MATENWERK: 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.
MATENWERK
Largest movements
- Financial fixed assets -€516,780
no longer reported in 2025 (was €516,780)
- Stocks and contracts -€179,579
down €179,579 (-28.8%), from €624,513 to €444,934
- Cash +€146,898
up €146,898 (+2,112%), from €6,954 to €153,853
mainly Investment in fixed assets (net) (+€516,397) and Stocks and contracts (+€179,579)
- Receivables within one year -€74,052
down €74,052 (-54.1%), from €136,991 to €62,938
of which Trade receivables: -€127,227
- Receivables after one year +€30,000
new in 2025: €30,000
- Short-term financial debts -€432,000
down €432,000 (-93.5%), from €462,000 to €30,000
of which Credit institutions: -€462,000
- Reserves -€178,476
down €178,476 (-72.5%), from €246,240 to €67,765
- Debts after one year +€137,424
up €137,424 (+74.9%), from €183,576 to €321,000
- Trade debts -€133,569
down €133,569 (-88.3%), from €151,182 to €17,613
- Other debts +€84,386
up €84,386 (+71.2%), from €118,471 to €202,857
- Gross operating margin +€17,751
up €17,751 (+20.5%), from €86,406 to €104,157
- Financial charges +€13,367
up €13,367 (+43.7%), from €30,609 to €43,976
of which Non-recurring financial charges: +€16,780
- Taxes +€6,072
up €6,072 (+38.0%), from €15,995 to €22,067
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 | €1,293,306 | €698,453 | -€594,853 | -46.0% |
| Fixed assets | 21/28 | €524,153 | €6,382 | -€517,771 | -98.8% |
| Tangible fixed assets | 22/27 | €7,373 | €6,382 | -€991 | -13.4% |
| Furniture and vehicles | 24 | €0 | €231 | +€231 | |
| Other tangible fixed assets | 26 | €7,373 | €6,151 | -€1,222 | -16.6% |
| Financial fixed assets | 28 | €516,780 | - | -€516,780 | |
| Current assets | 29/58 | €769,153 | €692,071 | -€77,082 | -10.0% |
| Amounts receivable after more than one year | 29 | - | €30,000 | +€30,000 | |
| Other amounts receivable | 291 | - | €30,000 | +€30,000 | |
| Stocks and contracts in progress | 3 | €624,513 | €444,934 | -€179,579 | -28.8% |
| Stocks | 30/36 | €624,513 | €444,934 | -€179,579 | -28.8% |
| Amounts receivable within one year | 40/41 | €136,991 | €62,938 | -€74,052 | -54.1% |
| Trade receivables | 40 | €136,170 | €8,942 | -€127,227 | -93.4% |
| Other amounts receivable | 41 | €821 | €53,996 | +€53,175 | +6,478% |
| Cash at bank and in hand | 54/58 | €6,954 | €153,853 | +€146,898 | +2,112% |
| Deferred charges and accrued income | 490/1 | €695 | €346 | -€349 | -50.3% |
| Total equity and liabilities | 10/49 | €1,293,306 | €698,453 | -€594,853 | -46.0% |
| Equity | 10/15 | €286,240 | €107,765 | -€178,476 | -62.4% |
| Contributions | 10/11 | €40,000 | €40,000 | = | 0.0% |
| Reserves | 13 | €246,240 | €67,765 | -€178,476 | -72.5% |
| Distributable reserves | 133 | €246,240 | €67,765 | -€178,476 | -72.5% |
| Amounts payable | 17/49 | €1,007,065 | €590,688 | -€416,377 | -41.3% |
| Amounts payable after more than one year | 17 | €183,576 | €321,000 | +€137,424 | +74.9% |
| Financial debts | 170/4 | €183,576 | €321,000 | +€137,424 | +74.9% |
| Amounts payable within one year | 42/48 | €812,479 | €267,087 | -€545,392 | -67.1% |
| Current portion of amounts payable after more than one year | 42 | €52,416 | - | -€52,416 | |
| Financial debts | 43 | €462,000 | €30,000 | -€432,000 | -93.5% |
| Credit institutions | 430/8 | €462,000 | - | -€462,000 | |
| Other loans | 439 | - | €30,000 | +€30,000 | |
| Trade debts | 44 | €151,182 | €17,613 | -€133,569 | -88.3% |
| Suppliers | 440/4 | €151,182 | €17,613 | -€133,569 | -88.3% |
| Taxes, remuneration and social security | 45 | €28,410 | €16,617 | -€11,793 | -41.5% |
| Taxes | 450/3 | €28,410 | €16,426 | -€11,984 | -42.2% |
| Remuneration and social security | 454/9 | - | €191 | +€191 | |
| Other amounts payable | 47/48 | €118,471 | €202,857 | +€84,386 | +71.2% |
| Accrued charges and deferred income | 492/3 | €11,011 | €2,602 | -€8,409 | -76.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,496 | €1,374 | -€122 | -8.2% |
| Other operating charges | 640/8 | €1,857 | €2,780 | +€924 | +49.7% |
| Gross operating margin | 9900 | €86,406 | €104,157 | +€17,751 | +20.5% |
| Operating profit (loss) | 9901 | €83,054 | €100,003 | +€16,950 | +20.4% |
| Financial charges | 65/66B | €30,609 | €43,976 | +€13,367 | +43.7% |
| Recurring financial charges | 65 | €30,609 | €27,196 | -€3,413 | -11.2% |
| Non-recurring financial charges | 66B | - | €16,780 | +€16,780 | |
| Profit (loss) for the period before taxes | 9903 | €52,444 | €56,027 | +€3,583 | +6.8% |
| Income taxes | 67/77 | €15,995 | €22,067 | +€6,072 | +38.0% |
| Profit (loss) for the period | 9904 | €36,450 | €33,961 | -€2,489 | -6.8% |
| Profit (loss) for the period to be appropriated | 9905 | €36,450 | €33,961 | -€2,489 | -6.8% |
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 22 October 2026 via checked.be.