MATHANJE: 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.
MATHANJE
Largest movements
- Receivables within one year +€200,559
up €200,559 (+106.9%), from €187,639 to €388,198
of which Other amounts receivable: +€111,662
- Stocks and contracts +€30,392
new in 2025: €30,392
- Financial fixed assets +€15,000
new in 2025: €15,000
- Tangible fixed assets +€5,956
up €5,956 (+9.1%), from €65,102 to €71,058
of which Furniture and vehicles: +€8,085
- Reserves +€177,312
up €177,312 (+94.8%), from €187,030 to €364,342
- Tax, wage and social debts +€70,489
up €70,489 (+196.0%), from €35,968 to €106,457
of which Taxes: +€70,489
- Gross operating margin +€137,270
up €137,270 (+132.6%), from €103,500 to €240,770
- Taxes +€40,889
up €40,889 (+183.8%), from €22,252 to €63,141
- Financial income +€4,113
up €4,113 (+67.5%), from €6,091 to €10,204
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 | €253,385 | €505,170 | +€251,785 | +99.4% |
| Fixed assets | 21/28 | €65,102 | €86,058 | +€20,956 | +32.2% |
| Tangible fixed assets | 22/27 | €65,102 | €71,058 | +€5,956 | +9.1% |
| Land and buildings | 22 | €43,761 | €40,579 | -€3,181 | -7.3% |
| Plant, machinery and equipment | 23 | €797 | €1,849 | +€1,052 | +132.1% |
| Furniture and vehicles | 24 | €16,629 | €24,713 | +€8,085 | +48.6% |
| Other tangible fixed assets | 26 | €3,916 | €3,916 | = | 0.0% |
| Financial fixed assets | 28 | - | €15,000 | +€15,000 | |
| Current assets | 29/58 | €188,284 | €419,112 | +€230,829 | +122.6% |
| Stocks and contracts in progress | 3 | - | €30,392 | +€30,392 | |
| Contracts in progress | 37 | - | €30,392 | +€30,392 | |
| Amounts receivable within one year | 40/41 | €187,639 | €388,198 | +€200,559 | +106.9% |
| Trade receivables | 40 | €32,039 | €120,936 | +€88,897 | +277.5% |
| Other amounts receivable | 41 | €155,600 | €267,262 | +€111,662 | +71.8% |
| Cash at bank and in hand | 54/58 | - | €10 | +€10 | |
| Deferred charges and accrued income | 490/1 | €645 | €512 | -€132 | -20.5% |
| Total equity and liabilities | 10/49 | €253,385 | €505,170 | +€251,785 | +99.4% |
| Equity | 10/15 | €190,030 | €367,342 | +€177,312 | +93.3% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €187,030 | €364,342 | +€177,312 | +94.8% |
| Distributable reserves | 133 | €187,030 | €364,342 | +€177,312 | +94.8% |
| Amounts payable | 17/49 | €63,356 | €137,828 | +€74,473 | +117.5% |
| Amounts payable within one year | 42/48 | €63,356 | €137,828 | +€74,473 | +117.5% |
| Financial debts | 43 | €38 | - | -€38 | |
| Credit institutions | 430/8 | €38 | - | -€38 | |
| Trade debts | 44 | €2,001 | €6,174 | +€4,173 | +208.6% |
| Suppliers | 440/4 | €2,001 | €6,174 | +€4,173 | +208.6% |
| Taxes, remuneration and social security | 45 | €35,968 | €106,457 | +€70,489 | +196.0% |
| Taxes | 450/3 | €33,468 | €103,957 | +€70,489 | +210.6% |
| Remuneration and social security | 454/9 | €2,500 | €2,500 | = | 0.0% |
| Other amounts payable | 47/48 | €25,349 | €25,197 | -€152 | -0.6% |
| Non-recurring operating income | 76A | €2,962 | €2,962 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,839 | €7,942 | +€2,102 | +36.0% |
| Other operating charges | 640/8 | €2,050 | €1,401 | -€649 | -31.7% |
| Gross operating margin | 9900 | €103,500 | €240,770 | +€137,270 | +132.6% |
| Operating profit (loss) | 9901 | €95,610 | €231,427 | +€135,817 | +142.1% |
| Financial income | 75/76B | €6,091 | €10,204 | +€4,113 | +67.5% |
| Recurring financial income | 75 | €6,091 | €10,204 | +€4,113 | +67.5% |
| Financial charges | 65/66B | €947 | €1,177 | +€230 | +24.3% |
| Recurring financial charges | 65 | €947 | €1,177 | +€230 | +24.3% |
| Profit (loss) for the period before taxes | 9903 | €100,754 | €240,454 | +€139,699 | +138.7% |
| Income taxes | 67/77 | €22,252 | €63,141 | +€40,889 | +183.8% |
| Profit (loss) for the period | 9904 | €78,502 | €177,312 | +€98,810 | +125.9% |
| Profit (loss) for the period to be appropriated | 9905 | €78,502 | €177,312 | +€98,810 | +125.9% |
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 10 October 2026 via checked.be.