Mathias Bernaerts: 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 Bernaerts
Largest movements
- Tangible fixed assets +€452,932
up €452,932 (+1,162%), from €38,965 to €491,897
of which Land and buildings: +€466,790
- Receivables within one year +€55,250
up €55,250 (+121%), from €45,488 to €100,738
of which Other amounts receivable: +€86,799
- Cash -€27,687
down €27,687 (-80.6%), from €34,338 to €6,651
mainly Investment in fixed assets (net) (-€472,737) and Receivables within one year (-€55,250)
- Debts after one year +€409,776
new in 2025: €409,776
- Other debts +€64,976
up €64,976 (+933%), from €6,967 to €71,942
- Tax, wage and social debts -€17,071
down €17,071 (-56.0%), from €30,507 to €13,436
of which Taxes: -€17,211
- Reserves +€16,404
up €16,404 (+18.8%), from €87,359 to €103,762
- Current portion of long-term debt +€14,521
new in 2025: €14,521
- Gross operating margin -€21,995
down €21,995 (-33.4%), from €65,898 to €43,903
- Taxes -€11,493
down €11,493 (-86.4%), from €13,296 to €1,803
- Depreciation +€3,993
up €3,993 (+25.3%), from €15,812 to €19,805
- Other operating charges +€3,045
up €3,045 (+374%), from €813 to €3,858
- Financial charges +€2,205
up €2,205 (+2,169%), from €102 to €2,306
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 | €144,764 | €625,263 | +€480,499 | +332% |
| Fixed assets | 21/28 | €38,965 | €491,897 | +€452,932 | +1,162% |
| Tangible fixed assets | 22/27 | €38,965 | €491,897 | +€452,932 | +1,162% |
| Land and buildings | 22 | - | €466,790 | +€466,790 | |
| Plant, machinery and equipment | 23 | €28,369 | €18,872 | -€9,498 | -33.5% |
| Furniture and vehicles | 24 | €10,595 | €6,235 | -€4,360 | -41.1% |
| Current assets | 29/58 | €105,799 | €133,366 | +€27,567 | +26.1% |
| Stocks and contracts in progress | 3 | €25,973 | €25,257 | -€716 | -2.8% |
| Stocks | 30/36 | €25,973 | €25,257 | -€716 | -2.8% |
| Amounts receivable within one year | 40/41 | €45,488 | €100,738 | +€55,250 | +121% |
| Trade receivables | 40 | €35,499 | €3,949 | -€31,549 | -88.9% |
| Other amounts receivable | 41 | €9,989 | €96,789 | +€86,799 | +869% |
| Cash at bank and in hand | 54/58 | €34,338 | €6,651 | -€27,687 | -80.6% |
| Deferred charges and accrued income | 490/1 | - | €720 | +€720 | |
| Total equity and liabilities | 10/49 | €144,764 | €625,263 | +€480,499 | +332% |
| Equity | 10/15 | €97,359 | €113,762 | +€16,404 | +16.8% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €87,359 | €103,762 | +€16,404 | +18.8% |
| Distributable reserves | 133 | €87,359 | €103,762 | +€16,404 | +18.8% |
| Amounts payable | 17/49 | €47,405 | €511,500 | +€464,095 | +979% |
| Amounts payable after more than one year | 17 | - | €409,776 | +€409,776 | |
| Financial debts | 170/4 | - | €409,776 | +€409,776 | |
| Amounts payable within one year | 42/48 | €47,405 | €101,725 | +€54,320 | +115% |
| Current portion of amounts payable after more than one year | 42 | - | €14,521 | +€14,521 | |
| Financial debts | 43 | €409 | - | -€409 | |
| Credit institutions | 430/8 | €409 | - | -€409 | |
| Trade debts | 44 | €9,522 | €1,826 | -€7,696 | -80.8% |
| Suppliers | 440/4 | €9,522 | €1,826 | -€7,696 | -80.8% |
| Taxes, remuneration and social security | 45 | €30,507 | €13,436 | -€17,071 | -56.0% |
| Taxes | 450/3 | €30,507 | €13,296 | -€17,211 | -56.4% |
| Remuneration and social security | 454/9 | - | €140 | +€140 | |
| Other amounts payable | 47/48 | €6,967 | €71,942 | +€64,976 | +933% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,812 | €19,805 | +€3,993 | +25.3% |
| Other operating charges | 640/8 | €813 | €3,858 | +€3,045 | +374% |
| Gross operating margin | 9900 | €65,898 | €43,903 | -€21,995 | -33.4% |
| Operating profit (loss) | 9901 | €49,273 | €20,239 | -€29,033 | -58.9% |
| Financial income | 75/76B | €191 | €273 | +€82 | +42.7% |
| Recurring financial income | 75 | €191 | €273 | +€82 | +42.7% |
| Financial charges | 65/66B | €102 | €2,306 | +€2,205 | +2,169% |
| Recurring financial charges | 65 | €102 | €2,306 | +€2,205 | +2,169% |
| Profit (loss) for the period before taxes | 9903 | €49,362 | €18,206 | -€31,156 | -63.1% |
| Income taxes | 67/77 | €13,296 | €1,803 | -€11,493 | -86.4% |
| Profit (loss) for the period | 9904 | €36,067 | €16,404 | -€19,663 | -54.5% |
| Profit (loss) for the period to be appropriated | 9905 | €36,067 | €16,404 | -€19,663 | -54.5% |
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 27 October 2026 via checked.be.