MATHAM: 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.
MATHAM
Largest movements
- Current investments +€100,000
new in 2025: €100,000
- Tangible fixed assets +€35,106
up €35,106 (+1655.6%), from €2,120 to €37,226
of which Furniture and vehicles: +€35,402
- Cash -€26,403
down €26,403 (-19.5%), from €135,551 to €109,148
mainly Current investments (-€100,000) and Investment in fixed assets (net) (-€41,611)
- Receivables within one year -€15,083
down €15,083 (-13.2%), from €114,428 to €99,345
- Profit (loss) carried forward +€104,675
up €104,675 (+53.4%), from €196,076 to €300,751
- Tax, wage and social debts -€11,845
down €11,845 (-21.7%), from €54,542 to €42,696
- Gross operating margin -€26,358
down €26,358 (-13.2%), from €200,016 to €173,658
- Other operating charges +€10,482
up €10,482 (+66.6%), from €15,733 to €26,215
- Taxes -€9,779
down €9,779 (-22.9%), from €42,612 to €32,833
- Depreciation +€6,047
up €6,047 (+1320.0%), from €458 to €6,505
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 | €253,212 | €346,850 | +€93,637 | +37.0% |
| Fixed assets | 21/28 | €2,120 | €37,226 | +€35,106 | +1655.6% |
| Tangible fixed assets | 22/27 | €2,120 | €37,226 | +€35,106 | +1655.6% |
| Furniture and vehicles | 24 | €1,013 | €36,415 | +€35,402 | +3493.5% |
| Other tangible fixed assets | 26 | €1,107 | €811 | -€296 | -26.8% |
| Current assets | 29/58 | €251,092 | €309,623 | +€58,532 | +23.3% |
| Amounts receivable within one year | 40/41 | €114,428 | €99,345 | -€15,083 | -13.2% |
| Trade receivables | 40 | €114,428 | €99,345 | -€15,083 | -13.2% |
| Current investments | 50/53 | - | €100,000 | +€100,000 | |
| Cash at bank and in hand | 54/58 | €135,551 | €109,148 | -€26,403 | -19.5% |
| Deferred charges and accrued income | 490/1 | €1,113 | €1,130 | +€18 | +1.6% |
| Total equity and liabilities | 10/49 | €253,212 | €346,850 | +€93,637 | +37.0% |
| Equity | 10/15 | €198,076 | €302,751 | +€104,675 | +52.8% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €196,076 | €300,751 | +€104,675 | +53.4% |
| Amounts payable | 17/49 | €55,136 | €44,099 | -€11,038 | -20.0% |
| Amounts payable within one year | 42/48 | €54,836 | €44,099 | -€10,738 | -19.6% |
| Trade debts | 44 | €207 | €459 | +€253 | +122.3% |
| Suppliers | 440/4 | €207 | €459 | +€253 | +122.3% |
| Taxes, remuneration and social security | 45 | €54,542 | €42,696 | -€11,845 | -21.7% |
| Taxes | 450/3 | €54,542 | €42,696 | -€11,845 | -21.7% |
| Other amounts payable | 47/48 | €88 | €944 | +€855 | +967.4% |
| Accrued charges and deferred income | 492/3 | €300 | - | -€300 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €458 | €6,505 | +€6,047 | +1320.0% |
| Other operating charges | 640/8 | €15,733 | €26,215 | +€10,482 | +66.6% |
| Gross operating margin | 9900 | €200,016 | €173,658 | -€26,358 | -13.2% |
| Operating profit (loss) | 9901 | €183,825 | €140,938 | -€42,887 | -23.3% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €2,651 | €3,430 | +€779 | +29.4% |
| Recurring financial charges | 65 | €2,651 | €3,430 | +€779 | +29.4% |
| Profit (loss) for the period before taxes | 9903 | €181,174 | €137,508 | -€43,666 | -24.1% |
| Income taxes | 67/77 | €42,612 | €32,833 | -€9,779 | -22.9% |
| Profit (loss) for the period | 9904 | €138,562 | €104,675 | -€33,887 | -24.5% |
| Profit (loss) for the period to be appropriated | 9905 | €138,562 | €104,675 | -€33,887 | -24.5% |
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 2 October 2026 via checked.be.