MASSIMO: 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.
MASSIMO
Largest movements
- Tangible fixed assets +€24,645
up €24,645 (+8.7%), from €282,120 to €306,765
of which Furniture and vehicles: +€41,550
- Cash +€18,798
up €18,798 (+28.5%), from €65,935 to €84,733
mainly Other debts (+€55,858) and Depreciation (+€54,156)
- Stocks and contracts +€5,458
up €5,458 (+7.3%), from €74,536 to €79,993
- Other debts +€55,858
new in 2025: €55,858
- Debts after one year -€32,020
down €32,020 (-15.5%), from €207,086 to €175,066
- Trade debts +€27,603
up €27,603 (+24.9%), from €110,860 to €138,464
- Profit (loss) carried forward -€16,716
down €16,716, from €7,243 to -€9,473
- Tax, wage and social debts +€13,857
up €13,857 (+92.0%), from €15,069 to €28,925
- Gross operating margin +€114,965
up €114,965 (+96.8%), from €118,752 to €233,717
- Depreciation +€41,064
up €41,064 (+313.7%), from €13,092 to €54,156
- Staff costs +€30,392
up €30,392 (+37.4%), from €81,158 to €111,550
- Taxes +€14,067
new in 2025: €14,067
- Financial charges -€8,611
down €8,611 (-49.9%), from €17,240 to €8,629
of which Financial charges: -€8,168
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 | €434,214 | €480,860 | +€46,646 | +10.7% |
| Fixed assets | 21/28 | €282,121 | €306,765 | +€24,644 | +8.7% |
| Intangible fixed assets | 21 | €0 | - | -€0 | |
| Tangible fixed assets | 22/27 | €282,120 | €306,765 | +€24,645 | +8.7% |
| Plant, machinery and equipment | 23 | €9,357 | €11,254 | +€1,897 | +20.3% |
| Furniture and vehicles | 24 | - | €41,550 | +€41,550 | |
| Other tangible fixed assets | 26 | €272,763 | €253,961 | -€18,802 | -6.9% |
| Current assets | 29/58 | €152,093 | €174,095 | +€22,002 | +14.5% |
| Stocks and contracts in progress | 3 | €74,536 | €79,993 | +€5,458 | +7.3% |
| Stocks | 30/36 | €74,536 | €79,993 | +€5,458 | +7.3% |
| Amounts receivable within one year | 40/41 | €5,512 | €5,611 | +€99 | +1.8% |
| Trade receivables | 40 | €24 | €1,102 | +€1,078 | +4561.5% |
| Other amounts receivable | 41 | €5,488 | €4,509 | -€979 | -17.8% |
| Cash at bank and in hand | 54/58 | €65,935 | €84,733 | +€18,798 | +28.5% |
| Deferred charges and accrued income | 490/1 | €6,111 | €3,757 | -€2,353 | -38.5% |
| Total equity and liabilities | 10/49 | €434,214 | €480,860 | +€46,646 | +10.7% |
| Equity | 10/15 | €67,243 | €50,527 | -€16,716 | -24.9% |
| Contributions | 10/11 | €60,000 | €60,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €7,243 | -€9,473 | -€16,716 | |
| Amounts payable | 17/49 | €366,971 | €430,333 | +€63,362 | +17.3% |
| Amounts payable after more than one year | 17 | €207,086 | €175,066 | -€32,020 | -15.5% |
| Financial debts | 170/4 | €207,086 | €175,066 | -€32,020 | -15.5% |
| Amounts payable within one year | 42/48 | €156,442 | €255,267 | +€98,825 | +63.2% |
| Current portion of amounts payable after more than one year | 42 | €30,513 | €32,020 | +€1,507 | +4.9% |
| Trade debts | 44 | €110,860 | €138,464 | +€27,603 | +24.9% |
| Suppliers | 440/4 | €110,860 | €138,464 | +€27,603 | +24.9% |
| Taxes, remuneration and social security | 45 | €15,069 | €28,925 | +€13,857 | +92.0% |
| Remuneration and social security | 454/9 | €15,069 | €28,925 | +€13,857 | +92.0% |
| Other amounts payable | 47/48 | - | €55,858 | +€55,858 | |
| Accrued charges and deferred income | 492/3 | €3,443 | - | -€3,443 | |
| Remuneration, social security and pensions | 62 | €81,158 | €111,550 | +€30,392 | +37.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,092 | €54,156 | +€41,064 | +313.7% |
| Other operating charges | 640/8 | €392 | €4,763 | +€4,371 | +1114.9% |
| Gross operating margin | 9900 | €118,752 | €233,717 | +€114,965 | +96.8% |
| Operating profit (loss) | 9901 | €24,110 | €63,248 | +€39,138 | +162.3% |
| Financial income | 75/76B | €372 | €55 | -€318 | -85.3% |
| Recurring financial income | 75 | €372 | €55 | -€318 | -85.3% |
| Financial charges | 65/66B | €17,240 | €8,629 | -€8,611 | -49.9% |
| Recurring financial charges | 65 | €17,240 | €9,072 | -€8,168 | -47.4% |
| Non-recurring financial charges | 66B | - | -€443 | -€443 | |
| Profit (loss) for the period before taxes | 9903 | €7,243 | €54,674 | +€47,432 | +654.9% |
| Income taxes | 67/77 | - | €14,067 | +€14,067 | |
| Profit (loss) for the period | 9904 | €7,243 | €40,607 | +€33,364 | +460.7% |
| Profit (loss) for the period to be appropriated | 9905 | €7,243 | €40,607 | +€33,364 | +460.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 January 2024 and 31 January 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 September 2026 via checked.be.