MATHIEU GUILLAUME: 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 GUILLAUME
Largest movements
- Current investments +€72,686
up €72,686 (+30.6%), from €237,506 to €310,192
- Receivables after one year -€67,980
down €67,980 (-55.6%), from €122,374 to €54,394
- Cash +€33,696
up €33,696 (+98.9%), from €34,062 to €67,759
mainly Net result for the year (+€96,002) and Receivables after one year (+€67,980)
- Tangible fixed assets -€24,724
down €24,724 (-35.2%), from €70,224 to €45,500
of which Furniture and vehicles: -€20,029
- Receivables within one year -€11,526
down €11,526 (-13.6%), from €84,676 to €73,149
of which Trade receivables: -€11,390
- Reserves +€46,000
up €46,000 (+12.2%), from €376,860 to €422,860
- Other debts -€43,248
down €43,248 (-83.8%), from €51,594 to €8,346
- Tax, wage and social debts +€14,007
up €14,007 (+49.2%), from €28,465 to €42,472
- Debts after one year -€12,181
down €12,181 (-63.0%), from €19,346 to €7,166
- Taxes +€3,382
up €3,382 (+7.8%), from €43,545 to €46,927
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 | €555,363 | €560,086 | +€4,723 | +0.9% |
| Fixed assets | 21/28 | €70,514 | €45,790 | -€24,724 | -35.1% |
| Tangible fixed assets | 22/27 | €70,224 | €45,500 | -€24,724 | -35.2% |
| Furniture and vehicles | 24 | €54,415 | €34,386 | -€20,029 | -36.8% |
| Other tangible fixed assets | 26 | €15,809 | €11,113 | -€4,695 | -29.7% |
| Financial fixed assets | 28 | €290 | €290 | = | 0.0% |
| Current assets | 29/58 | €484,849 | €514,297 | +€29,447 | +6.1% |
| Amounts receivable after more than one year | 29 | €122,374 | €54,394 | -€67,980 | -55.6% |
| Other amounts receivable | 291 | €122,374 | €54,394 | -€67,980 | -55.6% |
| Amounts receivable within one year | 40/41 | €84,676 | €73,149 | -€11,526 | -13.6% |
| Trade receivables | 40 | €84,390 | €73,000 | -€11,390 | -13.5% |
| Other amounts receivable | 41 | €286 | €149 | -€137 | -47.8% |
| Current investments | 50/53 | €237,506 | €310,192 | +€72,686 | +30.6% |
| Cash at bank and in hand | 54/58 | €34,062 | €67,759 | +€33,696 | +98.9% |
| Deferred charges and accrued income | 490/1 | €6,232 | €8,803 | +€2,571 | +41.3% |
| Total equity and liabilities | 10/49 | €555,363 | €560,086 | +€4,723 | +0.9% |
| Equity | 10/15 | €443,625 | €489,626 | +€46,002 | +10.4% |
| Contributions | 10/11 | €10,500 | €10,500 | = | 0.0% |
| Reserves | 13 | €376,860 | €422,860 | +€46,000 | +12.2% |
| Distributable reserves | 133 | €376,860 | €422,860 | +€46,000 | +12.2% |
| Profit (loss) carried forward | 14 | €56,265 | €56,266 | +€2 | 0.0% |
| Amounts payable | 17/49 | €111,738 | €70,460 | -€41,279 | -36.9% |
| Amounts payable after more than one year | 17 | €19,346 | €7,166 | -€12,181 | -63.0% |
| Financial debts | 170/4 | €19,346 | €7,166 | -€12,181 | -63.0% |
| Amounts payable within one year | 42/48 | €92,392 | €63,294 | -€29,098 | -31.5% |
| Current portion of amounts payable after more than one year | 42 | €12,052 | €12,181 | +€129 | +1.1% |
| Trade debts | 44 | €281 | €295 | +€15 | +5.2% |
| Suppliers | 440/4 | €281 | €295 | +€15 | +5.2% |
| Taxes, remuneration and social security | 45 | €28,465 | €42,472 | +€14,007 | +49.2% |
| Taxes | 450/3 | €28,465 | €42,472 | +€14,007 | +49.2% |
| Other amounts payable | 47/48 | €51,594 | €8,346 | -€43,248 | -83.8% |
| Non-recurring operating income | 76A | - | €138 | +€138 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,624 | €23,662 | -€961 | -3.9% |
| Other operating charges | 640/8 | €224 | €1,392 | +€1,168 | +522% |
| Gross operating margin | 9900 | €161,224 | €161,749 | +€524 | +0.3% |
| Operating profit (loss) | 9901 | €136,377 | €136,694 | +€317 | +0.2% |
| Financial income | 75/76B | €7,936 | €7,807 | -€129 | -1.6% |
| Recurring financial income | 75 | €7,936 | €7,807 | -€129 | -1.6% |
| Financial charges | 65/66B | €732 | €1,573 | +€840 | +115% |
| Recurring financial charges | 65 | €732 | €1,573 | +€840 | +115% |
| Profit (loss) for the period before taxes | 9903 | €143,581 | €142,929 | -€652 | -0.5% |
| Income taxes | 67/77 | €43,545 | €46,927 | +€3,382 | +7.8% |
| Profit (loss) for the period | 9904 | €100,036 | €96,002 | -€4,034 | -4.0% |
| Profit (loss) for the period to be appropriated | 9905 | €100,036 | €96,002 | -€4,034 | -4.0% |
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 15 October 2026 via checked.be.