Louis MATHIEUX: 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.
Louis MATHIEUX
Largest movements
- Cash +€574,139
up €574,139 (+148%), from €387,098 to €961,237
mainly Current investments (+€447,597) and Receivables within one year (+€396,371)
- Current investments -€447,597
down €447,597 (-30.9%), from €1.4m to €1.0m
- Receivables within one year -€396,371
down €396,371 (-70.3%), from €563,758 to €167,387
of which Trade receivables: -€294,832
- Receivables after one year +€69,350
new in 2025: €69,350
- Intangible fixed assets -€57,850
down €57,850 (-49.9%), from €115,901 to €58,051
- Trade debts -€243,286
down €243,286 (-18.4%), from €1.3m to €1.1m
of which Suppliers: -€260,516
- Tax, wage and social debts -€88,432
down €88,432 (-75.1%), from €117,820 to €29,388
of which Taxes: -€83,412
- Reserves +€39,651
up €39,651 (+2.5%), from €1.6m to €1.6m
of which Distributable reserves: +€39,651
- Financial charges +€143,325
up €143,325 (+7,809%), from €1,835 to €145,160
- Staff costs +€72,890
up €72,890 (+27.8%), from €262,555 to €335,445
- Gross operating margin +€69,027
up €69,027 (+7.8%), from €881,288 to €950,315
- Taxes -€43,253
down €43,253 (-25.7%), from €168,100 to €124,847
- Financial income -€14,065
down €14,065 (-11.4%), from €123,774 to €109,709
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 | €3,129,120 | €2,841,346 | -€287,774 | -9.2% |
| Fixed assets | 21/28 | €707,768 | €640,521 | -€67,247 | -9.5% |
| Intangible fixed assets | 21 | €115,901 | €58,051 | -€57,850 | -49.9% |
| Tangible fixed assets | 22/27 | €591,417 | €582,020 | -€9,396 | -1.6% |
| Land and buildings | 22 | €481,761 | €472,577 | -€9,185 | -1.9% |
| Furniture and vehicles | 24 | €109,510 | €109,443 | -€67 | -0.1% |
| Other tangible fixed assets | 26 | €145 | - | -€145 | |
| Financial fixed assets | 28 | €450 | €450 | = | 0.0% |
| Current assets | 29/58 | €2,421,353 | €2,200,825 | -€220,528 | -9.1% |
| Amounts receivable after more than one year | 29 | - | €69,350 | +€69,350 | |
| Other amounts receivable | 291 | - | €69,350 | +€69,350 | |
| Stocks and contracts in progress | 3 | €10,500 | - | -€10,500 | |
| Stocks | 30/36 | €10,500 | - | -€10,500 | |
| Amounts receivable within one year | 40/41 | €563,758 | €167,387 | -€396,371 | -70.3% |
| Trade receivables | 40 | €410,574 | €115,742 | -€294,832 | -71.8% |
| Other amounts receivable | 41 | €153,184 | €51,645 | -€101,539 | -66.3% |
| Current investments | 50/53 | €1,449,538 | €1,001,941 | -€447,597 | -30.9% |
| Cash at bank and in hand | 54/58 | €387,098 | €961,237 | +€574,139 | +148% |
| Deferred charges and accrued income | 490/1 | €10,459 | €910 | -€9,549 | -91.3% |
| Total equity and liabilities | 10/49 | €3,129,120 | €2,841,346 | -€287,774 | -9.2% |
| Equity | 10/15 | €1,636,886 | €1,676,538 | +€39,651 | +2.4% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €1,574,886 | €1,614,538 | +€39,651 | +2.5% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €1,568,686 | €1,608,338 | +€39,651 | +2.5% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €1,492,234 | €1,164,808 | -€327,426 | -21.9% |
| Amounts payable after more than one year | 17 | €29,699 | €8,773 | -€20,925 | -70.5% |
| Financial debts | 170/4 | €29,699 | €8,773 | -€20,925 | -70.5% |
| Amounts payable within one year | 42/48 | €1,458,760 | €1,127,224 | -€331,536 | -22.7% |
| Current portion of amounts payable after more than one year | 42 | €20,744 | €20,925 | +€182 | +0.9% |
| Trade debts | 44 | €1,320,196 | €1,076,910 | -€243,286 | -18.4% |
| Suppliers | 440/4 | €522,754 | €262,238 | -€260,516 | -49.8% |
| Bills of exchange payable | 441 | €797,443 | €814,673 | +€17,230 | +2.2% |
| Taxes, remuneration and social security | 45 | €117,820 | €29,388 | -€88,432 | -75.1% |
| Taxes | 450/3 | €83,412 | - | -€83,412 | |
| Remuneration and social security | 454/9 | €34,409 | €29,388 | -€5,020 | -14.6% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €3,775 | €28,811 | +€25,036 | +663% |
| Remuneration, social security and pensions | 62 | €262,555 | €335,445 | +€72,890 | +27.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €134,391 | €142,076 | +€7,686 | +5.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €12,470 | €8,386 | -€4,083 | -32.7% |
| Gross operating margin | 9900 | €881,288 | €950,315 | +€69,027 | +7.8% |
| Operating profit (loss) | 9901 | €471,873 | €464,407 | -€7,465 | -1.6% |
| Financial income | 75/76B | €123,774 | €109,709 | -€14,065 | -11.4% |
| Recurring financial income | 75 | €123,774 | €109,709 | -€14,065 | -11.4% |
| Financial charges | 65/66B | €1,835 | €145,160 | +€143,325 | +7,809% |
| Recurring financial charges | 65 | €1,835 | €145,160 | +€143,325 | +7,809% |
| Profit (loss) for the period before taxes | 9903 | €593,811 | €428,956 | -€164,855 | -27.8% |
| Income taxes | 67/77 | €168,100 | €124,847 | -€43,253 | -25.7% |
| Profit (loss) for the period | 9904 | €425,712 | €304,109 | -€121,602 | -28.6% |
| Transfer from tax-exempt reserves | 789 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €425,712 | €304,109 | -€121,602 | -28.6% |
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 1 November 2026 via checked.be.