DR. PHILIP MATTHYSSEN: 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. PHILIP MATTHYSSEN
Largest movements
- Current investments +€91,732
up €91,732 (+8.2%), from €1.1m to €1.2m
- Tangible fixed assets -€15,460
down €15,460 (-51.1%), from €30,279 to €14,819
of which Furniture and vehicles: -€15,457
- Reserves +€207,806
up €207,806 (+23.1%), from €900,296 to €1.1m
- Other debts -€142,564
down €142,564 (-83.5%), from €170,734 to €28,170
- Gross operating margin +€32,717
up €32,717 (+11.7%), from €279,589 to €312,306
- Taxes +€10,370
up €10,370 (+12.7%), from €81,965 to €92,336
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 | €1,251,290 | €1,326,275 | +€74,985 | +6.0% |
| Fixed assets | 21/28 | €30,279 | €14,819 | -€15,460 | -51.1% |
| Tangible fixed assets | 22/27 | €30,279 | €14,819 | -€15,460 | -51.1% |
| Plant, machinery and equipment | 23 | €4 | - | -€4 | |
| Furniture and vehicles | 24 | €30,276 | €14,819 | -€15,457 | -51.1% |
| Current assets | 29/58 | €1,221,011 | €1,311,456 | +€90,446 | +7.4% |
| Amounts receivable within one year | 40/41 | €85,901 | €85,523 | -€377 | -0.4% |
| Other amounts receivable | 41 | €85,901 | €85,523 | -€377 | -0.4% |
| Current investments | 50/53 | €1,124,653 | €1,216,385 | +€91,732 | +8.2% |
| Cash at bank and in hand | 54/58 | €5,595 | €4,516 | -€1,079 | -19.3% |
| Deferred charges and accrued income | 490/1 | €4,862 | €5,032 | +€170 | +3.5% |
| Total equity and liabilities | 10/49 | €1,251,290 | €1,326,275 | +€74,985 | +6.0% |
| Equity | 10/15 | €1,074,677 | €1,282,484 | +€207,806 | +19.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €900,296 | €1,108,102 | +€207,806 | +23.1% |
| Distributable reserves | 133 | €900,296 | €1,108,102 | +€207,806 | +23.1% |
| Profit (loss) carried forward | 14 | €155,782 | €155,782 | = | 0.0% |
| Amounts payable | 17/49 | €176,612 | €43,792 | -€132,821 | -75.2% |
| Amounts payable within one year | 42/48 | €174,921 | €42,196 | -€132,725 | -75.9% |
| Trade debts | 44 | €1,497 | €1,007 | -€490 | -32.7% |
| Suppliers | 440/4 | €1,497 | €1,007 | -€490 | -32.7% |
| Taxes, remuneration and social security | 45 | €2,690 | €13,019 | +€10,329 | +384% |
| Taxes | 450/3 | €2,690 | €13,019 | +€10,329 | +384% |
| Other amounts payable | 47/48 | €170,734 | €28,170 | -€142,564 | -83.5% |
| Accrued charges and deferred income | 492/3 | €1,691 | €1,595 | -€96 | -5.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,768 | €15,460 | -€308 | -2.0% |
| Other operating charges | 640/8 | €1,131 | €1,270 | +€138 | +12.2% |
| Gross operating margin | 9900 | €279,589 | €312,306 | +€32,717 | +11.7% |
| Operating profit (loss) | 9901 | €262,689 | €295,576 | +€32,887 | +12.5% |
| Financial income | 75/76B | €6,554 | €6,926 | +€372 | +5.7% |
| Recurring financial income | 75 | €6,554 | €6,926 | +€372 | +5.7% |
| Financial charges | 65/66B | €2,520 | €2,361 | -€159 | -6.3% |
| Recurring financial charges | 65 | €2,520 | €2,361 | -€159 | -6.3% |
| Profit (loss) for the period before taxes | 9903 | €266,724 | €300,142 | +€33,418 | +12.5% |
| Income taxes | 67/77 | €81,965 | €92,336 | +€10,370 | +12.7% |
| Profit (loss) for the period | 9904 | €184,758 | €207,806 | +€23,048 | +12.5% |
| Profit (loss) for the period to be appropriated | 9905 | €184,758 | €207,806 | +€23,048 | +12.5% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 22 October 2026 via checked.be.