Wivine Massaut: 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.
Wivine Massaut
Largest movements
- Cash +€54,255
up €54,255 (+1,283%), from €4,230 to €58,485
- Receivables after one year -€48,000
no longer reported in 2025 (was €48,000)
- Receivables within one year -€32,454
down €32,454 (-13.5%), from €240,329 to €207,875
of which Trade receivables: -€101,413
- Deferred charges and accrued income +€5,932
up €5,932 (+146%), from €4,068 to €10,000
- Other debts -€169,236
no longer reported in 2025 (was €169,236)
- Profit (loss) carried forward +€117,073
up €117,073, from €0 to €117,073
- Reserves +€54,730
new in 2025: €54,730
- Tax, wage and social debts -€25,364
down €25,364 (-23.1%), from €109,631 to €84,267
of which Taxes: -€29,566
- Trade debts -€11,823
down €11,823 (-98.6%), from €11,988 to €165
- Gross operating margin +€17,786
up €17,786 (+7.9%), from €224,539 to €242,325
- Financial charges +€8,111
up €8,111 (+234%), from €3,469 to €11,580
- Financial income +€5,580
up €5,580 (+153%), from €3,637 to €9,217
- Taxes +€4,335
up €4,335 (+7.8%), from €55,459 to €59,795
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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €315,987 | €293,549 | -€22,438 | -7.1% |
| Fixed assets | 21/28 | €19,360 | €17,189 | -€2,171 | -11.2% |
| Tangible fixed assets | 22/27 | €19,360 | €17,189 | -€2,171 | -11.2% |
| Furniture and vehicles | 24 | €3,642 | €4,529 | +€887 | +24.3% |
| Leasing and similar rights | 25 | €0 | - | = | |
| Other tangible fixed assets | 26 | €15,718 | €12,660 | -€3,058 | -19.5% |
| Current assets | 29/58 | €296,627 | €276,360 | -€20,267 | -6.8% |
| Amounts receivable after more than one year | 29 | €48,000 | - | -€48,000 | |
| Other amounts receivable | 291 | €48,000 | - | -€48,000 | |
| Amounts receivable within one year | 40/41 | €240,329 | €207,875 | -€32,454 | -13.5% |
| Trade receivables | 40 | €101,413 | - | -€101,413 | |
| Other amounts receivable | 41 | €138,916 | €207,875 | +€68,959 | +49.6% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €4,230 | €58,485 | +€54,255 | +1,283% |
| Deferred charges and accrued income | 490/1 | €4,068 | €10,000 | +€5,932 | +146% |
| Total equity and liabilities | 10/49 | €315,987 | €293,549 | -€22,438 | -7.1% |
| Equity | 10/15 | €15,000 | €186,803 | +€171,803 | +1,145% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Reserves | 13 | - | €54,730 | +€54,730 | |
| Tax-exempt reserves | 132 | - | €54,730 | +€54,730 | |
| Profit (loss) carried forward | 14 | €0 | €117,073 | +€117,073 | |
| Amounts payable | 17/49 | €300,987 | €106,746 | -€194,241 | -64.5% |
| Amounts payable after more than one year | 17 | €4,979 | - | -€4,979 | |
| Financial debts | 170/4 | €4,979 | - | -€4,979 | |
| Amounts payable within one year | 42/48 | €296,008 | €106,746 | -€189,262 | -63.9% |
| Current portion of amounts payable after more than one year | 42 | €5,153 | €13,404 | +€8,251 | +160% |
| Financial debts | 43 | - | €8,909 | +€8,909 | |
| Credit institutions | 430/8 | - | €8,909 | +€8,909 | |
| Trade debts | 44 | €11,988 | €165 | -€11,823 | -98.6% |
| Suppliers | 440/4 | €11,988 | €165 | -€11,823 | -98.6% |
| Taxes, remuneration and social security | 45 | €109,631 | €84,267 | -€25,364 | -23.1% |
| Taxes | 450/3 | €109,631 | €80,065 | -€29,566 | -27.0% |
| Remuneration and social security | 454/9 | €0 | €4,202 | +€4,202 | |
| Other amounts payable | 47/48 | €169,236 | - | -€169,236 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,083 | €5,595 | +€1,513 | +37.0% |
| Other operating charges | 640/8 | €384 | €2,769 | +€2,385 | +620% |
| Non-recurring operating charges | 66A | €1,042 | - | -€1,042 | |
| Gross operating margin | 9900 | €224,539 | €242,325 | +€17,786 | +7.9% |
| Operating profit (loss) | 9901 | €219,030 | €233,961 | +€14,931 | +6.8% |
| Financial income | 75/76B | €3,637 | €9,217 | +€5,580 | +153% |
| Recurring financial income | 75 | €3,637 | €9,217 | +€5,580 | +153% |
| Financial charges | 65/66B | €3,469 | €11,580 | +€8,111 | +234% |
| Recurring financial charges | 65 | €3,469 | €11,580 | +€8,111 | +234% |
| Profit (loss) for the period before taxes | 9903 | €219,197 | €231,598 | +€12,401 | +5.7% |
| Income taxes | 67/77 | €55,459 | €59,795 | +€4,335 | +7.8% |
| Profit (loss) for the period | 9904 | €163,738 | €171,803 | +€8,066 | +4.9% |
| Transfer to tax-exempt reserves | 689 | - | €54,730 | +€54,730 | |
| Profit (loss) for the period to be appropriated | 9905 | €163,738 | €117,073 | -€46,664 | -28.5% |
Source: filed annual accounts (NBB), financial years ended 31 May 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.