MASSICO: 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.
MASSICO
Largest movements
- Stocks and contracts +€40,785
up €40,785 (+30.9%), from €131,997 to €172,782
- Receivables within one year -€12,511
down €12,511 (-17.6%), from €71,229 to €58,718
of which Trade receivables: -€15,151
- Cash +€7,527
up €7,527 (+26.9%), from €27,990 to €35,517
mainly Trade debts (+€191,625) and Contributions, distributions and other (+€100,000)
- Profit (loss) carried forward -€208,208
down €208,208 (-82.5%), from -€252,331 to -€460,539
- Trade debts +€191,625
up €191,625 (+116.3%), from €164,784 to €356,409
- Contributions +€100,000
up €100,000 (+537.6%), from €18,600 to €118,600
- Tax, wage and social debts -€46,827
down €46,827 (-65.7%), from €71,238 to €24,411
of which Taxes: -€29,901
- Debts after one year +€35,416
up €35,416 (+35.4%), from €100,000 to €135,416
- Gross operating margin -€102,441
down €102,441, from €96,243 to -€6,198
- Staff costs -€49,789
down €49,789 (-20.6%), from €242,105 to €192,316
- Other operating charges -€15,286
down €15,286 (-73.3%), from €20,847 to €5,561
- Taxes +€1,416
new in 2025: €1,416
- Financial charges +€1,409
up €1,409 (+620.3%), from €227 to €1,636
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 | €235,046 | €271,956 | +€36,911 | +15.7% |
| Fixed assets | 21/28 | €2,029 | €2,993 | +€963 | +47.5% |
| Tangible fixed assets | 22/27 | €1,189 | €2,153 | +€963 | +81.0% |
| Land and buildings | 22 | €109 | €0 | -€109 | -100.0% |
| Plant, machinery and equipment | 23 | €1,080 | €302 | -€778 | -72.0% |
| Furniture and vehicles | 24 | - | €1,850 | +€1,850 | |
| Financial fixed assets | 28 | €840 | €840 | = | 0.0% |
| Current assets | 29/58 | €233,016 | €268,964 | +€35,947 | +15.4% |
| Stocks and contracts in progress | 3 | €131,997 | €172,782 | +€40,785 | +30.9% |
| Stocks | 30/36 | €131,997 | €172,782 | +€40,785 | +30.9% |
| Amounts receivable within one year | 40/41 | €71,229 | €58,718 | -€12,511 | -17.6% |
| Trade receivables | 40 | €71,229 | €56,078 | -€15,151 | -21.3% |
| Other amounts receivable | 41 | - | €2,641 | +€2,641 | |
| Cash at bank and in hand | 54/58 | €27,990 | €35,517 | +€7,527 | +26.9% |
| Deferred charges and accrued income | 490/1 | €1,801 | €1,946 | +€146 | +8.1% |
| Total equity and liabilities | 10/49 | €235,046 | €271,956 | +€36,911 | +15.7% |
| Equity | 10/15 | -€136,071 | -€244,279 | -€108,208 | -79.5% |
| Contributions | 10/11 | €18,600 | €118,600 | +€100,000 | +537.6% |
| Reserves | 13 | €97,660 | €97,660 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €0 | -€1,860 | -100.0% |
| Reserves not available under the articles | 1311 | €1,860 | €0 | -€1,860 | -100.0% |
| Distributable reserves | 133 | €95,800 | €97,660 | +€1,860 | +1.9% |
| Profit (loss) carried forward | 14 | -€252,331 | -€460,539 | -€208,208 | -82.5% |
| Amounts payable | 17/49 | €371,117 | €516,235 | +€145,119 | +39.1% |
| Amounts payable after more than one year | 17 | €100,000 | €135,416 | +€35,416 | +35.4% |
| Financial debts | 170/4 | €100,000 | €135,416 | +€35,416 | +35.4% |
| Amounts payable within one year | 42/48 | €271,117 | €380,820 | +€109,703 | +40.5% |
| Trade debts | 44 | €164,784 | €356,409 | +€191,625 | +116.3% |
| Suppliers | 440/4 | €164,784 | €356,409 | +€191,625 | +116.3% |
| Taxes, remuneration and social security | 45 | €71,238 | €24,411 | -€46,827 | -65.7% |
| Taxes | 450/3 | €31,598 | €1,697 | -€29,901 | -94.6% |
| Remuneration and social security | 454/9 | €39,639 | €22,714 | -€16,926 | -42.7% |
| Other amounts payable | 47/48 | €35,095 | €0 | -€35,095 | -100.0% |
| Remuneration, social security and pensions | 62 | €242,105 | €192,316 | -€49,789 | -20.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,372 | €1,087 | -€285 | -20.8% |
| Other operating charges | 640/8 | €20,847 | €5,561 | -€15,286 | -73.3% |
| Gross operating margin | 9900 | €96,243 | -€6,198 | -€102,441 | |
| Operating profit (loss) | 9901 | -€168,081 | -€205,162 | -€37,080 | -22.1% |
| Financial income | 75/76B | €34 | €5 | -€29 | -84.2% |
| Recurring financial income | 75 | €34 | €5 | -€29 | -84.2% |
| Financial charges | 65/66B | €227 | €1,636 | +€1,409 | +620.3% |
| Recurring financial charges | 65 | €227 | €1,636 | +€1,409 | +620.3% |
| Profit (loss) for the period before taxes | 9903 | -€168,274 | -€206,792 | -€38,518 | -22.9% |
| Income taxes | 67/77 | - | €1,416 | +€1,416 | |
| Profit (loss) for the period | 9904 | -€168,274 | -€208,208 | -€39,934 | -23.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€168,274 | -€208,208 | -€39,934 | -23.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.