M. MATHEUSSEN: 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.
M. MATHEUSSEN
Largest movements
- Cash +€110,970
up €110,970 (+164%), from €67,858 to €178,828
mainly Net result for the year (+€148,507) and Depreciation (+€14,748)
- Receivables within one year +€27,224
up €27,224 (+2.5%), from €1.1m to €1.1m
- Reserves +€148,507
up €148,507 (+15.9%), from €934,242 to €1.1m
of which Distributable reserves: +€148,507
- Financial income -€12,178
down €12,178 (-82.9%), from €14,693 to €2,515
- Taxes -€4,808
down €4,808 (-6.4%), from €74,827 to €70,020
- Depreciation +€2,563
up €2,563 (+21.0%), from €12,185 to €14,748
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 | €1,733,254 | €1,866,981 | +€133,727 | +7.7% |
| Fixed assets | 21/28 | €58,419 | €54,482 | -€3,938 | -6.7% |
| Tangible fixed assets | 22/27 | €58,419 | €54,482 | -€3,938 | -6.7% |
| Land and buildings | 22 | €20,963 | €14,120 | -€6,843 | -32.6% |
| Plant, machinery and equipment | 23 | - | €10,703 | +€10,703 | |
| Furniture and vehicles | 24 | €37,456 | €29,658 | -€7,798 | -20.8% |
| Current assets | 29/58 | €1,674,834 | €1,812,499 | +€137,665 | +8.2% |
| Amounts receivable within one year | 40/41 | €1,080,409 | €1,107,633 | +€27,224 | +2.5% |
| Other amounts receivable | 41 | €1,080,409 | €1,107,633 | +€27,224 | +2.5% |
| Current investments | 50/53 | €523,897 | €523,897 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €67,858 | €178,828 | +€110,970 | +164% |
| Deferred charges and accrued income | 490/1 | €2,670 | €2,141 | -€529 | -19.8% |
| Total equity and liabilities | 10/49 | €1,733,254 | €1,866,981 | +€133,727 | +7.7% |
| Equity | 10/15 | €1,711,542 | €1,860,049 | +€148,507 | +8.7% |
| Contributions | 10/11 | €777,300 | €777,300 | = | 0.0% |
| Reserves | 13 | €934,242 | €1,082,749 | +€148,507 | +15.9% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €915,492 | €1,063,999 | +€148,507 | +16.2% |
| Amounts payable | 17/49 | €21,711 | €6,932 | -€14,779 | -68.1% |
| Amounts payable after more than one year | 17 | €1,250 | €1,250 | = | 0.0% |
| Other amounts payable | 178/9 | €1,250 | €1,250 | = | 0.0% |
| Amounts payable within one year | 42/48 | €20,461 | €5,020 | -€15,442 | -75.5% |
| Taxes, remuneration and social security | 45 | €20,461 | €5,020 | -€15,442 | -75.5% |
| Taxes | 450/3 | €20,461 | €5,020 | -€15,442 | -75.5% |
| Accrued charges and deferred income | 492/3 | - | €663 | +€663 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,185 | €14,748 | +€2,563 | +21.0% |
| Other operating charges | 640/8 | €7,429 | €8,025 | +€597 | +8.0% |
| Gross operating margin | 9900 | €237,894 | €238,919 | +€1,026 | +0.4% |
| Operating profit (loss) | 9901 | €218,280 | €216,146 | -€2,134 | -1.0% |
| Financial income | 75/76B | €14,693 | €2,515 | -€12,178 | -82.9% |
| Recurring financial income | 75 | €14,693 | €2,515 | -€12,178 | -82.9% |
| Financial charges | 65/66B | €145 | €135 | -€10 | -7.0% |
| Recurring financial charges | 65 | €145 | €135 | -€10 | -7.0% |
| Profit (loss) for the period before taxes | 9903 | €232,828 | €218,526 | -€14,301 | -6.1% |
| Income taxes | 67/77 | €74,827 | €70,020 | -€4,808 | -6.4% |
| Profit (loss) for the period | 9904 | €158,000 | €148,507 | -€9,494 | -6.0% |
| Profit (loss) for the period to be appropriated | 9905 | €158,000 | €148,507 | -€9,494 | -6.0% |
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 17 October 2026 via checked.be.