MASSIMO STIPULANTE: 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.
MASSIMO STIPULANTE
Largest movements
- Tangible fixed assets +€121,086
up €121,086 (+11.7%), from €1.0m to €1.2m
of which Furniture and vehicles: +€81,964
- Cash -€30,368
down €30,368 (-40.7%), from €74,645 to €44,277
mainly Investment in fixed assets (net) (-€363,033) and Debts after one year (-€59,204)
- Profit (loss) carried forward +€66,595
up €66,595 (+33.9%), from €196,548 to €263,142
- Debts after one year -€59,204
down €59,204 (-17.5%), from €337,666 to €278,462
- Tax, wage and social debts +€57,687
up €57,687 (+222%), from €25,986 to €83,673
of which Taxes: +€58,203
- Reserves +€55,690
up €55,690 (+19.3%), from €289,264 to €344,954
of which Tax-exempt reserves: +€55,690
- Trade debts -€18,715
down €18,715 (-9.8%), from €190,360 to €171,645
- Gross operating margin +€235,739
up €235,739 (+52.0%), from €453,302 to €689,041
- Turnover +€138,531
up €138,531 (+14.0%), from €987,085 to €1.1m
- Depreciation +€91,078
up €91,078 (+60.4%), from €150,868 to €241,947
- Taxes +€69,344
up €69,344 (+424%), from €16,363 to €85,706
- Purchases and services +€23,487
up €23,487 (+3.9%), from €595,120 to €618,607
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,228,616 | €1,303,445 | +€74,829 | +6.1% |
| Fixed assets | 21/28 | €1,034,272 | €1,155,358 | +€121,086 | +11.7% |
| Tangible fixed assets | 22/27 | €1,033,522 | €1,154,608 | +€121,086 | +11.7% |
| Land and buildings | 22 | €223,274 | €208,660 | -€14,613 | -6.5% |
| Plant, machinery and equipment | 23 | €244,408 | €298,193 | +€53,785 | +22.0% |
| Furniture and vehicles | 24 | €565,758 | €647,721 | +€81,964 | +14.5% |
| Other tangible fixed assets | 26 | €82 | €33 | -€49 | -59.6% |
| Financial fixed assets | 28 | €750 | €750 | = | 0.0% |
| Current assets | 29/58 | €194,344 | €148,087 | -€46,257 | -23.8% |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €99,289 | €92,434 | -€6,855 | -6.9% |
| Trade receivables | 40 | €41,435 | €67,547 | +€26,111 | +63.0% |
| Other amounts receivable | 41 | €57,853 | €24,887 | -€32,966 | -57.0% |
| Cash at bank and in hand | 54/58 | €74,645 | €44,277 | -€30,368 | -40.7% |
| Deferred charges and accrued income | 490/1 | €20,410 | €11,376 | -€9,034 | -44.3% |
| Total equity and liabilities | 10/49 | €1,228,616 | €1,303,445 | +€74,829 | +6.1% |
| Equity | 10/15 | €508,722 | €626,656 | +€117,933 | +23.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €289,264 | €344,954 | +€55,690 | +19.3% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €91,404 | €147,094 | +€55,690 | +60.9% |
| Distributable reserves | 133 | €196,000 | €196,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €196,548 | €263,142 | +€66,595 | +33.9% |
| Investment grants | 15 | €16,710 | €12,359 | -€4,351 | -26.0% |
| Provisions and deferred taxes | 16 | €19,948 | €13,948 | -€6,000 | -30.1% |
| Deferred taxes | 168 | €19,948 | €13,948 | -€6,000 | -30.1% |
| Amounts payable | 17/49 | €699,945 | €662,841 | -€37,104 | -5.3% |
| Amounts payable after more than one year | 17 | €337,666 | €278,462 | -€59,204 | -17.5% |
| Financial debts | 170/4 | €337,666 | €278,462 | -€59,204 | -17.5% |
| Amounts payable within one year | 42/48 | €355,436 | €375,771 | +€20,335 | +5.7% |
| Current portion of amounts payable after more than one year | 42 | €122,091 | €118,454 | -€3,637 | -3.0% |
| Financial debts | 43 | €0 | - | = | |
| Trade debts | 44 | €190,360 | €171,645 | -€18,715 | -9.8% |
| Suppliers | 440/4 | €190,360 | €171,645 | -€18,715 | -9.8% |
| Taxes, remuneration and social security | 45 | €25,986 | €83,673 | +€57,687 | +222% |
| Taxes | 450/3 | €315 | €58,518 | +€58,203 | +18,458% |
| Remuneration and social security | 454/9 | €25,670 | €25,154 | -€516 | -2.0% |
| Other amounts payable | 47/48 | €17,000 | €2,000 | -€15,000 | -88.2% |
| Accrued charges and deferred income | 492/3 | €6,843 | €8,608 | +€1,765 | +25.8% |
| Turnover | 70 | €987,085 | €1,125,617 | +€138,531 | +14.0% |
| Goods, raw materials, services and sundry goods | 60/61 | €595,120 | €618,607 | +€23,487 | +3.9% |
| Remuneration, social security and pensions | 62 | €206,851 | €201,507 | -€5,344 | -2.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €150,868 | €241,947 | +€91,078 | +60.4% |
| Other operating charges | 640/8 | €24,292 | €30,398 | +€6,106 | +25.1% |
| Non-recurring operating charges | 66A | - | €0 | +€0 | |
| Gross operating margin | 9900 | €453,302 | €689,041 | +€235,739 | +52.0% |
| Operating profit (loss) | 9901 | €71,291 | €215,189 | +€143,898 | +202% |
| Financial income | 75/76B | €5,858 | €4,351 | -€1,507 | -25.7% |
| Recurring financial income | 75 | €5,858 | €4,351 | -€1,507 | -25.7% |
| Financial charges | 65/66B | €13,867 | €17,549 | +€3,682 | +26.6% |
| Recurring financial charges | 65 | €13,867 | €17,549 | +€3,682 | +26.6% |
| Profit (loss) for the period before taxes | 9903 | €63,282 | €201,991 | +€138,709 | +219% |
| Transfer from deferred taxes | 780 | €6,000 | €6,000 | = | 0.0% |
| Income taxes | 67/77 | €16,363 | €85,706 | +€69,344 | +424% |
| Profit (loss) for the period | 9904 | €52,919 | €122,284 | +€69,365 | +131% |
| Transfer from tax-exempt reserves | 789 | €18,000 | €18,000 | = | 0.0% |
| Transfer to tax-exempt reserves | 689 | €31,560 | €73,690 | +€42,129 | +133% |
| Profit (loss) for the period to be appropriated | 9905 | €39,358 | €66,595 | +€27,236 | +69.2% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 October 2026 via checked.be.