Mathias Heene: 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 Heene
Largest movements
- Receivables within one year +€52,094
new in 2025: €52,094
of which Trade receivables: +€45,802
- Tangible fixed assets +€50,200
new in 2025: €50,200
- Cash +€5,302
up €5,302 (+42.4%), from €12,500 to €17,802
mainly Trade debts (+€47,225) and Debts after one year (+€34,991)
- Formation expenses -€2,496
no longer reported in 2025 (was €2,496)
- Trade debts +€47,225
up €47,225 (+1,162%), from €4,062 to €51,287
- Debts after one year +€34,991
new in 2025: €34,991
- Reserves +€12,244
up €12,244 (+140%), from €8,747 to €20,991
- Current portion of long-term debt +€8,641
new in 2025: €8,641
- Contributions +€2,000
new in 2025: €2,000
- Gross operating margin +€20,393
up €20,393 (+186%), from €10,980 to €31,373
- Depreciation +€14,756
up €14,756 (+31,767%), from €46 to €14,802
- Taxes +€1,198
up €1,198 (+54.8%), from €2,187 to €3,384
- Financial charges +€691
new in 2025: €691
- Other operating charges +€478
new in 2025: €478
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 | €14,996 | €120,096 | +€105,101 | +701% |
| Formation expenses | 20 | €2,496 | - | -€2,496 | |
| Fixed assets | 21/28 | - | €50,200 | +€50,200 | |
| Tangible fixed assets | 22/27 | - | €50,200 | +€50,200 | |
| Furniture and vehicles | 24 | - | €50,200 | +€50,200 | |
| Current assets | 29/58 | €12,500 | €69,896 | +€57,396 | +459% |
| Amounts receivable within one year | 40/41 | - | €52,094 | +€52,094 | |
| Trade receivables | 40 | - | €45,802 | +€45,802 | |
| Other amounts receivable | 41 | - | €6,292 | +€6,292 | |
| Cash at bank and in hand | 54/58 | €12,500 | €17,802 | +€5,302 | +42.4% |
| Total equity and liabilities | 10/49 | €14,996 | €120,096 | +€105,101 | +701% |
| Equity | 10/15 | €8,747 | €22,991 | +€14,244 | +163% |
| Contributions | 10/11 | - | €2,000 | +€2,000 | |
| Reserves | 13 | €8,747 | €20,991 | +€12,244 | +140% |
| Distributable reserves | 133 | €8,747 | €20,991 | +€12,244 | +140% |
| Amounts payable | 17/49 | €6,249 | €97,106 | +€90,856 | +1,454% |
| Amounts payable after more than one year | 17 | - | €34,991 | +€34,991 | |
| Financial debts | 170/4 | - | €34,991 | +€34,991 | |
| Amounts payable within one year | 42/48 | €6,249 | €62,115 | +€55,866 | +894% |
| Current portion of amounts payable after more than one year | 42 | - | €8,641 | +€8,641 | |
| Trade debts | 44 | €4,062 | €51,287 | +€47,225 | +1,162% |
| Suppliers | 440/4 | €4,062 | €51,287 | +€47,225 | +1,162% |
| Taxes, remuneration and social security | 45 | €2,187 | €2,187 | = | 0.0% |
| Taxes | 450/3 | €2,187 | €2,187 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46 | €14,802 | +€14,756 | +31,767% |
| Other operating charges | 640/8 | - | €478 | +€478 | |
| Gross operating margin | 9900 | €10,980 | €31,373 | +€20,393 | +186% |
| Operating profit (loss) | 9901 | €10,934 | €16,093 | +€5,159 | +47.2% |
| Financial income | 75/76B | - | €226 | +€226 | |
| Recurring financial income | 75 | - | €226 | +€226 | |
| Financial charges | 65/66B | - | €691 | +€691 | |
| Recurring financial charges | 65 | - | €691 | +€691 | |
| Profit (loss) for the period before taxes | 9903 | €10,934 | €15,628 | +€4,695 | +42.9% |
| Income taxes | 67/77 | €2,187 | €3,384 | +€1,198 | +54.8% |
| Profit (loss) for the period | 9904 | €8,747 | €12,244 | +€3,497 | +40.0% |
| Profit (loss) for the period to be appropriated | 9905 | €8,747 | €12,244 | +€3,497 | +40.0% |
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.