MATHET-SONET: 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.
MATHET-SONET
Largest movements
- Tangible fixed assets -€51,261
down €51,261 (-7.4%), from €690,426 to €639,164
of which Land and buildings: -€49,980
- Cash -€45,132
down €45,132 (-68.0%), from €66,327 to €21,195
mainly Debts after one year (-€46,545) and Receivables within one year (-€30,613)
- Receivables within one year +€30,613
up €30,613 (+37.8%), from €80,970 to €111,584
of which Other amounts receivable: +€29,722
- Current investments +€20,000
new in 2025: €20,000
- Debts after one year -€46,545
down €46,545 (-11.8%), from €393,284 to €346,738
of which Financial debts: -€26,545
- Profit (loss) carried forward +€17,605
up €17,605 (+14.1%), from -€124,683 to -€107,078
- Revaluation surpluses -€13,333
down €13,333 (-4.9%), from €272,400 to €259,067
- Tax, wage and social debts -€10,456
down €10,456 (-80.5%), from €12,986 to €2,530
- Depreciation +€10,660
up €10,660 (+26.3%), from €40,602 to €51,261
- Financial charges +€4,314
up €4,314 (+36.6%), from €11,800 to €16,113
- Gross operating margin -€2,952
down €2,952 (-3.3%), from €88,212 to €85,259
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 | €843,922 | €799,706 | -€44,216 | -5.2% |
| Fixed assets | 21/28 | €690,626 | €639,364 | -€51,261 | -7.4% |
| Tangible fixed assets | 22/27 | €690,426 | €639,164 | -€51,261 | -7.4% |
| Land and buildings | 22 | €683,701 | €633,721 | -€49,980 | -7.3% |
| Plant, machinery and equipment | 23 | €6,725 | €5,443 | -€1,282 | -19.1% |
| Financial fixed assets | 28 | €200 | €200 | = | 0.0% |
| Current assets | 29/58 | €153,296 | €160,342 | +€7,046 | +4.6% |
| Amounts receivable within one year | 40/41 | €80,970 | €111,584 | +€30,613 | +37.8% |
| Trade receivables | 40 | - | €891 | +€891 | |
| Other amounts receivable | 41 | €80,970 | €110,693 | +€29,722 | +36.7% |
| Current investments | 50/53 | - | €20,000 | +€20,000 | |
| Cash at bank and in hand | 54/58 | €66,327 | €21,195 | -€45,132 | -68.0% |
| Deferred charges and accrued income | 490/1 | €5,999 | €7,564 | +€1,565 | +26.1% |
| Total equity and liabilities | 10/49 | €843,922 | €799,706 | -€44,216 | -5.2% |
| Equity | 10/15 | €371,587 | €383,812 | +€12,225 | +3.3% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Revaluation surpluses | 12 | €272,400 | €259,067 | -€13,333 | -4.9% |
| Reserves | 13 | €203,870 | €211,824 | +€7,954 | +3.9% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €48,908 | €43,528 | -€5,380 | -11.0% |
| Distributable reserves | 133 | €152,962 | €166,295 | +€13,333 | +8.7% |
| Profit (loss) carried forward | 14 | -€124,683 | -€107,078 | +€17,605 | +14.1% |
| Provisions and deferred taxes | 16 | €32,605 | €29,019 | -€3,586 | -11.0% |
| Deferred taxes | 168 | €32,605 | €29,019 | -€3,586 | -11.0% |
| Amounts payable | 17/49 | €439,730 | €386,875 | -€52,855 | -12.0% |
| Amounts payable after more than one year | 17 | €393,284 | €346,738 | -€46,545 | -11.8% |
| Financial debts | 170/4 | €168,284 | €141,738 | -€26,545 | -15.8% |
| Other amounts payable | 178/9 | €225,000 | €205,000 | -€20,000 | -8.9% |
| Amounts payable within one year | 42/48 | €46,400 | €40,101 | -€6,299 | -13.6% |
| Current portion of amounts payable after more than one year | 42 | €25,500 | €26,545 | +€1,046 | +4.1% |
| Trade debts | 44 | €5,544 | €8,656 | +€3,111 | +56.1% |
| Suppliers | 440/4 | €5,544 | €8,656 | +€3,111 | +56.1% |
| Taxes, remuneration and social security | 45 | €12,986 | €2,530 | -€10,456 | -80.5% |
| Taxes | 450/3 | €12,986 | €2,530 | -€10,456 | -80.5% |
| Other amounts payable | 47/48 | €2,370 | €2,370 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €46 | €36 | -€10 | -22.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,602 | €51,261 | +€10,660 | +26.3% |
| Other operating charges | 640/8 | €14,135 | €14,571 | +€437 | +3.1% |
| Gross operating margin | 9900 | €88,212 | €85,259 | -€2,952 | -3.3% |
| Operating profit (loss) | 9901 | €33,475 | €19,427 | -€14,049 | -42.0% |
| Financial income | 75/76B | €4,897 | €5,326 | +€429 | +8.8% |
| Recurring financial income | 75 | €4,897 | €5,326 | +€429 | +8.8% |
| Financial charges | 65/66B | €11,800 | €16,113 | +€4,314 | +36.6% |
| Recurring financial charges | 65 | €11,800 | €16,113 | +€4,314 | +36.6% |
| Profit (loss) for the period before taxes | 9903 | €26,572 | €8,639 | -€17,934 | -67.5% |
| Transfer from deferred taxes | 780 | €3,822 | €3,586 | -€236 | -6.2% |
| Profit (loss) for the period | 9904 | €30,395 | €12,225 | -€18,169 | -59.8% |
| Transfer from tax-exempt reserves | 789 | €5,733 | €5,380 | -€354 | -6.2% |
| Profit (loss) for the period to be appropriated | 9905 | €36,128 | €17,605 | -€18,523 | -51.3% |
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 6 October 2026 via checked.be.