Tine 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.
Tine Masschelein
Largest movements
- Current investments +€50,000
up €50,000 (+200%), from €25,000 to €75,000
- Tangible fixed assets -€12,630
down €12,630 (-39.7%), from €31,851 to €19,221
of which Leasing and similar rights: -€10,709
- Cash -€12,333
down €12,333 (-6.0%), from €207,267 to €194,934
mainly Current investments (-€50,000) and Contributions, distributions and other (-€35,000)
- Receivables within one year -€6,917
down €6,917 (-52.3%), from €13,234 to €6,317
of which Other amounts receivable: -€8,459
- Reserves +€25,277
up €25,277 (+11.7%), from €215,687 to €240,964
of which Distributable reserves: +€25,277
- Current portion of long-term debt -€9,870
no longer reported in 2025 (was €9,870)
- Gross operating margin +€35,552
up €35,552 (+49.1%), from €72,460 to €108,011
- Taxes +€10,884
up €10,884 (+81.7%), from €13,316 to €24,201
- Financial income +€1,646
up €1,646 (+179%), from €919 to €2,565
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 | €278,982 | €296,899 | +€17,917 | +6.4% |
| Fixed assets | 21/28 | €31,851 | €19,221 | -€12,630 | -39.7% |
| Tangible fixed assets | 22/27 | €31,851 | €19,221 | -€12,630 | -39.7% |
| Plant, machinery and equipment | 23 | €20,579 | €18,228 | -€2,351 | -11.4% |
| Furniture and vehicles | 24 | €563 | €993 | +€430 | +76.4% |
| Leasing and similar rights | 25 | €10,709 | - | -€10,709 | |
| Current assets | 29/58 | €247,131 | €277,678 | +€30,547 | +12.4% |
| Amounts receivable within one year | 40/41 | €13,234 | €6,317 | -€6,917 | -52.3% |
| Trade receivables | 40 | €4,774 | €6,317 | +€1,542 | +32.3% |
| Other amounts receivable | 41 | €8,459 | - | -€8,459 | |
| Current investments | 50/53 | €25,000 | €75,000 | +€50,000 | +200% |
| Cash at bank and in hand | 54/58 | €207,267 | €194,934 | -€12,333 | -6.0% |
| Deferred charges and accrued income | 490/1 | €1,631 | €1,428 | -€203 | -12.4% |
| Total equity and liabilities | 10/49 | €278,982 | €296,899 | +€17,917 | +6.4% |
| Equity | 10/15 | €234,287 | €259,564 | +€25,277 | +10.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €215,687 | €240,964 | +€25,277 | +11.7% |
| Tax-exempt reserves | 132 | €4,000 | €4,000 | = | 0.0% |
| Distributable reserves | 133 | €211,687 | €236,964 | +€25,277 | +11.9% |
| Amounts payable | 17/49 | €44,695 | €37,335 | -€7,360 | -16.5% |
| Amounts payable within one year | 42/48 | €44,695 | €37,335 | -€7,360 | -16.5% |
| Current portion of amounts payable after more than one year | 42 | €9,870 | - | -€9,870 | |
| Trade debts | 44 | €2,460 | €3,972 | +€1,511 | +61.4% |
| Suppliers | 440/4 | €2,460 | €3,972 | +€1,511 | +61.4% |
| Taxes, remuneration and social security | 45 | €2,674 | €3,053 | +€379 | +14.2% |
| Taxes | 450/3 | €2,674 | €3,053 | +€379 | +14.2% |
| Other amounts payable | 47/48 | €29,691 | €30,310 | +€620 | +2.1% |
| Remuneration, social security and pensions | 62 | €256 | - | -€256 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,804 | €20,261 | -€543 | -2.6% |
| Other operating charges | 640/8 | €3,050 | €3,610 | +€559 | +18.3% |
| Gross operating margin | 9900 | €72,460 | €108,011 | +€35,552 | +49.1% |
| Operating profit (loss) | 9901 | €48,349 | €84,141 | +€35,792 | +74.0% |
| Financial income | 75/76B | €919 | €2,565 | +€1,646 | +179% |
| Recurring financial income | 75 | €919 | €2,565 | +€1,646 | +179% |
| Financial charges | 65/66B | €2,627 | €2,228 | -€399 | -15.2% |
| Recurring financial charges | 65 | €2,627 | €2,228 | -€399 | -15.2% |
| Profit (loss) for the period before taxes | 9903 | €46,641 | €84,477 | +€37,837 | +81.1% |
| Income taxes | 67/77 | €13,316 | €24,201 | +€10,884 | +81.7% |
| Profit (loss) for the period | 9904 | €33,325 | €60,277 | +€26,952 | +80.9% |
| Profit (loss) for the period to be appropriated | 9905 | €33,325 | €60,277 | +€26,952 | +80.9% |
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 19 October 2026 via checked.be.