MATH-X: 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-X
Largest movements
- Cash -€21,302
down €21,302 (-16.8%), from €127,115 to €105,813
mainly Net result for the year (-€21,461) and Investment in fixed assets (net) (-€1,845)
- Receivables within one year +€1,635
up €1,635 (+42.6%), from €3,840 to €5,475
of which Other amounts receivable: +€1,699
- Profit (loss) carried forward -€21,461
down €21,461 (-52.7%), from €40,712 to €19,251
- Gross operating margin -€2,642
down €2,642 (-16.7%), from -€15,775 to -€18,417
- Financial income +€386
up €386 (+54.6%), from €707 to €1,094
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 | €136,515 | €115,588 | -€20,927 | -15.3% |
| Fixed assets | 21/28 | €4,752 | €3,503 | -€1,249 | -26.3% |
| Tangible fixed assets | 22/27 | €4,492 | €3,243 | -€1,249 | -27.8% |
| Furniture and vehicles | 24 | €2,866 | €593 | -€2,273 | -79.3% |
| Other tangible fixed assets | 26 | €1,626 | €2,650 | +€1,024 | +63.0% |
| Financial fixed assets | 28 | €260 | €260 | = | 0.0% |
| Current assets | 29/58 | €131,764 | €112,085 | -€19,679 | -14.9% |
| Amounts receivable within one year | 40/41 | €3,840 | €5,475 | +€1,635 | +42.6% |
| Trade receivables | 40 | €64 | - | -€64 | |
| Other amounts receivable | 41 | €3,776 | €5,475 | +€1,699 | +45.0% |
| Cash at bank and in hand | 54/58 | €127,115 | €105,813 | -€21,302 | -16.8% |
| Deferred charges and accrued income | 490/1 | €809 | €798 | -€11 | -1.4% |
| Total equity and liabilities | 10/49 | €136,515 | €115,588 | -€20,927 | -15.3% |
| Equity | 10/15 | €135,947 | €114,486 | -€21,461 | -15.8% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €76,643 | €76,643 | = | 0.0% |
| Distributable reserves | 133 | €76,643 | €76,643 | = | 0.0% |
| Profit (loss) carried forward | 14 | €40,712 | €19,251 | -€21,461 | -52.7% |
| Amounts payable | 17/49 | €568 | €1,102 | +€534 | +94.1% |
| Amounts payable within one year | 42/48 | €184 | €715 | +€531 | +289.5% |
| Trade debts | 44 | €184 | €715 | +€531 | +289.5% |
| Suppliers | 440/4 | €184 | €715 | +€531 | +289.5% |
| Accrued charges and deferred income | 492/3 | €384 | €387 | +€3 | +0.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,099 | €3,094 | -€5 | -0.2% |
| Other operating charges | 640/8 | €818 | €721 | -€97 | -11.9% |
| Gross operating margin | 9900 | -€15,775 | -€18,417 | -€2,642 | -16.7% |
| Operating profit (loss) | 9901 | -€19,692 | -€22,232 | -€2,540 | -12.9% |
| Financial income | 75/76B | €707 | €1,094 | +€386 | +54.6% |
| Recurring financial income | 75 | €707 | €1,094 | +€386 | +54.6% |
| Financial charges | 65/66B | €162 | €125 | -€37 | -23.0% |
| Recurring financial charges | 65 | €162 | €125 | -€37 | -23.0% |
| Profit (loss) for the period before taxes | 9903 | -€19,146 | -€21,262 | -€2,116 | -11.1% |
| Income taxes | 67/77 | €192 | €199 | +€7 | +3.5% |
| Profit (loss) for the period | 9904 | -€19,339 | -€21,461 | -€2,123 | -11.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€19,339 | -€21,461 | -€2,123 | -11.0% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.