Mathias Bartos: 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.
Mathias Bartos
Largest movements
- Receivables within one year +€128,108
up €128,108 (+322%), from €39,825 to €167,934
of which Other amounts receivable: +€78,469
- Deferred charges and accrued income +€13,295
up €13,295 (+69.8%), from €19,036 to €32,332
- Cash -€12,965
down €12,965 (-61.6%), from €21,049 to €8,085
mainly Receivables within one year (-€128,108) and Deferred charges and accrued income (-€13,295)
- Stocks and contracts -€2,449
down €2,449 (-54.1%), from €4,529 to €2,080
- Trade debts +€73,409
up €73,409 (+247%), from €29,704 to €103,113
- Debts after one year +€53,583
up €53,583 (+388%), from €13,794 to €67,377
of which Other amounts payable: +€56,169
- Accrued charges and deferred income +€8,036
up €8,036 (+826%), from €973 to €9,009
- Tax, wage and social debts -€7,532
down €7,532 (-46.4%), from €16,250 to €8,718
- Profit (loss) carried forward -€6,336
down €6,336 (-21.5%), from €29,515 to €23,179
- Gross operating margin -€17,273
down €17,273 (-33.4%), from €51,782 to €34,510
- Financial charges +€10,746
up €10,746 (+138%), from €7,790 to €18,536
of which Financial charges: +€11,196
- Other operating charges +€10,527
up €10,527 (+336%), from €3,131 to €13,658
- Taxes -€4,879
down €4,879 (-56.0%), from €8,718 to €3,839
- Write-downs -€2,900
down €2,900, from €2,500 to -€400
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 | €97,832 | €221,574 | +€123,742 | +126% |
| Fixed assets | 21/28 | €13,392 | €11,144 | -€2,247 | -16.8% |
| Intangible fixed assets | 21 | €1,678 | €898 | -€780 | -46.5% |
| Tangible fixed assets | 22/27 | €11,714 | €10,246 | -€1,467 | -12.5% |
| Furniture and vehicles | 24 | €1,343 | €3,407 | +€2,063 | +154% |
| Leasing and similar rights | 25 | €10,370 | €6,839 | -€3,531 | -34.0% |
| Current assets | 29/58 | €84,440 | €210,430 | +€125,990 | +149% |
| Stocks and contracts in progress | 3 | €4,529 | €2,080 | -€2,449 | -54.1% |
| Stocks | 30/36 | €4,529 | €2,080 | -€2,449 | -54.1% |
| Amounts receivable within one year | 40/41 | €39,825 | €167,934 | +€128,108 | +322% |
| Trade receivables | 40 | €39,825 | €89,465 | +€49,639 | +125% |
| Other amounts receivable | 41 | - | €78,469 | +€78,469 | |
| Cash at bank and in hand | 54/58 | €21,049 | €8,085 | -€12,965 | -61.6% |
| Deferred charges and accrued income | 490/1 | €19,036 | €32,332 | +€13,295 | +69.8% |
| Total equity and liabilities | 10/49 | €97,832 | €221,574 | +€123,742 | +126% |
| Equity | 10/15 | €34,515 | €28,179 | -€6,336 | -18.4% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €29,515 | €23,179 | -€6,336 | -21.5% |
| Amounts payable | 17/49 | €63,317 | €193,396 | +€130,079 | +205% |
| Amounts payable after more than one year | 17 | €13,794 | €67,377 | +€53,583 | +388% |
| Financial debts | 170/4 | €2,585 | - | -€2,585 | |
| Other amounts payable | 178/9 | €11,209 | €67,377 | +€56,169 | +501% |
| Amounts payable within one year | 42/48 | €48,550 | €117,009 | +€68,459 | +141% |
| Current portion of amounts payable after more than one year | 42 | €2,596 | €2,585 | -€11 | -0.4% |
| Trade debts | 44 | €29,704 | €103,113 | +€73,409 | +247% |
| Suppliers | 440/4 | €29,704 | €103,113 | +€73,409 | +247% |
| Taxes, remuneration and social security | 45 | €16,250 | €8,718 | -€7,532 | -46.4% |
| Taxes | 450/3 | €16,250 | €8,718 | -€7,532 | -46.4% |
| Other amounts payable | 47/48 | - | €2,593 | +€2,593 | |
| Accrued charges and deferred income | 492/3 | €973 | €9,009 | +€8,036 | +826% |
| Non-recurring operating income | 76A | - | €872 | +€872 | |
| Remuneration, social security and pensions | 62 | €359 | - | -€359 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,933 | €5,187 | +€253 | +5.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €2,500 | -€400 | -€2,900 | |
| Other operating charges | 640/8 | €3,131 | €13,658 | +€10,527 | +336% |
| Non-recurring operating charges | 66A | - | €872 | +€872 | |
| Gross operating margin | 9900 | €51,782 | €34,510 | -€17,273 | -33.4% |
| Operating profit (loss) | 9901 | €40,859 | €15,193 | -€25,666 | -62.8% |
| Financial income | 75/76B | €2,676 | €846 | -€1,830 | -68.4% |
| Recurring financial income | 75 | €2,676 | €846 | -€1,830 | -68.4% |
| Financial charges | 65/66B | €7,790 | €18,536 | +€10,746 | +138% |
| Recurring financial charges | 65 | €7,340 | €18,536 | +€11,196 | +153% |
| Non-recurring financial charges | 66B | €450 | - | -€450 | |
| Profit (loss) for the period before taxes | 9903 | €35,744 | -€2,497 | -€38,241 | |
| Income taxes | 67/77 | €8,718 | €3,839 | -€4,879 | -56.0% |
| Profit (loss) for the period | 9904 | €27,026 | -€6,336 | -€33,363 | |
| Profit (loss) for the period to be appropriated | 9905 | €27,026 | -€6,336 | -€33,363 |
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 20 October 2026 via checked.be.