MATHAL: what changed
Two financial 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.
MATHAL
Largest movements
- Cash -€31,953
down €31,953 (-59.9%), from €53,300 to €21,347
mainly Investment in fixed assets (net) (-€97,315) and Debts after one year (-€70,202)
- Debts after one year -€70,202
down €70,202 (-24.6%), from €285,908 to €215,706
of which Financial debts: -€69,872
- Profit (loss) carried forward +€33,801
up €33,801 (+49.2%), from -€68,746 to -€34,945
- Other operating charges -€66,564
down €66,564 (-73.9%), from €90,104 to €23,540
- Gross operating margin +€37,898
up €37,898 (+22.3%), from €169,773 to €207,670
- Depreciation +€3,853
up €3,853 (+3.9%), from €99,296 to €103,149
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.
Derived cash bridge
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 | €2,743,691 | €2,700,993 | -€42,698 | -1.6% |
| Fixed assets | 21/28 | €2,664,081 | €2,658,247 | -€5,834 | -0.2% |
| Tangible fixed assets | 22/27 | €2,664,081 | €2,658,247 | -€5,834 | -0.2% |
| Land and buildings | 22 | €2,664,081 | €2,658,247 | -€5,834 | -0.2% |
| Assets under construction and advance payments | 27 | €0 | - | = | |
| Current assets | 29/58 | €79,610 | €42,745 | -€36,865 | -46.3% |
| Amounts receivable within one year | 40/41 | €19,271 | €15,577 | -€3,694 | -19.2% |
| Trade receivables | 40 | €9,203 | €5,577 | -€3,626 | -39.4% |
| Other amounts receivable | 41 | €10,068 | €10,000 | -€68 | -0.7% |
| Cash at bank and in hand | 54/58 | €53,300 | €21,347 | -€31,953 | -59.9% |
| Deferred charges and accrued income | 490/1 | €7,039 | €5,821 | -€1,218 | -17.3% |
| Total equity and liabilities | 10/49 | €2,743,691 | €2,700,993 | -€42,698 | -1.6% |
| Equity | 10/15 | €1,517,831 | €1,551,632 | +€33,801 | +2.2% |
| Contributions | 10/11 | €1,400,000 | €1,400,000 | = | 0.0% |
| Capital | 10 | €1,400,000 | €1,400,000 | = | 0.0% |
| Issued capital | 100 | €1,400,000 | €1,400,000 | = | 0.0% |
| Reserves | 13 | €186,577 | €186,577 | = | 0.0% |
| Non-distributable reserves | 130/1 | €140,000 | €140,000 | = | 0.0% |
| Legal reserve | 130 | €140,000 | €140,000 | = | 0.0% |
| Distributable reserves | 133 | €46,577 | €46,577 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€68,746 | -€34,945 | +€33,801 | +49.2% |
| Amounts payable | 17/49 | €1,225,860 | €1,149,361 | -€76,500 | -6.2% |
| Amounts payable after more than one year | 17 | €285,908 | €215,706 | -€70,202 | -24.6% |
| Financial debts | 170/4 | €279,253 | €209,381 | -€69,872 | -25.0% |
| Other amounts payable | 178/9 | €6,655 | €6,325 | -€330 | -5.0% |
| Amounts payable within one year | 42/48 | €939,929 | €933,655 | -€6,274 | -0.7% |
| Current portion of amounts payable after more than one year | 42 | €62,585 | €63,458 | +€873 | +1.4% |
| Financial debts | 43 | €3,369 | €0 | -€3,369 | -100% |
| Credit institutions | 430/8 | €3,369 | €0 | -€3,369 | -100% |
| Trade debts | 44 | €6,745 | €3,010 | -€3,735 | -55.4% |
| Suppliers | 440/4 | €6,745 | €3,010 | -€3,735 | -55.4% |
| Taxes, remuneration and social security | 45 | €12,753 | €12,740 | -€13 | -0.1% |
| Taxes | 450/3 | €12,753 | €12,740 | -€13 | -0.1% |
| Other amounts payable | 47/48 | €854,477 | €854,447 | -€30 | 0.0% |
| Accrued charges and deferred income | 492/3 | €24 | €0 | -€24 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €99,296 | €103,149 | +€3,853 | +3.9% |
| Other operating charges | 640/8 | €90,104 | €23,540 | -€66,564 | -73.9% |
| Gross operating margin | 9900 | €169,773 | €207,670 | +€37,898 | +22.3% |
| Operating profit (loss) | 9901 | -€19,627 | €80,982 | +€100,609 | |
| Financial income | 75/76B | €227 | €264 | +€37 | +16.1% |
| Recurring financial income | 75 | €227 | €264 | +€37 | +16.1% |
| Financial charges | 65/66B | €49,346 | €47,389 | -€1,957 | -4.0% |
| Recurring financial charges | 65 | €49,346 | €47,389 | -€1,957 | -4.0% |
| Profit (loss) for the period before taxes | 9903 | -€68,746 | €33,856 | +€102,602 | |
| Income taxes | 67/77 | €0 | €55 | +€55 | |
| Profit (loss) for the period | 9904 | -€68,746 | €33,801 | +€102,547 | |
| Profit (loss) for the period to be appropriated | 9905 | -€68,746 | €33,801 | +€102,547 |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 21 October 2026 via checked.be.