MATHIMMO: 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
MATHIMMO
NACE 82.100, Office administrative and support services
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€420,868
2024 · -€155,704+€576,571
Equity
€22.1m
2024 · €21.7m+€420,868
Cash
€114,273
2024 · €3.4m-€3.2m
Balance sheet total
€93.0m
2024 · €86.5m+€6.4m
Largest movements
Assets
- Receivables within one year +€9.6m
up €9.6m (+27.0%), from €35.5m to €45.1m
of which Other amounts receivable: +€9.8m
- Cash -€3.2m
down €3.2m (-96.6%), from €3.4m to €114,273
mainly Receivables within one year (-€9.6m) and Debts after one year (-€346,119)
Equity and liabilities
- Other debts +€6.5m
up €6.5m (+11.0%), from €59.0m to €65.4m
Income statement
- Services and other goods +€814,497
new in 2025: €814,497
- Turnover +€684,453
new in 2025: €684,453
- Gross operating margin +€474,114
no longer reported in 2025 (was -€474,114)
- Financial income +€45,754
up €45,754 (+3.7%), from €1.2m to €1.3m
- Staff costs +€42,773
up €42,773 (+24.5%), from €174,534 to €217,306
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
-€155,704
Turnover
+€684,453
Other operating income
+€35,697
Services and other goods
-€814,497
Staff costs
-€42,773
Depreciation
-€39,918
Other operating charges
-€21,411
Other operating items
+€699,594
Financial income
+€45,754
Financial charges
+€29,679
Taxes
-€8
Result 2025
€420,868
raises the resultlowers the resultnot broken down further in the accounts
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
-€2.6m
Investment
-€313,240
Financing
-€334,664
Cash 2024
€3.4m
From operations (derived)
-€2.6m
Net result for the year
+€420,868
Depreciation
+€313,583
Receivables within one year
-€9.6m
Deferred charges and accrued income
-€101,252
Provisions
-€25,399
Trade debts
-€31,836
Tax, wage and social debts
+€8,491
Other debts
+€6.5m
Accrued charges and deferred income
-€96,311
Investment (derived)
-€313,240
Investment in fixed assets (net)
-€313,240
Financing
-€334,664
Debts after one year
-€346,119
Current portion of long-term debt
+€11,456
Cash 2025
€114,273
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €86,534,274 | €92,956,774 | +€6.4m | +7.4% |
| Fixed assets | 21/28 | €47,651,603 | €47,651,260 | -€343 | 0.0% |
| Tangible fixed assets | 22/27 | €8,269,996 | €8,219,654 | -€50,343 | -0.6% |
| Land and buildings | 22 | €4,994,137 | €4,845,475 | -€148,662 | -3.0% |
| Furniture and vehicles | 24 | €43,149 | €40,237 | -€2,911 | -6.7% |
| Other tangible fixed assets | 26 | €3,232,711 | €3,333,942 | +€101,231 | +3.1% |
| Financial fixed assets | 28 | €39,381,607 | €39,431,607 | +€50,000 | +0.1% |
| Affiliated companies | 280/1 | - | €39,429,627 | +€39.4m | |
| Participating interests | 280 | - | €39,429,627 | +€39.4m | |
| Other financial fixed assets | 284/8 | - | €1,980 | +€1,980 | |
| Amounts receivable and cash guarantees | 285/8 | - | €1,980 | +€1,980 | |
| Current assets | 29/58 | €38,882,671 | €45,305,513 | +€6.4m | +16.5% |
| Amounts receivable within one year | 40/41 | €35,508,705 | €45,079,281 | +€9.6m | +27.0% |
| Trade receivables | 40 | €354,304 | €162,605 | -€191,699 | -54.1% |
| Other amounts receivable | 41 | €35,154,401 | €44,916,676 | +€9.8m | +27.8% |
| Cash at bank and in hand | 54/58 | €3,363,259 | €114,273 | -€3.2m | -96.6% |
| Deferred charges and accrued income | 490/1 | €10,707 | €111,959 | +€101,252 | +946% |
| Total equity and liabilities | 10/49 | €86,534,274 | €92,956,774 | +€6.4m | +7.4% |
| Equity | 10/15 | €21,718,321 | €22,139,188 | +€420,868 | +1.9% |
| Contributions | 10/11 | €20,210,000 | €20,210,000 | = | 0.0% |
| Capital | 10 | €20,207,241 | €20,207,241 | = | 0.0% |
