Ma'troefs: 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'troefs
Largest movements
- Cash -€80,226
down €80,226 (-86.9%), from €92,366 to €12,141
mainly Contributions, distributions and other (-€139,921) and Receivables within one year (-€66,708)
- Receivables within one year +€66,708
up €66,708 (+109.4%), from €60,996 to €127,704
of which Other amounts receivable: +€81,599
- Tangible fixed assets +€28,624
up €28,624 (+2666.9%), from €1,073 to €29,698
of which Furniture and vehicles: +€28,992
- Deferred charges and accrued income +€17,911
up €17,911 (+5459.3%), from €328 to €18,239
- Other debts +€120,105
new in 2025: €120,105
- Profit (loss) carried forward -€109,295
down €109,295 (-78.1%), from €139,921 to €30,625
- Tax, wage and social debts +€21,558
up €21,558 (+173.5%), from €12,426 to €33,983
- Gross operating margin +€5,323
up €5,323 (+11.9%), from €44,717 to €50,040
- Depreciation +€2,687
up €2,687 (+549.4%), from €489 to €3,176
- Other operating charges +€1,568
up €1,568 (+107.4%), from €1,461 to €3,029
- Taxes +€570
up €570 (+4.6%), from €12,426 to €12,995
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 | €154,764 | €187,782 | +€33,018 | +21.3% |
| Fixed assets | 21/28 | €1,073 | €29,698 | +€28,624 | +2666.9% |
| Tangible fixed assets | 22/27 | €1,073 | €29,698 | +€28,624 | +2666.9% |
| Plant, machinery and equipment | 23 | €1,073 | €705 | -€368 | -34.3% |
| Furniture and vehicles | 24 | - | €28,992 | +€28,992 | |
| Current assets | 29/58 | €153,690 | €158,084 | +€4,393 | +2.9% |
| Amounts receivable within one year | 40/41 | €60,996 | €127,704 | +€66,708 | +109.4% |
| Trade receivables | 40 | €15,845 | €954 | -€14,891 | -94.0% |
| Other amounts receivable | 41 | €45,151 | €126,750 | +€81,599 | +180.7% |
| Cash at bank and in hand | 54/58 | €92,366 | €12,141 | -€80,226 | -86.9% |
| Deferred charges and accrued income | 490/1 | €328 | €18,239 | +€17,911 | +5459.3% |
| Total equity and liabilities | 10/49 | €154,764 | €187,782 | +€33,018 | +21.3% |
| Equity | 10/15 | €141,921 | €32,625 | -€109,295 | -77.0% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €139,921 | €30,625 | -€109,295 | -78.1% |
| Amounts payable | 17/49 | €12,843 | €155,156 | +€142,313 | +1108.1% |
| Amounts payable within one year | 42/48 | €12,843 | €155,156 | +€142,313 | +1108.1% |
| Trade debts | 44 | €418 | €1,068 | +€650 | +155.7% |
| Suppliers | 440/4 | €418 | €1,068 | +€650 | +155.7% |
| Taxes, remuneration and social security | 45 | €12,426 | €33,983 | +€21,558 | +173.5% |
| Taxes | 450/3 | €12,426 | €33,983 | +€21,558 | +173.5% |
| Other amounts payable | 47/48 | - | €120,105 | +€120,105 | |
| Non-recurring operating income | 76A | - | €1,000 | +€1,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €489 | €3,176 | +€2,687 | +549.4% |
| Other operating charges | 640/8 | €1,461 | €3,029 | +€1,568 | +107.4% |
| Gross operating margin | 9900 | €44,717 | €50,040 | +€5,323 | +11.9% |
| Operating profit (loss) | 9901 | €42,766 | €43,835 | +€1,068 | +2.5% |
| Financial income | 75/76B | €202 | €0 | -€202 | -99.9% |
| Recurring financial income | 75 | €202 | €0 | -€202 | -99.9% |
| Financial charges | 65/66B | €57 | €214 | +€158 | +279.5% |
| Recurring financial charges | 65 | €57 | €214 | +€158 | +279.5% |
| Profit (loss) for the period before taxes | 9903 | €42,912 | €43,620 | +€708 | +1.7% |
| Income taxes | 67/77 | €12,426 | €12,995 | +€570 | +4.6% |
| Profit (loss) for the period | 9904 | €30,487 | €30,625 | +€139 | +0.5% |
| Profit (loss) for the period to be appropriated | 9905 | €30,487 | €30,625 | +€139 | +0.5% |
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.