Mathew Lane: 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.
Mathew Lane
Largest movements
- Cash -€20,513
down €20,513 (-51.1%), from €40,135 to €19,623
mainly Investment in fixed assets (net) (-€32,505) and Trade debts (-€9,905)
- Intangible fixed assets +€11,553
up €11,553 (+53.1%), from €21,769 to €33,323
- Stocks and contracts +€9,030
new in 2025: €9,030
- Receivables within one year -€3,060
down €3,060 (-28.2%), from €10,867 to €7,806
of which Trade receivables: -€4,854
- Current investments +€1,163
up €1,163 (+9.3%), from €12,544 to €13,707
- Reserves +€18,355
up €18,355 (+179%), from €10,278 to €28,633
- Trade debts -€9,905
down €9,905 (-73.3%), from €13,507 to €3,601
- Other debts -€9,815
down €9,815 (-19.5%), from €50,334 to €40,519
- Tax, wage and social debts +€1,045
up €1,045 (+19.1%), from €5,467 to €6,512
of which Taxes: +€1,045
- Short-term financial debts -€883
down €883 (-36.5%), from €2,420 to €1,537
- Gross operating margin +€15,287
up €15,287 (+52.8%), from €28,951 to €44,238
- Depreciation +€8,120
up €8,120 (+66.4%), from €12,230 to €20,350
- Financial income +€1,314
up €1,314 (+206%), from €637 to €1,951
- Taxes +€491
up €491 (+14.4%), from €3,402 to €3,893
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 | €85,655 | €84,436 | -€1,218 | -1.4% |
| Fixed assets | 21/28 | €21,769 | €33,924 | +€12,155 | +55.8% |
| Intangible fixed assets | 21 | €21,769 | €33,323 | +€11,553 | +53.1% |
| Tangible fixed assets | 22/27 | €0 | €602 | +€602 | |
| Plant, machinery and equipment | 23 | €0 | €602 | +€602 | |
| Current assets | 29/58 | €63,885 | €50,512 | -€13,373 | -20.9% |
| Stocks and contracts in progress | 3 | - | €9,030 | +€9,030 | |
| Stocks | 30/36 | - | €9,030 | +€9,030 | |
| Amounts receivable within one year | 40/41 | €10,867 | €7,806 | -€3,060 | -28.2% |
| Trade receivables | 40 | €5,070 | €216 | -€4,854 | -95.7% |
| Other amounts receivable | 41 | €5,797 | €7,591 | +€1,794 | +30.9% |
| Current investments | 50/53 | €12,544 | €13,707 | +€1,163 | +9.3% |
| Cash at bank and in hand | 54/58 | €40,135 | €19,623 | -€20,513 | -51.1% |
| Deferred charges and accrued income | 490/1 | €339 | €346 | +€7 | +2.0% |
| Total equity and liabilities | 10/49 | €85,655 | €84,436 | -€1,218 | -1.4% |
| Equity | 10/15 | €13,278 | €31,633 | +€18,355 | +138% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €10,278 | €28,633 | +€18,355 | +179% |
| Distributable reserves | 133 | €10,278 | €28,633 | +€18,355 | +179% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €72,376 | €52,803 | -€19,573 | -27.0% |
| Amounts payable within one year | 42/48 | €71,727 | €52,169 | -€19,558 | -27.3% |
| Financial debts | 43 | €2,420 | €1,537 | -€883 | -36.5% |
| Credit institutions | 430/8 | €2,420 | €1,537 | -€883 | -36.5% |
| Trade debts | 44 | €13,507 | €3,601 | -€9,905 | -73.3% |
| Suppliers | 440/4 | €13,507 | €3,601 | -€9,905 | -73.3% |
| Taxes, remuneration and social security | 45 | €5,467 | €6,512 | +€1,045 | +19.1% |
| Taxes | 450/3 | €3,467 | €4,512 | +€1,045 | +30.1% |
| Remuneration and social security | 454/9 | €2,000 | €2,000 | = | 0.0% |
| Other amounts payable | 47/48 | €50,334 | €40,519 | -€9,815 | -19.5% |
| Accrued charges and deferred income | 492/3 | €649 | €635 | -€15 | -2.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,230 | €20,350 | +€8,120 | +66.4% |
| Other operating charges | 640/8 | €592 | €610 | +€18 | +3.0% |
| Gross operating margin | 9900 | €28,951 | €44,238 | +€15,287 | +52.8% |
| Operating profit (loss) | 9901 | €16,129 | €23,278 | +€7,149 | +44.3% |
| Financial income | 75/76B | €637 | €1,951 | +€1,314 | +206% |
| Recurring financial income | 75 | €637 | €1,951 | +€1,314 | +206% |
| Financial charges | 65/66B | €3,086 | €2,981 | -€105 | -3.4% |
| Recurring financial charges | 65 | €3,086 | €2,981 | -€105 | -3.4% |
| Profit (loss) for the period before taxes | 9903 | €13,680 | €22,248 | +€8,568 | +62.6% |
| Income taxes | 67/77 | €3,402 | €3,893 | +€491 | +14.4% |
| Profit (loss) for the period | 9904 | €10,278 | €18,355 | +€8,077 | +78.6% |
| Profit (loss) for the period to be appropriated | 9905 | €10,278 | €18,355 | +€8,077 | +78.6% |
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 28 October 2026 via checked.be.