| Issued capital | 100 | €20,207,241 | €20,207,241 | = | 0.0% |
| Contributions outside capital | 11 | €2,759 | €2,759 | = | 0.0% |
| Share premium | 1100/10 | €2,759 | €2,759 | = | 0.0% |
| Reserves | 13 | €3,848,277 | €3,772,080 | -€76,197 | -2.0% |
| Non-distributable reserves | 130/1 | €65,217 | €65,217 | = | 0.0% |
| Legal reserve | 130 | €65,217 | €65,217 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,692,783 | €1,616,586 | -€76,197 | -4.5% |
| Distributable reserves | 133 | €2,090,277 | €2,090,277 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,339,956 | -€1,842,892 | +€497,064 | +21.2% |
| Provisions and deferred taxes | 16 | €733,532 | €708,133 | -€25,399 | -3.5% |
| Deferred taxes | 168 | €733,532 | €708,133 | -€25,399 | -3.5% |
| Amounts payable | 17/49 | €64,082,421 | €70,109,452 | +€6.0m | +9.4% |
| Amounts payable after more than one year | 17 | €4,478,302 | €4,132,182 | -€346,119 | -7.7% |
| Financial debts | 170/4 | €4,478,302 | €4,132,182 | -€346,119 | -7.7% |
| Credit institutions | 173 | - | €4,132,182 | +€4.1m | |
| Amounts payable within one year | 42/48 | €59,507,808 | €65,977,270 | +€6.5m | +10.9% |
| Current portion of amounts payable after more than one year | 42 | €334,664 | €346,119 | +€11,456 | +3.4% |
| Trade debts | 44 | €176,879 | €145,044 | -€31,836 | -18.0% |
| Suppliers | 440/4 | €176,879 | €145,044 | -€31,836 | -18.0% |
| Taxes, remuneration and social security | 45 | €45,882 | €54,373 | +€8,491 | +18.5% |
| Taxes | 450/3 | €25,934 | €29,247 | +€3,313 | +12.8% |
| Remuneration and social security | 454/9 | €19,948 | €25,126 | +€5,178 | +26.0% |
| Other amounts payable | 47/48 | €58,950,383 | €65,431,734 | +€6.5m | +11.0% |
| Accrued charges and deferred income | 492/3 | €96,311 | - | -€96,311 | |
| Operating income | 70/76A | - | €720,150 | +€720,150 | |
| Turnover | 70 | - | €684,453 | +€684,453 | |
| Other operating income | 74 | - | €35,697 | +€35,697 | |
| Operating charges | 60/66A | - | €1,431,462 | +€1.4m | |
| Services and other goods | 61 | - | €814,497 | +€814,497 | |
| Remuneration, social security and pensions | 62 | €174,534 | €217,306 | +€42,773 | +24.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €273,665 | €313,583 | +€39,918 | +14.6% |
| Other operating charges | 640/8 | €56,357 | €77,767 | +€21,411 | +38.0% |
| Non-recurring operating charges | 66A | €233,788 | €8,308 | -€225,480 | -96.4% |
| Gross operating margin | 9900 | -€474,114 | - | +€474,114 | |
| Operating profit (loss) | 9901 | -€1,212,458 | -€711,312 | +€501,146 | +41.3% |
| Financial income | 75/76B | €1,231,611 | €1,277,365 | +€45,754 | +3.7% |
| Recurring financial income | 75 | €1,231,611 | €1,277,365 | +€45,754 | +3.7% |
| Income from current assets | 751 | - | €1,277,275 | +€1.3m | |
| Other financial income | 752/9 | - | €90 | +€90 | |
| Financial charges | 65/66B | €200,068 | €170,388 | -€29,679 | -14.8% |
| Recurring financial charges | 65 | €200,068 | €170,388 | -€29,679 | -14.8% |
| Debt charges | 650 | - | €169,764 | +€169,764 | |
| Other financial charges | 652/9 | - | €624 | +€624 | |
| Profit (loss) for the period before taxes | 9903 | -€180,915 | €395,665 | +€576,579 | |
| Transfer from deferred taxes | 780 | €25,399 | €25,399 | = | 0.0% |
| Income taxes | 67/77 | €188 | €196 | +€8 | +4.2% |
| Taxes | 670/3 | - | €196 | +€196 | |
| Profit (loss) for the period | 9904 | -€155,704 | €420,868 | +€576,571 | |
| Transfer from tax-exempt reserves | 789 | €76,197 | €76,197 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€79,507 | €497,064 | +€576,571 |
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 22 October 2026 via checked.be.