down €19,718 (-88.2%), from €22,347 to €2,629
- Current portion of long-term debt +€17,118
up €17,118 (+98.8%), from €17,322 to €34,440
- Tax, wage and social debts -€15,862
down €15,862 (-51.7%), from €30,659 to €14,797
- Financial charges +€14,352
up €14,352 (+125.7%), from €11,420 to €25,772
- Depreciation -€5,924
down €5,924 (-7.5%), from €79,076 to €73,152
- Gross operating margin -€4,223
down €4,223 (-1.6%), from €266,764 to €262,541
- Taxes -€3,663
down €3,663 (-9.3%), from €39,540 to €35,877
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 | €909,322 | €1,288,433 | +€379,112 | +41.7% |
| Fixed assets | 21/28 | €534,068 | €892,779 | +€358,710 | +67.2% |
| Tangible fixed assets | 22/27 | €534,068 | €892,779 | +€358,710 | +67.2% |
| Land and buildings | 22 | €524,991 | €868,603 | +€343,612 | +65.5% |
| Furniture and vehicles | 24 | €9,077 | €24,175 | +€15,099 | +166.3% |
| Current assets | 29/58 | €375,253 | €395,655 | +€20,402 | +5.4% |
| Stocks and contracts in progress | 3 | €16,284 | €16,284 | = | 0.0% |
| Stocks | 30/36 | €16,284 | €16,284 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €29,161 | €95,196 | +€66,035 | +226.4% |
| Trade receivables | 40 | €29,161 | €91,073 | +€61,912 | +212.3% |
| Other amounts receivable | 41 | - | €4,123 | +€4,123 | |
| Cash at bank and in hand | 54/58 | €329,808 | €283,463 | -€46,345 | -14.1% |
| Deferred charges and accrued income | 490/1 | €0 | €712 | +€712 | |
| Total equity and liabilities | 10/49 | €909,322 | €1,288,433 | +€379,112 | +41.7% |
| Equity | 10/15 | €355,710 | €478,745 | +€123,035 | +34.6% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €350,710 | €473,745 | +€123,035 | +35.1% |
| Distributable reserves | 133 | €350,710 | €473,745 | +€123,035 | +35.1% |
| Amounts payable | 17/49 | €553,612 | €809,688 | +€256,077 | +46.3% |
| Amounts payable after more than one year | 17 | €461,638 | €747,573 | +€285,935 | +61.9% |
| Financial debts | 170/4 | €461,638 | €747,573 | +€285,935 | +61.9% |
| Amounts payable within one year | 42/48 | €89,728 | €61,218 | -€28,509 | -31.8% |
| Current portion of amounts payable after more than one year | 42 | €17,322 | €34,440 | +€17,118 | +98.8% |
| Trade debts | 44 | €19,399 | €9,352 | -€10,047 | -51.8% |
| Suppliers | 440/4 | €19,399 | €9,352 | -€10,047 | -51.8% |
| Taxes, remuneration and social security | 45 | €30,659 | €14,797 | -€15,862 | -51.7% |
| Taxes | 450/3 | €30,659 | €14,797 | -€15,862 | -51.7% |
| Other amounts payable | 47/48 | €22,347 | €2,629 | -€19,718 | -88.2% |
| Accrued charges and deferred income | 492/3 | €2,246 | €897 | -€1,350 | -60.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €79,076 | €73,152 | -€5,924 | -7.5% |
| Other operating charges | 640/8 | €3,274 | €4,705 | +€1,430 | +43.7% |
| Gross operating margin | 9900 | €266,764 | €262,541 | -€4,223 | -1.6% |
| Operating profit (loss) | 9901 | €184,413 | €184,684 | +€271 | +0.1% |
| Financial income | 75/76B | €0 | €0 | -€0 | -100.0% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100.0% |
| Financial charges | 65/66B | €11,420 | €25,772 | +€14,352 | +125.7% |
| Recurring financial charges | 65 | €11,420 | €25,772 | +€14,352 | +125.7% |
| Profit (loss) for the period before taxes | 9903 | €172,994 | €158,913 | -€14,081 | -8.1% |
| Income taxes | 67/77 | €39,540 | €35,877 | -€3,663 | -9.3% |
| Profit (loss) for the period | 9904 | €133,454 | €123,035 | -€10,418 | -7.8% |
| Profit (loss) for the period to be appropriated | 9905 | €133,454 | €123,035 | -€10,418 | -7.8% |
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 12 October 2026 via checked.be.