B.G. MAT: 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.
B.G. MAT
Largest movements
- Stocks and contracts +€591,909
up €591,909 (+39.6%), from €1.5m to €2.1m
- Receivables within one year -€229,051
down €229,051 (-40.8%), from €561,818 to €332,767
of which Trade receivables: -€191,836
- Tangible fixed assets -€137,049
down €137,049 (-7.3%), from €1.9m to €1.7m
of which Leasing and similar rights: -€195,438
- Cash +€125,760
up €125,760 (+4513.3%), from €2,786 to €128,546
mainly Depreciation (+€451,359) and Receivables within one year (+€229,051)
- Trade debts +€199,863
up €199,863 (+53.0%), from €376,998 to €576,861
- Other debts +€155,734
up €155,734 (+75.3%), from €206,872 to €362,605
- Short-term financial debts +€135,000
up €135,000 (+36.0%), from €375,000 to €510,000
- Debts after one year -€108,172
down €108,172 (-10.3%), from €1.1m to €942,401
- Current portion of long-term debt -€50,356
down €50,356 (-11.5%), from €437,036 to €386,680
- Depreciation +€67,312
up €67,312 (+17.5%), from €384,048 to €451,359
- Staff costs -€46,430
down €46,430 (-15.1%), from €308,350 to €261,920
- Gross operating margin -€27,973
down €27,973 (-2.5%), from €1.1m to €1.1m
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 | €3,988,973 | €4,307,078 | +€318,105 | +8.0% |
| Fixed assets | 21/28 | €1,895,822 | €1,758,773 | -€137,049 | -7.2% |
| Tangible fixed assets | 22/27 | €1,886,687 | €1,749,638 | -€137,049 | -7.3% |
| Land and buildings | 22 | €950,726 | €1,075,164 | +€124,438 | +13.1% |
| Plant, machinery and equipment | 23 | €469,457 | €417,105 | -€52,352 | -11.2% |
| Furniture and vehicles | 24 | €56,292 | €42,595 | -€13,697 | -24.3% |
| Leasing and similar rights | 25 | €410,212 | €214,774 | -€195,438 | -47.6% |
| Financial fixed assets | 28 | €9,135 | €9,135 | = | 0.0% |
| Current assets | 29/58 | €2,093,151 | €2,548,305 | +€455,154 | +21.7% |
| Stocks and contracts in progress | 3 | €1,495,083 | €2,086,992 | +€591,909 | +39.6% |
| Stocks | 30/36 | €1,495,083 | €2,086,992 | +€591,909 | +39.6% |
| Amounts receivable within one year | 40/41 | €561,818 | €332,767 | -€229,051 | -40.8% |
| Trade receivables | 40 | €508,930 | €317,095 | -€191,836 | -37.7% |
| Other amounts receivable | 41 | €52,888 | €15,673 | -€37,215 | -70.4% |
| Cash at bank and in hand | 54/58 | €2,786 | €128,546 | +€125,760 | +4513.3% |
| Deferred charges and accrued income | 490/1 | €33,464 | - | -€33,464 | |
| Total equity and liabilities | 10/49 | €3,988,973 | €4,307,078 | +€318,105 | +8.0% |
| Equity | 10/15 | €1,369,674 | €1,396,364 | +€26,691 | +1.9% |
| Contributions | 10/11 | €21,040 | €21,040 | = | 0.0% |
| Reserves | 13 | €1,348,634 | €1,375,324 | +€26,691 | +2.0% |
| Non-distributable reserves | 130/1 | €9,275 | €9,275 | = | 0.0% |
| Reserves not available under the articles | 1311 | €9,275 | €9,275 | = | 0.0% |
| Tax-exempt reserves | 132 | €60,068 | €60,068 | = | 0.0% |
| Distributable reserves | 133 | €1,279,291 | €1,305,981 | +€26,691 | +2.1% |
| Amounts payable | 17/49 | €2,619,299 | €2,910,714 | +€291,415 | +11.1% |
| Amounts payable after more than one year | 17 | €1,050,573 | €942,401 | -€108,172 | -10.3% |
| Financial debts | 170/4 | €1,050,573 | €942,401 | -€108,172 | -10.3% |
| Amounts payable within one year | 42/48 | €1,562,115 | €1,968,313 | +€406,198 | +26.0% |
| Current portion of amounts payable after more than one year | 42 | €437,036 | €386,680 | -€50,356 | -11.5% |
| Financial debts | 43 | €375,000 | €510,000 | +€135,000 | +36.0% |
| Credit institutions | 430/8 | €375,000 | €510,000 | +€135,000 | +36.0% |
| Trade debts | 44 | €376,998 | €576,861 | +€199,863 | +53.0% |
| Suppliers | 440/4 | €376,998 | €576,861 | +€199,863 | +53.0% |
| Taxes, remuneration and social security | 45 | €166,209 | €132,166 | -€34,043 | -20.5% |
| Taxes | 450/3 | €126,684 | €80,893 | -€45,792 | -36.1% |
| Remuneration and social security | 454/9 | €39,525 | €51,274 | +€11,749 | +29.7% |
| Other amounts payable | 47/48 | €206,872 | €362,605 | +€155,734 | +75.3% |
| Accrued charges and deferred income | 492/3 | €6,612 | - | -€6,612 | |
| Remuneration, social security and pensions | 62 | €308,350 | €261,920 | -€46,430 | -15.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €384,048 | €451,359 | +€67,312 | +17.5% |
| Other operating charges | 640/8 | €23,484 | €15,366 | -€8,117 | -34.6% |
| Gross operating margin | 9900 | €1,131,508 | €1,103,536 | -€27,973 | -2.5% |
| Operating profit (loss) | 9901 | €415,627 | €374,890 | -€40,737 | -9.8% |
| Financial income | 75/76B | €6,503 | - | -€6,503 | |
| Recurring financial income | 75 | €6,503 | - | -€6,503 | |
| Financial charges | 65/66B | €112,696 | €113,356 | +€661 | +0.6% |
| Recurring financial charges | 65 | €112,696 | €113,356 | +€661 | +0.6% |
| Profit (loss) for the period before taxes | 9903 | €309,434 | €261,534 | -€47,900 | -15.5% |
| Income taxes | 67/77 | €82,599 | €73,622 | -€8,977 | -10.9% |
| Profit (loss) for the period | 9904 | €226,835 | €187,912 | -€38,923 | -17.2% |
| Profit (loss) for the period to be appropriated | 9905 | €226,835 | €187,912 | -€38,923 | -17.2% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.