BELGIAN MATS: 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.
BELGIAN MATS
Largest movements
- Tangible fixed assets -€273,497
down €273,497 (-9.4%), from €2.9m to €2.6m
of which Leasing and similar rights: -€221,500
- Receivables within one year +€177,370
up €177,370 (+18.4%), from €966,136 to €1.1m
of which Trade receivables: +€202,908
- Cash -€90,015
down €90,015 (-43.8%), from €205,423 to €115,408
mainly Debts after one year (-€242,211) and Receivables within one year (-€177,370)
- Debts after one year -€242,211
down €242,211 (-9.9%), from €2.4m to €2.2m
- Short-term financial debts +€134,371
up €134,371 (+16.3%), from €826,431 to €960,802
- Depreciation +€72,304
up €72,304 (+24.1%), from €299,977 to €372,281
- Gross operating margin -€53,743
down €53,743 (-6.4%), from €834,936 to €781,193
- Staff costs -€27,106
down €27,106 (-6.4%), from €424,166 to €397,060
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 | €5,201,396 | €5,076,794 | -€124,602 | -2.4% |
| Fixed assets | 21/28 | €2,926,728 | €2,651,096 | -€275,632 | -9.4% |
| Tangible fixed assets | 22/27 | €2,922,593 | €2,649,096 | -€273,497 | -9.4% |
| Plant, machinery and equipment | 23 | €400,591 | €355,024 | -€45,567 | -11.4% |
| Furniture and vehicles | 24 | €1,376 | €971 | -€404 | -29.4% |
| Leasing and similar rights | 25 | €2,457,146 | €2,235,646 | -€221,500 | -9.0% |
| Other tangible fixed assets | 26 | €63,480 | €57,455 | -€6,025 | -9.5% |
| Financial fixed assets | 28 | €4,135 | €2,000 | -€2,135 | -51.6% |
| Current assets | 29/58 | €2,274,668 | €2,425,697 | +€151,029 | +6.6% |
| Stocks and contracts in progress | 3 | €1,098,738 | €1,122,843 | +€24,104 | +2.2% |
| Stocks | 30/36 | €1,098,738 | €1,122,843 | +€24,104 | +2.2% |
| Amounts receivable within one year | 40/41 | €966,136 | €1,143,506 | +€177,370 | +18.4% |
| Trade receivables | 40 | €800,189 | €1,003,097 | +€202,908 | +25.4% |
| Other amounts receivable | 41 | €165,947 | €140,409 | -€25,538 | -15.4% |
| Cash at bank and in hand | 54/58 | €205,423 | €115,408 | -€90,015 | -43.8% |
| Deferred charges and accrued income | 490/1 | €4,371 | €43,941 | +€39,570 | +905% |
| Total equity and liabilities | 10/49 | €5,201,396 | €5,076,794 | -€124,602 | -2.4% |
| Equity | 10/15 | €936,949 | €843,623 | -€93,326 | -10.0% |
| Contributions | 10/11 | €115,000 | €115,000 | = | 0.0% |
| Revaluation surpluses | 12 | €10,602 | - | -€10,602 | |
| Reserves | 13 | €751,437 | €712,039 | -€39,398 | -5.2% |
| Distributable reserves | 133 | €751,437 | €712,039 | -€39,398 | -5.2% |
| Profit (loss) carried forward | 14 | €59,910 | €16,584 | -€43,326 | -72.3% |
| Amounts payable | 17/49 | €4,264,446 | €4,233,171 | -€31,276 | -0.7% |
| Amounts payable after more than one year | 17 | €2,447,479 | €2,205,268 | -€242,211 | -9.9% |
| Financial debts | 170/4 | €2,447,479 | €2,205,268 | -€242,211 | -9.9% |
| Amounts payable within one year | 42/48 | €1,816,968 | €2,026,553 | +€209,585 | +11.5% |
| Current portion of amounts payable after more than one year | 42 | €246,785 | €248,681 | +€1,896 | +0.8% |
| Financial debts | 43 | €826,431 | €960,802 | +€134,371 | +16.3% |
| Credit institutions | 430/8 | €826,431 | €960,802 | +€134,371 | +16.3% |
| Trade debts | 44 | €635,828 | €668,668 | +€32,839 | +5.2% |
| Suppliers | 440/4 | €635,828 | €668,668 | +€32,839 | +5.2% |
| Taxes, remuneration and social security | 45 | €41,591 | €41,896 | +€305 | +0.7% |
| Taxes | 450/3 | €4,997 | - | -€4,997 | |
| Remuneration and social security | 454/9 | €36,595 | €41,896 | +€5,302 | +14.5% |
| Other amounts payable | 47/48 | €66,333 | €106,506 | +€40,173 | +60.6% |
| Accrued charges and deferred income | 492/3 | - | €1,350 | +€1,350 | |
| Remuneration, social security and pensions | 62 | €424,166 | €397,060 | -€27,106 | -6.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €299,977 | €372,281 | +€72,304 | +24.1% |
| Other operating charges | 640/8 | €3,488 | €2,812 | -€675 | -19.4% |
| Gross operating margin | 9900 | €834,936 | €781,193 | -€53,743 | -6.4% |
| Operating profit (loss) | 9901 | €107,305 | €9,040 | -€98,265 | -91.6% |
| Financial income | 75/76B | €120 | €537 | +€418 | +348% |
| Recurring financial income | 75 | €120 | €537 | +€418 | +348% |
| Financial charges | 65/66B | €105,445 | €102,904 | -€2,541 | -2.4% |
| Recurring financial charges | 65 | €105,445 | €102,904 | -€2,541 | -2.4% |
| Profit (loss) for the period before taxes | 9903 | €1,980 | -€93,326 | -€95,306 | |
| Profit (loss) for the period | 9904 | €1,980 | -€93,326 | -€95,306 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,980 | -€93,326 | -€95,306 |
Source: filed annual accounts (NBB), financial years ended 30 December 2024 and 30 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.