MATHILDE GERMEIJS: 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.
MATHILDE GERMEIJS
Largest movements
- Receivables within one year -€5,133
down €5,133 (-60.2%), from €8,523 to €3,391
- Cash -€3,028
down €3,028 (-3.4%), from €88,036 to €85,008
mainly Contributions, distributions and other (-€24,869) and Trade debts (-€1,291)
- Tangible fixed assets -€1,848
down €1,848 (-47.8%), from €3,864 to €2,015
- Reserves -€7,446
down €7,446 (-7.9%), from €93,732 to €86,286
- Trade debts -€1,291
down €1,291 (-74.1%), from €1,742 to €452
- Tax, wage and social debts -€1,080
down €1,080 (-100.0%), from €1,080 to €0
- Gross operating margin -€16,173
down €16,173 (-39.8%), from €40,672 to €24,499
- Taxes -€1,867
down €1,867 (-28.8%), from €6,477 to €4,609
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 | €102,446 | €92,630 | -€9,816 | -9.6% |
| Fixed assets | 21/28 | €3,864 | €2,015 | -€1,848 | -47.8% |
| Tangible fixed assets | 22/27 | €3,864 | €2,015 | -€1,848 | -47.8% |
| Furniture and vehicles | 24 | €3,864 | €2,015 | -€1,848 | -47.8% |
| Current assets | 29/58 | €98,583 | €90,615 | -€7,968 | -8.1% |
| Amounts receivable within one year | 40/41 | €8,523 | €3,391 | -€5,133 | -60.2% |
| Other amounts receivable | 41 | €8,523 | €3,391 | -€5,133 | -60.2% |
| Cash at bank and in hand | 54/58 | €88,036 | €85,008 | -€3,028 | -3.4% |
| Deferred charges and accrued income | 490/1 | €2,023 | €2,216 | +€193 | +9.5% |
| Total equity and liabilities | 10/49 | €102,446 | €92,630 | -€9,816 | -9.6% |
| Equity | 10/15 | €96,732 | €89,286 | -€7,446 | -7.7% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €93,732 | €86,286 | -€7,446 | -7.9% |
| Distributable reserves | 133 | €93,732 | €86,286 | -€7,446 | -7.9% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €5,715 | €3,345 | -€2,370 | -41.5% |
| Amounts payable within one year | 42/48 | €5,715 | €3,345 | -€2,370 | -41.5% |
| Trade debts | 44 | €1,742 | €452 | -€1,291 | -74.1% |
| Suppliers | 440/4 | €1,742 | €452 | -€1,291 | -74.1% |
| Taxes, remuneration and social security | 45 | €1,080 | €0 | -€1,080 | -100.0% |
| Taxes | 450/3 | €1,080 | €0 | -€1,080 | -100.0% |
| Other amounts payable | 47/48 | €2,893 | €2,893 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,123 | €1,848 | -€274 | -12.9% |
| Other operating charges | 640/8 | €141 | €544 | +€403 | +287.1% |
| Non-recurring operating charges | 66A | €6,990 | €0 | -€6,990 | -100.0% |
| Gross operating margin | 9900 | €40,672 | €24,499 | -€16,173 | -39.8% |
| Operating profit (loss) | 9901 | €31,419 | €22,107 | -€9,312 | -29.6% |
| Financial charges | 65/66B | €74 | €75 | +€2 | +2.0% |
| Recurring financial charges | 65 | €74 | €75 | +€2 | +2.0% |
| Profit (loss) for the period before taxes | 9903 | €31,345 | €22,032 | -€9,313 | -29.7% |
| Income taxes | 67/77 | €6,477 | €4,609 | -€1,867 | -28.8% |
| Profit (loss) for the period | 9904 | €24,869 | €17,423 | -€7,446 | -29.9% |
| Profit (loss) for the period to be appropriated | 9905 | €24,869 | €17,423 | -€7,446 | -29.9% |
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 10 October 2026 via checked.be.