Massief Holding: what changed
What changed
Massief Holding
NACE 64.210, Activities of holding companies
filed annual accounts (NBB)
Net result for the year
-€17,309
2025 · -€10,920-€6,389
Equity
€28,450
2025 · €45,759-€17,309
Cash
€2,540
2025 · €3,139-€599
Balance sheet total
€414,151
2025 · €464,011-€49,861
Largest movements
Assets
- Tangible fixed assets -€29,487
down €29,487 (-31.4%), from €93,911 to €64,425
- Receivables within one year -€19,775
down €19,775 (-62.8%), from €31,469 to €11,694
of which Other amounts receivable: -€13,175
Equity and liabilities
- Debts after one year -€27,238
down €27,238 (-43.3%), from €62,856 to €35,618
- Profit (loss) carried forward -€17,309
down €17,309 (-52.2%), from -€33,188 to -€50,498
- Other debts -€6,080
down €6,080 (-1.9%), from €320,651 to €314,571
Income statement
- Gross operating margin -€8,091
down €8,091 (-24.2%), from €33,421 to €25,330
- Financial charges -€1,748
down €1,748 (-12.9%), from €13,541 to €11,793
Change in the result, 2025 to 2026
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2025
-€10,920
Gross operating margin
-€8,091
Depreciation
+€175
Other operating charges
-€289
Financial income
+€0
Financial charges
+€1,748
Taxes
+€67
Result 2026
-€17,309
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2025 and 2026 balance sheets and the 2026 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€25,484
Investment
€0
Financing
-€26,082
Cash 2025
€3,139
From operations (derived)
+€25,484
Net result for the year
-€17,309
Depreciation
+€29,487
Receivables within one year
+€19,775
Trade debts
-€538
Tax, wage and social debts
+€236
Other debts
-€6,080
Accrued charges and deferred income
-€87
Financing
-€26,082
Debts after one year
-€27,238
Current portion of long-term debt
+€1,156
Cash 2026
€2,540
brings cash intakes cash out
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €464,011 | €414,151 | -€49,861 | -10.7% |
| Fixed assets | 21/28 | €341,831 | €312,345 | -€29,487 | -8.6% |
| Tangible fixed assets | 22/27 | €93,911 | €64,425 | -€29,487 | -31.4% |
| Furniture and vehicles | 24 | €93,911 | €64,425 | -€29,487 | -31.4% |
| Financial fixed assets | 28 | €247,920 | €247,920 | = | 0.0% |
| Current assets | 29/58 | €122,180 | €101,806 | -€20,374 | -16.7% |
| Stocks and contracts in progress | 3 | €86,893 | €86,893 | = | 0.0% |
| Stocks | 30/36 | €86,893 | €86,893 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €31,469 | €11,694 | -€19,775 | -62.8% |
| Trade receivables | 40 | €16,600 | €10,000 | -€6,600 | -39.8% |
| Other amounts receivable | 41 | €14,869 | €1,694 | -€13,175 | -88.6% |
| Cash at bank and in hand | 54/58 | €3,139 | €2,540 | -€599 | -19.1% |
| Deferred charges and accrued income | 490/1 | €679 | €679 | = | 0.0% |
| Total equity and liabilities | 10/49 | €464,011 | €414,151 | -€49,861 | -10.7% |
| Equity | 10/15 | €45,759 | €28,450 | -€17,309 | -37.8% |
| Contributions | 10/11 | €37,000 | €37,000 | = | 0.0% |
| Reserves | 13 | €41,947 | €41,947 | = | 0.0% |
| Distributable reserves | 133 | €41,947 | €41,947 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€33,188 | -€50,498 | -€17,309 | -52.2% |
| Amounts payable | 17/49 | €418,252 | €385,701 | -€32,551 | -7.8% |
| Amounts payable after more than one year | 17 | €62,856 | €35,618 | -€27,238 | -43.3% |
| Financial debts | 170/4 | €62,856 | €35,618 | -€27,238 | -43.3% |
| Amounts payable within one year | 42/48 | €355,092 | €349,866 | -€5,226 | -1.5% |
| Current portion of amounts payable after more than one year | 42 | €28,303 | €29,459 | +€1,156 | +4.1% |
| Trade debts | 44 | €1,837 | €1,299 | -€538 | -29.3% |
| Suppliers | 440/4 | €1,837 | €1,299 | -€538 | -29.3% |
| Taxes, remuneration and social security | 45 | €4,301 | €4,537 | +€236 | +5.5% |
| Taxes | 450/3 | €4,301 | €4,537 | +€236 | +5.5% |
| Other amounts payable | 47/48 | €320,651 | €314,571 | -€6,080 | -1.9% |
| Accrued charges and deferred income | 492/3 | €305 | €217 | -€87 | -28.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,662 | €29,487 | -€175 | -0.6% |
| Other operating charges | 640/8 | €676 | €965 | +€289 | +42.8% |
| Gross operating margin | 9900 | €33,421 | €25,330 | -€8,091 | -24.2% |
| Operating profit (loss) | 9901 | €3,083 | -€5,122 | -€8,204 | |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €13,541 | €11,793 | -€1,748 | -12.9% |
| Recurring financial charges | 65 | €13,541 | €11,793 | -€1,748 | -12.9% |
| Profit (loss) for the period before taxes | 9903 | -€10,458 | -€16,914 | -€6,456 | -61.7% |
| Income taxes | 67/77 | €462 | €395 | -€67 | -14.5% |
| Profit (loss) for the period | 9904 | -€10,920 | -€17,309 | -€6,389 | -58.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€10,920 | -€17,309 | -€6,389 | -58.5% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.