GDW Mathé: 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.
GDW Mathé
Largest movements
- Receivables within one year -€440,480
down €440,480 (-44.0%), from €1.0m to €560,167
of which Trade receivables: -€503,657
- Trade debts -€268,733
down €268,733 (-80.8%), from €332,754 to €64,021
- Tax, wage and social debts -€191,527
down €191,527 (-86.1%), from €222,514 to €30,986
of which Taxes: -€161,268
- Other debts +€140,179
up €140,179 (+140%), from €100,365 to €240,544
- Reserves -€111,005
down €111,005 (-15.1%), from €735,898 to €624,893
of which Distributable reserves: -€107,005
- Debts after one year +€19,658
new in 2025: €19,658
- Gross operating margin +€85,045
up €85,045 (+16.9%), from €503,520 to €588,565
- Staff costs -€41,008
down €41,008 (-16.8%), from €244,368 to €203,361
- Depreciation -€39,122
down €39,122 (-61.3%), from €63,847 to €24,725
- Taxes -€13,351
down €13,351 (-48.0%), from €27,814 to €14,463
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 | €1,444,045 | €1,025,348 | -€418,697 | -29.0% |
| Fixed assets | 21/28 | €87,197 | €95,488 | +€8,292 | +9.5% |
| Tangible fixed assets | 22/27 | €81,947 | €90,238 | +€8,292 | +10.1% |
| Land and buildings | 22 | €13,361 | €14,228 | +€866 | +6.5% |
| Plant, machinery and equipment | 23 | €54,406 | €43,437 | -€10,969 | -20.2% |
| Furniture and vehicles | 24 | €14,179 | €32,574 | +€18,395 | +130% |
| Financial fixed assets | 28 | €5,250 | €5,250 | = | 0.0% |
| Current assets | 29/58 | €1,356,848 | €929,860 | -€426,988 | -31.5% |
| Amounts receivable after more than one year | 29 | €40,000 | €40,000 | = | 0.0% |
| Other amounts receivable | 291 | €40,000 | €40,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €1,000,647 | €560,167 | -€440,480 | -44.0% |
| Trade receivables | 40 | €981,620 | €477,963 | -€503,657 | -51.3% |
| Other amounts receivable | 41 | €19,027 | €82,204 | +€63,177 | +332% |
| Cash at bank and in hand | 54/58 | €315,872 | €328,723 | +€12,851 | +4.1% |
| Deferred charges and accrued income | 490/1 | €330 | €970 | +€641 | +194% |
| Total equity and liabilities | 10/49 | €1,444,045 | €1,025,348 | -€418,697 | -29.0% |
| Equity | 10/15 | €775,898 | €664,893 | -€111,005 | -14.3% |
| Contributions | 10/11 | €40,000 | €40,000 | = | 0.0% |
| Reserves | 13 | €735,898 | €624,893 | -€111,005 | -15.1% |
| Non-distributable reserves | 130/1 | €4,000 | - | -€4,000 | |
| Reserves not available under the articles | 1311 | €4,000 | - | -€4,000 | |
| Distributable reserves | 133 | €731,898 | €624,893 | -€107,005 | -14.6% |
| Amounts payable | 17/49 | €668,147 | €360,456 | -€307,692 | -46.1% |
| Amounts payable after more than one year | 17 | - | €19,658 | +€19,658 | |
| Financial debts | 170/4 | - | €19,658 | +€19,658 | |
| Amounts payable within one year | 42/48 | €665,058 | €340,798 | -€324,260 | -48.8% |
| Current portion of amounts payable after more than one year | 42 | €9,426 | €5,247 | -€4,179 | -44.3% |
| Trade debts | 44 | €332,754 | €64,021 | -€268,733 | -80.8% |
| Suppliers | 440/4 | €332,754 | €64,021 | -€268,733 | -80.8% |
| Taxes, remuneration and social security | 45 | €222,514 | €30,986 | -€191,527 | -86.1% |
| Taxes | 450/3 | €178,227 | €16,959 | -€161,268 | -90.5% |
| Remuneration and social security | 454/9 | €44,286 | €14,027 | -€30,259 | -68.3% |
| Other amounts payable | 47/48 | €100,365 | €240,544 | +€140,179 | +140% |
| Accrued charges and deferred income | 492/3 | €3,089 | - | -€3,089 | |
| Remuneration, social security and pensions | 62 | €244,368 | €203,361 | -€41,008 | -16.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €63,847 | €24,725 | -€39,122 | -61.3% |
| Other operating charges | 640/8 | €2,737 | €2,783 | +€45 | +1.7% |
| Non-recurring operating charges | 66A | - | €316,932 | +€316,932 | |
| Gross operating margin | 9900 | €503,520 | €588,565 | +€85,045 | +16.9% |
| Operating profit (loss) | 9901 | €192,567 | €40,764 | -€151,803 | -78.8% |
| Financial income | 75/76B | - | €1,166 | +€1,166 | |
| Recurring financial income | 75 | - | €1,166 | +€1,166 | |
| Financial charges | 65/66B | €2,299 | €1,473 | -€827 | -36.0% |
| Recurring financial charges | 65 | €2,299 | €1,473 | -€827 | -36.0% |
| Profit (loss) for the period before taxes | 9903 | €190,268 | €40,458 | -€149,810 | -78.7% |
| Income taxes | 67/77 | €27,814 | €14,463 | -€13,351 | -48.0% |
| Profit (loss) for the period | 9904 | €162,454 | €25,995 | -€136,459 | -84.0% |
| Profit (loss) for the period to be appropriated | 9905 | €162,454 | €25,995 | -€136,459 | -84.0% |
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 21 October 2026 via checked.be.