MATHIEU HANSEZ: 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 HANSEZ
Largest movements
- Stocks and contracts +€45,331
up €45,331 (+208%), from €21,770 to €67,101
- Receivables within one year -€17,276
down €17,276 (-31.3%), from €55,154 to €37,878
of which Trade receivables: -€11,955
- Tangible fixed assets +€16,663
up €16,663 (+123%), from €13,580 to €30,244
of which Plant, machinery and equipment: +€18,852
- Cash -€14,810
down €14,810 (-13.3%), from €111,081 to €96,270
mainly Contributions, distributions and other (-€65,546) and Stocks and contracts (-€45,331)
- Other debts +€65,546
new in 2025: €65,546
- Reserves -€36,107
down €36,107 (-15.1%), from €239,634 to €203,527
- Tax, wage and social debts -€12,343
down €12,343 (-36.9%), from €33,422 to €21,079
of which Taxes: -€8,340
- Accrued charges and deferred income +€10,090
new in 2025: €10,090
- Advances received +€4,200
new in 2025: €4,200
- Other operating charges +€11,198
up €11,198 (+445%), from €2,518 to €13,715
- Depreciation -€4,447
down €4,447 (-47.2%), from €9,413 to €4,966
- Taxes -€3,119
down €3,119 (-18.2%), from €17,153 to €14,035
- Staff costs +€2,511
up €2,511 (+1.8%), from €136,983 to €139,494
- Financial income -€2,083
down €2,083 (-73.6%), from €2,832 to €749
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 | €305,077 | €333,430 | +€28,353 | +9.3% |
| Fixed assets | 21/28 | €13,808 | €30,471 | +€16,663 | +121% |
| Tangible fixed assets | 22/27 | €13,580 | €30,244 | +€16,663 | +123% |
| Plant, machinery and equipment | 23 | €10,318 | €29,169 | +€18,852 | +183% |
| Furniture and vehicles | 24 | €728 | - | -€728 | |
| Other tangible fixed assets | 26 | €2,535 | €1,074 | -€1,461 | -57.6% |
| Financial fixed assets | 28 | €227 | €227 | = | 0.0% |
| Current assets | 29/58 | €291,269 | €302,959 | +€11,690 | +4.0% |
| Stocks and contracts in progress | 3 | €21,770 | €67,101 | +€45,331 | +208% |
| Stocks | 30/36 | €21,770 | €67,101 | +€45,331 | +208% |
| Amounts receivable within one year | 40/41 | €55,154 | €37,878 | -€17,276 | -31.3% |
| Trade receivables | 40 | €32,496 | €20,542 | -€11,955 | -36.8% |
| Other amounts receivable | 41 | €22,658 | €17,336 | -€5,321 | -23.5% |
| Current investments | 50/53 | €100,146 | €100,146 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €111,081 | €96,270 | -€14,810 | -13.3% |
| Deferred charges and accrued income | 490/1 | €3,118 | €1,563 | -€1,555 | -49.9% |
| Total equity and liabilities | 10/49 | €305,077 | €333,430 | +€28,353 | +9.3% |
| Equity | 10/15 | €258,234 | €222,127 | -€36,107 | -14.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €239,634 | €203,527 | -€36,107 | -15.1% |
| Distributable reserves | 133 | €239,634 | €203,527 | -€36,107 | -15.1% |
| Amounts payable | 17/49 | €46,843 | €111,302 | +€64,460 | +138% |
| Amounts payable within one year | 42/48 | €46,843 | €101,212 | +€54,370 | +116% |
| Current portion of amounts payable after more than one year | 42 | €6,459 | €6,430 | -€29 | -0.4% |
| Trade debts | 44 | €6,962 | €3,958 | -€3,004 | -43.1% |
| Suppliers | 440/4 | €6,962 | €3,958 | -€3,004 | -43.1% |
| Advances received on contracts in progress | 46 | - | €4,200 | +€4,200 | |
| Taxes, remuneration and social security | 45 | €33,422 | €21,079 | -€12,343 | -36.9% |
| Taxes | 450/3 | €14,053 | €5,713 | -€8,340 | -59.3% |
| Remuneration and social security | 454/9 | €19,369 | €15,366 | -€4,003 | -20.7% |
| Other amounts payable | 47/48 | - | €65,546 | +€65,546 | |
| Accrued charges and deferred income | 492/3 | - | €10,090 | +€10,090 | |
| Remuneration, social security and pensions | 62 | €136,983 | €139,494 | +€2,511 | +1.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,413 | €4,966 | -€4,447 | -47.2% |
| Other operating charges | 640/8 | €2,518 | €13,715 | +€11,198 | +445% |
| Gross operating margin | 9900 | €200,923 | €202,281 | +€1,358 | +0.7% |
| Operating profit (loss) | 9901 | €52,010 | €44,107 | -€7,904 | -15.2% |
| Financial income | 75/76B | €2,832 | €749 | -€2,083 | -73.6% |
| Recurring financial income | 75 | €2,832 | €749 | -€2,083 | -73.6% |
| Financial charges | 65/66B | €3,027 | €1,382 | -€1,644 | -54.3% |
| Recurring financial charges | 65 | €3,027 | €1,382 | -€1,644 | -54.3% |
| Profit (loss) for the period before taxes | 9903 | €51,815 | €43,473 | -€8,342 | -16.1% |
| Income taxes | 67/77 | €17,153 | €14,035 | -€3,119 | -18.2% |
| Profit (loss) for the period | 9904 | €34,662 | €29,439 | -€5,223 | -15.1% |
| Profit (loss) for the period to be appropriated | 9905 | €34,662 | €29,439 | -€5,223 | -15.1% |
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.