MATCIEL: 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.
MATCIEL
Largest movements
- Tangible fixed assets +€7.9m
up €7.9m (+124.9%), from €6.3m to €14.2m
of which Assets under construction and advance payments: +€7.4m
- Trade debts +€7.2m
up €7.2m (+4560.2%), from €158,397 to €7.4m
- Debts after one year +€950,000
up €950,000 (+38.9%), from €2.4m to €3.4m
- Current portion of long-term debt -€186,836
no longer reported in 2025 (was €186,836)
- Gross operating margin +€103,987
up €103,987 (+24.6%), from €422,853 to €526,840
- Other operating charges -€95,164
down €95,164 (-87.5%), from €108,701 to €13,537
- Financial charges +€41,987
up €41,987 (+15.8%), from €266,581 to €308,568
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 | €6,429,671 | €14,461,383 | +€8.0m | +124.9% |
| Fixed assets | 21/28 | €6,327,660 | €14,229,321 | +€7.9m | +124.9% |
| Tangible fixed assets | 22/27 | €6,327,660 | €14,229,321 | +€7.9m | +124.9% |
| Land and buildings | 22 | €6,327,660 | €6,865,321 | +€537,661 | +8.5% |
| Assets under construction and advance payments | 27 | - | €7,364,000 | +€7.4m | |
| Current assets | 29/58 | €102,011 | €232,062 | +€130,051 | +127.5% |
| Amounts receivable within one year | 40/41 | €102,011 | €215,183 | +€113,172 | +110.9% |
| Trade receivables | 40 | €76,230 | €158,669 | +€82,439 | +108.1% |
| Other amounts receivable | 41 | €25,781 | €56,514 | +€30,733 | +119.2% |
| Cash at bank and in hand | 54/58 | - | €16,879 | +€16,879 | |
| Total equity and liabilities | 10/49 | €6,429,671 | €14,461,383 | +€8.0m | +124.9% |
| Equity | 10/15 | €195,505 | €302,026 | +€106,521 | +54.5% |
| Contributions | 10/11 | €270,000 | €270,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€74,495 | €32,026 | +€106,521 | |
| Amounts payable | 17/49 | €6,234,166 | €14,159,357 | +€7.9m | +127.1% |
| Amounts payable after more than one year | 17 | €2,442,569 | €3,392,569 | +€950,000 | +38.9% |
| Financial debts | 170/4 | €2,442,569 | €3,392,569 | +€950,000 | +38.9% |
| Amounts payable within one year | 42/48 | €3,791,409 | €10,766,788 | +€7.0m | +184.0% |
| Current portion of amounts payable after more than one year | 42 | €186,836 | - | -€186,836 | |
| Trade debts | 44 | €158,397 | €7,381,610 | +€7.2m | +4560.2% |
| Suppliers | 440/4 | €158,397 | €7,381,610 | +€7.2m | +4560.2% |
| Other amounts payable | 47/48 | €3,446,176 | €3,385,178 | -€60,998 | -1.8% |
| Accrued charges and deferred income | 492/3 | €188 | - | -€188 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €98,214 | €98,214 | = | 0.0% |
| Other operating charges | 640/8 | €108,701 | €13,537 | -€95,164 | -87.5% |
| Gross operating margin | 9900 | €422,853 | €526,840 | +€103,987 | +24.6% |
| Operating profit (loss) | 9901 | €215,938 | €415,089 | +€199,151 | +92.2% |
| Financial charges | 65/66B | €266,581 | €308,568 | +€41,987 | +15.8% |
| Recurring financial charges | 65 | €266,581 | €308,568 | +€41,987 | +15.8% |
| Profit (loss) for the period before taxes | 9903 | -€50,643 | €106,521 | +€157,164 | |
| Profit (loss) for the period | 9904 | -€50,643 | €106,521 | +€157,164 | |
| Profit (loss) for the period to be appropriated | 9905 | -€50,643 | €106,521 | +€157,164 |
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 9 October 2026 via checked.be.