Dr.K.MATHIEU: 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.
Dr.K.MATHIEU
Largest movements
- Tangible fixed assets +€93,857
up €93,857 (+77.0%), from €121,949 to €215,806
of which Land and buildings: +€62,244
- Cash +€24,574
up €24,574 (+38.1%), from €64,421 to €88,995
mainly Debts after one year (+€85,764) and Depreciation (+€38,433)
- Receivables within one year -€23,518
down €23,518 (-75.4%), from €31,170 to €7,652
of which Other amounts receivable: -€15,068
- Debts after one year +€85,764
up €85,764 (+55.4%), from €154,745 to €240,509
- Profit (loss) carried forward +€9,762
up €9,762 (+27.0%), from €36,135 to €45,897
- Tax, wage and social debts -€6,333
down €6,333 (-49.5%), from €12,796 to €6,462
of which Taxes: -€6,333
- Trade debts +€4,611
up €4,611 (+283.1%), from €1,629 to €6,239
- Current portion of long-term debt +€3,823
up €3,823 (+45.1%), from €8,484 to €12,306
- Gross operating margin -€30,455
down €30,455 (-33.4%), from €91,199 to €60,743
- Depreciation +€14,476
up €14,476 (+60.4%), from €23,956 to €38,433
- Taxes -€6,194
down €6,194 (-63.2%), from €9,798 to €3,604
- Financial charges +€2,553
up €2,553 (+37.2%), from €6,863 to €9,416
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 | €222,373 | €318,136 | +€95,764 | +43.1% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €121,949 | €215,806 | +€93,857 | +77.0% |
| Tangible fixed assets | 22/27 | €121,949 | €215,806 | +€93,857 | +77.0% |
| Land and buildings | 22 | €8,276 | €70,519 | +€62,244 | +752.1% |
| Plant, machinery and equipment | 23 | €29,576 | €23,106 | -€6,470 | -21.9% |
| Furniture and vehicles | 24 | €2,203 | €5,145 | +€2,942 | +133.6% |
| Other tangible fixed assets | 26 | €81,893 | €117,035 | +€35,142 | +42.9% |
| Current assets | 29/58 | €100,424 | €102,331 | +€1,907 | +1.9% |
| Stocks and contracts in progress | 3 | €1,590 | - | -€1,590 | |
| Stocks | 30/36 | €1,590 | - | -€1,590 | |
| Amounts receivable within one year | 40/41 | €31,170 | €7,652 | -€23,518 | -75.4% |
| Trade receivables | 40 | €10,700 | €2,250 | -€8,450 | -79.0% |
| Other amounts receivable | 41 | €20,470 | €5,402 | -€15,068 | -73.6% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €64,421 | €88,995 | +€24,574 | +38.1% |
| Deferred charges and accrued income | 490/1 | €3,242 | €5,683 | +€2,441 | +75.3% |
| Total equity and liabilities | 10/49 | €222,373 | €318,136 | +€95,764 | +43.1% |
| Equity | 10/15 | €37,635 | €47,397 | +€9,762 | +25.9% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €36,135 | €45,897 | +€9,762 | +27.0% |
| Amounts payable | 17/49 | €184,738 | €270,740 | +€86,002 | +46.6% |
| Amounts payable after more than one year | 17 | €154,745 | €240,509 | +€85,764 | +55.4% |
| Financial debts | 170/4 | €154,745 | €240,509 | +€85,764 | +55.4% |
| Amounts payable within one year | 42/48 | €29,282 | €28,871 | -€410 | -1.4% |
| Current portion of amounts payable after more than one year | 42 | €8,484 | €12,306 | +€3,823 | +45.1% |
| Trade debts | 44 | €1,629 | €6,239 | +€4,611 | +283.1% |
| Suppliers | 440/4 | €1,629 | €6,239 | +€4,611 | +283.1% |
| Taxes, remuneration and social security | 45 | €12,796 | €6,462 | -€6,333 | -49.5% |
| Taxes | 450/3 | €9,796 | €3,462 | -€6,333 | -64.7% |
| Remuneration and social security | 454/9 | €3,000 | €3,000 | = | 0.0% |
| Other amounts payable | 47/48 | €6,374 | €3,863 | -€2,510 | -39.4% |
| Accrued charges and deferred income | 492/3 | €711 | €1,359 | +€648 | +91.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,956 | €38,433 | +€14,476 | +60.4% |
| Other operating charges | 640/8 | - | €51 | +€51 | |
| Gross operating margin | 9900 | €91,199 | €60,743 | -€30,455 | -33.4% |
| Operating profit (loss) | 9901 | €67,242 | €22,259 | -€44,983 | -66.9% |
| Financial income | 75/76B | €8 | €523 | +€515 | +6465.2% |
| Recurring financial income | 75 | €8 | €523 | +€515 | +6465.2% |
| Financial charges | 65/66B | €6,863 | €9,416 | +€2,553 | +37.2% |
| Recurring financial charges | 65 | €6,863 | €9,416 | +€2,553 | +37.2% |
| Profit (loss) for the period before taxes | 9903 | €60,387 | €13,366 | -€47,022 | -77.9% |
| Income taxes | 67/77 | €9,798 | €3,604 | -€6,194 | -63.2% |
| Profit (loss) for the period | 9904 | €50,589 | €9,762 | -€40,827 | -80.7% |
| Profit (loss) for the period to be appropriated | 9905 | €50,589 | €9,762 | -€40,827 | -80.7% |
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 2 October 2026 via checked.be.