MATHINA: 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.
MATHINA
Largest movements
- Tangible fixed assets -€18,384
down €18,384 (-5.3%), from €346,776 to €328,392
- Cash +€11,984
up €11,984 (+20.8%), from €57,672 to €69,657
mainly Depreciation (+€29,799) and Trade debts (+€13,859)
- Debts after one year -€26,730
down €26,730 (-14.5%), from €184,889 to €158,158
- Trade debts +€13,859
up €13,859 (+347%), from €3,994 to €17,853
- Tax, wage and social debts -€6,441
down €6,441 (-23.2%), from €27,760 to €21,319
of which Taxes: -€6,441
- Accrued charges and deferred income +€6,221
new in 2025: €6,221
- Depreciation +€1,225
up €1,225 (+4.3%), from €28,574 to €29,799
- Gross operating margin +€961
up €961 (+2.0%), from €47,536 to €48,497
- Taxes -€792
down €792 (-8.8%), from €8,979 to €8,187
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €554,495 | €545,409 | -€9,086 | -1.6% |
| Fixed assets | 21/28 | €346,776 | €328,392 | -€18,384 | -5.3% |
| Tangible fixed assets | 22/27 | €346,776 | €328,392 | -€18,384 | -5.3% |
| Land and buildings | 22 | €269,885 | €263,232 | -€6,653 | -2.5% |
| Plant, machinery and equipment | 23 | €2,828 | €3,899 | +€1,071 | +37.9% |
| Furniture and vehicles | 24 | €18,602 | €15,758 | -€2,844 | -15.3% |
| Leasing and similar rights | 25 | €29,037 | €20,625 | -€8,411 | -29.0% |
| Other tangible fixed assets | 26 | €26,425 | €24,878 | -€1,547 | -5.9% |
| Current assets | 29/58 | €207,719 | €217,017 | +€9,298 | +4.5% |
| Amounts receivable within one year | 40/41 | €78,046 | €77,895 | -€150 | -0.2% |
| Trade receivables | 40 | - | €1,823 | +€1,823 | |
| Other amounts receivable | 41 | €78,046 | €76,072 | -€1,973 | -2.5% |
| Cash at bank and in hand | 54/58 | €57,672 | €69,657 | +€11,984 | +20.8% |
| Deferred charges and accrued income | 490/1 | €72,001 | €69,465 | -€2,536 | -3.5% |
| Total equity and liabilities | 10/49 | €554,495 | €545,409 | -€9,086 | -1.6% |
| Equity | 10/15 | €311,825 | €312,627 | +€802 | +0.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €305,625 | €306,427 | +€802 | +0.3% |
| Distributable reserves | 133 | €305,625 | €306,427 | +€802 | +0.3% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €242,670 | €232,782 | -€9,889 | -4.1% |
| Amounts payable after more than one year | 17 | €184,889 | €158,158 | -€26,730 | -14.5% |
| Financial debts | 170/4 | €184,889 | €158,158 | -€26,730 | -14.5% |
| Amounts payable within one year | 42/48 | €57,781 | €68,402 | +€10,620 | +18.4% |
| Current portion of amounts payable after more than one year | 42 | €26,027 | €29,230 | +€3,203 | +12.3% |
| Trade debts | 44 | €3,994 | €17,853 | +€13,859 | +347% |
| Suppliers | 440/4 | €3,994 | €17,853 | +€13,859 | +347% |
| Taxes, remuneration and social security | 45 | €27,760 | €21,319 | -€6,441 | -23.2% |
| Taxes | 450/3 | €22,430 | €15,989 | -€6,441 | -28.7% |
| Remuneration and social security | 454/9 | €5,330 | €5,330 | = | 0.0% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | - | €6,221 | +€6,221 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,574 | €29,799 | +€1,225 | +4.3% |
| Other operating charges | 640/8 | €3,823 | €4,267 | +€444 | +11.6% |
| Gross operating margin | 9900 | €47,536 | €48,497 | +€961 | +2.0% |
| Operating profit (loss) | 9901 | €15,140 | €14,431 | -€708 | -4.7% |
| Financial income | 75/76B | €104 | €177 | +€72 | +69.2% |
| Recurring financial income | 75 | €104 | €177 | +€72 | +69.2% |
| Financial charges | 65/66B | €5,651 | €5,619 | -€32 | -0.6% |
| Recurring financial charges | 65 | €5,651 | €5,619 | -€32 | -0.6% |
| Profit (loss) for the period before taxes | 9903 | €9,593 | €8,989 | -€604 | -6.3% |
| Income taxes | 67/77 | €8,979 | €8,187 | -€792 | -8.8% |
| Profit (loss) for the period | 9904 | €614 | €802 | +€188 | +30.6% |
| Profit (loss) for the period to be appropriated | 9905 | €614 | €802 | +€188 | +30.6% |
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.