MATERIALISE: 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.
What changed
MATERIALISE
NACE 32.990, Other manufacturing not elsewhere classified
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€11.2m
2024 · €12.6m-€1.4m
Equity
€259.8m
2024 · €248.6m+€11.2m
Cash
€119.0m
2024 · €82.0m+€37.0m
Balance sheet total
€394.7m
2024 · €375.5m+€19.2m
Largest movements
Assets
- Cash +€37.0m
up €37.0m (+45.2%), from €82.0m to €119.0m
mainly Depreciation (+€32.9m) and Debts after one year (+€28.8m)
- Receivables within one year -€6.5m
down €6.5m (-6.8%), from €95.8m to €89.4m
of which Trade receivables: -€9.3m
- Receivables after one year -€4.4m
down €4.4m (-47.1%), from €9.2m to €4.9m
Equity and liabilities
- Contributions -€30.0m
down €30.0m (-12.3%), from €244.5m to €214.5m
of which Outside capital: -€30.0m
- Reserves +€30.0m
up €30.0m (+6362.8%), from €471,135 to €30.4m
- Debts after one year +€28.8m
up €28.8m (+96.4%), from €29.8m to €58.6m
of which Financial debts: +€26.6m
- Profit (loss) carried forward +€11.3m
up €11.3m (+308.0%), from €3.7m to €14.9m
- Trade debts -€11.0m
down €11.0m (-41.7%), from €26.5m to €15.4m
Income statement
- Financial income -€8.3m
down €8.3m (-28.0%), from €29.8m to €21.4m
- Financial charges -€5.4m
down €5.4m (-23.3%), from €23.1m to €17.7m
of which Non-recurring financial charges: -€14.1m
- Depreciation +€2.7m
up €2.7m (+9.1%), from €30.2m to €32.9m
- Services and other goods -€2.7m
down €2.7m (-4.1%), from €65.0m to €62.3m
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.
Result 2024
€12.6m
Turnover
+€498,274
Other operating income
-€406,078
Goods and materials
+€1.5m
Services and other goods
+€2.7m
Staff costs
-€1.3m
Depreciation
-€2.7m
Write-downs
+€103,853
Provisions
+€124,435
Other operating charges
+€124,591
Other operating items
+€1.0m
Financial income
-€8.3m
Financial charges
+€5.4m
Taxes
-€88,790
Result 2025
€11.2m
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.
From operations
+€36.1m
Investment
-€26.3m
Financing
+€27.2m
Cash 2024
€82.0m
From operations (derived)
+€36.1m
Net result for the year
+€11.2m
Depreciation
+€32.9m
Receivables after one year
+€4.4m
Stocks and contracts
+€234,489
Receivables within one year
+€6.5m
Deferred charges and accrued income
+€114,010
Provisions
-€175,217
Trade debts
-€11.0m
Tax, wage and social debts
+€151,040
Advances received
-€30,528
Other debts
-€6.3m
Accrued charges and deferred income
-€1.9m
Investment (derived)
-€26.3m
Investment in fixed assets (net)
-€26.3m
Current investments
+€3,902
Financing
+€27.2m
Debts after one year
+€28.8m
Current portion of long-term debt
-€1.5m
Contributions, distributions and other
-€1,655
Cash 2025
€119.0m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €375,490,693 | €394,682,880 | +€19.2m | +5.1% |
| Formation expenses | 20 | €1,380,239 | €405,953 | -€974,286 | -70.6% |
| Fixed assets | 21/28 | €177,978,647 | €172,301,282 | -€5.7m | -3.2% |
| Intangible fixed assets | 21 | €14,418,229 | €11,826,927 | -€2.6m | -18.0% |
| Tangible fixed assets | 22/27 | €27,306,658 | €26,549,206 | -€757,452 | -2.8% |
| Land and buildings | 22 | €12,514,252 | €12,073,976 | -€440,276 | -3.5% |
| Plant, machinery and equipment | 23 | €11,282,844 | €11,945,091 | +€662,247 | +5.9% |
| Furniture and vehicles | 24 | €1,982,928 | €1,655,993 | -€326,935 | -16.5% |
| Leasing and similar rights | 25 | €12,636 | - | -€12,636 | |
| Assets under construction and advance payments | 27 | €1,513,998 | €874,145 | -€639,852 | -42.3% |
