Mathelinvest: 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.
What changed
Mathelinvest
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€72,791
2024 · -€228,836+€301,627
Equity
€6.8m
2024 · €6.7m+€72,791
Cash
€183,474
2024 · €162,648+€20,826
Balance sheet total
€17.6m
2024 · €17.0m+€636,544
Largest movements
Assets
- Tangible fixed assets +€1.0m
up €1.0m (+7.4%), from €13.6m to €14.6m
- Receivables after one year -€205,000
down €205,000 (-100%), from €205,000 to €0
of which Trade receivables: -€205,000
Equity and liabilities
- Debts after one year +€934,501
up €934,501 (+13.1%), from €7.1m to €8.1m
of which Financial debts: +€934,501
- Trade debts -€297,556
down €297,556 (-59.5%), from €500,357 to €202,801
Income statement
- Gross operating margin +€543,825
up €543,825 (+85.9%), from €633,097 to €1.2m
- Depreciation +€165,955
up €165,955 (+28.4%), from €585,194 to €751,149
- Other operating charges -€43,487
down €43,487 (-18.3%), from €237,394 to €193,907
- Taxes +€27,433
up €27,433 (+343%), from €7,999 to €35,432
- Financial income -€21,073
down €21,073 (-27.5%), from €76,490 to €55,417
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.
Result 2024
-€228,836
Gross operating margin
+€543,825
Depreciation
-€165,955
Other operating charges
+€43,487
Financial income
-€21,073
Financial charges
-€16,399
Taxes
-€27,433
Deferred taxes and other
-€54,825
Result 2025
€72,791
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
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.
From operations
+€679,399
Investment
-€1.6m
Financing
+€951,471
Cash 2024
€162,648
From operations (derived)
+€679,399
Net result for the year
+€72,791
Depreciation
+€751,149
Receivables after one year
+€205,000
Receivables within one year
+€38,178
Provisions
-€66,275
Trade debts
-€297,556
Tax, wage and social debts
-€7
Other debts
-€23,880
Investment (derived)
-€1.6m
Investment in fixed assets (net)
-€1.8m
Current investments
+€148,070
Financing
+€951,471
Debts after one year
+€934,501
Current portion of long-term debt
-€8,030
Short-term financial debts
+€25,000
Cash 2025
€183,474
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €16,951,458 | €17,588,002 | +€636,544 | +3.8% |
| Fixed assets | 21/28 | €14,947,456 | €15,954,423 | +€1.0m | +6.7% |
| Tangible fixed assets | 22/27 | €13,630,456 | €14,637,423 | +€1.0m | +7.4% |
| Land and buildings | 22 | €13,630,456 | €14,637,423 | +€1.0m | +7.4% |
| Financial fixed assets | 28 | €1,317,000 | €1,317,000 | = | 0.0% |
| Current assets | 29/58 | €2,004,001 | €1,633,579 | -€370,422 | -18.5% |
| Amounts receivable after more than one year | 29 | €205,000 | €0 | -€205,000 | -100% |
| Trade receivables | 290 | €205,000 | - | -€205,000 | |
| Other amounts receivable | 291 | - | €0 | = | |
| Amounts receivable within one year | 40/41 | €88,482 | €50,304 | -€38,178 | -43.1% |
| Trade receivables | 40 | €33,310 | €18,904 | -€14,407 | -43.2% |
| Other amounts receivable | 41 | €55,171 | €31,400 | -€23,771 | -43.1% |
| Current investments | 50/53 | €1,547,872 | €1,399,801 | -€148,070 | -9.6% |
| Cash at bank and in hand | 54/58 | €162,648 | €183,474 | +€20,826 | +12.8% |
| Total equity and liabilities | 10/49 | €16,951,458 | €17,588,002 | +€636,544 | +3.8% |
