TANNERIE MASURE: 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.
What changed
TANNERIE MASURE
NACE 15.110, Manufacture of leather and related products
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€4.0m
2024 · €4.3m-€290,040
Equity
€13.4m
2024 · €14.0m-€580,984
Cash
€4.2m
2024 · €3.7m+€469,489
Balance sheet total
€17.5m
2024 · €17.8m-€321,789
Largest movements
Assets
- Cash +€469,489
up €469,489 (+12.7%), from €3.7m to €4.2m
mainly Net result for the year (+€4.0m) and Other debts (+€400,000)
- Current investments -€375,000
down €375,000 (-3.9%), from €9.6m to €9.3m
- Stocks and contracts -€317,452
down €317,452 (-19.9%), from €1.6m to €1.3m
- Receivables within one year -€182,001
down €182,001 (-9.3%), from €2.0m to €1.8m
of which Trade receivables: -€171,870
Equity and liabilities
- Reserves -€580,984
down €580,984 (-4.6%), from €12.8m to €12.2m
of which Distributable reserves: -€573,995
- Other debts +€400,000
new in 2025: €400,000
- Trade debts -€212,826
down €212,826 (-13.7%), from €1.6m to €1.3m
Income statement
- Turnover -€792,010
down €792,010 (-4.6%), from €17.2m to €16.4m
- Staff costs -€264,376
down €264,376 (-6.0%), from €4.4m to €4.2m
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.
Result 2024
€4.3m
Turnover
-€792,010
Other operating income
+€39,737
Goods and materials
+€107,572
Services and other goods
+€53,130
Staff costs
+€264,376
Depreciation
+€95,047
Provisions
+€16,440
Other operating charges
-€22,561
Other operating items
-€67,276
Financial income
-€34,071
Financial charges
-€53,514
Taxes
+€103,089
Result 2025
€4.0m
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€4.8m
Investment
+€318,223
Financing
-€4.6m
Cash 2024
€3.7m
From operations (derived)
+€4.8m
Net result for the year
+€4.0m
Depreciation
+€131,834
Stocks and contracts
+€317,452
Receivables within one year
+€182,001
Deferred charges and accrued income
-€158,233
Provisions
+€94,867
Trade debts
-€212,826
Tax, wage and social debts
-€31,046
Other debts
+€400,000
Accrued charges and deferred income
+€8,200
Investment (derived)
+€318,223
Investment in fixed assets (net)
-€56,777
Current investments
+€375,000
Financing
-€4.6m
Contributions, distributions and other
-€4.6m
Cash 2025
€4.2m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €17,812,442 | €17,490,653 | -€321,789 | -1.8% |
| Fixed assets | 21/28 | €657,450 | €582,392 | -€75,057 | -11.4% |
| Tangible fixed assets | 22/27 | €655,880 | €580,822 | -€75,057 | -11.4% |
| Land and buildings | 22 | €392,535 | €386,370 | -€6,165 | -1.6% |
| Plant, machinery and equipment | 23 | €233,491 | €155,344 | -€78,147 | -33.5% |
| Furniture and vehicles | 24 | €3,315 | €37,769 | +€34,454 | +1,039% |
| Other tangible fixed assets | 26 | €1,339 | €1,339 | = | 0.0% |
| Assets under construction and advance payments | 27 | €25,200 | - | -€25,200 | |
| Financial fixed assets | 28 | €1,570 | €1,570 | = | 0.0% |
| Other financial fixed assets | 284/8 | €1,570 | €1,570 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €1,570 | €1,570 | = | 0.0% |
| Current assets | 29/58 | €17,154,992 | €16,908,261 | -€246,731 | -1.4% |
| Stocks and contracts in progress | 3 | €1,598,089 | €1,280,637 | -€317,452 | -19.9% |
| Stocks | 30/36 | €1,598,089 | €1,280,637 | -€317,452 | -19.9% |
| Raw materials and consumables | 30/31 | €770,156 | €679,049 | -€91,106 | -11.8% |
| Work in progress | 32 | €649,323 | €531,586 | -€117,737 | -18.1% |
| Finished goods | 33 | €178,610 | €70,001 | -€108,609 | -60.8% |
| Amounts receivable within one year | 40/41 | €1,965,250 | €1,783,249 | -€182,001 | -9.3% |
| Trade receivables | 40 | €1,864,223 | €1,692,353 | -€171,870 | -9.2% |
| Other amounts receivable | 41 | €101,027 | €90,896 | -€10,132 | -10.0% |
| Current investments | 50/53 | €9,630,000 | €9,255,000 | -€375,000 | -3.9% |
| Other investments | 51/53 | €9,630,000 | €9,255,000 | -€375,000 | -3.9% |
| Cash at bank and in hand | 54/58 | €3,711,096 | €4,180,585 | +€469,489 | +12.7% |
| Deferred charges and accrued income | 490/1 | €250,558 | €408,791 | +€158,233 | +63.2% |
| Total equity and liabilities | 10/49 | €17,812,442 | €17,490,653 | -€321,789 | -1.8% |
