MATHI: 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.
MATHI
Largest movements
- Receivables within one year +€82,297
up €82,297 (+20.9%), from €393,091 to €475,388
of which Trade receivables: +€44,575
- Tangible fixed assets -€44,012
down €44,012 (-31.0%), from €141,956 to €97,944
of which Furniture and vehicles: -€37,000
- Trade debts +€41,710
up €41,710 (+35.5%), from €117,612 to €159,322
- Debts after one year -€36,926
down €36,926 (-39.8%), from €92,666 to €55,739
- Reserves +€20,867
up €20,867 (+9.8%), from €212,024 to €232,891
of which Distributable reserves: +€20,867
- Tax, wage and social debts +€13,686
up €13,686 (+54.0%), from €25,326 to €39,011
of which Taxes: +€13,220
- Staff costs +€19,433
up €19,433 (+19.2%), from €101,255 to €120,688
- Gross operating margin +€11,592
up €11,592 (+6.5%), from €178,573 to €190,166
- Taxes -€2,794
down €2,794 (-22.5%), from €12,400 to €9,606
- Financial income -€2,766
down €2,766 (-13.4%), from €20,661 to €17,894
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 | €554,416 | €594,890 | +€40,474 | +7.3% |
| Fixed assets | 21/28 | €141,956 | €97,944 | -€44,012 | -31.0% |
| Tangible fixed assets | 22/27 | €141,956 | €97,944 | -€44,012 | -31.0% |
| Plant, machinery and equipment | 23 | €12,419 | €6,782 | -€5,637 | -45.4% |
| Furniture and vehicles | 24 | €124,000 | €86,999 | -€37,000 | -29.8% |
| Other tangible fixed assets | 26 | €5,537 | €4,162 | -€1,375 | -24.8% |
| Current assets | 29/58 | €412,461 | €496,946 | +€84,485 | +20.5% |
| Stocks and contracts in progress | 3 | €5,506 | €9,000 | +€3,494 | +63.5% |
| Stocks | 30/36 | €5,506 | €9,000 | +€3,494 | +63.5% |
| Amounts receivable within one year | 40/41 | €393,091 | €475,388 | +€82,297 | +20.9% |
| Trade receivables | 40 | €60,549 | €105,125 | +€44,575 | +73.6% |
| Other amounts receivable | 41 | €332,542 | €370,263 | +€37,721 | +11.3% |
| Cash at bank and in hand | 54/58 | €3,653 | €1,467 | -€2,186 | -59.8% |
| Deferred charges and accrued income | 490/1 | €10,210 | €11,091 | +€881 | +8.6% |
| Total equity and liabilities | 10/49 | €554,416 | €594,890 | +€40,474 | +7.3% |
| Equity | 10/15 | €274,024 | €294,891 | +€20,867 | +7.6% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €212,024 | €232,891 | +€20,867 | +9.8% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €205,824 | €226,691 | +€20,867 | +10.1% |
| Amounts payable | 17/49 | €280,392 | €299,999 | +€19,607 | +7.0% |
| Amounts payable after more than one year | 17 | €92,666 | €55,739 | -€36,926 | -39.8% |
| Financial debts | 170/4 | €92,666 | €55,739 | -€36,926 | -39.8% |
| Amounts payable within one year | 42/48 | €187,726 | €244,259 | +€56,533 | +30.1% |
| Current portion of amounts payable after more than one year | 42 | €35,789 | €36,926 | +€1,137 | +3.2% |
| Financial debts | 43 | €9,000 | €9,000 | = | 0.0% |
| Other loans | 439 | €9,000 | €9,000 | = | 0.0% |
| Trade debts | 44 | €117,612 | €159,322 | +€41,710 | +35.5% |
| Suppliers | 440/4 | €117,612 | €159,322 | +€41,710 | +35.5% |
| Taxes, remuneration and social security | 45 | €25,326 | €39,011 | +€13,686 | +54.0% |
| Taxes | 450/3 | €12,777 | €25,997 | +€13,220 | +103.5% |
| Remuneration and social security | 454/9 | €12,548 | €13,014 | +€466 | +3.7% |
| Non-recurring operating income | 76A | - | €5,698 | +€5,698 | |
| Remuneration, social security and pensions | 62 | €101,255 | €120,688 | +€19,433 | +19.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,778 | €43,513 | -€265 | -0.6% |
| Other operating charges | 640/8 | €2,663 | €2,165 | -€499 | -18.7% |
| Gross operating margin | 9900 | €178,573 | €190,166 | +€11,592 | +6.5% |
| Operating profit (loss) | 9901 | €30,877 | €23,800 | -€7,077 | -22.9% |
| Financial income | 75/76B | €20,661 | €17,894 | -€2,766 | -13.4% |
| Recurring financial income | 75 | €20,661 | €17,894 | -€2,766 | -13.4% |
| Financial charges | 65/66B | €10,879 | €11,221 | +€343 | +3.2% |
| Recurring financial charges | 65 | €10,879 | €11,221 | +€343 | +3.2% |
| Profit (loss) for the period before taxes | 9903 | €40,659 | €30,473 | -€10,186 | -25.1% |
| Income taxes | 67/77 | €12,400 | €9,606 | -€2,794 | -22.5% |
| Profit (loss) for the period | 9904 | €28,259 | €20,867 | -€7,392 | -26.2% |
| Profit (loss) for the period to be appropriated | 9905 | €28,259 | €20,867 | -€7,392 | -26.2% |
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.