MATHAR: 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.
MATHAR
Largest movements
- Tangible fixed assets -€18,649
down €18,649 (-28.9%), from €64,558 to €45,910
of which Furniture and vehicles: -€10,467
- Receivables within one year -€13,306
down €13,306 (-36.0%), from €36,977 to €23,670
of which Trade receivables: -€11,876
- Cash -€7,807
down €7,807 (-64.5%), from €12,100 to €4,293
mainly Net result for the year (-€30,273) and Debts after one year (-€6,649)
- Profit (loss) carried forward -€30,273
down €30,273 (-49.2%), from €61,485 to €31,212
- Debts after one year -€6,649
down €6,649 (-31.1%), from €21,349 to €14,700
- Trade debts -€1,998
down €1,998 (-8.0%), from €24,932 to €22,934
- Gross operating margin -€22,052
down €22,052 (-30.9%), from €71,447 to €49,394
- Staff costs +€5,922
up €5,922 (+11.5%), from €51,446 to €57,368
- Financial charges -€990
down €990 (-35.8%), from €2,769 to €1,779
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 | €180,923 | €142,886 | -€38,037 | -21.0% |
| Formation expenses | 20 | €846 | €629 | -€217 | -25.7% |
| Fixed assets | 21/28 | €64,558 | €45,910 | -€18,649 | -28.9% |
| Tangible fixed assets | 22/27 | €64,558 | €45,910 | -€18,649 | -28.9% |
| Plant, machinery and equipment | 23 | €7,606 | €3,235 | -€4,372 | -57.5% |
| Furniture and vehicles | 24 | €42,731 | €32,264 | -€10,467 | -24.5% |
| Other tangible fixed assets | 26 | €14,221 | €10,411 | -€3,810 | -26.8% |
| Current assets | 29/58 | €115,519 | €96,348 | -€19,171 | -16.6% |
| Stocks and contracts in progress | 3 | €63,515 | €64,625 | +€1,111 | +1.7% |
| Stocks | 30/36 | €63,515 | €64,625 | +€1,111 | +1.7% |
| Amounts receivable within one year | 40/41 | €36,977 | €23,670 | -€13,306 | -36.0% |
| Trade receivables | 40 | €22,959 | €11,083 | -€11,876 | -51.7% |
| Other amounts receivable | 41 | €14,017 | €12,587 | -€1,430 | -10.2% |
| Cash at bank and in hand | 54/58 | €12,100 | €4,293 | -€7,807 | -64.5% |
| Deferred charges and accrued income | 490/1 | €2,927 | €3,759 | +€832 | +28.4% |
| Total equity and liabilities | 10/49 | €180,923 | €142,886 | -€38,037 | -21.0% |
| Equity | 10/15 | €115,185 | €84,912 | -€30,273 | -26.3% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €3,700 | €3,700 | = | 0.0% |
| Distributable reserves | 133 | €3,700 | €3,700 | = | 0.0% |
| Profit (loss) carried forward | 14 | €61,485 | €31,212 | -€30,273 | -49.2% |
| Amounts payable | 17/49 | €65,738 | €57,974 | -€7,764 | -11.8% |
| Amounts payable after more than one year | 17 | €21,349 | €14,700 | -€6,649 | -31.1% |
| Financial debts | 170/4 | €21,349 | €14,700 | -€6,649 | -31.1% |
| Amounts payable within one year | 42/48 | €44,152 | €41,695 | -€2,457 | -5.6% |
| Current portion of amounts payable after more than one year | 42 | €6,398 | €6,649 | +€251 | +3.9% |
| Financial debts | 43 | - | €120 | +€120 | |
| Credit institutions | 430/8 | - | €120 | +€120 | |
| Trade debts | 44 | €24,932 | €22,934 | -€1,998 | -8.0% |
| Suppliers | 440/4 | €24,932 | €22,934 | -€1,998 | -8.0% |
| Taxes, remuneration and social security | 45 | €12,822 | €11,992 | -€830 | -6.5% |
| Taxes | 450/3 | €3,387 | €2,477 | -€910 | -26.9% |
| Remuneration and social security | 454/9 | €9,435 | €9,515 | +€81 | +0.9% |
| Accrued charges and deferred income | 492/3 | €237 | €1,579 | +€1,342 | +567.0% |
| Non-recurring operating income | 76A | €15,300 | - | -€15,300 | |
| Remuneration, social security and pensions | 62 | €51,446 | €57,368 | +€5,922 | +11.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,366 | €18,866 | +€500 | +2.7% |
| Other operating charges | 640/8 | €1,677 | €1,814 | +€137 | +8.1% |
| Gross operating margin | 9900 | €71,447 | €49,394 | -€22,052 | -30.9% |
| Operating profit (loss) | 9901 | -€42 | -€28,653 | -€28,611 | -68777.2% |
| Financial income | 75/76B | €253 | €319 | +€66 | +26.2% |
| Recurring financial income | 75 | €253 | €319 | +€66 | +26.2% |
| Financial charges | 65/66B | €2,769 | €1,779 | -€990 | -35.8% |
| Recurring financial charges | 65 | €2,769 | €1,779 | -€990 | -35.8% |
| Profit (loss) for the period before taxes | 9903 | -€2,558 | -€30,113 | -€27,555 | -1077.3% |
| Income taxes | 67/77 | €171 | €161 | -€11 | -6.3% |
| Profit (loss) for the period | 9904 | -€2,729 | -€30,273 | -€27,544 | -1009.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€2,729 | -€30,273 | -€27,544 | -1009.2% |
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 29 September 2026 via checked.be.