MATH: 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.
MATH
Largest movements
- Cash +€24,610
up €24,610 (+48.1%), from €51,177 to €75,787
mainly Receivables within one year (+€16,019) and Net result for the year (+€13,656)
- Receivables within one year -€16,019
down €16,019 (-12.7%), from €125,689 to €109,670
of which Trade receivables: -€12,626
- Stocks and contracts -€3,780
down €3,780 (-35.7%), from €10,580 to €6,800
- Advances received -€19,970
down €19,970 (-95.7%), from €20,863 to €893
- Profit (loss) carried forward +€13,656
up €13,656 (+8.5%), from €161,058 to €174,714
- Tax, wage and social debts +€6,096
up €6,096 (+133.0%), from €4,584 to €10,680
of which Remuneration and social security: +€3,415
- Trade debts +€5,092
up €5,092 (+176.1%), from €2,891 to €7,983
- Purchases and services -€293,735
no longer reported in 2025 (was €293,735)
- Gross operating margin +€53,324
up €53,324 (+114.1%), from €46,723 to €100,047
- Financial income -€28,796
no longer reported in 2025 (was €28,796)
of which Financial income: -€17,495
- Staff costs +€13,895
up €13,895 (+22.9%), from €60,774 to €74,669
- Taxes -€5,693
no longer reported in 2025 (was €5,693)
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 | €209,530 | €214,404 | +€4,874 | +2.3% |
| Fixed assets | 21/28 | €22,084 | €22,147 | +€63 | +0.3% |
| Intangible fixed assets | 21 | €664 | €664 | = | 0.0% |
| Tangible fixed assets | 22/27 | €17,130 | €17,193 | +€63 | +0.4% |
| Plant, machinery and equipment | 23 | €552 | - | -€552 | |
| Furniture and vehicles | 24 | €16,578 | €17,193 | +€615 | +3.7% |
| Financial fixed assets | 28 | €4,290 | €4,290 | = | 0.0% |
| Current assets | 29/58 | €187,446 | €192,257 | +€4,811 | +2.6% |
| Stocks and contracts in progress | 3 | €10,580 | €6,800 | -€3,780 | -35.7% |
| Stocks | 30/36 | €10,580 | €6,800 | -€3,780 | -35.7% |
| Amounts receivable within one year | 40/41 | €125,689 | €109,670 | -€16,019 | -12.7% |
| Trade receivables | 40 | €59,936 | €47,310 | -€12,626 | -21.1% |
| Other amounts receivable | 41 | €65,753 | €62,360 | -€3,393 | -5.2% |
| Cash at bank and in hand | 54/58 | €51,177 | €75,787 | +€24,610 | +48.1% |
| Total equity and liabilities | 10/49 | €209,530 | €214,404 | +€4,874 | +2.3% |
| Equity | 10/15 | €181,192 | €194,848 | +€13,656 | +7.5% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Capital | 10 | €18,592 | €18,592 | = | 0.0% |
| Issued capital | 100 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,542 | €1,542 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,542 | €1,542 | = | 0.0% |
| Legal reserve | 130 | €1,542 | €1,542 | = | 0.0% |
| Profit (loss) carried forward | 14 | €161,058 | €174,714 | +€13,656 | +8.5% |
| Amounts payable | 17/49 | €28,338 | €19,556 | -€8,782 | -31.0% |
| Amounts payable within one year | 42/48 | €28,338 | €19,556 | -€8,782 | -31.0% |
| Trade debts | 44 | €2,891 | €7,983 | +€5,092 | +176.1% |
| Suppliers | 440/4 | €2,891 | €7,983 | +€5,092 | +176.1% |
| Advances received on contracts in progress | 46 | €20,863 | €893 | -€19,970 | -95.7% |
| Taxes, remuneration and social security | 45 | €4,584 | €10,680 | +€6,096 | +133.0% |
| Taxes | 450/3 | €4,584 | €7,265 | +€2,681 | +58.5% |
| Remuneration and social security | 454/9 | - | €3,415 | +€3,415 | |
| Non-recurring operating income | 76A | - | €311 | +€311 | |
| Goods, raw materials, services and sundry goods | 60/61 | €293,735 | - | -€293,735 | |
| Remuneration, social security and pensions | 62 | €60,774 | €74,669 | +€13,895 | +22.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,132 | €7,129 | +€2,997 | +72.5% |
| Other operating charges | 640/8 | €3,341 | €3,725 | +€384 | +11.5% |
| Gross operating margin | 9900 | €46,723 | €100,047 | +€53,324 | +114.1% |
| Operating profit (loss) | 9901 | -€21,524 | €14,524 | +€36,048 | |
| Financial income | 75/76B | €28,796 | - | -€28,796 | |
| Recurring financial income | 75 | €17,495 | - | -€17,495 | |
| Non-recurring financial income | 76B | €11,301 | - | -€11,301 | |
| Financial charges | 65/66B | €592 | €868 | +€276 | +46.6% |
| Recurring financial charges | 65 | €592 | €868 | +€276 | +46.6% |
| Profit (loss) for the period before taxes | 9903 | €6,680 | €13,656 | +€6,976 | +104.4% |
| Income taxes | 67/77 | €5,693 | - | -€5,693 | |
| Profit (loss) for the period | 9904 | €987 | €13,656 | +€12,669 | +1283.6% |
| Profit (loss) for the period to be appropriated | 9905 | €987 | €13,656 | +€12,669 | +1283.6% |
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 5 October 2026 via checked.be.