MATHILDE KESTEMAN: 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.
MATHILDE KESTEMAN
Largest movements
- Financial fixed assets -€280,000
no longer reported in 2025 (was €280,000)
- Cash -€7,443
down €7,443 (-24.4%), from €30,496 to €23,052
mainly Debts after one year (-€177,153) and Net result for the year (-€57,145)
- Tangible fixed assets -€6,017
down €6,017 (-25.9%), from €23,262 to €17,245
- Debts after one year -€177,153
no longer reported in 2025 (was €177,153)
- Reserves -€41,732
down €41,732 (-69.7%), from €59,897 to €18,165
- Current portion of long-term debt -€33,821
no longer reported in 2025 (was €33,821)
- Tax, wage and social debts -€29,558
down €29,558 (-100.0%), from €29,568 to €10
- Profit (loss) carried forward -€15,413
new in 2025: -€15,413
- Gross operating margin -€15,567
down €15,567 (-36.8%), from €42,291 to €26,724
- Taxes -€6,573
down €6,573 (-73.5%), from €8,941 to €2,368
- Provisions +€4,550
new in 2025: €4,550
- Financial charges -€460
down €460 (-5.7%), from €8,099 to €7,639
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 | €337,831 | €40,429 | -€297,402 | -88.0% |
| Fixed assets | 21/28 | €303,262 | €17,245 | -€286,017 | -94.3% |
| Tangible fixed assets | 22/27 | €23,262 | €17,245 | -€6,017 | -25.9% |
| Furniture and vehicles | 24 | €23,262 | €17,245 | -€6,017 | -25.9% |
| Financial fixed assets | 28 | €280,000 | - | -€280,000 | |
| Current assets | 29/58 | €34,569 | €23,184 | -€11,385 | -32.9% |
| Amounts receivable within one year | 40/41 | €2,348 | €132 | -€2,217 | -94.4% |
| Trade receivables | 40 | €2,348 | - | -€2,348 | |
| Other amounts receivable | 41 | - | €132 | +€132 | |
| Cash at bank and in hand | 54/58 | €30,496 | €23,052 | -€7,443 | -24.4% |
| Deferred charges and accrued income | 490/1 | €1,725 | - | -€1,725 | |
| Total equity and liabilities | 10/49 | €337,831 | €40,429 | -€297,402 | -88.0% |
| Equity | 10/15 | €66,897 | €9,752 | -€57,145 | -85.4% |
| Contributions | 10/11 | €7,000 | €7,000 | = | 0.0% |
| Reserves | 13 | €59,897 | €18,165 | -€41,732 | -69.7% |
| Distributable reserves | 133 | €59,897 | €18,165 | -€41,732 | -69.7% |
| Profit (loss) carried forward | 14 | - | -€15,413 | -€15,413 | |
| Provisions and deferred taxes | 16 | - | €4,550 | +€4,550 | |
| Provisions for liabilities and charges | 160/5 | - | €4,550 | +€4,550 | |
| Other liabilities and charges | 164/5 | - | €4,550 | +€4,550 | |
| Amounts payable | 17/49 | €270,934 | €26,127 | -€244,807 | -90.4% |
| Amounts payable after more than one year | 17 | €177,153 | - | -€177,153 | |
| Financial debts | 170/4 | €177,153 | - | -€177,153 | |
| Amounts payable within one year | 42/48 | €93,781 | €26,127 | -€67,654 | -72.1% |
| Current portion of amounts payable after more than one year | 42 | €33,821 | - | -€33,821 | |
| Trade debts | 44 | €621 | - | -€621 | |
| Suppliers | 440/4 | €621 | - | -€621 | |
| Taxes, remuneration and social security | 45 | €29,568 | €10 | -€29,558 | -100.0% |
| Taxes | 450/3 | €29,568 | €10 | -€29,558 | -100.0% |
| Other amounts payable | 47/48 | €29,772 | €26,117 | -€3,655 | -12.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,859 | €6,017 | +€158 | +2.7% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €4,550 | +€4,550 | |
| Other operating charges | 640/8 | €347 | €295 | -€52 | -15.0% |
| Non-recurring operating charges | 66A | €877 | €63,000 | +€62,123 | +7081.0% |
| Gross operating margin | 9900 | €42,291 | €26,724 | -€15,567 | -36.8% |
| Operating profit (loss) | 9901 | €35,208 | -€47,138 | -€82,346 | |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €8,099 | €7,639 | -€460 | -5.7% |
| Recurring financial charges | 65 | €8,099 | €7,639 | -€460 | -5.7% |
| Profit (loss) for the period before taxes | 9903 | €27,110 | -€54,776 | -€81,886 | |
| Income taxes | 67/77 | €8,941 | €2,368 | -€6,573 | -73.5% |
| Profit (loss) for the period | 9904 | €18,168 | -€57,145 | -€75,313 | |
| Profit (loss) for the period to be appropriated | 9905 | €18,168 | -€57,145 | -€75,313 |
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.