MASUVAN: 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.
MASUVAN
Largest movements
- Cash -€2,491
down €2,491 (-59.4%), from €4,192 to €1,701
mainly Other debts (-€4,824) and Tax, wage and social debts (-€2,179)
- Tangible fixed assets -€1,783
down €1,783 (-44.7%), from €3,984 to €2,202
- Stocks and contracts +€1,452
up €1,452 (+128.0%), from €1,134 to €2,585
- Deferred charges and accrued income -€381
down €381 (-8.1%), from €4,723 to €4,342
- Other debts -€4,824
down €4,824 (-6.1%), from €79,362 to €74,538
- Profit (loss) carried forward +€2,783
up €2,783 (+2.7%), from -€103,188 to -€100,405
- Tax, wage and social debts -€2,179
down €2,179 (-38.3%), from €5,684 to €3,506
of which Remuneration and social security: -€2,176
- Trade debts +€908
up €908 (+18.2%), from €4,981 to €5,888
- Gross operating margin -€3,207
down €3,207 (-5.7%), from €56,507 to €53,300
- Other operating charges -€1,052
down €1,052 (-39.3%), from €2,678 to €1,626
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 | €14,253 | €11,069 | -€3,184 | -22.3% |
| Fixed assets | 21/28 | €3,984 | €2,202 | -€1,783 | -44.7% |
| Tangible fixed assets | 22/27 | €3,984 | €2,202 | -€1,783 | -44.7% |
| Other tangible fixed assets | 26 | €3,984 | €2,202 | -€1,783 | -44.7% |
| Current assets | 29/58 | €10,268 | €8,867 | -€1,401 | -13.6% |
| Stocks and contracts in progress | 3 | €1,134 | €2,585 | +€1,452 | +128.0% |
| Stocks | 30/36 | €1,134 | €2,585 | +€1,452 | +128.0% |
| Amounts receivable within one year | 40/41 | €220 | €239 | +€20 | +8.9% |
| Trade receivables | 40 | €0 | €28 | +€28 | |
| Other amounts receivable | 41 | €220 | €211 | -€9 | -4.0% |
| Cash at bank and in hand | 54/58 | €4,192 | €1,701 | -€2,491 | -59.4% |
| Deferred charges and accrued income | 490/1 | €4,723 | €4,342 | -€381 | -8.1% |
| Total equity and liabilities | 10/49 | €14,253 | €11,069 | -€3,184 | -22.3% |
| Equity | 10/15 | -€75,774 | -€72,990 | +€2,783 | +3.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €8,815 | €8,815 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €6,955 | €6,955 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€103,188 | -€100,405 | +€2,783 | +2.7% |
| Amounts payable | 17/49 | €90,027 | €84,060 | -€5,967 | -6.6% |
| Amounts payable within one year | 42/48 | €90,027 | €83,932 | -€6,095 | -6.8% |
| Trade debts | 44 | €4,981 | €5,888 | +€908 | +18.2% |
| Suppliers | 440/4 | €4,981 | €5,888 | +€908 | +18.2% |
| Taxes, remuneration and social security | 45 | €5,684 | €3,506 | -€2,179 | -38.3% |
| Taxes | 450/3 | €145 | €142 | -€3 | -1.7% |
| Remuneration and social security | 454/9 | €5,539 | €3,363 | -€2,176 | -39.3% |
| Other amounts payable | 47/48 | €79,362 | €74,538 | -€4,824 | -6.1% |
| Accrued charges and deferred income | 492/3 | - | €128 | +€128 | |
| Remuneration, social security and pensions | 62 | €47,096 | €46,630 | -€466 | -1.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,020 | €1,783 | -€237 | -11.7% |
| Other operating charges | 640/8 | €2,678 | €1,626 | -€1,052 | -39.3% |
| Gross operating margin | 9900 | €56,507 | €53,300 | -€3,207 | -5.7% |
| Operating profit (loss) | 9901 | €4,714 | €3,261 | -€1,452 | -30.8% |
| Financial income | 75/76B | €0 | €48 | +€48 | |
| Recurring financial income | 75 | €0 | €48 | +€48 | |
| Financial charges | 65/66B | €434 | €526 | +€93 | +21.4% |
| Recurring financial charges | 65 | €434 | €526 | +€93 | +21.4% |
| Profit (loss) for the period before taxes | 9903 | €4,280 | €2,783 | -€1,497 | -35.0% |
| Profit (loss) for the period | 9904 | €4,280 | €2,783 | -€1,497 | -35.0% |
| Profit (loss) for the period to be appropriated | 9905 | €4,280 | €2,783 | -€1,497 | -35.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.