Mathieu Hermans: 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 Hermans
Largest movements
- Cash +€174,720
up €174,720 (+55.9%), from €312,746 to €487,466
mainly Net result for the year (+€244,154) and Trade debts (+€79,461)
- Receivables within one year +€89,324
up €89,324 (+58.6%), from €152,465 to €241,789
of which Trade receivables: +€79,003
- Stocks and contracts +€69,950
up €69,950 (+310.9%), from €22,500 to €92,450
- Tangible fixed assets +€14,353
up €14,353 (+33.5%), from €42,876 to €57,228
- Reserves +€244,154
up €244,154 (+78.9%), from €309,351 to €553,505
- Trade debts +€79,461
up €79,461 (+446.0%), from €17,817 to €97,278
- Short-term financial debts +€49,918
up €49,918 (+61.1%), from €81,749 to €131,667
of which Credit institutions: +€124,918
- Tax, wage and social debts -€13,020
down €13,020 (-53.7%), from €24,241 to €11,222
of which Taxes: -€13,020
- Debts after one year -€10,350
down €10,350 (-83.4%), from €12,405 to €2,055
- Gross operating margin +€148,680
up €148,680 (+74.3%), from €200,217 to €348,897
- Taxes +€36,980
up €36,980 (+94.2%), from €39,241 to €76,222
- Other operating charges +€4,304
up €4,304 (+469.7%), from €916 to €5,220
- Depreciation +€3,607
up €3,607 (+23.8%), from €15,136 to €18,744
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.
Cash bridge derived
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 | €530,586 | €878,933 | +€348,347 | +65.7% |
| Fixed assets | 21/28 | €42,876 | €57,228 | +€14,353 | +33.5% |
| Tangible fixed assets | 22/27 | €42,876 | €57,228 | +€14,353 | +33.5% |
| Furniture and vehicles | 24 | €42,876 | €57,228 | +€14,353 | +33.5% |
| Current assets | 29/58 | €487,710 | €821,704 | +€333,994 | +68.5% |
| Stocks and contracts in progress | 3 | €22,500 | €92,450 | +€69,950 | +310.9% |
| Stocks | 30/36 | €22,500 | €92,450 | +€69,950 | +310.9% |
| Amounts receivable within one year | 40/41 | €152,465 | €241,789 | +€89,324 | +58.6% |
| Trade receivables | 40 | €144,800 | €223,803 | +€79,003 | +54.6% |
| Other amounts receivable | 41 | €7,665 | €17,986 | +€10,321 | +134.7% |
| Cash at bank and in hand | 54/58 | €312,746 | €487,466 | +€174,720 | +55.9% |
| Total equity and liabilities | 10/49 | €530,586 | €878,933 | +€348,347 | +65.7% |
| Equity | 10/15 | €359,351 | €603,505 | +€244,154 | +67.9% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €309,351 | €553,505 | +€244,154 | +78.9% |
| Distributable reserves | 133 | €309,351 | €553,505 | +€244,154 | +78.9% |
| Amounts payable | 17/49 | €171,235 | €275,428 | +€104,192 | +60.8% |
| Amounts payable after more than one year | 17 | €12,405 | €2,055 | -€10,350 | -83.4% |
| Financial debts | 170/4 | €12,405 | €2,055 | -€10,350 | -83.4% |
| Amounts payable within one year | 42/48 | €158,830 | €273,373 | +€114,543 | +72.1% |
| Current portion of amounts payable after more than one year | 42 | €18,746 | €10,350 | -€8,396 | -44.8% |
| Financial debts | 43 | €81,749 | €131,667 | +€49,918 | +61.1% |
| Credit institutions | 430/8 | €6,749 | €131,667 | +€124,918 | +1850.9% |
| Other loans | 439 | €75,000 | - | -€75,000 | |
| Trade debts | 44 | €17,817 | €97,278 | +€79,461 | +446.0% |
| Suppliers | 440/4 | €17,817 | €97,278 | +€79,461 | +446.0% |
| Taxes, remuneration and social security | 45 | €24,241 | €11,222 | -€13,020 | -53.7% |
| Taxes | 450/3 | €22,241 | €9,222 | -€13,020 | -58.5% |
| Remuneration and social security | 454/9 | €2,000 | €2,000 | = | 0.0% |
| Other amounts payable | 47/48 | €16,277 | €22,856 | +€6,579 | +40.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,136 | €18,744 | +€3,607 | +23.8% |
| Other operating charges | 640/8 | €916 | €5,220 | +€4,304 | +469.7% |
| Gross operating margin | 9900 | €200,217 | €348,897 | +€148,680 | +74.3% |
| Operating profit (loss) | 9901 | €184,165 | €324,933 | +€140,769 | +76.4% |
| Financial income | 75/76B | €27 | €1 | -€26 | -97.4% |
| Recurring financial income | 75 | €27 | €1 | -€26 | -97.4% |
| Financial charges | 65/66B | €6,332 | €4,558 | -€1,774 | -28.0% |
| Recurring financial charges | 65 | €6,332 | €4,558 | -€1,774 | -28.0% |
| Profit (loss) for the period before taxes | 9903 | €177,859 | €320,376 | +€142,516 | +80.1% |
| Income taxes | 67/77 | €39,241 | €76,222 | +€36,980 | +94.2% |
| Profit (loss) for the period | 9904 | €138,618 | €244,154 | +€105,536 | +76.1% |
| Profit (loss) for the period to be appropriated | 9905 | €138,618 | €244,154 | +€105,536 | +76.1% |
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 12 October 2026 via checked.be.