Dr. Mathias Cottenie: 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. Mathias Cottenie
Largest movements
- Cash -€103,206
down €103,206 (-40.4%), from €255,757 to €152,551
mainly Contributions, distributions and other (-€693,012) and Tax, wage and social debts (-€50,402)
- Current investments -€100,000
no longer reported in 2025 (was €100,000)
- Receivables within one year -€75,475
down €75,475 (-47.0%), from €160,459 to €84,984
- Deferred charges and accrued income +€23,480
up €23,480 (+39.4%), from €59,625 to €83,105
- Reserves -€455,402
no longer reported in 2025 (was €455,402)
- Other debts +€249,077
new in 2025: €249,077
- Tax, wage and social debts -€50,402
down €50,402 (-38.3%), from €131,702 to €81,300
- Gross operating margin -€12,438
down €12,438 (-3.7%), from €333,940 to €321,503
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 | €593,610 | €338,516 | -€255,093 | -43.0% |
| Fixed assets | 21/28 | €17,768 | €17,876 | +€107 | +0.6% |
| Tangible fixed assets | 22/27 | €17,768 | €17,876 | +€107 | +0.6% |
| Land and buildings | 22 | - | €1,853 | +€1,853 | |
| Plant, machinery and equipment | 23 | €797 | €266 | -€531 | -66.6% |
| Furniture and vehicles | 24 | €3,217 | €665 | -€2,552 | -79.3% |
| Other tangible fixed assets | 26 | €13,753 | €15,091 | +€1,337 | +9.7% |
| Current assets | 29/58 | €575,841 | €320,641 | -€255,201 | -44.3% |
| Amounts receivable within one year | 40/41 | €160,459 | €84,984 | -€75,475 | -47.0% |
| Other amounts receivable | 41 | €160,459 | €84,984 | -€75,475 | -47.0% |
| Current investments | 50/53 | €100,000 | - | -€100,000 | |
| Cash at bank and in hand | 54/58 | €255,757 | €152,551 | -€103,206 | -40.4% |
| Deferred charges and accrued income | 490/1 | €59,625 | €83,105 | +€23,480 | +39.4% |
| Total equity and liabilities | 10/49 | €593,610 | €338,516 | -€255,093 | -43.0% |
| Equity | 10/15 | €457,902 | €2,500 | -€455,402 | -99.5% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €455,402 | - | -€455,402 | |
| Distributable reserves | 133 | €455,402 | - | -€455,402 | |
| Amounts payable | 17/49 | €135,707 | €336,016 | +€200,309 | +148% |
| Amounts payable within one year | 42/48 | €133,789 | €336,016 | +€202,228 | +151% |
| Trade debts | 44 | €2,087 | €5,639 | +€3,552 | +170% |
| Suppliers | 440/4 | €2,087 | €5,639 | +€3,552 | +170% |
| Taxes, remuneration and social security | 45 | €131,702 | €81,300 | -€50,402 | -38.3% |
| Taxes | 450/3 | €131,702 | €81,300 | -€50,402 | -38.3% |
| Other amounts payable | 47/48 | - | €249,077 | +€249,077 | |
| Accrued charges and deferred income | 492/3 | €1,918 | - | -€1,918 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,496 | €5,517 | +€1,021 | +22.7% |
| Other operating charges | 640/8 | €126 | €235 | +€109 | +86.3% |
| Gross operating margin | 9900 | €333,940 | €321,503 | -€12,438 | -3.7% |
| Operating profit (loss) | 9901 | €329,319 | €315,751 | -€13,567 | -4.1% |
| Financial income | 75/76B | €4,484 | €4,343 | -€142 | -3.2% |
| Recurring financial income | 75 | €4,484 | €4,343 | -€142 | -3.2% |
| Financial charges | 65/66B | €70 | €2,259 | +€2,189 | +3,125% |
| Recurring financial charges | 65 | €70 | €2,259 | +€2,189 | +3,125% |
| Profit (loss) for the period before taxes | 9903 | €333,733 | €317,835 | -€15,897 | -4.8% |
| Income taxes | 67/77 | €81,263 | €80,226 | -€1,037 | -1.3% |
| Profit (loss) for the period | 9904 | €252,470 | €237,610 | -€14,860 | -5.9% |
| Profit (loss) for the period to be appropriated | 9905 | €252,470 | €237,610 | -€14,860 | -5.9% |
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 27 October 2026 via checked.be.