JOHN MATHEN: 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.
JOHN MATHEN
Largest movements
- Cash -€44,749
down €44,749 (-24.8%), from €180,716 to €135,967
mainly Contributions, distributions and other (-€41,604) and Debts after one year (-€33,208)
- Receivables within one year +€28,954
up €28,954 (+38.5%), from €75,178 to €104,133
of which Trade receivables: +€28,045
- Tangible fixed assets -€13,380
down €13,380 (-6.8%), from €196,533 to €183,153
of which Leasing and similar rights: -€15,215
- Debts after one year -€33,208
down €33,208 (-47.1%), from €70,522 to €37,314
- Trade debts +€7,215
up €7,215 (+138%), from €5,220 to €12,435
- Gross operating margin -€35,318
down €35,318 (-8.1%), from €434,075 to €398,757
- Staff costs -€8,992
down €8,992 (-2.9%), from €312,036 to €303,044
- Taxes -€5,569
down €5,569 (-23.2%), from €23,980 to €18,411
- Depreciation -€5,510
down €5,510 (-16.5%), from €33,375 to €27,864
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 | €548,765 | €522,337 | -€26,427 | -4.8% |
| Fixed assets | 21/28 | €196,533 | €183,153 | -€13,380 | -6.8% |
| Tangible fixed assets | 22/27 | €196,533 | €183,153 | -€13,380 | -6.8% |
| Land and buildings | 22 | €9,200 | €9,200 | = | 0.0% |
| Plant, machinery and equipment | 23 | €1,540 | €958 | -€581 | -37.8% |
| Furniture and vehicles | 24 | €42,604 | €49,856 | +€7,251 | +17.0% |
| Leasing and similar rights | 25 | €106,077 | €90,862 | -€15,215 | -14.3% |
| Other tangible fixed assets | 26 | €37,112 | €32,276 | -€4,835 | -13.0% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €352,231 | €339,185 | -€13,047 | -3.7% |
| Stocks and contracts in progress | 3 | €84,901 | €87,448 | +€2,547 | +3.0% |
| Stocks | 30/36 | €84,901 | €87,448 | +€2,547 | +3.0% |
| Amounts receivable within one year | 40/41 | €75,178 | €104,133 | +€28,954 | +38.5% |
| Trade receivables | 40 | €66,317 | €94,362 | +€28,045 | +42.3% |
| Other amounts receivable | 41 | €8,861 | €9,771 | +€909 | +10.3% |
| Cash at bank and in hand | 54/58 | €180,716 | €135,967 | -€44,749 | -24.8% |
| Deferred charges and accrued income | 490/1 | €11,436 | €11,636 | +€200 | +1.8% |
| Total equity and liabilities | 10/49 | €548,765 | €522,337 | -€26,427 | -4.8% |
| Equity | 10/15 | €367,280 | €369,509 | +€2,229 | +0.6% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €327,028 | €331,795 | +€4,768 | +1.5% |
| Distributable reserves | 133 | €327,028 | €331,795 | +€4,768 | +1.5% |
| Investment grants | 15 | €19,792 | €17,253 | -€2,539 | -12.8% |
| Amounts payable | 17/49 | €181,485 | €152,829 | -€28,656 | -15.8% |
| Amounts payable after more than one year | 17 | €70,522 | €37,314 | -€33,208 | -47.1% |
| Financial debts | 170/4 | €70,522 | €37,314 | -€33,208 | -47.1% |
| Amounts payable within one year | 42/48 | €110,713 | €115,165 | +€4,452 | +4.0% |
| Current portion of amounts payable after more than one year | 42 | €31,715 | €33,208 | +€1,493 | +4.7% |
| Financial debts | 43 | €822 | €290 | -€532 | -64.7% |
| Credit institutions | 430/8 | €822 | €290 | -€532 | -64.7% |
| Trade debts | 44 | €5,220 | €12,435 | +€7,215 | +138% |
| Suppliers | 440/4 | €5,220 | €12,435 | +€7,215 | +138% |
| Taxes, remuneration and social security | 45 | €20,268 | €18,760 | -€1,508 | -7.4% |
| Taxes | 450/3 | €11,528 | €17,851 | +€6,323 | +54.8% |
| Remuneration and social security | 454/9 | €8,740 | €910 | -€7,830 | -89.6% |
| Other amounts payable | 47/48 | €52,687 | €50,472 | -€2,216 | -4.2% |
| Accrued charges and deferred income | 492/3 | €250 | €350 | +€100 | +40.0% |
| Remuneration, social security and pensions | 62 | €312,036 | €303,044 | -€8,992 | -2.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,375 | €27,864 | -€5,510 | -16.5% |
| Other operating charges | 640/8 | €4,210 | €7,034 | +€2,824 | +67.1% |
| Gross operating margin | 9900 | €434,075 | €398,757 | -€35,318 | -8.1% |
| Operating profit (loss) | 9901 | €84,455 | €60,815 | -€23,640 | -28.0% |
| Financial income | 75/76B | €10,264 | €10,863 | +€598 | +5.8% |
| Recurring financial income | 75 | €10,264 | €10,863 | +€598 | +5.8% |
| Financial charges | 65/66B | €11,661 | €9,433 | -€2,228 | -19.1% |
| Recurring financial charges | 65 | €11,661 | €9,433 | -€2,228 | -19.1% |
| Profit (loss) for the period before taxes | 9903 | €83,058 | €62,244 | -€20,814 | -25.1% |
| Income taxes | 67/77 | €23,980 | €18,411 | -€5,569 | -23.2% |
| Profit (loss) for the period | 9904 | €59,078 | €43,833 | -€15,245 | -25.8% |
| Profit (loss) for the period to be appropriated | 9905 | €59,078 | €43,833 | -€15,245 | -25.8% |
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 14 October 2026 via checked.be.