| Equity | 10/15 | €13,998,805 | €13,417,821 | -€580,984 | -4.2% |
| Contributions | 10/11 | €1,240,000 | €1,240,000 | = | 0.0% |
| Capital | 10 | €1,240,000 | €1,240,000 | = | 0.0% |
| Issued capital | 100 | €1,240,000 | €1,240,000 | = | 0.0% |
| Reserves | 13 | €12,758,805 | €12,177,821 | -€580,984 | -4.6% |
| Non-distributable reserves | 130/1 | €124,000 | €124,000 | = | 0.0% |
| Legal reserve | 130 | €124,000 | €124,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €324,533 | €317,545 | -€6,989 | -2.2% |
| Distributable reserves | 133 | €12,310,272 | €11,736,277 | -€573,995 | -4.7% |
| Provisions and deferred taxes | 16 | €947,559 | €1,042,426 | +€94,867 | +10.0% |
| Provisions for liabilities and charges | 160/5 | €935,316 | €1,032,513 | +€97,197 | +10.4% |
| Pensions and similar obligations | 160 | - | €73,533 | +€73,533 | |
| Other liabilities and charges | 164/5 | €935,316 | €958,980 | +€23,664 | +2.5% |
| Deferred taxes | 168 | €12,243 | €9,913 | -€2,330 | -19.0% |
| Amounts payable | 17/49 | €2,866,078 | €3,030,406 | +€164,328 | +5.7% |
| Amounts payable within one year | 42/48 | €2,706,509 | €2,862,637 | +€156,128 | +5.8% |
| Trade debts | 44 | €1,555,060 | €1,342,233 | -€212,826 | -13.7% |
| Suppliers | 440/4 | €1,555,060 | €1,342,233 | -€212,826 | -13.7% |
| Taxes, remuneration and social security | 45 | €1,151,449 | €1,120,403 | -€31,046 | -2.7% |
| Taxes | 450/3 | €576,493 | €567,479 | -€9,014 | -1.6% |
| Remuneration and social security | 454/9 | €574,956 | €552,924 | -€22,032 | -3.8% |
| Other amounts payable | 47/48 | - | €400,000 | +€400,000 | |
| Accrued charges and deferred income | 492/3 | €159,569 | €167,769 | +€8,200 | +5.1% |
| Operating income | 70/76A | €17,187,697 | €16,368,150 | -€819,548 | -4.8% |
| Turnover | 70 | €17,158,424 | €16,366,414 | -€792,010 | -4.6% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | -€49,070 | -€226,346 | -€177,276 | -361% |
| Other operating income | 74 | €78,344 | €118,081 | +€39,737 | +50.7% |
| Non-recurring operating income | 76A | - | €110,000 | +€110,000 | |
| Operating charges | 60/66A | €11,803,875 | €11,289,871 | -€514,004 | -4.4% |
| Goods for resale, raw materials and consumables | 60 | €4,993,944 | €4,886,371 | -€107,572 | -2.2% |
| Purchases | 600/8 | €5,070,103 | €4,795,265 | -€274,838 | -5.4% |
| Change in stocks: decrease (increase) | 609 | -€76,159 | €91,106 | +€167,266 | |
| Services and other goods | 61 | €1,810,933 | €1,757,803 | -€53,130 | -2.9% |
| Remuneration, social security and pensions | 62 | €4,424,752 | €4,160,376 | -€264,376 | -6.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €226,882 | €131,834 | -€95,047 | -41.9% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €113,636 | €97,197 | -€16,440 | -14.5% |
| Other operating charges | 640/8 | €233,729 | €256,290 | +€22,561 | +9.7% |
| Operating profit (loss) | 9901 | €5,383,822 | €5,078,278 | -€305,544 | -5.7% |
| Financial income | 75/76B | €404,217 | €370,145 | -€34,071 | -8.4% |
| Recurring financial income | 75 | €404,217 | €370,145 | -€34,071 | -8.4% |
| Income from current assets | 751 | €362,955 | €354,783 | -€8,172 | -2.3% |
| Other financial income | 752/9 | €41,262 | €15,362 | -€25,900 | -62.8% |
| Financial charges | 65/66B | €10,297 | €63,811 | +€53,514 | +520% |
| Recurring financial charges | 65 | €10,297 | €63,811 | +€53,514 | +520% |
| Other financial charges | 652/9 | €10,297 | €63,811 | +€53,514 | +520% |
| Profit (loss) for the period before taxes | 9903 | €5,777,742 | €5,384,613 | -€393,129 | -6.8% |
| Transfer from deferred taxes | 780 | €2,330 | €2,330 | = | 0.0% |
| Income taxes | 67/77 | €1,471,015 | €1,367,926 | -€103,089 | -7.0% |
| Taxes | 670/3 | €1,471,015 | €1,367,926 | -€103,089 | -7.0% |
| Profit (loss) for the period | 9904 | €4,309,056 | €4,019,016 | -€290,040 | -6.7% |
| Transfer from tax-exempt reserves | 789 | €6,989 | €6,989 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €4,316,045 | €4,026,005 | -€290,040 | -6.7% |
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 27 October 2026 via checked.be.