MATHEM: 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.
MATHEM
Largest movements
- Cash -€139,257
down €139,257 (-83.2%), from €167,400 to €28,143
mainly Contributions, distributions and other (-€250,000) and Debts after one year (-€37,500)
- Receivables after one year -€81,986
down €81,986 (-42.8%), from €191,575 to €109,590
- Deferred charges and accrued income -€18,381
down €18,381 (-65.0%), from €28,281 to €9,900
- Contributions -€250,000
down €250,000 (-35.7%), from €700,000 to €450,000
- Other debts +€50,000
new in 2025: €50,000
- Debts after one year -€37,500
down €37,500 (-52.2%), from €71,875 to €34,375
- Gross operating margin -€6,953
down €6,953 (-21.7%), from €32,043 to €25,090
- Financial charges -€1,728
down €1,728 (-28.0%), from €6,181 to €4,453
- Other operating charges +€848
up €848 (+4.4%), from €19,124 to €19,971
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 | €674,054 | €439,078 | -€234,976 | -34.9% |
| Fixed assets | 21/28 | €209,000 | €209,000 | = | 0.0% |
| Tangible fixed assets | 22/27 | €209,000 | €209,000 | = | 0.0% |
| Other tangible fixed assets | 26 | €209,000 | €209,000 | = | 0.0% |
| Current assets | 29/58 | €465,054 | €230,078 | -€234,976 | -50.5% |
| Amounts receivable after more than one year | 29 | €191,575 | €109,590 | -€81,986 | -42.8% |
| Trade receivables | 290 | €191,575 | €109,590 | -€81,986 | -42.8% |
| Amounts receivable within one year | 40/41 | €77,798 | €82,446 | +€4,648 | +6.0% |
| Trade receivables | 40 | €77,248 | €81,986 | +€4,738 | +6.1% |
| Other amounts receivable | 41 | €550 | €460 | -€90 | -16.4% |
| Cash at bank and in hand | 54/58 | €167,400 | €28,143 | -€139,257 | -83.2% |
| Deferred charges and accrued income | 490/1 | €28,281 | €9,900 | -€18,381 | -65.0% |
| Total equity and liabilities | 10/49 | €674,054 | €439,078 | -€234,976 | -34.9% |
| Equity | 10/15 | €552,903 | €305,115 | -€247,788 | -44.8% |
| Contributions | 10/11 | €700,000 | €450,000 | -€250,000 | -35.7% |
| Reserves | 13 | €200 | €200 | = | 0.0% |
| Distributable reserves | 133 | €200 | €200 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€147,297 | -€145,085 | +€2,212 | +1.5% |
| Amounts payable | 17/49 | €121,150 | €133,963 | +€12,812 | +10.6% |
| Amounts payable after more than one year | 17 | €71,875 | €34,375 | -€37,500 | -52.2% |
| Financial debts | 170/4 | €71,875 | €34,375 | -€37,500 | -52.2% |
| Amounts payable within one year | 42/48 | €39,675 | €89,688 | +€50,012 | +126.1% |
| Current portion of amounts payable after more than one year | 42 | €37,500 | €37,500 | = | 0.0% |
| Trade debts | 44 | €387 | €400 | +€12 | +3.2% |
| Suppliers | 440/4 | €387 | €400 | +€12 | +3.2% |
| Taxes, remuneration and social security | 45 | €1,788 | €1,788 | = | 0.0% |
| Taxes | 450/3 | €1,788 | €1,788 | = | 0.0% |
| Other amounts payable | 47/48 | - | €50,000 | +€50,000 | |
| Accrued charges and deferred income | 492/3 | €9,600 | €9,900 | +€300 | +3.1% |
| Other operating charges | 640/8 | €19,124 | €19,971 | +€848 | +4.4% |
| Gross operating margin | 9900 | €32,043 | €25,090 | -€6,953 | -21.7% |
| Operating profit (loss) | 9901 | €12,919 | €5,118 | -€7,801 | -60.4% |
| Financial income | 75/76B | €1,857 | €1,541 | -€316 | -17.0% |
| Recurring financial income | 75 | €1,857 | €1,541 | -€316 | -17.0% |
| Financial charges | 65/66B | €6,181 | €4,453 | -€1,728 | -28.0% |
| Recurring financial charges | 65 | €6,181 | €4,453 | -€1,728 | -28.0% |
| Profit (loss) for the period before taxes | 9903 | €8,595 | €2,207 | -€6,388 | -74.3% |
| Income taxes | 67/77 | €7 | -€5 | -€12 | |
| Profit (loss) for the period | 9904 | €8,588 | €2,212 | -€6,376 | -74.2% |
| Profit (loss) for the period to be appropriated | 9905 | €8,588 | €2,212 | -€6,376 | -74.2% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.