MATHIAS CATTEBEKE: 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 CATTEBEKE
Largest movements
- Tangible fixed assets +€133,375
up €133,375 (+35.5%), from €375,805 to €509,180
of which Furniture and vehicles: +€157,822
- Cash -€101,715
down €101,715 (-64.9%), from €156,787 to €55,073
mainly Investment in fixed assets (net) (-€250,500) and Current portion of long-term debt (-€68,542)
- Receivables within one year +€58,098
up €58,098 (+471%), from €12,333 to €70,431
of which Other amounts receivable: +€46,817
- Trade debts +€225,428
up €225,428 (+23,089%), from €976 to €226,404
- Current portion of long-term debt -€68,542
down €68,542 (-55.3%), from €123,960 to €55,418
- Debts after one year -€55,418
down €55,418 (-29.3%), from €188,998 to €133,580
- Profit (loss) carried forward -€10,335
down €10,335 (-8.6%), from €120,396 to €110,061
- Other debts +€9,036
up €9,036 (+11.0%), from €81,824 to €90,860
- Gross operating margin -€53,472
down €53,472 (-31.4%), from €170,429 to €116,957
- Depreciation +€14,069
up €14,069 (+13.7%), from €103,056 to €117,125
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 | €549,037 | €637,697 | +€88,659 | +16.1% |
| Fixed assets | 21/28 | €375,805 | €509,180 | +€133,375 | +35.5% |
| Tangible fixed assets | 22/27 | €375,805 | €509,180 | +€133,375 | +35.5% |
| Plant, machinery and equipment | 23 | €94,765 | €135,363 | +€40,598 | +42.8% |
| Furniture and vehicles | 24 | €196,662 | €354,484 | +€157,822 | +80.3% |
| Leasing and similar rights | 25 | €84,377 | €19,333 | -€65,044 | -77.1% |
| Current assets | 29/58 | €173,233 | €128,517 | -€44,716 | -25.8% |
| Stocks and contracts in progress | 3 | €4,112 | €3,013 | -€1,099 | -26.7% |
| Stocks | 30/36 | €4,112 | €3,013 | -€1,099 | -26.7% |
| Amounts receivable within one year | 40/41 | €12,333 | €70,431 | +€58,098 | +471% |
| Trade receivables | 40 | €5,045 | €16,326 | +€11,281 | +224% |
| Other amounts receivable | 41 | €7,289 | €54,106 | +€46,817 | +642% |
| Cash at bank and in hand | 54/58 | €156,787 | €55,073 | -€101,715 | -64.9% |
| Total equity and liabilities | 10/49 | €549,037 | €637,697 | +€88,659 | +16.1% |
| Equity | 10/15 | €144,554 | €129,935 | -€14,620 | -10.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €120,396 | €110,061 | -€10,335 | -8.6% |
| Investment grants | 15 | €5,558 | €1,274 | -€4,285 | -77.1% |
| Amounts payable | 17/49 | €404,483 | €507,762 | +€103,279 | +25.5% |
| Amounts payable after more than one year | 17 | €188,998 | €133,580 | -€55,418 | -29.3% |
| Financial debts | 170/4 | €188,998 | €133,580 | -€55,418 | -29.3% |
| Amounts payable within one year | 42/48 | €208,260 | €374,182 | +€165,922 | +79.7% |
| Current portion of amounts payable after more than one year | 42 | €123,960 | €55,418 | -€68,542 | -55.3% |
| Trade debts | 44 | €976 | €226,404 | +€225,428 | +23,089% |
| Suppliers | 440/4 | €976 | €226,404 | +€225,428 | +23,089% |
| Taxes, remuneration and social security | 45 | €1,500 | €1,500 | = | 0.0% |
| Remuneration and social security | 454/9 | €1,500 | €1,500 | = | 0.0% |
| Other amounts payable | 47/48 | €81,824 | €90,860 | +€9,036 | +11.0% |
| Accrued charges and deferred income | 492/3 | €7,225 | - | -€7,225 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €103,056 | €117,125 | +€14,069 | +13.7% |
| Other operating charges | 640/8 | €670 | €818 | +€147 | +22.0% |
| Gross operating margin | 9900 | €170,429 | €116,957 | -€53,472 | -31.4% |
| Operating profit (loss) | 9901 | €66,702 | -€986 | -€67,688 | |
| Financial income | 75/76B | €4,375 | €4,375 | -€0 | 0.0% |
| Recurring financial income | 75 | €4,375 | €4,375 | -€0 | 0.0% |
| Financial charges | 65/66B | €12,618 | €13,724 | +€1,106 | +8.8% |
| Recurring financial charges | 65 | €11,010 | €13,479 | +€2,469 | +22.4% |
| Non-recurring financial charges | 66B | €1,608 | €245 | -€1,363 | -84.8% |
| Profit (loss) for the period before taxes | 9903 | €58,459 | -€10,335 | -€68,794 | |
| Profit (loss) for the period | 9904 | €58,459 | -€10,335 | -€68,794 | |
| Profit (loss) for the period to be appropriated | 9905 | €58,459 | -€10,335 | -€68,794 |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.