MASUDI: 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.
MASUDI
Largest movements
- Receivables within one year +€151,012
up €151,012 (+194%), from €77,825 to €228,837
of which Trade receivables: +€120,867
- Tangible fixed assets -€18,835
down €18,835 (-12.4%), from €152,050 to €133,215
of which Land and buildings: -€11,234
- Current investments -€16,804
no longer reported in 2025 (was €16,804)
- Cash +€14,088
new in 2025: €14,088
mainly Trade debts (+€216,412) and Net result for the year (+€34,661)
- Trade debts +€216,412
up €216,412 (+1,951%), from €11,091 to €227,502
- Other debts -€83,569
no longer reported in 2025 (was €83,569)
- Profit (loss) carried forward +€34,661
up €34,661 (+332%), from €10,438 to €45,100
- Accrued charges and deferred income -€21,976
down €21,976 (-93.3%), from €23,544 to €1,568
- Debts after one year -€17,955
down €17,955 (-25.5%), from €70,469 to €52,514
- Purchases and services -€95,072
down €95,072 (-8.8%), from €1.1m to €983,121
- Gross operating margin +€34,485
up €34,485 (+63.5%), from €54,293 to €88,778
- Turnover -€16,601
down €16,601 (-1.5%), from €1.1m to €1.1m
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 | €255,885 | €385,007 | +€129,122 | +50.5% |
| Fixed assets | 21/28 | €154,150 | €135,315 | -€18,835 | -12.2% |
| Tangible fixed assets | 22/27 | €152,050 | €133,215 | -€18,835 | -12.4% |
| Land and buildings | 22 | €137,698 | €126,464 | -€11,234 | -8.2% |
| Leasing and similar rights | 25 | €13,503 | €6,751 | -€6,751 | -50.0% |
| Other tangible fixed assets | 26 | €850 | - | -€850 | |
| Financial fixed assets | 28 | €2,100 | €2,100 | = | 0.0% |
| Current assets | 29/58 | €101,735 | €249,692 | +€147,957 | +145% |
| Stocks and contracts in progress | 3 | €7,105 | €6,710 | -€395 | -5.6% |
| Stocks | 30/36 | €7,105 | €6,710 | -€395 | -5.6% |
| Amounts receivable within one year | 40/41 | €77,825 | €228,837 | +€151,012 | +194% |
| Trade receivables | 40 | €60,291 | €181,158 | +€120,867 | +200% |
| Other amounts receivable | 41 | €17,534 | €47,678 | +€30,145 | +172% |
| Current investments | 50/53 | €16,804 | - | -€16,804 | |
| Cash at bank and in hand | 54/58 | - | €14,088 | +€14,088 | |
| Deferred charges and accrued income | 490/1 | - | €57 | +€57 | |
| Total equity and liabilities | 10/49 | €255,885 | €385,007 | +€129,122 | +50.5% |
| Equity | 10/15 | €35,406 | €70,067 | +€34,661 | +97.9% |
| Contributions | 10/11 | €19,631 | €19,631 | = | 0.0% |
| Reserves | 13 | €5,336 | €5,336 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,451 | €1,451 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,451 | €1,451 | = | 0.0% |
| Distributable reserves | 133 | €3,886 | €3,886 | = | 0.0% |
| Profit (loss) carried forward | 14 | €10,438 | €45,100 | +€34,661 | +332% |
| Amounts payable | 17/49 | €220,479 | €314,940 | +€94,461 | +42.8% |
| Amounts payable after more than one year | 17 | €70,469 | €52,514 | -€17,955 | -25.5% |
| Financial debts | 170/4 | €70,469 | €52,514 | -€17,955 | -25.5% |
| Amounts payable within one year | 42/48 | €126,466 | €260,858 | +€134,392 | +106% |
| Current portion of amounts payable after more than one year | 42 | €17,121 | €17,955 | +€835 | +4.9% |
| Financial debts | 43 | €6,939 | €5,870 | -€1,069 | -15.4% |
| Credit institutions | 430/8 | €6,939 | €5,870 | -€1,069 | -15.4% |
| Trade debts | 44 | €11,091 | €227,502 | +€216,412 | +1,951% |
| Suppliers | 440/4 | €11,091 | €227,502 | +€216,412 | +1,951% |
| Taxes, remuneration and social security | 45 | €7,747 | €9,530 | +€1,783 | +23.0% |
| Taxes | 450/3 | €2,467 | €2,541 | +€74 | +3.0% |
| Remuneration and social security | 454/9 | €5,280 | €6,990 | +€1,709 | +32.4% |
| Other amounts payable | 47/48 | €83,569 | - | -€83,569 | |
| Accrued charges and deferred income | 492/3 | €23,544 | €1,568 | -€21,976 | -93.3% |
| Turnover | 70 | €1,072,820 | €1,056,219 | -€16,601 | -1.5% |
| Non-recurring operating income | 76A | €6,232 | €15,680 | +€9,448 | +152% |
| Goods, raw materials, services and sundry goods | 60/61 | €1,078,192 | €983,121 | -€95,072 | -8.8% |
| Remuneration, social security and pensions | 62 | €10,445 | €17,300 | +€6,855 | +65.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,835 | €18,835 | = | 0.0% |
| Other operating charges | 640/8 | €3,626 | €5,959 | +€2,334 | +64.4% |
| Non-recurring operating charges | 66A | €1,827 | €100 | -€1,727 | -94.5% |
| Gross operating margin | 9900 | €54,293 | €88,778 | +€34,485 | +63.5% |
| Operating profit (loss) | 9901 | €19,560 | €46,583 | +€27,024 | +138% |
| Financial income | 75/76B | €1 | €0 | -€1 | -73.2% |
| Recurring financial income | 75 | €1 | €0 | -€1 | -73.2% |
| Financial charges | 65/66B | €9,901 | €8,793 | -€1,108 | -11.2% |
| Recurring financial charges | 65 | €9,901 | €8,793 | -€1,108 | -11.2% |
| Profit (loss) for the period before taxes | 9903 | €9,660 | €37,791 | +€28,131 | +291% |
| Income taxes | 67/77 | €6,160 | €3,129 | -€3,031 | -49.2% |
| Profit (loss) for the period | 9904 | €3,500 | €34,661 | +€31,162 | +890% |
| Profit (loss) for the period to be appropriated | 9905 | €3,500 | €34,661 | +€31,162 | +890% |
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 19 October 2026 via checked.be.