MATHILDA: what changed
Two fiscal 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.
MATHILDA
Largest movements
- Tangible fixed assets -€40,629
down €40,629 (-7.7%), from €525,793 to €485,164
of which Other tangible fixed assets: -€30,708
- Receivables within one year +€33,533
up €33,533 (+40.7%), from €82,457 to €115,991
of which Other amounts receivable: +€17,418
- Cash +€26,161
up €26,161 (+9.1%), from €286,702 to €312,863
mainly Depreciation (+€65,756) and Trade debts (+€47,557)
- Stocks and contracts +€11,454
up €11,454 (+20.5%), from €55,843 to €67,297
- Trade debts +€47,557
up €47,557 (+67.4%), from €70,582 to €118,139
- Current portion of long-term debt -€22,337
down €22,337 (-100.0%), from €22,337 to €0
- Other debts +€18,147
up €18,147 (+33.3%), from €54,461 to €72,608
- Gross operating margin -€52,497
down €52,497 (-5.9%), from €895,650 to €843,153
- Staff costs -€46,633
down €46,633 (-6.0%), from €771,326 to €724,693
- Other operating charges -€16,292
down €16,292 (-82.6%), from €19,721 to €3,429
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 | €965,014 | €1,007,002 | +€41,987 | +4.4% |
| Fixed assets | 21/28 | €525,793 | €491,403 | -€34,390 | -6.5% |
| Intangible fixed assets | 21 | - | €6,239 | +€6,239 | |
| Tangible fixed assets | 22/27 | €525,793 | €485,164 | -€40,629 | -7.7% |
| Plant, machinery and equipment | 23 | €40,280 | €36,410 | -€3,869 | -9.6% |
| Furniture and vehicles | 24 | €32,114 | €26,062 | -€6,052 | -18.8% |
| Other tangible fixed assets | 26 | €453,400 | €422,691 | -€30,708 | -6.8% |
| Current assets | 29/58 | €439,221 | €515,598 | +€76,377 | +17.4% |
| Stocks and contracts in progress | 3 | €55,843 | €67,297 | +€11,454 | +20.5% |
| Stocks | 30/36 | €55,843 | €67,297 | +€11,454 | +20.5% |
| Amounts receivable within one year | 40/41 | €82,457 | €115,991 | +€33,533 | +40.7% |
| Trade receivables | 40 | €14,105 | €30,220 | +€16,115 | +114.3% |
| Other amounts receivable | 41 | €68,352 | €85,770 | +€17,418 | +25.5% |
| Cash at bank and in hand | 54/58 | €286,702 | €312,863 | +€26,161 | +9.1% |
| Deferred charges and accrued income | 490/1 | €14,219 | €19,448 | +€5,229 | +36.8% |
| Total equity and liabilities | 10/49 | €965,014 | €1,007,002 | +€41,987 | +4.4% |
| Equity | 10/15 | €720,859 | €721,315 | +€456 | +0.1% |
| Contributions | 10/11 | €21,143 | €21,143 | = | 0.0% |
| Reserves | 13 | €699,716 | €700,172 | +€456 | +0.1% |
| Distributable reserves | 133 | €699,716 | €700,172 | +€456 | +0.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €244,155 | €285,687 | +€41,531 | +17.0% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €244,155 | €285,687 | +€41,531 | +17.0% |
| Current portion of amounts payable after more than one year | 42 | €22,337 | €0 | -€22,337 | -100.0% |
| Trade debts | 44 | €70,582 | €118,139 | +€47,557 | +67.4% |
| Suppliers | 440/4 | €70,582 | €118,139 | +€47,557 | +67.4% |
| Advances received on contracts in progress | 46 | €29,584 | €33,227 | +€3,644 | +12.3% |
| Taxes, remuneration and social security | 45 | €67,191 | €61,712 | -€5,479 | -8.2% |
| Taxes | 450/3 | €17,863 | €15,430 | -€2,432 | -13.6% |
| Remuneration and social security | 454/9 | €49,328 | €46,282 | -€3,046 | -6.2% |
| Other amounts payable | 47/48 | €54,461 | €72,608 | +€18,147 | +33.3% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €22,466 | €0 | -€22,466 | -100.0% |
| Remuneration, social security and pensions | 62 | €771,326 | €724,693 | -€46,633 | -6.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €64,978 | €65,756 | +€778 | +1.2% |
| Other operating charges | 640/8 | €19,721 | €3,429 | -€16,292 | -82.6% |
| Non-recurring operating charges | 66A | - | €524 | +€524 | |
| Gross operating margin | 9900 | €895,650 | €843,153 | -€52,497 | -5.9% |
| Operating profit (loss) | 9901 | €39,625 | €48,752 | +€9,127 | +23.0% |
| Financial income | 75/76B | €213 | €4,810 | +€4,597 | +2160.0% |
| Recurring financial income | 75 | €213 | €4,810 | +€4,597 | +2160.0% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €5,829 | €12,568 | +€6,740 | +115.6% |
| Recurring financial charges | 65 | €5,829 | €12,568 | +€6,740 | +115.6% |
| Profit (loss) for the period before taxes | 9903 | €34,009 | €40,994 | +€6,985 | +20.5% |
| Income taxes | 67/77 | €7,672 | €538 | -€7,134 | -93.0% |
| Profit (loss) for the period | 9904 | €26,338 | €40,456 | +€14,118 | +53.6% |
| Profit (loss) for the period to be appropriated | 9905 | €26,338 | €40,456 | +€14,118 | +53.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.