RY MASSART: 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.
RY MASSART
Largest movements
- Tangible fixed assets +€138,029
new in 2025: €138,029
of which Other tangible fixed assets: +€127,881
- Receivables within one year +€12,655
up €12,655 (+2,139%), from €592 to €13,246
of which Other amounts receivable: +€9,223
- Cash +€6,303
up €6,303 (+25.9%), from €24,338 to €30,641
mainly Other debts (+€175,000) and Trade debts (+€3,828)
- Other debts +€175,000
new in 2025: €175,000
- Profit (loss) carried forward -€21,846
down €21,846 (-110%), from -€19,886 to -€41,732
- Trade debts +€3,828
new in 2025: €3,828
- Gross operating margin -€1,286
down €1,286 (-7.5%), from -€17,256 to -€18,542
- Depreciation +€305
up €305 (+13.6%), from €2,235 to €2,540
- Other operating charges +€300
up €300 (+77.4%), from €387 to €687
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 | €25,114 | €182,105 | +€156,991 | +625% |
| Fixed assets | 21/28 | - | €138,029 | +€138,029 | |
| Tangible fixed assets | 22/27 | - | €138,029 | +€138,029 | |
| Plant, machinery and equipment | 23 | - | €10,148 | +€10,148 | |
| Other tangible fixed assets | 26 | - | €127,881 | +€127,881 | |
| Current assets | 29/58 | €25,114 | €44,076 | +€18,962 | +75.5% |
| Amounts receivable within one year | 40/41 | €592 | €13,246 | +€12,655 | +2,139% |
| Trade receivables | 40 | €168 | €3,600 | +€3,432 | +2,038% |
| Other amounts receivable | 41 | €423 | €9,646 | +€9,223 | +2,180% |
| Cash at bank and in hand | 54/58 | €24,338 | €30,641 | +€6,303 | +25.9% |
| Deferred charges and accrued income | 490/1 | €185 | €189 | +€4 | +2.2% |
| Total equity and liabilities | 10/49 | €25,114 | €182,105 | +€156,991 | +625% |
| Equity | 10/15 | €25,114 | €3,268 | -€21,846 | -87.0% |
| Contributions | 10/11 | €45,000 | €45,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€19,886 | -€41,732 | -€21,846 | -110% |
| Amounts payable | 17/49 | - | €178,837 | +€178,837 | |
| Amounts payable within one year | 42/48 | - | €178,828 | +€178,828 | |
| Trade debts | 44 | - | €3,828 | +€3,828 | |
| Suppliers | 440/4 | - | €3,828 | +€3,828 | |
| Other amounts payable | 47/48 | - | €175,000 | +€175,000 | |
| Accrued charges and deferred income | 492/3 | - | €9 | +€9 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,235 | €2,540 | +€305 | +13.6% |
| Other operating charges | 640/8 | €387 | €687 | +€300 | +77.4% |
| Gross operating margin | 9900 | -€17,256 | -€18,542 | -€1,286 | -7.5% |
| Operating profit (loss) | 9901 | -€19,878 | -€21,769 | -€1,891 | -9.5% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €8 | €77 | +€70 | +927% |
| Recurring financial charges | 65 | €8 | €77 | +€70 | +927% |
| Profit (loss) for the period before taxes | 9903 | -€19,886 | -€21,846 | -€1,960 | -9.9% |
| Profit (loss) for the period | 9904 | -€19,886 | -€21,846 | -€1,960 | -9.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€19,886 | -€21,846 | -€1,960 | -9.9% |
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 24 October 2026 via checked.be.