| Equity | 10/15 | €6,712,178 | €6,784,969 | +€72,791 | +1.1% |
| Contributions | 10/11 | €1,685,500 | €1,685,500 | = | 0.0% |
| Capital | 10 | €1,685,500 | €1,685,500 | = | 0.0% |
| Issued capital | 100 | €1,685,500 | €1,685,500 | = | 0.0% |
| Reserves | 13 | €4,976,016 | €4,893,261 | -€82,754 | -1.7% |
| Non-distributable reserves | 130/1 | €168,550 | €168,550 | = | 0.0% |
| Legal reserve | 130 | €168,550 | €168,550 | = | 0.0% |
| Tax-exempt reserves | 132 | €3,606,830 | €3,524,076 | -€82,754 | -2.3% |
| Distributable reserves | 133 | €1,200,635 | €1,200,635 | = | 0.0% |
| Profit (loss) carried forward | 14 | €50,663 | €206,208 | +€155,545 | +307% |
| Provisions and deferred taxes | 16 | €1,633,042 | €1,566,767 | -€66,275 | -4.1% |
| Deferred taxes | 168 | €1,633,042 | €1,566,767 | -€66,275 | -4.1% |
| Amounts payable | 17/49 | €8,606,237 | €9,236,265 | +€630,028 | +7.3% |
| Amounts payable after more than one year | 17 | €7,147,072 | €8,081,574 | +€934,501 | +13.1% |
| Financial debts | 170/4 | €7,143,328 | €8,077,829 | +€934,501 | +13.1% |
| Other amounts payable | 178/9 | €3,745 | €3,745 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,229,956 | €925,483 | -€304,473 | -24.8% |
| Current portion of amounts payable after more than one year | 42 | €688,645 | €680,614 | -€8,030 | -1.2% |
| Financial debts | 43 | - | €25,000 | +€25,000 | |
| Credit institutions | 430/8 | - | €25,000 | +€25,000 | |
| Trade debts | 44 | €500,357 | €202,801 | -€297,556 | -59.5% |
| Suppliers | 440/4 | €500,357 | €202,801 | -€297,556 | -59.5% |
| Taxes, remuneration and social security | 45 | €20 | €13 | -€7 | -36.3% |
| Taxes | 450/3 | €20 | €13 | -€7 | -36.3% |
| Other amounts payable | 47/48 | €40,934 | €17,054 | -€23,880 | -58.3% |
| Accrued charges and deferred income | 492/3 | €229,209 | €229,209 | = | 0.0% |
| Non-recurring operating income | 76A | - | €224,284 | +€224,284 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €585,194 | €751,149 | +€165,955 | +28.4% |
| Other operating charges | 640/8 | €237,394 | €193,907 | -€43,487 | -18.3% |
| Gross operating margin | 9900 | €633,097 | €1,176,922 | +€543,825 | +85.9% |
| Operating profit (loss) | 9901 | -€189,491 | €231,866 | +€421,357 | |
| Financial income | 75/76B | €76,490 | €55,417 | -€21,073 | -27.5% |
| Recurring financial income | 75 | €76,490 | €55,417 | -€21,073 | -27.5% |
| Financial charges | 65/66B | €228,936 | €245,335 | +€16,399 | +7.2% |
| Recurring financial charges | 65 | €228,936 | €245,335 | +€16,399 | +7.2% |
| Profit (loss) for the period before taxes | 9903 | -€341,937 | €41,948 | +€383,885 | |
| Transfer from deferred taxes | 780 | €121,100 | €122,346 | +€1,246 | +1.0% |
| Transfer to deferred taxes | 680 | - | €56,071 | +€56,071 | |
| Income taxes | 67/77 | €7,999 | €35,432 | +€27,433 | +343% |
| Profit (loss) for the period | 9904 | -€228,836 | €72,791 | +€301,627 | |
| Transfer from tax-exempt reserves | 789 | €247,229 | €250,967 | +€3,738 | +1.5% |
| Transfer to tax-exempt reserves | 689 | - | €168,213 | +€168,213 | |
| Profit (loss) for the period to be appropriated | 9905 | €18,393 | €155,545 | +€137,152 | +746% |
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 16 October 2026 via checked.be.