Andy Matthijs: what changed
Two fiscal 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.
Andy Matthijs
Largest movements
- Tangible fixed assets +€294,583
up €294,583 (+194.1%), from €151,805 to €446,389
of which Land and buildings: +€295,152
- Intangible fixed assets +€6,933
new in 2025: €6,933
- Receivables within one year -€5,512
down €5,512 (-35.0%), from €15,730 to €10,218
of which Trade receivables: -€14,110
- Reserves +€222,279
up €222,279 (+115.4%), from €192,578 to €414,857
- Debts after one year +€34,911
new in 2025: €34,911
- Tax, wage and social debts +€13,685
up €13,685 (+174.2%), from €7,855 to €21,540
- Other debts +€12,949
up €12,949 (+59.0%), from €21,961 to €34,910
- Current portion of long-term debt +€9,607
new in 2025: €9,607
- Gross operating margin +€304,970
up €304,970 (+514.5%), from €59,279 to €364,249
- Taxes +€84,708
up €84,708 (+647.0%), from €13,092 to €97,800
- Depreciation +€21,922
up €21,922 (+128.8%), from €17,015 to €38,936
- Financial income -€14,123
down €14,123 (-94.2%), from €15,000 to €877
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.
Cash bridge derived
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 | €231,348 | €526,579 | +€295,231 | +127.6% |
| Fixed assets | 21/28 | €154,905 | €456,421 | +€301,516 | +194.6% |
| Intangible fixed assets | 21 | - | €6,933 | +€6,933 | |
| Tangible fixed assets | 22/27 | €151,805 | €446,389 | +€294,583 | +194.1% |
| Land and buildings | 22 | €138,941 | €434,093 | +€295,152 | +212.4% |
| Plant, machinery and equipment | 23 | €5,009 | €6,411 | +€1,402 | +28.0% |
| Furniture and vehicles | 24 | €7,855 | €5,885 | -€1,970 | -25.1% |
| Financial fixed assets | 28 | €3,100 | €3,100 | = | 0.0% |
| Current assets | 29/58 | €76,443 | €70,158 | -€6,285 | -8.2% |
| Amounts receivable within one year | 40/41 | €15,730 | €10,218 | -€5,512 | -35.0% |
| Trade receivables | 40 | €15,730 | €1,620 | -€14,110 | -89.7% |
| Other amounts receivable | 41 | - | €8,598 | +€8,598 | |
| Cash at bank and in hand | 54/58 | €57,681 | €57,055 | -€626 | -1.1% |
| Deferred charges and accrued income | 490/1 | €3,033 | €2,885 | -€148 | -4.9% |
| Total equity and liabilities | 10/49 | €231,348 | €526,579 | +€295,231 | +127.6% |
| Equity | 10/15 | €198,778 | €421,057 | +€222,279 | +111.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €192,578 | €414,857 | +€222,279 | +115.4% |
| Distributable reserves | 133 | €192,578 | €414,857 | +€222,279 | +115.4% |
| Amounts payable | 17/49 | €32,571 | €105,522 | +€72,951 | +224.0% |
| Amounts payable after more than one year | 17 | - | €34,911 | +€34,911 | |
| Financial debts | 170/4 | - | €34,911 | +€34,911 | |
| Amounts payable within one year | 42/48 | €32,571 | €70,611 | +€38,040 | +116.8% |
| Current portion of amounts payable after more than one year | 42 | - | €9,607 | +€9,607 | |
| Trade debts | 44 | €2,755 | €4,554 | +€1,799 | +65.3% |
| Suppliers | 440/4 | €2,755 | €4,554 | +€1,799 | +65.3% |
| Taxes, remuneration and social security | 45 | €7,855 | €21,540 | +€13,685 | +174.2% |
| Taxes | 450/3 | €7,855 | €21,540 | +€13,685 | +174.2% |
| Other amounts payable | 47/48 | €21,961 | €34,910 | +€12,949 | +59.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,015 | €38,936 | +€21,922 | +128.8% |
| Other operating charges | 640/8 | €425 | €2,896 | +€2,471 | +581.6% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €59,279 | €364,249 | +€304,970 | +514.5% |
| Operating profit (loss) | 9901 | €41,840 | €322,417 | +€280,577 | +670.6% |
| Financial income | 75/76B | €15,000 | €877 | -€14,123 | -94.2% |
| Recurring financial income | 75 | €15,000 | €877 | -€14,123 | -94.2% |
| Financial charges | 65/66B | €2,645 | €3,214 | +€569 | +21.5% |
| Recurring financial charges | 65 | €2,645 | €3,214 | +€569 | +21.5% |
| Profit (loss) for the period before taxes | 9903 | €54,195 | €320,080 | +€265,885 | +490.6% |
| Income taxes | 67/77 | €13,092 | €97,800 | +€84,708 | +647.0% |
| Profit (loss) for the period | 9904 | €41,102 | €222,279 | +€181,177 | +440.8% |
| Profit (loss) for the period to be appropriated | 9905 | €41,102 | €222,279 | +€181,177 | +440.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.