PETER MASSCHELEIN: 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.
PETER MASSCHELEIN
Largest movements
- Receivables within one year -€129,046
down €129,046 (-41.8%), from €308,704 to €179,657
of which Trade receivables: -€131,791
- Stocks and contracts +€95,263
up €95,263 (+7.9%), from €1.2m to €1.3m
- Cash -€72,234
down €72,234 (-51.2%), from €141,219 to €68,985
mainly Investment in fixed assets (net) (-€130,041) and Stocks and contracts (-€95,263)
- Tangible fixed assets +€54,644
up €54,644 (+18.1%), from €301,177 to €355,821
of which Plant, machinery and equipment: +€44,770
- Tax, wage and social debts -€55,242
down €55,242 (-56.4%), from €97,878 to €42,635
of which Taxes: -€60,229
- Short-term financial debts -€38,280
down €38,280 (-11.0%), from €346,693 to €308,414
of which Other loans: -€46,693
- Other debts +€31,765
up €31,765 (+8.9%), from €355,833 to €387,597
- Current portion of long-term debt +€20,899
up €20,899 (+71.2%), from €29,365 to €50,264
- Reserves +€20,240
up €20,240 (+2.3%), from €873,300 to €893,540
of which Distributable reserves: +€20,240
- Staff costs +€37,659
up €37,659 (+6.2%), from €609,597 to €647,257
- Depreciation +€19,151
up €19,151 (+34.0%), from €56,245 to €75,397
- Gross operating margin -€15,022
down €15,022 (-1.9%), from €780,042 to €765,020
- Financial income +€12,915
up €12,915 (+350%), from €3,694 to €16,609
- Taxes -€12,775
down €12,775 (-54.6%), from €23,417 to €10,641
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 | €1,964,090 | €1,913,074 | -€51,016 | -2.6% |
| Fixed assets | 21/28 | €302,774 | €357,418 | +€54,644 | +18.0% |
| Tangible fixed assets | 22/27 | €301,177 | €355,821 | +€54,644 | +18.1% |
| Land and buildings | 22 | €150,073 | €135,064 | -€15,009 | -10.0% |
| Plant, machinery and equipment | 23 | €112,278 | €157,047 | +€44,770 | +39.9% |
| Furniture and vehicles | 24 | €38,826 | €63,710 | +€24,883 | +64.1% |
| Financial fixed assets | 28 | €1,597 | €1,597 | = | 0.0% |
| Current assets | 29/58 | €1,661,316 | €1,555,656 | -€105,660 | -6.4% |
| Stocks and contracts in progress | 3 | €1,200,285 | €1,295,547 | +€95,263 | +7.9% |
| Stocks | 30/36 | €1,200,285 | €1,295,547 | +€95,263 | +7.9% |
| Amounts receivable within one year | 40/41 | €308,704 | €179,657 | -€129,046 | -41.8% |
| Trade receivables | 40 | €297,071 | €165,280 | -€131,791 | -44.4% |
| Other amounts receivable | 41 | €11,633 | €14,378 | +€2,744 | +23.6% |
| Cash at bank and in hand | 54/58 | €141,219 | €68,985 | -€72,234 | -51.2% |
| Deferred charges and accrued income | 490/1 | €11,109 | €11,467 | +€359 | +3.2% |
| Total equity and liabilities | 10/49 | €1,964,090 | €1,913,074 | -€51,016 | -2.6% |
| Equity | 10/15 | €891,900 | €912,140 | +€20,240 | +2.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €873,300 | €893,540 | +€20,240 | +2.3% |
| 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 | €56,250 | €56,250 | = | 0.0% |
| Distributable reserves | 133 | €815,190 | €835,430 | +€20,240 | +2.5% |
| Amounts payable | 17/49 | €1,072,190 | €1,000,934 | -€71,256 | -6.6% |
| Amounts payable after more than one year | 17 | €46,859 | €30,775 | -€16,085 | -34.3% |
| Financial debts | 170/4 | €46,859 | €30,775 | -€16,085 | -34.3% |
| Amounts payable within one year | 42/48 | €1,025,330 | €970,159 | -€55,171 | -5.4% |
| Current portion of amounts payable after more than one year | 42 | €29,365 | €50,264 | +€20,899 | +71.2% |
| Financial debts | 43 | €346,693 | €308,414 | -€38,280 | -11.0% |
| Credit institutions | 430/8 | - | €8,414 | +€8,414 | |
| Other loans | 439 | €346,693 | €300,000 | -€46,693 | -13.5% |
| Trade debts | 44 | €195,562 | €181,249 | -€14,313 | -7.3% |
| Suppliers | 440/4 | €195,562 | €181,249 | -€14,313 | -7.3% |
| Taxes, remuneration and social security | 45 | €97,878 | €42,635 | -€55,242 | -56.4% |
| Taxes | 450/3 | €64,380 | €4,151 | -€60,229 | -93.6% |
| Remuneration and social security | 454/9 | €33,498 | €38,484 | +€4,986 | +14.9% |
| Other amounts payable | 47/48 | €355,833 | €387,597 | +€31,765 | +8.9% |
| Non-recurring operating income | 76A | - | €45 | +€45 | |
| Remuneration, social security and pensions | 62 | €609,597 | €647,257 | +€37,659 | +6.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €56,245 | €75,397 | +€19,151 | +34.0% |
| Other operating charges | 640/8 | €3,642 | €4,386 | +€745 | +20.4% |
| Gross operating margin | 9900 | €780,042 | €765,020 | -€15,022 | -1.9% |
| Operating profit (loss) | 9901 | €110,558 | €37,981 | -€72,578 | -65.6% |
| Financial income | 75/76B | €3,694 | €16,609 | +€12,915 | +350% |
| Recurring financial income | 75 | €3,694 | €16,609 | +€12,915 | +350% |
| Financial charges | 65/66B | €30,954 | €23,708 | -€7,246 | -23.4% |
| Recurring financial charges | 65 | €30,954 | €23,708 | -€7,246 | -23.4% |
| Profit (loss) for the period before taxes | 9903 | €83,299 | €30,882 | -€52,417 | -62.9% |
| Income taxes | 67/77 | €23,417 | €10,641 | -€12,775 | -54.6% |
| Profit (loss) for the period | 9904 | €59,882 | €20,240 | -€39,642 | -66.2% |
| Profit (loss) for the period to be appropriated | 9905 | €59,882 | €20,240 | -€39,642 | -66.2% |
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 13 October 2026 via checked.be.