MATHIEU D'HONDT: 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.
MATHIEU D'HONDT
Largest movements
- Current investments -€607,000
down €607,000 (-74.7%), from €812,070 to €205,070
- Cash -€137,160
down €137,160 (-23.1%), from €593,624 to €456,463
mainly Other debts (-€710,582) and Contributions, distributions and other (-€297,161)
- Other debts -€710,582
down €710,582 (-75.1%), from €945,905 to €235,323
- Tax, wage and social debts -€104,508
down €104,508 (-77.1%), from €135,573 to €31,064
- Reserves +€54,204
up €54,204 (+8.3%), from €655,999 to €710,203
of which Distributable reserves: +€54,204
- Trade debts +€35,355
up €35,355 (+1,771%), from €1,996 to €37,351
- Accrued charges and deferred income -€18,841
down €18,841 (-73.6%), from €25,598 to €6,757
- Depreciation -€58,189
down €58,189 (-68.0%), from €85,564 to €27,375
- Gross operating margin +€27,015
up €27,015 (+5.7%), from €473,407 to €500,422
- Financial income -€20,369
down €20,369 (-75.5%), from €26,992 to €6,623
- Taxes +€17,961
up €17,961 (+18.9%), from €95,124 to €113,085
- Financial charges -€8,435
down €8,435 (-37.8%), from €22,311 to €13,877
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 | €1,783,671 | €1,039,299 | -€744,372 | -41.7% |
| Fixed assets | 21/28 | €90,118 | €95,212 | +€5,094 | +5.7% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €90,118 | €95,212 | +€5,094 | +5.7% |
| Plant, machinery and equipment | 23 | €1,398 | €924 | -€474 | -33.9% |
| Furniture and vehicles | 24 | €88,720 | €63,830 | -€24,890 | -28.1% |
| Other tangible fixed assets | 26 | - | €30,458 | +€30,458 | |
| Current assets | 29/58 | €1,693,553 | €944,087 | -€749,466 | -44.3% |
| Amounts receivable within one year | 40/41 | €266,185 | €276,985 | +€10,800 | +4.1% |
| Trade receivables | 40 | €266,185 | €276,985 | +€10,800 | +4.1% |
| Current investments | 50/53 | €812,070 | €205,070 | -€607,000 | -74.7% |
| Cash at bank and in hand | 54/58 | €593,624 | €456,463 | -€137,160 | -23.1% |
| Deferred charges and accrued income | 490/1 | €21,674 | €5,568 | -€16,106 | -74.3% |
| Total equity and liabilities | 10/49 | €1,783,671 | €1,039,299 | -€744,372 | -41.7% |
| Equity | 10/15 | €674,599 | €728,803 | +€54,204 | +8.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €655,999 | €710,203 | +€54,204 | +8.3% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €239,970 | €239,970 | = | 0.0% |
| Distributable reserves | 133 | €416,029 | €470,233 | +€54,204 | +13.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,109,071 | €310,495 | -€798,576 | -72.0% |
| Amounts payable within one year | 42/48 | €1,083,473 | €303,739 | -€779,735 | -72.0% |
| Trade debts | 44 | €1,996 | €37,351 | +€35,355 | +1,771% |
| Suppliers | 440/4 | €1,996 | €37,351 | +€35,355 | +1,771% |
| Taxes, remuneration and social security | 45 | €135,573 | €31,064 | -€104,508 | -77.1% |
| Taxes | 450/3 | €135,573 | €31,064 | -€104,508 | -77.1% |
| Other amounts payable | 47/48 | €945,905 | €235,323 | -€710,582 | -75.1% |
| Accrued charges and deferred income | 492/3 | €25,598 | €6,757 | -€18,841 | -73.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €85,564 | €27,375 | -€58,189 | -68.0% |
| Other operating charges | 640/8 | €239 | €1,343 | +€1,104 | +462% |
| Gross operating margin | 9900 | €473,407 | €500,422 | +€27,015 | +5.7% |
| Operating profit (loss) | 9901 | €387,603 | €471,703 | +€84,100 | +21.7% |
| Financial income | 75/76B | €26,992 | €6,623 | -€20,369 | -75.5% |
| Recurring financial income | 75 | €26,992 | €6,623 | -€20,369 | -75.5% |
| Financial charges | 65/66B | €22,311 | €13,877 | -€8,435 | -37.8% |
| Recurring financial charges | 65 | €22,311 | €13,877 | -€8,435 | -37.8% |
| Profit (loss) for the period before taxes | 9903 | €392,285 | €464,450 | +€72,165 | +18.4% |
| Income taxes | 67/77 | €95,124 | €113,085 | +€17,961 | +18.9% |
| Profit (loss) for the period | 9904 | €297,161 | €351,364 | +€54,204 | +18.2% |
| Transfer from tax-exempt reserves | 789 | €0 | - | = | |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €297,161 | €351,364 | +€54,204 | +18.2% |
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 19 October 2026 via checked.be.