MATHEBO: 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.
MATHEBO
Largest movements
- Receivables within one year +€36,938
up €36,938 (+27.0%), from €136,868 to €173,806
of which Other amounts receivable: +€34,290
- Cash -€24,112
down €24,112 (-98.7%), from €24,431 to €319
mainly Debts after one year (-€36,970) and Receivables within one year (-€36,938)
- Receivables after one year -€18,113
no longer reported in 2025 (was €18,113)
- Tangible fixed assets -€14,551
down €14,551 (-26.3%), from €55,329 to €40,778
of which Leasing and similar rights: -€11,700
- Debts after one year -€36,970
down €36,970 (-30.8%), from €120,062 to €83,092
of which Other amounts payable: -€22,021
- Tax, wage and social debts -€14,076
down €14,076 (-80.7%), from €17,432 to €3,356
- Current portion of long-term debt +€12,953
up €12,953 (+32.8%), from €39,432 to €52,385
- Trade debts +€11,448
up €11,448 (+218.3%), from €5,244 to €16,692
- Profit (loss) carried forward +€6,277
up €6,277 (+137.3%), from €4,572 to €10,849
- Gross operating margin -€10,274
down €10,274 (-25.7%), from €39,946 to €29,671
- Taxes -€4,621
down €4,621 (-66.9%), from €6,905 to €2,283
- Depreciation +€4,006
up €4,006 (+36.9%), from €10,849 to €14,856
- Financial charges -€1,871
down €1,871 (-50.1%), from €3,730 to €1,860
- Other operating charges +€1,076
up €1,076 (+29.4%), from €3,660 to €4,736
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 | €246,412 | €225,467 | -€20,945 | -8.5% |
| Fixed assets | 21/28 | €65,634 | €50,778 | -€14,856 | -22.6% |
| Intangible fixed assets | 21 | €304 | - | -€304 | |
| Tangible fixed assets | 22/27 | €55,329 | €40,778 | -€14,551 | -26.3% |
| Furniture and vehicles | 24 | €3,383 | €531 | -€2,851 | -84.3% |
| Leasing and similar rights | 25 | €51,947 | €40,247 | -€11,700 | -22.5% |
| Financial fixed assets | 28 | €10,000 | €10,000 | = | 0.0% |
| Current assets | 29/58 | €180,778 | €174,689 | -€6,089 | -3.4% |
| Amounts receivable after more than one year | 29 | €18,113 | - | -€18,113 | |
| Trade receivables | 290 | €18,113 | - | -€18,113 | |
| Amounts receivable within one year | 40/41 | €136,868 | €173,806 | +€36,938 | +27.0% |
| Trade receivables | 40 | €34,668 | €37,316 | +€2,648 | +7.6% |
| Other amounts receivable | 41 | €102,200 | €136,490 | +€34,290 | +33.6% |
| Cash at bank and in hand | 54/58 | €24,431 | €319 | -€24,112 | -98.7% |
| Deferred charges and accrued income | 490/1 | €1,367 | €565 | -€802 | -58.7% |
| Total equity and liabilities | 10/49 | €246,412 | €225,467 | -€20,945 | -8.5% |
| Equity | 10/15 | €63,665 | €69,942 | +€6,277 | +9.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €40,494 | €40,494 | = | 0.0% |
| Distributable reserves | 133 | €40,494 | €40,494 | = | 0.0% |
| Profit (loss) carried forward | 14 | €4,572 | €10,849 | +€6,277 | +137.3% |
| Amounts payable | 17/49 | €182,747 | €155,525 | -€27,221 | -14.9% |
| Amounts payable after more than one year | 17 | €120,062 | €83,092 | -€36,970 | -30.8% |
| Financial debts | 170/4 | €37,314 | €22,364 | -€14,949 | -40.1% |
| Other amounts payable | 178/9 | €82,748 | €60,727 | -€22,021 | -26.6% |
| Amounts payable within one year | 42/48 | €62,684 | €72,433 | +€9,749 | +15.6% |
| Current portion of amounts payable after more than one year | 42 | €39,432 | €52,385 | +€12,953 | +32.8% |
| Trade debts | 44 | €5,244 | €16,692 | +€11,448 | +218.3% |
| Suppliers | 440/4 | €5,244 | €16,692 | +€11,448 | +218.3% |
| Taxes, remuneration and social security | 45 | €17,432 | €3,356 | -€14,076 | -80.7% |
| Taxes | 450/3 | €17,432 | €3,356 | -€14,076 | -80.7% |
| Other amounts payable | 47/48 | €577 | - | -€577 | |
| Non-recurring operating income | 76A | €6,380 | - | -€6,380 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,849 | €14,856 | +€4,006 | +36.9% |
| Other operating charges | 640/8 | €3,660 | €4,736 | +€1,076 | +29.4% |
| Non-recurring operating charges | 66A | €20,432 | - | -€20,432 | |
| Gross operating margin | 9900 | €39,946 | €29,671 | -€10,274 | -25.7% |
| Operating profit (loss) | 9901 | €5,004 | €10,079 | +€5,075 | +101.4% |
| Financial income | 75/76B | €739 | €341 | -€398 | -53.9% |
| Recurring financial income | 75 | €739 | €341 | -€398 | -53.9% |
| Financial charges | 65/66B | €3,730 | €1,860 | -€1,871 | -50.1% |
| Recurring financial charges | 65 | €3,730 | €1,860 | -€1,871 | -50.1% |
| Profit (loss) for the period before taxes | 9903 | €2,012 | €8,560 | +€6,548 | +325.4% |
| Income taxes | 67/77 | €6,905 | €2,283 | -€4,621 | -66.9% |
| Profit (loss) for the period | 9904 | -€4,892 | €6,277 | +€11,169 | |
| Profit (loss) for the period to be appropriated | 9905 | -€4,892 | €6,277 | +€11,169 |
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 8 October 2026 via checked.be.