MICHEL MASSET: what changed
MICHEL MASSET
Largest movements
- Tangible fixed assets -€10,624
down €10,624 (-66.0%), from €16,095 to €5,471
of which Leasing and similar rights: -€7,158
- Receivables within one year +€8,590
up €8,590 (+74.4%), from €11,547 to €20,137
of which Other amounts receivable: +€4,980
- Cash +€2,925
up €2,925 (+18.4%), from €15,919 to €18,844
mainly Net result for the year (+€28,056) and Depreciation (+€12,526)
- Intangible fixed assets -€617
down €617 (-91.0%), from €677 to €61
- Deferred charges and accrued income -€514
down €514 (-12.3%), from €4,191 to €3,677
- Profit (loss) carried forward +€28,056
up €28,056 (+72.0%), from -€38,979 to -€10,923
- Short-term financial debts -€27,000
down €27,000 (-57.4%), from €47,000 to €20,000
- Trade debts +€7,064
up €7,064 (+99.6%), from €7,092 to €14,155
- Current portion of long-term debt -€5,067
down €5,067 (-70.3%), from €7,204 to €2,137
- Other debts -€2,528
down €2,528 (-100%), from €2,528 to €0
- Gross operating margin +€53,389
up €53,389 (+85.8%), from €62,251 to €115,640
- Staff costs +€18,023
up €18,023 (+38.7%), from €46,549 to €64,572
- Depreciation -€5,232
down €5,232 (-29.5%), from €17,758 to €12,526
- Other operating charges +€4,286
up €4,286 (+333%), from €1,289 to €5,574
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €48,528 | €48,289 | -€240 | -0.5% |
| Fixed assets | 21/28 | €16,871 | €5,631 | -€11,241 | -66.6% |
| Intangible fixed assets | 21 | €677 | €61 | -€617 | -91.0% |
| Tangible fixed assets | 22/27 | €16,095 | €5,471 | -€10,624 | -66.0% |
| Plant, machinery and equipment | 23 | €6,200 | €3,231 | -€2,968 | -47.9% |
| Furniture and vehicles | 24 | €619 | €121 | -€498 | -80.4% |
| Leasing and similar rights | 25 | €9,276 | €2,118 | -€7,158 | -77.2% |
| Financial fixed assets | 28 | €99 | €99 | = | 0.0% |
| Current assets | 29/58 | €31,657 | €42,658 | +€11,001 | +34.8% |
| Amounts receivable within one year | 40/41 | €11,547 | €20,137 | +€8,590 | +74.4% |
| Trade receivables | 40 | €7,943 | €11,552 | +€3,610 | +45.4% |
| Other amounts receivable | 41 | €3,605 | €8,585 | +€4,980 | +138% |
| Cash at bank and in hand | 54/58 | €15,919 | €18,844 | +€2,925 | +18.4% |
| Deferred charges and accrued income | 490/1 | €4,191 | €3,677 | -€514 | -12.3% |
| Total equity and liabilities | 10/49 | €48,528 | €48,289 | -€240 | -0.5% |
| Equity | 10/15 | -€20,387 | €7,669 | +€28,056 | |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€38,979 | -€10,923 | +€28,056 | +72.0% |
| Amounts payable | 17/49 | €68,915 | €40,619 | -€28,296 | -41.1% |
| Amounts payable after more than one year | 17 | €2,170 | €0 | -€2,170 | -100% |
| Financial debts | 170/4 | €2,170 | €0 | -€2,170 | -100% |
| Amounts payable within one year | 42/48 | €65,491 | €38,344 | -€27,146 | -41.5% |
| Current portion of amounts payable after more than one year | 42 | €7,204 | €2,137 | -€5,067 | -70.3% |
| Financial debts | 43 | €47,000 | €20,000 | -€27,000 | -57.4% |
| Credit institutions | 430/8 | €47,000 | €20,000 | -€27,000 | -57.4% |
| Trade debts | 44 | €7,092 | €14,155 | +€7,064 | +99.6% |
| Suppliers | 440/4 | €7,092 | €14,155 | +€7,064 | +99.6% |
| Taxes, remuneration and social security | 45 | €1,667 | €2,052 | +€385 | +23.1% |
| Taxes | 450/3 | - | €92 | +€92 | |
| Remuneration and social security | 454/9 | €1,667 | €1,960 | +€293 | +17.6% |
| Other amounts payable | 47/48 | €2,528 | €0 | -€2,528 | -100% |
| Accrued charges and deferred income | 492/3 | €1,255 | €2,275 | +€1,020 | +81.3% |
| Remuneration, social security and pensions | 62 | €46,549 | €64,572 | +€18,023 | +38.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,758 | €12,526 | -€5,232 | -29.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €1,289 | €5,574 | +€4,286 | +333% |
| Gross operating margin | 9900 | €62,251 | €115,640 | +€53,389 | +85.8% |
| Operating profit (loss) | 9901 | -€3,345 | €32,968 | +€36,313 | |
| Financial income | 75/76B | €5 | €84 | +€79 | +1,729% |
| Recurring financial income | 75 | €5 | €84 | +€79 | +1,729% |
| Financial charges | 65/66B | €5,411 | €4,995 | -€415 | -7.7% |
| Recurring financial charges | 65 | €5,411 | €4,995 | -€415 | -7.7% |
| Profit (loss) for the period before taxes | 9903 | -€8,751 | €28,056 | +€36,807 | |
| Profit (loss) for the period | 9904 | -€8,751 | €28,056 | +€36,807 | |
| Profit (loss) for the period to be appropriated | 9905 | -€8,751 | €28,056 | +€36,807 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.