| Financial fixed assets | 28 | €136,253,760 | €133,925,149 | -€2.3m | -1.7% |
| Affiliated companies | 280/1 | €136,136,703 | €133,808,091 | -€2.3m | -1.7% |
| Participating interests | 280 | €43,490,138 | €43,540,137 | +€49,999 | +0.1% |
| Amounts receivable | 281 | €92,646,565 | €90,267,955 | -€2.4m | -2.6% |
| Other financial fixed assets | 284/8 | €117,057 | €117,057 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €117,057 | €117,057 | = | 0.0% |
| Current assets | 29/58 | €196,131,808 | €221,975,645 | +€25.8m | +13.2% |
| Amounts receivable after more than one year | 29 | €9,235,519 | €4,884,394 | -€4.4m | -47.1% |
| Other amounts receivable | 291 | €9,235,519 | €4,884,394 | -€4.4m | -47.1% |
| Stocks and contracts in progress | 3 | €4,688,352 | €4,453,863 | -€234,489 | -5.0% |
| Stocks | 30/36 | €4,688,352 | €4,453,863 | -€234,489 | -5.0% |
| Raw materials and consumables | 30/31 | €3,160,510 | €2,939,316 | -€221,194 | -7.0% |
| Work in progress | 32 | €815,317 | €706,673 | -€108,645 | -13.3% |
| Finished goods | 33 | €666,714 | €766,570 | +€99,857 | +15.0% |
| Goods purchased for resale | 34 | €45,810 | €41,304 | -€4,507 | -9.8% |
| Amounts receivable within one year | 40/41 | €95,842,665 | €89,360,986 | -€6.5m | -6.8% |
| Trade receivables | 40 | €55,767,179 | €46,510,772 | -€9.3m | -16.6% |
| Other amounts receivable | 41 | €40,075,486 | €42,850,214 | +€2.8m | +6.9% |
| Current investments | 50/53 | €9,053 | €5,151 | -€3,902 | -43.1% |
| Other investments | 51/53 | €9,053 | €5,151 | -€3,902 | -43.1% |
| Cash at bank and in hand | 54/58 | €81,970,436 | €118,999,478 | +€37.0m | +45.2% |
| Deferred charges and accrued income | 490/1 | €4,385,782 | €4,271,773 | -€114,010 | -2.6% |
| Total equity and liabilities | 10/49 | €375,490,693 | €394,682,880 | +€19.2m | +5.1% |
| Equity | 10/15 | €248,596,375 | €259,827,029 | +€11.2m | +4.5% |
| Contributions | 10/11 | €244,453,123 | €214,453,123 | -€30.0m | -12.3% |
| Capital | 10 | €4,487,050 | €4,487,050 | = | 0.0% |
| Issued capital | 100 | €4,487,050 | €4,487,050 | = | 0.0% |
| Outside capital | 11 | €239,966,072 | €209,966,072 | -€30.0m | -12.5% |
| Share premium | 1100/10 | €239,966,072 | €209,966,072 | -€30.0m | -12.5% |
| Reserves | 13 | €471,135 | €30,448,705 | +€30.0m | +6362.8% |
| Non-distributable reserves | 130/1 | €471,135 | €30,448,705 | +€30.0m | +6362.8% |
| Legal reserve | 130 | €471,135 | €448,705 | -€22,430 | -4.8% |
| Reserves not available under the articles | 1311 | - | €30,000,000 | +€30.0m | |
| Profit (loss) carried forward | 14 | €3,653,735 | €14,908,473 | +€11.3m | +308.0% |
| Investment grants | 15 | €18,383 | €16,728 | -€1,655 | -9.0% |
| Provisions and deferred taxes | 16 | €431,580 | €256,363 | -€175,217 | -40.6% |
| Provisions for liabilities and charges | 160/5 | €425,452 | €250,787 | -€174,665 | -41.1% |
| Other liabilities and charges | 164/5 | €425,452 | €250,787 | -€174,665 | -41.1% |
| Deferred taxes | 168 | €6,128 | €5,576 | -€552 | -9.0% |
| Amounts payable | 17/49 | €126,462,739 | €134,599,489 | +€8.1m | +6.4% |
| Amounts payable after more than one year | 17 | €29,839,347 | €58,596,096 | +€28.8m | +96.4% |
| Financial debts | 170/4 | €23,105,078 | €49,674,595 | +€26.6m | +115.0% |
| Credit institutions | 173 | €23,105,078 | €49,674,595 | +€26.6m | +115.0% |
| Other amounts payable | 178/9 | €6,734,269 | €8,921,502 | +€2.2m | +32.5% |
| Amounts payable within one year | 42/48 | €51,824,302 | €33,088,810 | -€18.7m | -36.2% |
