Dr Mathilde Maskens: 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 Mathilde Maskens
Largest movements
- Current investments +€90,000
up €90,000 (+89.7%), from €100,349 to €190,349
- Cash +€30,617
up €30,617 (+42.5%), from €72,121 to €102,738
mainly Net result for the year (+€82,409) and Provisions (+€44,388)
- Receivables within one year +€10,894
up €10,894 (+11.1%), from €98,290 to €109,184
of which Other amounts receivable: +€54,948
- Reserves +€105,250
new in 2025: €105,250
- Provisions +€44,388
new in 2025: €44,388
- Other debts +€29,137
up €29,137 (+120%), from €24,273 to €53,410
- Profit (loss) carried forward -€22,841
down €22,841 (-10.3%), from €221,266 to €198,425
- Tax, wage and social debts -€17,929
down €17,929 (-65.2%), from €27,513 to €9,584
- Gross operating margin -€118,436
down €118,436 (-41.1%), from €288,488 to €170,053
- Provisions +€44,388
new in 2025: €44,388
- Taxes -€31,545
down €31,545 (-46.4%), from €67,936 to €36,391
- Financial income +€2,956
up €2,956 (+61.6%), from €4,796 to €7,751
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 | €315,305 | €444,432 | +€129,126 | +41.0% |
| Fixed assets | 21/28 | €40,882 | €39,388 | -€1,494 | -3.7% |
| Tangible fixed assets | 22/27 | €39,532 | €38,038 | -€1,494 | -3.8% |
| Furniture and vehicles | 24 | €39,532 | €28,538 | -€10,994 | -27.8% |
| Other tangible fixed assets | 26 | - | €9,500 | +€9,500 | |
| Financial fixed assets | 28 | €1,350 | €1,350 | = | 0.0% |
| Current assets | 29/58 | €274,423 | €405,043 | +€130,620 | +47.6% |
| Amounts receivable within one year | 40/41 | €98,290 | €109,184 | +€10,894 | +11.1% |
| Trade receivables | 40 | €98,238 | €54,184 | -€44,054 | -44.8% |
| Other amounts receivable | 41 | €52 | €55,000 | +€54,948 | +104,942% |
| Current investments | 50/53 | €100,349 | €190,349 | +€90,000 | +89.7% |
| Cash at bank and in hand | 54/58 | €72,121 | €102,738 | +€30,617 | +42.5% |
| Deferred charges and accrued income | 490/1 | €3,664 | €2,772 | -€891 | -24.3% |
| Total equity and liabilities | 10/49 | €315,305 | €444,432 | +€129,126 | +41.0% |
| Equity | 10/15 | €225,266 | €307,675 | +€82,409 | +36.6% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Reserves | 13 | - | €105,250 | +€105,250 | |
| Tax-exempt reserves | 132 | - | €105,250 | +€105,250 | |
| Profit (loss) carried forward | 14 | €221,266 | €198,425 | -€22,841 | -10.3% |
| Provisions and deferred taxes | 16 | - | €44,388 | +€44,388 | |
| Provisions for liabilities and charges | 160/5 | - | €44,388 | +€44,388 | |
| Other liabilities and charges | 164/5 | - | €44,388 | +€44,388 | |
| Amounts payable | 17/49 | €90,040 | €92,368 | +€2,329 | +2.6% |
| Amounts payable after more than one year | 17 | €28,712 | €19,228 | -€9,485 | -33.0% |
| Financial debts | 170/4 | €28,712 | €19,228 | -€9,485 | -33.0% |
| Amounts payable within one year | 42/48 | €61,327 | €73,141 | +€11,813 | +19.3% |
| Current portion of amounts payable after more than one year | 42 | €9,127 | €9,485 | +€357 | +3.9% |
| Trade debts | 44 | €414 | €662 | +€248 | +60.0% |
| Suppliers | 440/4 | €414 | €662 | +€248 | +60.0% |
| Taxes, remuneration and social security | 45 | €27,513 | €9,584 | -€17,929 | -65.2% |
| Taxes | 450/3 | €27,513 | €9,584 | -€17,929 | -65.2% |
| Other amounts payable | 47/48 | €24,273 | €53,410 | +€29,137 | +120% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,957 | €10,994 | +€36 | +0.3% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €44,388 | +€44,388 | |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €288,488 | €170,053 | -€118,436 | -41.1% |
| Operating profit (loss) | 9901 | €277,144 | €114,271 | -€162,872 | -58.8% |
| Financial income | 75/76B | €4,796 | €7,751 | +€2,956 | +61.6% |
| Recurring financial income | 75 | €4,796 | €7,751 | +€2,956 | +61.6% |
| Financial charges | 65/66B | €4,009 | €3,222 | -€787 | -19.6% |
| Recurring financial charges | 65 | €4,009 | €3,222 | -€787 | -19.6% |
| Profit (loss) for the period before taxes | 9903 | €277,931 | €118,800 | -€159,130 | -57.3% |
| Income taxes | 67/77 | €67,936 | €36,391 | -€31,545 | -46.4% |
| Profit (loss) for the period | 9904 | €209,995 | €82,409 | -€127,586 | -60.8% |
| Transfer to tax-exempt reserves | 689 | - | €105,250 | +€105,250 | |
| Profit (loss) for the period to be appropriated | 9905 | €209,995 | -€22,841 | -€232,836 |
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 15 October 2026 via checked.be.