DR. BENJAMIN MATTELAER: 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.
DR. BENJAMIN MATTELAER
Largest movements
- Tangible fixed assets -€142,199
down €142,199 (-11.1%), from €1.3m to €1.1m
of which Land and buildings: -€96,138
- Receivables within one year +€46,368
up €46,368 (+25.6%), from €180,924 to €227,291
of which Other amounts receivable: +€49,608
- Reserves +€114,755
up €114,755 (+18.9%), from €606,143 to €720,899
- Debts after one year -€85,078
down €85,078 (-11.5%), from €737,855 to €652,777
- Other debts -€82,154
down €82,154 (-90.4%), from €90,833 to €8,679
- Tax, wage and social debts +€20,649
up €20,649 (+68.3%), from €30,243 to €50,892
of which Taxes: +€20,413
- Trade debts -€19,919
down €19,919 (-58.3%), from €34,154 to €14,235
- Depreciation +€28,954
up €28,954 (+25.5%), from €113,609 to €142,562
- Gross operating margin +€11,987
up €11,987 (+3.4%), from €351,198 to €363,185
- Financial income +€6,708
up €6,708 (+55.2%), from €12,144 to €18,852
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 | €1,631,898 | €1,556,572 | -€75,327 | -4.6% |
| Fixed assets | 21/28 | €1,280,332 | €1,138,134 | -€142,199 | -11.1% |
| Tangible fixed assets | 22/27 | €1,280,332 | €1,138,134 | -€142,199 | -11.1% |
| Land and buildings | 22 | €1,054,911 | €958,772 | -€96,138 | -9.1% |
| Plant, machinery and equipment | 23 | €50,962 | €43,593 | -€7,369 | -14.5% |
| Furniture and vehicles | 24 | €163,124 | €126,697 | -€36,427 | -22.3% |
| Leasing and similar rights | 25 | €0 | - | = | |
| Other tangible fixed assets | 26 | €11,336 | €9,071 | -€2,264 | -20.0% |
| Current assets | 29/58 | €351,566 | €418,438 | +€66,872 | +19.0% |
| Amounts receivable after more than one year | 29 | €153,889 | €164,029 | +€10,140 | +6.6% |
| Trade receivables | 290 | €153,889 | €164,029 | +€10,140 | +6.6% |
| Amounts receivable within one year | 40/41 | €180,924 | €227,291 | +€46,368 | +25.6% |
| Trade receivables | 40 | €3,241 | €0 | -€3,241 | -100% |
| Other amounts receivable | 41 | €177,683 | €227,291 | +€49,608 | +27.9% |
| Cash at bank and in hand | 54/58 | €8,446 | €14,951 | +€6,505 | +77.0% |
| Deferred charges and accrued income | 490/1 | €8,307 | €12,166 | +€3,859 | +46.4% |
| Total equity and liabilities | 10/49 | €1,631,898 | €1,556,572 | -€75,327 | -4.6% |
| Equity | 10/15 | €618,543 | €733,299 | +€114,755 | +18.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €606,143 | €720,899 | +€114,755 | +18.9% |
| Distributable reserves | 133 | €606,143 | €720,899 | +€114,755 | +18.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,013,355 | €823,273 | -€190,082 | -18.8% |
| Amounts payable after more than one year | 17 | €737,855 | €652,777 | -€85,078 | -11.5% |
| Financial debts | 170/4 | €737,855 | €652,777 | -€85,078 | -11.5% |
| Amounts payable within one year | 42/48 | €275,500 | €170,496 | -€105,004 | -38.1% |
| Current portion of amounts payable after more than one year | 42 | €91,212 | €85,078 | -€6,134 | -6.7% |
| Financial debts | 43 | €29,059 | €11,613 | -€17,446 | -60.0% |
| Credit institutions | 430/8 | €29,059 | €11,613 | -€17,446 | -60.0% |
| Trade debts | 44 | €34,154 | €14,235 | -€19,919 | -58.3% |
| Suppliers | 440/4 | €34,154 | €14,235 | -€19,919 | -58.3% |
| Taxes, remuneration and social security | 45 | €30,243 | €50,892 | +€20,649 | +68.3% |
| Taxes | 450/3 | €20,991 | €41,404 | +€20,413 | +97.2% |
| Remuneration and social security | 454/9 | €9,252 | €9,488 | +€236 | +2.6% |
| Other amounts payable | 47/48 | €90,833 | €8,679 | -€82,154 | -90.4% |
| Remuneration, social security and pensions | 62 | €41,990 | €42,381 | +€391 | +0.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €113,609 | €142,562 | +€28,954 | +25.5% |
| Other operating charges | 640/8 | €9,792 | €9,234 | -€558 | -5.7% |
| Gross operating margin | 9900 | €351,198 | €363,185 | +€11,987 | +3.4% |
| Operating profit (loss) | 9901 | €185,808 | €169,008 | -€16,799 | -9.0% |
| Financial income | 75/76B | €12,144 | €18,852 | +€6,708 | +55.2% |
| Recurring financial income | 75 | €12,144 | €18,852 | +€6,708 | +55.2% |
| Financial charges | 65/66B | €14,079 | €17,692 | +€3,613 | +25.7% |
| Recurring financial charges | 65 | €14,079 | €17,692 | +€3,613 | +25.7% |
| Profit (loss) for the period before taxes | 9903 | €183,873 | €170,168 | -€13,704 | -7.5% |
| Income taxes | 67/77 | €55,991 | €55,413 | -€578 | -1.0% |
| Profit (loss) for the period | 9904 | €127,882 | €114,755 | -€13,127 | -10.3% |
| Profit (loss) for the period to be appropriated | 9905 | €127,882 | €114,755 | -€13,127 | -10.3% |
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 29 October 2026 via checked.be.