MATHECO: 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.
MATHECO
Largest movements
- Receivables within one year -€175,470
down €175,470 (-26.1%), from €672,251 to €496,781
of which Trade receivables: -€214,921
- Stocks and contracts +€158,791
up €158,791 (+62.8%), from €252,651 to €411,442
of which Contracts in progress: +€187,251
- Tangible fixed assets +€52,363
up €52,363 (+8.5%), from €617,842 to €670,205
of which Furniture and vehicles: +€65,111
- Deferred charges and accrued income -€17,920
down €17,920 (-91.7%), from €19,532 to €1,612
- Accrued charges and deferred income -€151,034
down €151,034 (-62.2%), from €242,694 to €91,660
- Trade debts +€144,869
up €144,869 (+33.2%), from €436,343 to €581,212
- Tax, wage and social debts +€31,772
up €31,772 (+14.2%), from €224,343 to €256,115
of which Remuneration and social security: +€22,058
- Debts after one year -€28,598
down €28,598 (-27.8%), from €102,731 to €74,133
- Gross operating margin +€638,918
up €638,918 (+42.4%), from €1.5m to €2.1m
- Staff costs +€499,579
up €499,579 (+36.9%), from €1.4m to €1.9m
- Other operating charges +€78,035
up €78,035 (+503.6%), from €15,495 to €93,529
- Depreciation +€57,633
up €57,633 (+71.8%), from €80,312 to €137,945
- Financial income +€51,502
up €51,502 (+7080.3%), from €727 to €52,229
From the 31-12-2024 result to the 31-12-2025 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 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,708,023 | €1,724,859 | +€16,836 | +1.0% |
| Fixed assets | 21/28 | €619,647 | €672,010 | +€52,363 | +8.5% |
| Tangible fixed assets | 22/27 | €617,842 | €670,205 | +€52,363 | +8.5% |
| Land and buildings | 22 | €317,743 | €307,209 | -€10,534 | -3.3% |
| Plant, machinery and equipment | 23 | €4,803 | €2,589 | -€2,214 | -46.1% |
| Furniture and vehicles | 24 | €295,296 | €360,407 | +€65,111 | +22.0% |
| Financial fixed assets | 28 | €1,805 | €1,805 | = | 0.0% |
| Current assets | 29/58 | €1,088,376 | €1,052,849 | -€35,527 | -3.3% |
| Stocks and contracts in progress | 3 | €252,651 | €411,442 | +€158,791 | +62.8% |
| Stocks | 30/36 | €206,496 | €178,035 | -€28,461 | -13.8% |
| Contracts in progress | 37 | €46,156 | €233,407 | +€187,251 | +405.7% |
| Amounts receivable within one year | 40/41 | €672,251 | €496,781 | -€175,470 | -26.1% |
| Trade receivables | 40 | €661,558 | €446,637 | -€214,921 | -32.5% |
| Other amounts receivable | 41 | €10,693 | €50,144 | +€39,451 | +369.0% |
| Cash at bank and in hand | 54/58 | €143,942 | €143,014 | -€928 | -0.6% |
| Deferred charges and accrued income | 490/1 | €19,532 | €1,612 | -€17,920 | -91.7% |
| Total equity and liabilities | 10/49 | €1,708,023 | €1,724,859 | +€16,836 | +1.0% |
| Equity | 10/15 | €468,998 | €485,741 | +€16,742 | +3.6% |
| Contributions | 10/11 | €161,250 | €161,250 | = | 0.0% |
| Reserves | 13 | €372,275 | €372,275 | = | 0.0% |
| Distributable reserves | 133 | €372,275 | €372,275 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€64,527 | -€47,784 | +€16,742 | +25.9% |
| Provisions and deferred taxes | 16 | €4,900 | €7,400 | +€2,500 | +51.0% |
| Provisions for liabilities and charges | 160/5 | €4,900 | €7,400 | +€2,500 | +51.0% |
| Environmental obligations | 163 | €4,900 | €7,400 | +€2,500 | +51.0% |
| Amounts payable | 17/49 | €1,234,125 | €1,231,718 | -€2,407 | -0.2% |
| Amounts payable after more than one year | 17 | €102,731 | €74,133 | -€28,598 | -27.8% |
| Financial debts | 170/4 | €102,731 | €74,133 | -€28,598 | -27.8% |
| Amounts payable within one year | 42/48 | €888,700 | €1,065,925 | +€177,225 | +19.9% |
| Current portion of amounts payable after more than one year | 42 | €28,014 | €28,598 | +€584 | +2.1% |
| Trade debts | 44 | €436,343 | €581,212 | +€144,869 | +33.2% |
| Suppliers | 440/4 | €436,343 | €581,212 | +€144,869 | +33.2% |
| Taxes, remuneration and social security | 45 | €224,343 | €256,115 | +€31,772 | +14.2% |
| Taxes | 450/3 | €29,403 | €39,117 | +€9,714 | +33.0% |
| Remuneration and social security | 454/9 | €194,940 | €216,998 | +€22,058 | +11.3% |
| Other amounts payable | 47/48 | €200,000 | €200,000 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €242,694 | €91,660 | -€151,034 | -62.2% |
| Non-recurring operating income | 76A | €57,468 | €56,990 | -€478 | -0.8% |
| Remuneration, social security and pensions | 62 | €1,355,178 | €1,854,758 | +€499,579 | +36.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €80,312 | €137,945 | +€57,633 | +71.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €10,681 | €10,305 | -€376 | -3.5% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €4,900 | €0 | -€4,900 | -100.0% |
| Other operating charges | 640/8 | €15,495 | €93,529 | +€78,035 | +503.6% |
| Non-recurring operating charges | 66A | €11,902 | €53,384 | +€41,481 | +348.5% |
| Gross operating margin | 9900 | €1,505,159 | €2,144,078 | +€638,918 | +42.4% |
| Operating profit (loss) | 9901 | €26,691 | -€5,844 | -€32,534 | |
| Financial income | 75/76B | €727 | €52,229 | +€51,502 | +7080.3% |
| Recurring financial income | 75 | €727 | €52,229 | +€51,502 | +7080.3% |
| Financial charges | 65/66B | €14,400 | €17,254 | +€2,853 | +19.8% |
| Recurring financial charges | 65 | €14,400 | €17,254 | +€2,853 | +19.8% |
| Profit (loss) for the period before taxes | 9903 | €13,018 | €29,132 | +€16,114 | +123.8% |
| Income taxes | 67/77 | €12,564 | €12,389 | -€175 | -1.4% |
| Profit (loss) for the period | 9904 | €453 | €16,742 | +€16,289 | +3592.3% |
| Profit (loss) for the period to be appropriated | 9905 | €453 | €16,742 | +€16,289 | +3592.3% |
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 5 October 2026 via checked.be.