MATHIEU DEPUYDT: 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 DEPUYDT
Largest movements
- Cash +€30,199
up €30,199 (+39.3%), from €76,927 to €107,126
mainly Net result for the year (+€13,814) and Receivables within one year (+€13,229)
- Receivables within one year -€13,229
down €13,229 (-36.3%), from €36,480 to €23,251
of which Trade receivables: -€16,752
- Tangible fixed assets -€8,563
down €8,563 (-23.1%), from €37,030 to €28,467
of which Plant, machinery and equipment: -€9,599
- Receivables after one year -€7,500
no longer reported in 2025 (was €7,500)
- Current investments +€2,500
new in 2025: €2,500
- Tax, wage and social debts -€4,857
down €4,857 (-52.4%), from €9,276 to €4,419
of which Taxes: -€4,857
- Trade debts +€4,544
up €4,544 (+125%), from €3,640 to €8,184
- Reserves +€4,314
up €4,314 (+5.9%), from €73,550 to €77,864
- Gross operating margin -€7,200
down €7,200 (-18.4%), from €39,098 to €31,898
- Taxes -€1,887
down €1,887 (-22.6%), from €8,364 to €6,478
- Depreciation -€727
down €727 (-6.4%), from €11,392 to €10,665
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 | €158,635 | €162,011 | +€3,377 | +2.1% |
| Fixed assets | 21/28 | €37,030 | €28,467 | -€8,563 | -23.1% |
| Tangible fixed assets | 22/27 | €37,030 | €28,467 | -€8,563 | -23.1% |
| Plant, machinery and equipment | 23 | €32,871 | €23,272 | -€9,599 | -29.2% |
| Furniture and vehicles | 24 | €4,159 | €3,182 | -€977 | -23.5% |
| Other tangible fixed assets | 26 | - | €2,013 | +€2,013 | |
| Current assets | 29/58 | €121,605 | €133,544 | +€11,940 | +9.8% |
| Amounts receivable after more than one year | 29 | €7,500 | - | -€7,500 | |
| Other amounts receivable | 291 | €7,500 | - | -€7,500 | |
| Amounts receivable within one year | 40/41 | €36,480 | €23,251 | -€13,229 | -36.3% |
| Trade receivables | 40 | €36,480 | €19,728 | -€16,752 | -45.9% |
| Other amounts receivable | 41 | - | €3,522 | +€3,522 | |
| Current investments | 50/53 | - | €2,500 | +€2,500 | |
| Cash at bank and in hand | 54/58 | €76,927 | €107,126 | +€30,199 | +39.3% |
| Deferred charges and accrued income | 490/1 | €698 | €667 | -€30 | -4.3% |
| Total equity and liabilities | 10/49 | €158,635 | €162,011 | +€3,377 | +2.1% |
| Equity | 10/15 | €143,730 | €148,044 | +€4,314 | +3.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €73,550 | €77,864 | +€4,314 | +5.9% |
| Distributable reserves | 133 | €73,550 | €77,864 | +€4,314 | +5.9% |
| Profit (loss) carried forward | 14 | €57,780 | €57,780 | = | 0.0% |
| Amounts payable | 17/49 | €14,905 | €13,968 | -€937 | -6.3% |
| Amounts payable within one year | 42/48 | €14,893 | €13,959 | -€933 | -6.3% |
| Trade debts | 44 | €3,640 | €8,184 | +€4,544 | +125% |
| Suppliers | 440/4 | €3,640 | €8,184 | +€4,544 | +125% |
| Taxes, remuneration and social security | 45 | €9,276 | €4,419 | -€4,857 | -52.4% |
| Taxes | 450/3 | €7,626 | €2,769 | -€4,857 | -63.7% |
| Remuneration and social security | 454/9 | €1,650 | €1,650 | = | 0.0% |
| Other amounts payable | 47/48 | €1,977 | €1,357 | -€620 | -31.4% |
| Accrued charges and deferred income | 492/3 | €12 | €9 | -€4 | -30.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,392 | €10,665 | -€727 | -6.4% |
| Other operating charges | 640/8 | €705 | €720 | +€14 | +2.0% |
| Non-recurring operating charges | 66A | - | €147 | +€147 | |
| Gross operating margin | 9900 | €39,098 | €31,898 | -€7,200 | -18.4% |
| Operating profit (loss) | 9901 | €27,001 | €20,366 | -€6,635 | -24.6% |
| Financial income | 75/76B | €4 | €99 | +€95 | +2,346% |
| Recurring financial income | 75 | €4 | €99 | +€95 | +2,346% |
| Financial charges | 65/66B | €125 | €174 | +€50 | +39.9% |
| Recurring financial charges | 65 | €125 | €174 | +€50 | +39.9% |
| Profit (loss) for the period before taxes | 9903 | €26,881 | €20,292 | -€6,589 | -24.5% |
| Income taxes | 67/77 | €8,364 | €6,478 | -€1,887 | -22.6% |
| Profit (loss) for the period | 9904 | €18,516 | €13,814 | -€4,702 | -25.4% |
| Profit (loss) for the period to be appropriated | 9905 | €18,516 | €13,814 | -€4,702 | -25.4% |
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 24 October 2026 via checked.be.