MATHEX: 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.
MATHEX
Largest movements
- Receivables within one year -€105,959
down €105,959 (-59.9%), from €176,927 to €70,967
- Cash -€58,005
down €58,005 (-32.0%), from €181,096 to €123,090
mainly Other debts (-€153,000) and Tax, wage and social debts (-€40,374)
- Tangible fixed assets -€7,810
down €7,810 (-19.3%), from €40,472 to €32,662
of which Furniture and vehicles: -€7,095
- Other debts -€153,000
no longer reported in 2025 (was €153,000)
- Reserves +€41,836
up €41,836 (+2249.2%), from €1,860 to €43,696
- Tax, wage and social debts -€40,374
down €40,374 (-33.1%), from €121,990 to €81,617
of which Taxes: -€42,013
- Trade debts -€20,236
down €20,236 (-52.8%), from €38,333 to €18,096
- Staff costs +€16,038
up €16,038 (+9.6%), from €167,932 to €183,970
- Gross operating margin -€6,784
down €6,784 (-2.4%), from €277,957 to €271,173
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 | €398,644 | €226,870 | -€171,774 | -43.1% |
| Fixed assets | 21/28 | €40,622 | €32,812 | -€7,810 | -19.2% |
| Tangible fixed assets | 22/27 | €40,472 | €32,662 | -€7,810 | -19.3% |
| Land and buildings | 22 | €1,183 | €985 | -€197 | -16.7% |
| Plant, machinery and equipment | 23 | €2,156 | €1,638 | -€517 | -24.0% |
| Furniture and vehicles | 24 | €37,133 | €30,039 | -€7,095 | -19.1% |
| Financial fixed assets | 28 | €150 | €150 | = | 0.0% |
| Current assets | 29/58 | €358,022 | €194,058 | -€163,965 | -45.8% |
| Amounts receivable within one year | 40/41 | €176,927 | €70,967 | -€105,959 | -59.9% |
| Other amounts receivable | 41 | €176,927 | €70,967 | -€105,959 | -59.9% |
| Cash at bank and in hand | 54/58 | €181,096 | €123,090 | -€58,005 | -32.0% |
| Total equity and liabilities | 10/49 | €398,644 | €226,870 | -€171,774 | -43.1% |
| Equity | 10/15 | €85,321 | €127,157 | +€41,836 | +49.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €43,696 | +€41,836 | +2249.2% |
| Non-distributable reserves | 130/1 | €1,860 | €43,696 | +€41,836 | +2249.2% |
| Reserves not available under the articles | 1311 | €1,860 | €43,696 | +€41,836 | +2249.2% |
| Profit (loss) carried forward | 14 | €64,861 | €64,861 | = | 0.0% |
| Amounts payable | 17/49 | €313,323 | €99,713 | -€213,610 | -68.2% |
| Amounts payable within one year | 42/48 | €313,323 | €99,713 | -€213,610 | -68.2% |
| Trade debts | 44 | €38,333 | €18,096 | -€20,236 | -52.8% |
| Suppliers | 440/4 | €38,333 | €18,096 | -€20,236 | -52.8% |
| Taxes, remuneration and social security | 45 | €121,990 | €81,617 | -€40,374 | -33.1% |
| Taxes | 450/3 | €106,523 | €64,510 | -€42,013 | -39.4% |
| Remuneration and social security | 454/9 | €15,467 | €17,107 | +€1,640 | +10.6% |
| Other amounts payable | 47/48 | €153,000 | - | -€153,000 | |
| Remuneration, social security and pensions | 62 | €167,932 | €183,970 | +€16,038 | +9.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,118 | €10,209 | +€1,090 | +12.0% |
| Other operating charges | 640/8 | €8,241 | €8,525 | +€285 | +3.5% |
| Gross operating margin | 9900 | €277,957 | €271,173 | -€6,784 | -2.4% |
| Operating profit (loss) | 9901 | €92,666 | €68,469 | -€24,197 | -26.1% |
| Financial income | 75/76B | €7,405 | €4,855 | -€2,550 | -34.4% |
| Recurring financial income | 75 | €7,405 | €4,855 | -€2,550 | -34.4% |
| Financial charges | 65/66B | €5,642 | €7,545 | +€1,903 | +33.7% |
| Recurring financial charges | 65 | €5,642 | €7,545 | +€1,903 | +33.7% |
| Profit (loss) for the period before taxes | 9903 | €94,429 | €65,779 | -€28,650 | -30.3% |
| Income taxes | 67/77 | €26,041 | €23,943 | -€2,098 | -8.1% |
| Profit (loss) for the period | 9904 | €68,388 | €41,836 | -€26,553 | -38.8% |
| Profit (loss) for the period to be appropriated | 9905 | €68,388 | €41,836 | -€26,553 | -38.8% |
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 29 September 2026 via checked.be.