DR. MATHIEU STRUYVE: 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. MATHIEU STRUYVE
Largest movements
- Cash -€221,989
down €221,989 (-99.6%), from €222,805 to €816
mainly Contributions, distributions and other (-€500,000) and Investment in fixed assets (net) (-€79,316)
- Tangible fixed assets +€59,951
up €59,951 (+228.1%), from €26,280 to €86,231
of which Furniture and vehicles: +€65,005
- Receivables within one year +€6,443
up €6,443 (+2.3%), from €278,329 to €284,772
of which Other amounts receivable: +€20,908
- Reserves -€144,007
down €144,007 (-79.7%), from €180,737 to €36,730
- Other debts -€7,176
down €7,176 (-2.1%), from €342,256 to €335,079
- Gross operating margin -€33,672
down €33,672 (-6.6%), from €508,376 to €474,704
- Financial income +€16,000
new in 2025: €16,000
of which Financial income: +€16,000
- Depreciation +€8,900
up €8,900 (+85.0%), from €10,465 to €19,365
- Taxes -€6,386
down €6,386 (-5.3%), from €121,431 to €115,045
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 | €528,164 | €376,935 | -€151,229 | -28.6% |
| Fixed assets | 21/28 | €27,030 | €86,981 | +€59,951 | +221.8% |
| Tangible fixed assets | 22/27 | €26,280 | €86,231 | +€59,951 | +228.1% |
| Furniture and vehicles | 24 | €3,216 | €68,221 | +€65,005 | +2021.3% |
| Other tangible fixed assets | 26 | €23,065 | €18,010 | -€5,054 | -21.9% |
| Financial fixed assets | 28 | €750 | €750 | = | 0.0% |
| Current assets | 29/58 | €501,134 | €289,954 | -€211,180 | -42.1% |
| Amounts receivable within one year | 40/41 | €278,329 | €284,772 | +€6,443 | +2.3% |
| Trade receivables | 40 | €274,282 | €259,816 | -€14,465 | -5.3% |
| Other amounts receivable | 41 | €4,047 | €24,955 | +€20,908 | +516.6% |
| Cash at bank and in hand | 54/58 | €222,805 | €816 | -€221,989 | -99.6% |
| Deferred charges and accrued income | 490/1 | - | €4,366 | +€4,366 | |
| Total equity and liabilities | 10/49 | €528,164 | €376,935 | -€151,229 | -28.6% |
| Equity | 10/15 | €183,237 | €39,230 | -€144,007 | -78.6% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €180,737 | €36,730 | -€144,007 | -79.7% |
| Distributable reserves | 133 | €180,737 | €36,730 | -€144,007 | -79.7% |
| Amounts payable | 17/49 | €344,928 | €337,705 | -€7,222 | -2.1% |
| Amounts payable within one year | 42/48 | €344,928 | €337,705 | -€7,222 | -2.1% |
| Trade debts | 44 | €1,241 | €1,195 | -€46 | -3.7% |
| Suppliers | 440/4 | €1,241 | €1,195 | -€46 | -3.7% |
| Taxes, remuneration and social security | 45 | €1,431 | €1,431 | = | 0.0% |
| Taxes | 450/3 | €1,431 | €1,431 | = | 0.0% |
| Other amounts payable | 47/48 | €342,256 | €335,079 | -€7,176 | -2.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,465 | €19,365 | +€8,900 | +85.0% |
| Other operating charges | 640/8 | €1,755 | €217 | -€1,538 | -87.6% |
| Gross operating margin | 9900 | €508,376 | €474,704 | -€33,672 | -6.6% |
| Operating profit (loss) | 9901 | €496,156 | €455,122 | -€41,034 | -8.3% |
| Financial income | 75/76B | - | €16,000 | +€16,000 | |
| Recurring financial income | 75 | - | €16,000 | +€16,000 | |
| Non-recurring financial income | 76B | - | €16,000 | +€16,000 | |
| Financial charges | 65/66B | €83 | €84 | +€2 | +1.8% |
| Recurring financial charges | 65 | €83 | €84 | +€2 | +1.8% |
| Profit (loss) for the period before taxes | 9903 | €496,074 | €471,038 | -€25,036 | -5.0% |
| Income taxes | 67/77 | €121,431 | €115,045 | -€6,386 | -5.3% |
| Profit (loss) for the period | 9904 | €374,643 | €355,993 | -€18,650 | -5.0% |
| Profit (loss) for the period to be appropriated | 9905 | €374,643 | €355,993 | -€18,650 | -5.0% |
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 12 October 2026 via checked.be.