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
- Tangible fixed assets -€5,869
down €5,869 (-21.9%), from €26,767 to €20,898
- Cash -€3,496
down €3,496 (-62.9%), from €5,558 to €2,062
mainly Debts after one year (-€5,451) and Net result for the year (-€1,649)
- Receivables within one year +€1,298
up €1,298 (+25.0%), from €5,194 to €6,492
of which Trade receivables: +€649
- Debts after one year -€5,451
down €5,451 (-25.9%), from €21,049 to €15,598
- Profit (loss) carried forward -€1,649
down €1,649 (-27.4%), from €6,026 to €4,377
- Tax, wage and social debts -€1,523
down €1,523 (-51.1%), from €2,980 to €1,457
- Gross operating margin -€4,695
down €4,695 (-37.8%), from €12,425 to €7,730
- Depreciation +€3,559
up €3,559 (+154.1%), from €2,310 to €5,869
- Taxes -€1,300
down €1,300 (-50.5%), from €2,572 to €1,272
- Financial charges +€451
up €451 (+85.8%), from €526 to €977
- Other operating charges +€415
up €415 (+37.1%), from €1,117 to €1,532
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 | €39,713 | €31,285 | -€8,428 | -21.2% |
| Fixed assets | 21/28 | €26,767 | €20,898 | -€5,869 | -21.9% |
| Tangible fixed assets | 22/27 | €26,767 | €20,898 | -€5,869 | -21.9% |
| Furniture and vehicles | 24 | €26,767 | €20,898 | -€5,869 | -21.9% |
| Current assets | 29/58 | €12,946 | €10,387 | -€2,559 | -19.8% |
| Amounts receivable within one year | 40/41 | €5,194 | €6,492 | +€1,298 | +25.0% |
| Trade receivables | 40 | - | €649 | +€649 | |
| Other amounts receivable | 41 | €5,194 | €5,843 | +€649 | +12.5% |
| Cash at bank and in hand | 54/58 | €5,558 | €2,062 | -€3,496 | -62.9% |
| Deferred charges and accrued income | 490/1 | €2,194 | €1,833 | -€360 | -16.4% |
| Total equity and liabilities | 10/49 | €39,713 | €31,285 | -€8,428 | -21.2% |
| Equity | 10/15 | €10,026 | €8,377 | -€1,649 | -16.4% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €6,026 | €4,377 | -€1,649 | -27.4% |
| Amounts payable | 17/49 | €29,687 | €22,908 | -€6,780 | -22.8% |
| Amounts payable after more than one year | 17 | €21,049 | €15,598 | -€5,451 | -25.9% |
| Financial debts | 170/4 | €21,049 | €15,598 | -€5,451 | -25.9% |
| Amounts payable within one year | 42/48 | €8,638 | €7,310 | -€1,329 | -15.4% |
| Current portion of amounts payable after more than one year | 42 | €5,246 | €5,451 | +€205 | +3.9% |
| Trade debts | 44 | €412 | €402 | -€10 | -2.5% |
| Suppliers | 440/4 | €412 | €402 | -€10 | -2.5% |
| Taxes, remuneration and social security | 45 | €2,980 | €1,457 | -€1,523 | -51.1% |
| Taxes | 450/3 | €2,980 | €1,457 | -€1,523 | -51.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,310 | €5,869 | +€3,559 | +154.1% |
| Other operating charges | 640/8 | €1,117 | €1,532 | +€415 | +37.1% |
| Gross operating margin | 9900 | €12,425 | €7,730 | -€4,695 | -37.8% |
| Operating profit (loss) | 9901 | €8,997 | €329 | -€8,668 | -96.3% |
| Financial income | 75/76B | €127 | €272 | +€145 | +114.4% |
| Recurring financial income | 75 | €127 | €272 | +€145 | +114.4% |
| Financial charges | 65/66B | €526 | €977 | +€451 | +85.8% |
| Recurring financial charges | 65 | €526 | €977 | +€451 | +85.8% |
| Profit (loss) for the period before taxes | 9903 | €8,598 | -€376 | -€8,975 | |
| Income taxes | 67/77 | €2,572 | €1,272 | -€1,300 | -50.5% |
| Profit (loss) for the period | 9904 | €6,026 | -€1,649 | -€7,675 | |
| Profit (loss) for the period to be appropriated | 9905 | €6,026 | -€1,649 | -€7,675 |
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.