MATHEL: 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.
MATHEL
Largest movements
- Tangible fixed assets -€44,498
down €44,498 (-3.4%), from €1.3m to €1.3m
- Receivables within one year -€15,238
down €15,238 (-45.8%), from €33,273 to €18,034
of which Trade receivables: -€15,792
- Debts after one year -€71,026
down €71,026 (-11.6%), from €613,132 to €542,106
- Other debts +€14,252
up €14,252 (+7.9%), from €180,057 to €194,309
- Depreciation -€12,596
down €12,596 (-22.1%), from €57,094 to €44,498
- Financial charges +€11,091
up €11,091 (+45.0%), from €24,658 to €35,749
- Gross operating margin -€1,166
down €1,166 (-1.3%), from €89,582 to €88,416
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 | €1,366,374 | €1,315,927 | -€50,447 | -3.7% |
| Fixed assets | 21/28 | €1,305,231 | €1,260,733 | -€44,498 | -3.4% |
| Tangible fixed assets | 22/27 | €1,305,231 | €1,260,733 | -€44,498 | -3.4% |
| Land and buildings | 22 | €1,305,231 | €1,260,733 | -€44,498 | -3.4% |
| Current assets | 29/58 | €61,143 | €55,194 | -€5,949 | -9.7% |
| Amounts receivable within one year | 40/41 | €33,273 | €18,034 | -€15,238 | -45.8% |
| Trade receivables | 40 | €33,273 | €17,480 | -€15,792 | -47.5% |
| Other amounts receivable | 41 | - | €554 | +€554 | |
| Cash at bank and in hand | 54/58 | €27,870 | €37,159 | +€9,289 | +33.3% |
| Total equity and liabilities | 10/49 | €1,366,374 | €1,315,927 | -€50,447 | -3.7% |
| Equity | 10/15 | €392,543 | €392,612 | +€69 | 0.0% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €10,000 | €10,000 | = | 0.0% |
| Distributable reserves | 133 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €282,543 | €282,612 | +€69 | 0.0% |
| Amounts payable | 17/49 | €973,831 | €923,315 | -€50,516 | -5.2% |
| Amounts payable after more than one year | 17 | €613,132 | €542,106 | -€71,026 | -11.6% |
| Financial debts | 170/4 | €613,132 | €542,106 | -€71,026 | -11.6% |
| Amounts payable within one year | 42/48 | €279,514 | €293,278 | +€13,764 | +4.9% |
| Current portion of amounts payable after more than one year | 42 | €79,504 | €76,493 | -€3,011 | -3.8% |
| Trade debts | 44 | €17,524 | €22,379 | +€4,856 | +27.7% |
| Suppliers | 440/4 | €17,524 | €22,379 | +€4,856 | +27.7% |
| Taxes, remuneration and social security | 45 | €2,429 | €97 | -€2,332 | -96.0% |
| Taxes | 450/3 | €2,429 | €97 | -€2,332 | -96.0% |
| Other amounts payable | 47/48 | €180,057 | €194,309 | +€14,252 | +7.9% |
| Accrued charges and deferred income | 492/3 | €81,186 | €87,932 | +€6,746 | +8.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €57,094 | €44,498 | -€12,596 | -22.1% |
| Other operating charges | 640/8 | €7,730 | €8,130 | +€400 | +5.2% |
| Gross operating margin | 9900 | €89,582 | €88,416 | -€1,166 | -1.3% |
| Operating profit (loss) | 9901 | €24,757 | €35,788 | +€11,031 | +44.6% |
| Financial income | 75/76B | €30 | €55 | +€25 | +83.1% |
| Recurring financial income | 75 | €30 | €55 | +€25 | +83.1% |
| Financial charges | 65/66B | €24,658 | €35,749 | +€11,091 | +45.0% |
| Recurring financial charges | 65 | €24,658 | €35,749 | +€11,091 | +45.0% |
| Profit (loss) for the period before taxes | 9903 | €129 | €93 | -€36 | -27.8% |
| Income taxes | 67/77 | €32 | €24 | -€8 | -26.3% |
| Profit (loss) for the period | 9904 | €97 | €69 | -€27 | -28.2% |
| Profit (loss) for the period to be appropriated | 9905 | €97 | €69 | -€27 | -28.2% |
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 12 October 2026 via checked.be.