DAVID & MATHEO: 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.
DAVID & MATHEO
Largest movements
- Receivables within one year -€65,771
down €65,771 (-77.2%), from €85,144 to €19,373
of which Trade receivables: -€67,844
- Stocks and contracts +€36,296
up €36,296 (+56.4%), from €64,366 to €100,662
- Cash -€11,153
down €11,153 (-14.8%), from €75,543 to €64,390
mainly Current portion of long-term debt (-€144,306) and Stocks and contracts (-€36,296)
- Current portion of long-term debt -€144,306
no longer reported in 2025 (was €144,306)
- Accrued charges and deferred income +€112,306
new in 2025: €112,306
- Tax, wage and social debts -€14,580
down €14,580 (-69.5%), from €20,967 to €6,387
- Profit (loss) carried forward +€3,623
up €3,623 (+19.1%), from €19,006 to €22,630
- Trade debts +€3,028
up €3,028 (+20.1%), from €15,074 to €18,102
- Gross operating margin -€12,112
down €12,112 (-58.9%), from €20,561 to €8,450
- Other operating charges -€6,414
down €6,414 (-70.6%), from €9,079 to €2,665
- Financial income -€2,810
down €2,810 (-93.6%), from €3,001 to €191
- Taxes -€1,722
down €1,722 (-49.2%), from €3,500 to €1,778
- Financial charges +€340
up €340 (+166%), from €204 to €544
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 | €225,053 | €184,425 | -€40,628 | -18.1% |
| Current assets | 29/58 | €225,053 | €184,425 | -€40,628 | -18.1% |
| Stocks and contracts in progress | 3 | €64,366 | €100,662 | +€36,296 | +56.4% |
| Stocks | 30/36 | €64,366 | €100,662 | +€36,296 | +56.4% |
| Amounts receivable within one year | 40/41 | €85,144 | €19,373 | -€65,771 | -77.2% |
| Trade receivables | 40 | €85,144 | €17,300 | -€67,844 | -79.7% |
| Other amounts receivable | 41 | - | €2,073 | +€2,073 | |
| Cash at bank and in hand | 54/58 | €75,543 | €64,390 | -€11,153 | -14.8% |
| Total equity and liabilities | 10/49 | €225,053 | €184,425 | -€40,628 | -18.1% |
| Equity | 10/15 | €44,006 | €47,630 | +€3,623 | +8.2% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €19,006 | €22,630 | +€3,623 | +19.1% |
| Amounts payable | 17/49 | €181,047 | €136,796 | -€44,251 | -24.4% |
| Amounts payable within one year | 42/48 | €181,047 | €24,489 | -€156,558 | -86.5% |
| Current portion of amounts payable after more than one year | 42 | €144,306 | - | -€144,306 | |
| Trade debts | 44 | €15,074 | €18,102 | +€3,028 | +20.1% |
| Suppliers | 440/4 | €15,074 | €18,102 | +€3,028 | +20.1% |
| Advances received on contracts in progress | 46 | €700 | - | -€700 | |
| Taxes, remuneration and social security | 45 | €20,967 | €6,387 | -€14,580 | -69.5% |
| Taxes | 450/3 | €20,967 | €6,387 | -€14,580 | -69.5% |
| Accrued charges and deferred income | 492/3 | - | €112,306 | +€112,306 | |
| Other operating charges | 640/8 | €9,079 | €2,665 | -€6,414 | -70.6% |
| Non-recurring operating charges | 66A | €191 | €30 | -€161 | -84.3% |
| Gross operating margin | 9900 | €20,561 | €8,450 | -€12,112 | -58.9% |
| Operating profit (loss) | 9901 | €11,291 | €5,755 | -€5,537 | -49.0% |
| Financial income | 75/76B | €3,001 | €191 | -€2,810 | -93.6% |
| Recurring financial income | 75 | €3,001 | €191 | -€2,810 | -93.6% |
| Financial charges | 65/66B | €204 | €544 | +€340 | +166% |
| Recurring financial charges | 65 | €204 | €544 | +€340 | +166% |
| Profit (loss) for the period before taxes | 9903 | €14,088 | €5,401 | -€8,686 | -61.7% |
| Income taxes | 67/77 | €3,500 | €1,778 | -€1,722 | -49.2% |
| Profit (loss) for the period | 9904 | €10,588 | €3,623 | -€6,964 | -65.8% |
| Profit (loss) for the period to be appropriated | 9905 | €10,588 | €3,623 | -€6,964 | -65.8% |
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 24 October 2026 via checked.be.