MATHEO & ETHAN: 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.
MATHEO & ETHAN
Largest movements
- Cash -€15,654
down €15,654 (-27.6%), from €56,689 to €41,034
mainly Other debts (-€7,985) and Net result for the year (-€7,366)
- Receivables within one year +€2,522
up €2,522 (+58.2%), from €4,334 to €6,856
- Other debts -€7,985
no longer reported in 2025 (was €7,985)
- Profit (loss) carried forward -€7,366
down €7,366 (-14.9%), from €49,537 to €42,171
- Trade debts +€4,011
new in 2025: €4,011
- Tax, wage and social debts -€1,602
down €1,602 (-69.0%), from €2,322 to €720
- Gross operating margin -€12,617
down €12,617, from €6,802 to -€5,815
- Other operating charges -€3,162
down €3,162 (-91.9%), from €3,441 to €278
- Taxes -€339
down €339 (-23.4%), from €1,447 to €1,108
- Financial income +€186
up €186 (+335%), from €55 to €241
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €78,445 | €65,502 | -€12,943 | -16.5% |
| Fixed assets | 21/28 | €15,000 | €15,000 | = | 0.0% |
| Financial fixed assets | 28 | €15,000 | €15,000 | = | 0.0% |
| Current assets | 29/58 | €63,445 | €50,502 | -€12,943 | -20.4% |
| Stocks and contracts in progress | 3 | €2,422 | €2,612 | +€190 | +7.8% |
| Stocks | 30/36 | €2,422 | €2,612 | +€190 | +7.8% |
| Amounts receivable within one year | 40/41 | €4,334 | €6,856 | +€2,522 | +58.2% |
| Other amounts receivable | 41 | €4,334 | €6,856 | +€2,522 | +58.2% |
| Cash at bank and in hand | 54/58 | €56,689 | €41,034 | -€15,654 | -27.6% |
| Total equity and liabilities | 10/49 | €78,445 | €65,502 | -€12,943 | -16.5% |
| Equity | 10/15 | €68,137 | €60,771 | -€7,366 | -10.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €49,537 | €42,171 | -€7,366 | -14.9% |
| Amounts payable | 17/49 | €10,307 | €4,731 | -€5,576 | -54.1% |
| Amounts payable within one year | 42/48 | €10,307 | €4,731 | -€5,576 | -54.1% |
| Trade debts | 44 | - | €4,011 | +€4,011 | |
| Suppliers | 440/4 | - | €4,011 | +€4,011 | |
| Taxes, remuneration and social security | 45 | €2,322 | €720 | -€1,602 | -69.0% |
| Taxes | 450/3 | €2,322 | €720 | -€1,602 | -69.0% |
| Other amounts payable | 47/48 | €7,985 | - | -€7,985 | |
| Other operating charges | 640/8 | €3,441 | €278 | -€3,162 | -91.9% |
| Non-recurring operating charges | 66A | - | €63 | +€63 | |
| Gross operating margin | 9900 | €6,802 | -€5,815 | -€12,617 | |
| Operating profit (loss) | 9901 | €3,362 | -€6,157 | -€9,518 | |
| Financial income | 75/76B | €55 | €241 | +€186 | +335% |
| Recurring financial income | 75 | €55 | €241 | +€186 | +335% |
| Financial charges | 65/66B | €356 | €343 | -€13 | -3.7% |
| Recurring financial charges | 65 | €356 | €343 | -€13 | -3.7% |
| Profit (loss) for the period before taxes | 9903 | €3,061 | -€6,258 | -€9,319 | |
| Income taxes | 67/77 | €1,447 | €1,108 | -€339 | -23.4% |
| Profit (loss) for the period | 9904 | €1,614 | -€7,366 | -€8,981 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,614 | -€7,366 | -€8,981 |
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 18 October 2026 via checked.be.