MATHIAS VLASSELAER: 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 VLASSELAER
Largest movements
- Cash -€83,624
down €83,624 (-49.8%), from €167,836 to €84,212
mainly Contributions, distributions and other (-€461,558) and Advances received (-€36,113)
- Receivables within one year -€25,931
down €25,931 (-86.9%), from €29,845 to €3,915
of which Trade receivables: -€29,845
- Tangible fixed assets +€11,425
new in 2025: €11,425
- Profit (loss) carried forward -€294,001
down €294,001 (-63.7%), from €461,558 to €167,558
- Other debts +€252,294
up €252,294 (+247%), from €102,338 to €354,631
- Advances received -€36,113
down €36,113 (-100%), from €36,113 to €0
- Current portion of long-term debt -€14,831
down €14,831 (-100%), from €14,831 to €0
- Gross operating margin -€29,062
down €29,062 (-12.6%), from €230,464 to €201,402
- Taxes -€6,820
down €6,820 (-11.8%), from €57,905 to €51,085
- Financial income +€5,484
up €5,484 (+41.4%), from €13,232 to €18,715
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 | €651,898 | €553,768 | -€98,130 | -15.1% |
| Fixed assets | 21/28 | €454,216 | €465,641 | +€11,425 | +2.5% |
| Tangible fixed assets | 22/27 | - | €11,425 | +€11,425 | |
| Other tangible fixed assets | 26 | - | €11,425 | +€11,425 | |
| Financial fixed assets | 28 | €454,216 | €454,216 | = | 0.0% |
| Current assets | 29/58 | €197,681 | €88,127 | -€109,555 | -55.4% |
| Amounts receivable within one year | 40/41 | €29,845 | €3,915 | -€25,931 | -86.9% |
| Trade receivables | 40 | €29,845 | €0 | -€29,845 | -100% |
| Other amounts receivable | 41 | - | €3,915 | +€3,915 | |
| Cash at bank and in hand | 54/58 | €167,836 | €84,212 | -€83,624 | -49.8% |
| Total equity and liabilities | 10/49 | €651,898 | €553,768 | -€98,130 | -15.1% |
| Equity | 10/15 | €466,558 | €172,558 | -€294,001 | -63.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €461,558 | €167,558 | -€294,001 | -63.7% |
| Amounts payable | 17/49 | €185,339 | €381,210 | +€195,871 | +106% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €185,339 | €381,210 | +€195,871 | +106% |
| Current portion of amounts payable after more than one year | 42 | €14,831 | €0 | -€14,831 | -100% |
| Trade debts | 44 | €756 | €1,533 | +€777 | +103% |
| Suppliers | 440/4 | €756 | €1,533 | +€777 | +103% |
| Advances received on contracts in progress | 46 | €36,113 | €0 | -€36,113 | -100% |
| Taxes, remuneration and social security | 45 | €31,302 | €25,046 | -€6,256 | -20.0% |
| Taxes | 450/3 | €31,302 | €25,046 | -€6,256 | -20.0% |
| Other amounts payable | 47/48 | €102,338 | €354,631 | +€252,294 | +247% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €0 | €421 | +€421 | |
| Other operating charges | 640/8 | €458 | €587 | +€129 | +28.2% |
| Gross operating margin | 9900 | €230,464 | €201,402 | -€29,062 | -12.6% |
| Operating profit (loss) | 9901 | €230,006 | €200,395 | -€29,611 | -12.9% |
| Financial income | 75/76B | €13,232 | €18,715 | +€5,484 | +41.4% |
| Recurring financial income | 75 | €13,232 | €18,715 | +€5,484 | +41.4% |
| Financial charges | 65/66B | €2,097 | €466 | -€1,631 | -77.8% |
| Recurring financial charges | 65 | €2,097 | €466 | -€1,631 | -77.8% |
| Profit (loss) for the period before taxes | 9903 | €241,140 | €218,643 | -€22,497 | -9.3% |
| Income taxes | 67/77 | €57,905 | €51,085 | -€6,820 | -11.8% |
| Profit (loss) for the period | 9904 | €183,235 | €167,558 | -€15,677 | -8.6% |
| Profit (loss) for the period to be appropriated | 9905 | €183,235 | €167,558 | -€15,677 | -8.6% |
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 1 November 2026 via checked.be.