MARCEL DEMATHIEU: 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.
MARCEL DEMATHIEU
Largest movements
- Tangible fixed assets -€52,979
down €52,979 (-29.9%), from €177,092 to €124,113
of which Furniture and vehicles: -€51,325
- Receivables within one year +€18,027
up €18,027 (+117%), from €15,383 to €33,410
of which Trade receivables: +€21,602
- Cash +€10,437
up €10,437 (+25.3%), from €41,272 to €51,710
mainly Depreciation (+€57,494) and Trade debts (+€19,703)
- Deferred charges and accrued income +€9,065
up €9,065 (+5,472%), from €166 to €9,230
- Stocks and contracts +€6,765
up €6,765 (+43.5%), from €15,552 to €22,317
- Current portion of long-term debt -€24,747
down €24,747 (-57.1%), from €43,327 to €18,580
- Trade debts +€19,703
up €19,703 (+135%), from €14,648 to €34,351
- Debts after one year -€18,580
down €18,580 (-72.1%), from €25,786 to €7,206
- Advances received +€14,717
new in 2025: €14,717
- Other debts -€7,100
down €7,100 (-33.2%), from €21,381 to €14,281
- Financial charges -€60,812
down €60,812 (-96.5%), from €62,993 to €2,180
of which Non-recurring financial charges: -€60,507
- Gross operating margin -€46,630
down €46,630 (-14.6%), from €319,410 to €272,781
- Depreciation +€15,266
up €15,266 (+36.2%), from €42,228 to €57,494
- Financial income -€3,320
down €3,320 (-65.0%), from €5,106 to €1,786
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 | €258,286 | €250,040 | -€8,246 | -3.2% |
| Fixed assets | 21/28 | €185,913 | €133,374 | -€52,540 | -28.3% |
| Tangible fixed assets | 22/27 | €177,092 | €124,113 | -€52,979 | -29.9% |
| Land and buildings | 22 | - | €692 | +€692 | |
| Plant, machinery and equipment | 23 | €14,741 | €12,394 | -€2,346 | -15.9% |
| Furniture and vehicles | 24 | €162,352 | €111,026 | -€51,325 | -31.6% |
| Financial fixed assets | 28 | €8,821 | €9,261 | +€440 | +5.0% |
| Current assets | 29/58 | €72,372 | €116,666 | +€44,294 | +61.2% |
| Stocks and contracts in progress | 3 | €15,552 | €22,317 | +€6,765 | +43.5% |
| Stocks | 30/36 | €15,552 | €22,317 | +€6,765 | +43.5% |
| Amounts receivable within one year | 40/41 | €15,383 | €33,410 | +€18,027 | +117% |
| Trade receivables | 40 | €6,442 | €28,044 | +€21,602 | +335% |
| Other amounts receivable | 41 | €8,941 | €5,366 | -€3,575 | -40.0% |
| Cash at bank and in hand | 54/58 | €41,272 | €51,710 | +€10,437 | +25.3% |
| Deferred charges and accrued income | 490/1 | €166 | €9,230 | +€9,065 | +5,472% |
| Total equity and liabilities | 10/49 | €258,286 | €250,040 | -€8,246 | -3.2% |
| Equity | 10/15 | €147,485 | €149,329 | +€1,844 | +1.3% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €104,859 | €106,609 | +€1,750 | +1.7% |
| Distributable reserves | 133 | €104,859 | €106,609 | +€1,750 | +1.7% |
| Profit (loss) carried forward | 14 | €24,034 | €24,128 | +€94 | +0.4% |
| Amounts payable | 17/49 | €110,800 | €100,710 | -€10,090 | -9.1% |
| Amounts payable after more than one year | 17 | €25,786 | €7,206 | -€18,580 | -72.1% |
| Financial debts | 170/4 | €25,786 | €7,206 | -€18,580 | -72.1% |
| Amounts payable within one year | 42/48 | €85,014 | €92,374 | +€7,359 | +8.7% |
| Current portion of amounts payable after more than one year | 42 | €43,327 | €18,580 | -€24,747 | -57.1% |
| Trade debts | 44 | €14,648 | €34,351 | +€19,703 | +135% |
| Suppliers | 440/4 | €14,648 | €34,351 | +€19,703 | +135% |
| Advances received on contracts in progress | 46 | - | €14,717 | +€14,717 | |
| Taxes, remuneration and social security | 45 | €5,659 | €10,446 | +€4,787 | +84.6% |
| Taxes | 450/3 | €400 | €4,264 | +€3,864 | +966% |
| Remuneration and social security | 454/9 | €5,259 | €6,181 | +€923 | +17.5% |
| Other amounts payable | 47/48 | €21,381 | €14,281 | -€7,100 | -33.2% |
| Accrued charges and deferred income | 492/3 | - | €1,131 | +€1,131 | |
| Remuneration, social security and pensions | 62 | €210,231 | €208,721 | -€1,510 | -0.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,228 | €57,494 | +€15,266 | +36.2% |
| Other operating charges | 640/8 | - | €63 | +€63 | |
| Non-recurring operating charges | 66A | - | €0 | = | |
| Gross operating margin | 9900 | €319,410 | €272,781 | -€46,630 | -14.6% |
| Operating profit (loss) | 9901 | €66,952 | €6,503 | -€60,449 | -90.3% |
| Financial income | 75/76B | €5,106 | €1,786 | -€3,320 | -65.0% |
| Recurring financial income | 75 | €5,106 | €1,786 | -€3,320 | -65.0% |
| Financial charges | 65/66B | €62,993 | €2,180 | -€60,812 | -96.5% |
| Recurring financial charges | 65 | €2,485 | €2,180 | -€305 | -12.3% |
| Non-recurring financial charges | 66B | €60,507 | - | -€60,507 | |
| Profit (loss) for the period before taxes | 9903 | €9,065 | €6,108 | -€2,957 | -32.6% |
| Income taxes | 67/77 | €4,718 | €4,264 | -€454 | -9.6% |
| Profit (loss) for the period | 9904 | €4,347 | €1,844 | -€2,503 | -57.6% |
| Profit (loss) for the period to be appropriated | 9905 | €4,347 | €1,844 | -€2,503 | -57.6% |
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 26 October 2026 via checked.be.