Ma'troef: what changed
Two fiscal 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.
Ma'troef
Largest movements
- Receivables after one year -€73,588
down €73,588 (-52.1%), from €141,178 to €67,590
- Cash +€22,871
up €22,871 (+234.2%), from €9,764 to €32,634
mainly Receivables after one year (+€73,588) and Trade debts (+€629)
- Profit (loss) carried forward -€35,504
down €35,504, from €19,599 to -€15,905
- Tax, wage and social debts -€16,455
down €16,455 (-84.8%), from €19,395 to €2,940
- Gross operating margin -€1,065
down €1,065 (-6.5%), from -€16,487 to -€17,552
- Financial income -€1,062
down €1,062 (-26.7%), from €3,975 to €2,913
- Other operating charges +€819
up €819 (+271.4%), from €302 to €1,121
- Financial charges -€288
down €288 (-66.5%), from €433 to €145
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.
Cash bridge derived
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 | €154,102 | €102,773 | -€51,329 | -33.3% |
| Current assets | 29/58 | €154,102 | €102,773 | -€51,329 | -33.3% |
| Amounts receivable after more than one year | 29 | €141,178 | €67,590 | -€73,588 | -52.1% |
| Other amounts receivable | 291 | €141,178 | €67,590 | -€73,588 | -52.1% |
| Cash at bank and in hand | 54/58 | €9,764 | €32,634 | +€22,871 | +234.2% |
| Deferred charges and accrued income | 490/1 | €3,160 | €2,548 | -€611 | -19.3% |
| Total equity and liabilities | 10/49 | €154,102 | €102,773 | -€51,329 | -33.3% |
| Equity | 10/15 | €134,471 | €98,967 | -€35,504 | -26.4% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €112,872 | €112,872 | = | 0.0% |
| Distributable reserves | 133 | €112,872 | €112,872 | = | 0.0% |
| Profit (loss) carried forward | 14 | €19,599 | -€15,905 | -€35,504 | |
| Amounts payable | 17/49 | €19,631 | €3,805 | -€15,825 | -80.6% |
| Amounts payable within one year | 42/48 | €19,631 | €3,805 | -€15,825 | -80.6% |
| Trade debts | 44 | €236 | €865 | +€629 | +266.7% |
| Suppliers | 440/4 | €236 | €865 | +€629 | +266.7% |
| Taxes, remuneration and social security | 45 | €19,395 | €2,940 | -€16,455 | -84.8% |
| Taxes | 450/3 | €19,395 | €2,940 | -€16,455 | -84.8% |
| Other operating charges | 640/8 | €302 | €1,121 | +€819 | +271.4% |
| Gross operating margin | 9900 | -€16,487 | -€17,552 | -€1,065 | -6.5% |
| Operating profit (loss) | 9901 | -€16,789 | -€18,672 | -€1,884 | -11.2% |
| Financial income | 75/76B | €3,975 | €2,913 | -€1,062 | -26.7% |
| Recurring financial income | 75 | €3,975 | €2,913 | -€1,062 | -26.7% |
| Financial charges | 65/66B | €433 | €145 | -€288 | -66.5% |
| Recurring financial charges | 65 | €433 | €145 | -€288 | -66.5% |
| Profit (loss) for the period before taxes | 9903 | -€13,247 | -€15,905 | -€2,658 | -20.1% |
| Profit (loss) for the period | 9904 | -€13,247 | -€15,905 | -€2,658 | -20.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€13,247 | -€15,905 | -€2,658 | -20.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.