MATFLEX: 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.
MATFLEX
Largest movements
- Stocks and contracts -€93,077
down €93,077 (-22.4%), from €415,046 to €321,970
- Cash +€69,545
up €69,545 (+22.6%), from €308,027 to €377,572
mainly Stocks and contracts (+€93,077) and Depreciation (+€66,779)
- Tangible fixed assets -€53,520
down €53,520 (-9.9%), from €539,150 to €485,631
of which Land and buildings: -€31,819
- Receivables within one year +€41,051
up €41,051 (+12.5%), from €327,408 to €368,459
of which Other amounts receivable: +€52,452
- Debts after one year -€69,305
down €69,305 (-18.7%), from €369,923 to €300,618
- Reserves +€35,087
up €35,087 (+3.9%), from €899,041 to €934,128
- Gross operating margin -€75,842
down €75,842 (-14.1%), from €538,291 to €462,448
- Taxes -€53,602
down €53,602 (-75.8%), from €70,671 to €17,069
- Write-downs +€46,718
up €46,718 (+67.1%), from -€69,597 to -€22,879
- Staff costs +€44,374
up €44,374 (+14.7%), from €301,197 to €345,571
- Other operating charges +€9,232
up €9,232 (+202.9%), from €4,550 to €13,781
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 | €1,598,172 | €1,561,723 | -€36,449 | -2.3% |
| Fixed assets | 21/28 | €539,420 | €485,901 | -€53,520 | -9.9% |
| Tangible fixed assets | 22/27 | €539,150 | €485,631 | -€53,520 | -9.9% |
| Land and buildings | 22 | €344,019 | €312,199 | -€31,819 | -9.2% |
| Plant, machinery and equipment | 23 | €13,661 | €9,272 | -€4,388 | -32.1% |
| Furniture and vehicles | 24 | €10,435 | €8,471 | -€1,964 | -18.8% |
| Other tangible fixed assets | 26 | €171,036 | €155,688 | -€15,348 | -9.0% |
| Financial fixed assets | 28 | €270 | €270 | = | 0.0% |
| Current assets | 29/58 | €1,058,752 | €1,075,823 | +€17,071 | +1.6% |
| Stocks and contracts in progress | 3 | €415,046 | €321,970 | -€93,077 | -22.4% |
| Stocks | 30/36 | €415,046 | €321,970 | -€93,077 | -22.4% |
| Amounts receivable within one year | 40/41 | €327,408 | €368,459 | +€41,051 | +12.5% |
| Trade receivables | 40 | €314,758 | €303,357 | -€11,401 | -3.6% |
| Other amounts receivable | 41 | €12,650 | €65,103 | +€52,452 | +414.6% |
| Cash at bank and in hand | 54/58 | €308,027 | €377,572 | +€69,545 | +22.6% |
| Deferred charges and accrued income | 490/1 | €8,271 | €7,822 | -€449 | -5.4% |
| Total equity and liabilities | 10/49 | €1,598,172 | €1,561,723 | -€36,449 | -2.3% |
| Equity | 10/15 | €962,641 | €997,728 | +€35,087 | +3.6% |
| Contributions | 10/11 | €63,600 | €63,600 | = | 0.0% |
| Reserves | 13 | €899,041 | €934,128 | +€35,087 | +3.9% |
| Distributable reserves | 133 | €899,041 | €934,128 | +€35,087 | +3.9% |
| Amounts payable | 17/49 | €635,531 | €563,995 | -€71,536 | -11.3% |
| Amounts payable after more than one year | 17 | €369,923 | €300,618 | -€69,305 | -18.7% |
| Financial debts | 170/4 | €369,923 | €300,618 | -€69,305 | -18.7% |
| Amounts payable within one year | 42/48 | €265,034 | €262,938 | -€2,096 | -0.8% |
| Current portion of amounts payable after more than one year | 42 | €70,695 | €72,153 | +€1,459 | +2.1% |
| Trade debts | 44 | €73,385 | €67,112 | -€6,273 | -8.5% |
| Suppliers | 440/4 | €73,385 | €67,112 | -€6,273 | -8.5% |
| Taxes, remuneration and social security | 45 | €53,156 | €55,874 | +€2,719 | +5.1% |
| Taxes | 450/3 | €25,234 | €9,803 | -€15,431 | -61.2% |
| Remuneration and social security | 454/9 | €27,922 | €46,072 | +€18,150 | +65.0% |
| Other amounts payable | 47/48 | €67,798 | €67,798 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €574 | €439 | -€135 | -23.6% |
| Non-recurring operating income | 76A | €36 | €28 | -€9 | -23.7% |
| Remuneration, social security and pensions | 62 | €301,197 | €345,571 | +€44,374 | +14.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €67,094 | €66,779 | -€315 | -0.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€69,597 | -€22,879 | +€46,718 | +67.1% |
| Other operating charges | 640/8 | €4,550 | €13,781 | +€9,232 | +202.9% |
| Non-recurring operating charges | 66A | €64 | €103 | +€39 | +61.0% |
| Gross operating margin | 9900 | €538,291 | €462,448 | -€75,842 | -14.1% |
| Operating profit (loss) | 9901 | €234,983 | €59,093 | -€175,889 | -74.9% |
| Financial income | 75/76B | €5,131 | €3,735 | -€1,396 | -27.2% |
| Recurring financial income | 75 | €5,131 | €3,735 | -€1,396 | -27.2% |
| Financial charges | 65/66B | €7,939 | €10,673 | +€2,735 | +34.4% |
| Recurring financial charges | 65 | €7,939 | €10,673 | +€2,735 | +34.4% |
| Profit (loss) for the period before taxes | 9903 | €232,176 | €52,156 | -€180,020 | -77.5% |
| Income taxes | 67/77 | €70,671 | €17,069 | -€53,602 | -75.8% |
| Profit (loss) for the period | 9904 | €161,505 | €35,087 | -€126,418 | -78.3% |
| Profit (loss) for the period to be appropriated | 9905 | €161,505 | €35,087 | -€126,418 | -78.3% |
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 30 September 2026 via checked.be.