MATH IMMO: 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 IMMO
Largest movements
- Receivables within one year -€113,220
down €113,220 (-57.0%), from €198,480 to €85,260
of which Trade receivables: -€72,470
- Stocks and contracts -€76,733
down €76,733 (-50.0%), from €153,466 to €76,733
- Cash -€28,890
down €28,890 (-64.8%), from €44,555 to €15,665
mainly Other debts (-€237,817) and Contributions, distributions and other (-€142,822)
- Other debts -€237,817
down €237,817 (-66.7%), from €356,523 to €118,706
- Tax, wage and social debts +€20,182
up €20,182 (+110.5%), from €18,269 to €38,451
- Gross operating margin -€146,974
down €146,974 (-44.2%), from €332,731 to €185,756
- Taxes -€32,212
down €32,212 (-43.4%), from €74,280 to €42,068
- Financial charges -€15,866
down €15,866 (-97.2%), from €16,325 to €459
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 | €396,864 | €178,021 | -€218,844 | -55.1% |
| Fixed assets | 21/28 | €363 | €363 | = | 0.0% |
| Financial fixed assets | 28 | €363 | €363 | = | 0.0% |
| Current assets | 29/58 | €396,501 | €177,658 | -€218,844 | -55.2% |
| Stocks and contracts in progress | 3 | €153,466 | €76,733 | -€76,733 | -50.0% |
| Stocks | 30/36 | €153,466 | €76,733 | -€76,733 | -50.0% |
| Amounts receivable within one year | 40/41 | €198,480 | €85,260 | -€113,220 | -57.0% |
| Trade receivables | 40 | €125,710 | €53,240 | -€72,470 | -57.6% |
| Other amounts receivable | 41 | €72,770 | €32,020 | -€40,750 | -56.0% |
| Cash at bank and in hand | 54/58 | €44,555 | €15,665 | -€28,890 | -64.8% |
| Total equity and liabilities | 10/49 | €396,864 | €178,021 | -€218,844 | -55.1% |
| Equity | 10/15 | €18,600 | €18,600 | = | 0.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Amounts payable | 17/49 | €378,264 | €159,421 | -€218,844 | -57.9% |
| Amounts payable within one year | 42/48 | €378,264 | €159,421 | -€218,844 | -57.9% |
| Current portion of amounts payable after more than one year | 42 | €2,048 | €2,047 | -€1 | -0.1% |
| Trade debts | 44 | €1,425 | €217 | -€1,207 | -84.8% |
| Suppliers | 440/4 | €1,425 | €217 | -€1,207 | -84.8% |
| Taxes, remuneration and social security | 45 | €18,269 | €38,451 | +€20,182 | +110.5% |
| Taxes | 450/3 | €18,269 | €38,451 | +€20,182 | +110.5% |
| Other amounts payable | 47/48 | €356,523 | €118,706 | -€237,817 | -66.7% |
| Other operating charges | 640/8 | €469 | €407 | -€62 | -13.3% |
| Gross operating margin | 9900 | €332,731 | €185,756 | -€146,974 | -44.2% |
| Operating profit (loss) | 9901 | €332,261 | €185,349 | -€146,912 | -44.2% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €16,325 | €459 | -€15,866 | -97.2% |
| Recurring financial charges | 65 | €16,325 | €459 | -€15,866 | -97.2% |
| Profit (loss) for the period before taxes | 9903 | €315,936 | €184,890 | -€131,047 | -41.5% |
| Income taxes | 67/77 | €74,280 | €42,068 | -€32,212 | -43.4% |
| Profit (loss) for the period | 9904 | €241,656 | €142,822 | -€98,835 | -40.9% |
| Profit (loss) for the period to be appropriated | 9905 | €241,656 | €142,822 | -€98,835 | -40.9% |
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 4 October 2026 via checked.be.