MASSIMMO: 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.
MASSIMMO
Largest movements
- Cash -€1.5m
down €1.5m (-91.9%), from €1.7m to €134,425
mainly Other debts (-€1.5m) and Net result for the year (-€95,819)
- Current investments -€125,000
no longer reported in 2025 (was €125,000)
- Receivables within one year +€86,355
up €86,355 (+52.4%), from €164,741 to €251,096
of which Other amounts receivable: +€196,346
- Tangible fixed assets -€30,304
down €30,304 (-5.2%), from €586,101 to €555,797
- Other debts -€1.5m
down €1.5m (-94.5%), from €1.6m to €86,417
- Reserves -€95,819
down €95,819 (-16.1%), from €594,350 to €498,531
of which Distributable reserves: -€95,819
- Gross operating margin -€1.3m
down €1.3m, from €1.2m to -€50,940
- Taxes -€487,500
no longer reported in 2025 (was €487,500)
- Other operating charges -€40,164
down €40,164 (-90.2%), from €44,511 to €4,347
- Financial charges -€13,068
down €13,068 (-81.4%), from €16,045 to €2,977
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 | €2,542,173 | €941,319 | -€1.6m | -63.0% |
| Fixed assets | 21/28 | €586,101 | €555,797 | -€30,304 | -5.2% |
| Tangible fixed assets | 22/27 | €586,101 | €555,797 | -€30,304 | -5.2% |
| Land and buildings | 22 | €586,101 | €555,797 | -€30,304 | -5.2% |
| Current assets | 29/58 | €1,956,071 | €385,521 | -€1.6m | -80.3% |
| Amounts receivable within one year | 40/41 | €164,741 | €251,096 | +€86,355 | +52.4% |
| Trade receivables | 40 | €109,991 | - | -€109,991 | |
| Other amounts receivable | 41 | €54,750 | €251,096 | +€196,346 | +359% |
| Current investments | 50/53 | €125,000 | - | -€125,000 | |
| Cash at bank and in hand | 54/58 | €1,666,331 | €134,425 | -€1.5m | -91.9% |
| Total equity and liabilities | 10/49 | €2,542,173 | €941,319 | -€1.6m | -63.0% |
| Equity | 10/15 | €718,350 | €622,531 | -€95,819 | -13.3% |
| Contributions | 10/11 | €124,000 | €124,000 | = | 0.0% |
| Capital | 10 | €124,000 | €124,000 | = | 0.0% |
| Issued capital | 100 | €124,000 | €124,000 | = | 0.0% |
| Reserves | 13 | €594,350 | €498,531 | -€95,819 | -16.1% |
| Non-distributable reserves | 130/1 | €66,816 | €66,816 | = | 0.0% |
| Legal reserve | 130 | €66,816 | €66,816 | = | 0.0% |
| Distributable reserves | 133 | €527,534 | €431,715 | -€95,819 | -18.2% |
| Amounts payable | 17/49 | €1,823,823 | €318,788 | -€1.5m | -82.5% |
| Amounts payable after more than one year | 17 | €183,461 | €166,054 | -€17,407 | -9.5% |
| Financial debts | 170/4 | €182,541 | €165,134 | -€17,407 | -9.5% |
| Other amounts payable | 178/9 | €920 | €920 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,640,362 | €152,734 | -€1.5m | -90.7% |
| Current portion of amounts payable after more than one year | 42 | €17,231 | €17,407 | +€176 | +1.0% |
| Trade debts | 44 | €155 | €1,411 | +€1,255 | +810% |
| Suppliers | 440/4 | €155 | €1,411 | +€1,255 | +810% |
| Taxes, remuneration and social security | 45 | €55,904 | €47,500 | -€8,404 | -15.0% |
| Taxes | 450/3 | €55,904 | €47,500 | -€8,404 | -15.0% |
| Other amounts payable | 47/48 | €1,567,072 | €86,417 | -€1.5m | -94.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,810 | €39,861 | +€1,051 | +2.7% |
| Other operating charges | 640/8 | €44,511 | €4,347 | -€40,164 | -90.2% |
| Gross operating margin | 9900 | €1,236,486 | -€50,940 | -€1.3m | |
| Operating profit (loss) | 9901 | €1,153,166 | -€95,147 | -€1.2m | |
| Financial income | 75/76B | €0 | €2,305 | +€2,305 | +23,049,200% |
| Recurring financial income | 75 | €0 | €2,305 | +€2,305 | +23,049,200% |
| Financial charges | 65/66B | €16,045 | €2,977 | -€13,068 | -81.4% |
| Recurring financial charges | 65 | €16,045 | €2,977 | -€13,068 | -81.4% |
| Profit (loss) for the period before taxes | 9903 | €1,137,121 | -€95,819 | -€1.2m | |
| Transfer from deferred taxes | 780 | €224,570 | - | -€224,570 | |
| Income taxes | 67/77 | €487,500 | - | -€487,500 | |
| Profit (loss) for the period | 9904 | €874,191 | -€95,819 | -€970,010 | |
| Transfer from tax-exempt reserves | 789 | €673,710 | - | -€673,710 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,547,901 | -€95,819 | -€1.6m |
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 15 October 2026 via checked.be.