| Current portion of amounts payable after more than one year | 42 | €9,284,902 | €7,759,155 | -€1.5m | -16.4% |
| Trade debts | 44 | €26,465,928 | €15,423,299 | -€11.0m | -41.7% |
| Suppliers | 440/4 | €26,465,928 | €15,423,299 | -€11.0m | -41.7% |
| Advances received on contracts in progress | 46 | €98,368 | €67,840 | -€30,528 | -31.0% |
| Taxes, remuneration and social security | 45 | €8,015,968 | €8,167,008 | +€151,040 | +1.9% |
| Taxes | 450/3 | €180,119 | €333,131 | +€153,012 | +85.0% |
| Remuneration and social security | 454/9 | €7,835,849 | €7,833,877 | -€1,973 | 0.0% |
| Other amounts payable | 47/48 | €7,959,135 | €1,671,509 | -€6.3m | -79.0% |
| Accrued charges and deferred income | 492/3 | €44,799,090 | €42,914,582 | -€1.9m | -4.2% |
| Operating income | 70/76A | €207,792,558 | €210,929,313 | +€3.1m | +1.5% |
| Turnover | 70 | €180,551,678 | €181,049,952 | +€498,274 | +0.3% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | €60,297 | -€8,788 | -€69,084 | |
| Own construction capitalised | 72 | €21,365,177 | €24,478,820 | +€3.1m | +14.6% |
| Other operating income | 74 | €5,815,407 | €5,409,329 | -€406,078 | -7.0% |
| Operating charges | 60/66A | €201,627,069 | €203,107,461 | +€1.5m | +0.7% |
| Goods for resale, raw materials and consumables | 60 | €43,052,112 | €41,516,354 | -€1.5m | -3.6% |
| Purchases | 600/8 | €42,990,951 | €41,234,640 | -€1.8m | -4.1% |
| Change in stocks: decrease (increase) | 609 | €61,162 | €281,714 | +€220,552 | +360.6% |
| Services and other goods | 61 | €64,980,290 | €62,314,872 | -€2.7m | -4.1% |
| Remuneration, social security and pensions | 62 | €62,109,049 | €63,397,391 | +€1.3m | +2.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,179,468 | €32,918,869 | +€2.7m | +9.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €128,586 | €24,733 | -€103,853 | -80.8% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€50,230 | -€174,665 | -€124,435 | -247.7% |
| Other operating charges | 640/8 | €523,237 | €398,646 | -€124,591 | -23.8% |
| Non-recurring operating charges | 66A | €704,557 | €2,711,261 | +€2.0m | +284.8% |
| Operating profit (loss) | 9901 | €6,165,489 | €7,821,852 | +€1.7m | +26.9% |
| Financial income | 75/76B | €29,778,041 | €21,431,517 | -€8.3m | -28.0% |
| Recurring financial income | 75 | €29,778,041 | €21,431,517 | -€8.3m | -28.0% |
| Income from financial fixed assets | 750 | €18,150,899 | €5,618,970 | -€12.5m | -69.0% |
| Income from current assets | 751 | €4,328,135 | €6,825,964 | +€2.5m | +57.7% |
| Other financial income | 752/9 | €7,299,007 | €8,986,583 | +€1.7m | +23.1% |
| Financial charges | 65/66B | €23,126,552 | €17,738,177 | -€5.4m | -23.3% |
| Recurring financial charges | 65 | €6,481,305 | €15,158,177 | +€8.7m | +133.9% |
| Debt charges | 650 | €1,326,935 | €1,378,235 | +€51,299 | +3.9% |
| Other financial charges | 652/9 | €5,154,369 | €13,779,942 | +€8.6m | +167.3% |
| Non-recurring financial charges | 66B | €16,645,247 | €2,580,000 | -€14.1m | -84.5% |
| Profit (loss) for the period before taxes | 9903 | €12,816,978 | €11,515,192 | -€1.3m | -10.2% |
| Transfer from deferred taxes | 780 | €552 | €552 | -€0 | 0.0% |
| Income taxes | 67/77 | €194,645 | €283,435 | +€88,790 | +45.6% |
| Taxes | 670/3 | €194,645 | €283,435 | +€88,790 | +45.6% |
| Profit (loss) for the period | 9904 | €12,622,885 | €11,232,309 | -€1.4m | -11.0% |
| Profit (loss) for the period to be appropriated | 9905 | €12,622,885 | €11,232,309 | -€1.4m | -11.0% |
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 1 October 2026 via checked.be.