MATHIEU HOLDING: 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.
What changed
MATHIEU HOLDING
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€92,704
2024 · €160,145-€67,440
Equity
€22.0m
2024 · €21.9m+€92,704
Cash
€837,842
2024 · €1.0m-€209,527
Balance sheet total
€42.7m
2024 · €41.3m+€1.4m
Largest movements
Assets
- Receivables within one year +€1.6m
up €1.6m (+23.6%), from €6.8m to €8.5m
of which Other amounts receivable: +€1.2m
Equity and liabilities
- Other debts +€1.8m
up €1.8m (+9.4%), from €18.6m to €20.4m
- Short-term financial debts -€550,000
no longer reported in 2025 (was €550,000)
Income statement
- Financial charges +€137,257
up €137,257 (+173%), from €79,473 to €216,730
- Gross operating margin +€103,607
up €103,607 (+42.1%), from €246,033 to €349,640
- Taxes +€33,266
new in 2025: €33,266
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.
Result 2024
€160,145
Gross operating margin
+€103,607
Depreciation
-€495
Other operating charges
-€93
Financial income
+€64
Financial charges
-€137,257
Taxes
-€33,266
Result 2025
€92,704
raises the resultlowers the result
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.
From operations
+€284,101
Investment
€0
Financing
-€493,628
Cash 2024
€1.0m
From operations (derived)
+€284,101
Net result for the year
+€92,704
Depreciation
+€5,878
Receivables within one year
-€1.6m
Deferred charges and accrued income
-€2,764
Trade debts
-€13,029
Tax, wage and social debts
+€66,449
Other debts
+€1.8m
Financing
-€493,628
Debts after one year
+€35,625
Current portion of long-term debt
+€20,747
Short-term financial debts
-€550,000
Cash 2025
€837,842
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €41,286,097 | €42,692,523 | +€1.4m | +3.4% |
| Fixed assets | 21/28 | €33,390,487 | €33,384,609 | -€5,878 | 0.0% |
| Tangible fixed assets | 22/27 | €12,357 | €6,478 | -€5,878 | -47.6% |
| Furniture and vehicles | 24 | €12,357 | €6,478 | -€5,878 | -47.6% |
| Financial fixed assets | 28 | €33,378,131 | €33,378,131 | = | 0.0% |
| Current assets | 29/58 | €7,895,609 | €9,307,914 | +€1.4m | +17.9% |
| Amounts receivable within one year | 40/41 | €6,848,240 | €8,467,308 | +€1.6m | +23.6% |
| Trade receivables | 40 | €153,533 | €543,325 | +€389,792 | +254% |
| Other amounts receivable | 41 | €6,694,707 | €7,923,983 | +€1.2m | +18.4% |
| Cash at bank and in hand | 54/58 | €1,047,369 | €837,842 | -€209,527 | -20.0% |
| Deferred charges and accrued income | 490/1 | - | €2,764 | +€2,764 | |
| Total equity and liabilities | 10/49 | €41,286,097 | €42,692,523 | +€1.4m | +3.4% |
| Equity | 10/15 | €21,899,322 | €21,992,026 | +€92,704 | +0.4% |
| Contributions | 10/11 | €21,623,000 | €21,623,000 | = | 0.0% |
| Capital | 10 | €21,623,000 | €21,623,000 | = | 0.0% |
| Issued capital | 100 | €21,623,000 | €21,623,000 | = | 0.0% |
| Reserves | 13 | €22,750 | €22,750 | = | 0.0% |
| Non-distributable reserves | 130/1 | €22,750 | €22,750 | = | 0.0% |
| Legal reserve | 130 | €22,750 | €22,750 | = | 0.0% |
| Profit (loss) carried forward | 14 | €253,572 | €346,276 | +€92,704 | +36.6% |
| Amounts payable | 17/49 | €19,386,775 | €20,700,497 | +€1.3m | +6.8% |
| Amounts payable after more than one year | 17 | €81,372 | €116,997 | +€35,625 | +43.8% |
| Financial debts | 170/4 | €81,372 | €116,997 | +€35,625 | +43.8% |
| Amounts payable within one year | 42/48 | €19,305,403 | €20,583,500 | +€1.3m | +6.6% |
| Current portion of amounts payable after more than one year | 42 | €18,628 | €39,375 | +€20,747 | +111% |
| Financial debts | 43 | €550,000 | - | -€550,000 | |
| Credit institutions | 430/8 | €550,000 | - | -€550,000 | |
| Trade debts | 44 | €81,085 | €68,056 | -€13,029 | -16.1% |
| Suppliers | 440/4 | €81,085 | €68,056 | -€13,029 | -16.1% |
| Taxes, remuneration and social security | 45 | €28,818 | €95,268 | +€66,449 | +231% |
| Taxes | 450/3 | €28,818 | €95,268 | +€66,449 | +231% |
| Other amounts payable | 47/48 | €18,626,872 | €20,380,802 | +€1.8m | +9.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,384 | €5,878 | +€495 | +9.2% |
| Other operating charges | 640/8 | €1,031 | €1,125 | +€93 | +9.0% |
| Gross operating margin | 9900 | €246,033 | €349,640 | +€103,607 | +42.1% |
| Operating profit (loss) | 9901 | €239,618 | €342,637 | +€103,019 | +43.0% |
| Financial income | 75/76B | - | €64 | +€64 | |
| Recurring financial income | 75 | - | €64 | +€64 | |
| Financial charges | 65/66B | €79,473 | €216,730 | +€137,257 | +173% |
| Recurring financial charges | 65 | €79,473 | €216,730 | +€137,257 | +173% |
| Profit (loss) for the period before taxes | 9903 | €160,145 | €125,970 | -€34,174 | -21.3% |
| Income taxes | 67/77 | - | €33,266 | +€33,266 | |
| Profit (loss) for the period | 9904 | €160,145 | €92,704 | -€67,440 | -42.1% |
| Profit (loss) for the period to be appropriated | 9905 | €160,145 | €92,704 | -€67,440 | -42.1% |
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 26 October 2026 via checked.be.