MAT +: 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.
MAT +
Largest movements
- Receivables within one year +€329,111
up €329,111 (+199.9%), from €164,648 to €493,758
of which Other amounts receivable: +€369,392
- Cash -€146,359
down €146,359 (-100.0%), from €146,359 to €0
- Deferred charges and accrued income -€47,029
down €47,029 (-78.0%), from €60,282 to €13,253
- Tangible fixed assets -€10,835
down €10,835 (-47.5%), from €22,786 to €11,951
of which Plant, machinery and equipment: -€5,440
- Profit (loss) carried forward +€197,592
up €197,592 (+327.2%), from €60,387 to €257,979
- Other debts -€78,219
down €78,219 (-97.8%), from €80,000 to €1,781
- Tax, wage and social debts +€40,847
up €40,847 (+29.6%), from €137,862 to €178,709
of which Taxes: +€37,672
- Trade debts -€37,538
down €37,538 (-57.1%), from €65,748 to €28,209
- Gross operating margin +€538,566
up €538,566 (+54.4%), from €989,233 to €1.5m
- Staff costs +€436,061
up €436,061 (+54.3%), from €803,326 to €1.2m
- Taxes +€29,772
up €29,772 (+60.9%), from €48,879 to €78,651
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
A cash bridge needs two consecutive fiscal years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €396,788 | €519,469 | +€122,681 | +30.9% |
| Fixed assets | 21/28 | €25,499 | €12,458 | -€13,041 | -51.1% |
| Intangible fixed assets | 21 | €2,714 | €507 | -€2,207 | -81.3% |
| Tangible fixed assets | 22/27 | €22,786 | €11,951 | -€10,835 | -47.5% |
| Plant, machinery and equipment | 23 | €11,605 | €6,165 | -€5,440 | -46.9% |
| Furniture and vehicles | 24 | €10,543 | €5,786 | -€4,757 | -45.1% |
| Other tangible fixed assets | 26 | €638 | €0 | -€638 | -100.0% |
| Current assets | 29/58 | €371,289 | €507,012 | +€135,723 | +36.6% |
| Amounts receivable within one year | 40/41 | €164,648 | €493,758 | +€329,111 | +199.9% |
| Trade receivables | 40 | €150,152 | €109,871 | -€40,281 | -26.8% |
| Other amounts receivable | 41 | €14,496 | €383,887 | +€369,392 | +2548.3% |
| Cash at bank and in hand | 54/58 | €146,359 | €0 | -€146,359 | -100.0% |
| Deferred charges and accrued income | 490/1 | €60,282 | €13,253 | -€47,029 | -78.0% |
| Total equity and liabilities | 10/49 | €396,788 | €519,469 | +€122,681 | +30.9% |
| Equity | 10/15 | €113,178 | €310,770 | +€197,592 | +174.6% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €27,791 | €27,791 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,500 | €2,500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,500 | €2,500 | = | 0.0% |
| Distributable reserves | 133 | €25,291 | €25,291 | = | 0.0% |
| Profit (loss) carried forward | 14 | €60,387 | €257,979 | +€197,592 | +327.2% |
| Amounts payable | 17/49 | €283,610 | €208,699 | -€74,910 | -26.4% |
| Amounts payable within one year | 42/48 | €283,610 | €208,699 | -€74,910 | -26.4% |
| Financial debts | 43 | €0 | - | = | |
| Other loans | 439 | €0 | - | = | |
| Trade debts | 44 | €65,748 | €28,209 | -€37,538 | -57.1% |
| Suppliers | 440/4 | €65,748 | €28,209 | -€37,538 | -57.1% |
| Taxes, remuneration and social security | 45 | €137,862 | €178,709 | +€40,847 | +29.6% |
| Taxes | 450/3 | €5,002 | €42,674 | +€37,672 | +753.2% |
| Remuneration and social security | 454/9 | €132,860 | €136,035 | +€3,175 | +2.4% |
| Other amounts payable | 47/48 | €80,000 | €1,781 | -€78,219 | -97.8% |
| Remuneration, social security and pensions | 62 | €803,326 | €1,239,387 | +€436,061 | +54.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,650 | €17,111 | +€3,461 | +25.4% |
| Gross operating margin | 9900 | €989,233 | €1,527,800 | +€538,566 | +54.4% |
| Operating profit (loss) | 9901 | €172,257 | €271,302 | +€99,044 | +57.5% |
| Financial income | 75/76B | €1,036 | €5,482 | +€4,445 | +428.9% |
| Recurring financial income | 75 | €1,036 | €5,482 | +€4,445 | +428.9% |
| Financial charges | 65/66B | €1,019 | €541 | -€478 | -46.9% |
| Recurring financial charges | 65 | €1,019 | €541 | -€478 | -46.9% |
| Profit (loss) for the period before taxes | 9903 | €172,275 | €276,242 | +€103,967 | +60.3% |
| Income taxes | 67/77 | €48,879 | €78,651 | +€29,772 | +60.9% |
| Profit (loss) for the period | 9904 | €123,397 | €197,592 | +€74,195 | +60.1% |
| Profit (loss) for the period to be appropriated | 9905 | €123,397 | €197,592 | +€74,195 | +60.1% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.