MATHISE: 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.
MATHISE
Largest movements
- Receivables within one year +€116,728
up €116,728 (+34.8%), from €335,277 to €452,005
of which Trade receivables: +€88,981
- Tangible fixed assets +€23,568
up €23,568 (+42.8%), from €55,083 to €78,651
of which Furniture and vehicles: +€22,634
- Cash +€20,320
up €20,320 (+22.9%), from €88,572 to €108,893
mainly Net result for the year (+€113,354) and Tax, wage and social debts (+€53,944)
- Reserves +€74,119
up €74,119 (+32.5%), from €227,738 to €301,857
of which Distributable reserves: +€74,119
- Tax, wage and social debts +€53,944
up €53,944 (+67.1%), from €80,428 to €134,373
of which Taxes: +€51,564
- Other debts +€29,235
up €29,235 (+474.6%), from €6,159 to €35,394
- Accrued charges and deferred income +€24,498
up €24,498 (+593.0%), from €4,131 to €28,630
- Current portion of long-term debt -€14,217
no longer reported in 2025 (was €14,217)
- Gross operating margin +€73,618
up €73,618 (+19.2%), from €383,006 to €456,624
- Staff costs +€31,767
up €31,767 (+13.8%), from €230,534 to €262,301
- Taxes +€17,901
up €17,901 (+52.7%), from €33,979 to €51,880
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 | €496,249 | €653,031 | +€156,783 | +31.6% |
| Fixed assets | 21/28 | €60,000 | €83,568 | +€23,568 | +39.3% |
| Tangible fixed assets | 22/27 | €55,083 | €78,651 | +€23,568 | +42.8% |
| Plant, machinery and equipment | 23 | €33,457 | €34,750 | +€1,294 | +3.9% |
| Furniture and vehicles | 24 | €4,975 | €27,609 | +€22,634 | +454.9% |
| Other tangible fixed assets | 26 | €16,651 | €16,291 | -€360 | -2.2% |
| Financial fixed assets | 28 | €4,917 | €4,917 | = | 0.0% |
| Current assets | 29/58 | €436,249 | €569,464 | +€133,215 | +30.5% |
| Stocks and contracts in progress | 3 | €5,920 | €4,735 | -€1,185 | -20.0% |
| Stocks | 30/36 | €5,920 | €4,735 | -€1,185 | -20.0% |
| Amounts receivable within one year | 40/41 | €335,277 | €452,005 | +€116,728 | +34.8% |
| Trade receivables | 40 | €321,758 | €410,739 | +€88,981 | +27.7% |
| Other amounts receivable | 41 | €13,519 | €41,266 | +€27,747 | +205.2% |
| Cash at bank and in hand | 54/58 | €88,572 | €108,893 | +€20,320 | +22.9% |
| Deferred charges and accrued income | 490/1 | €6,480 | €3,831 | -€2,649 | -40.9% |
| Total equity and liabilities | 10/49 | €496,249 | €653,031 | +€156,783 | +31.6% |
| Equity | 10/15 | €240,138 | €314,257 | +€74,119 | +30.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €227,738 | €301,857 | +€74,119 | +32.5% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €225,738 | €299,857 | +€74,119 | +32.8% |
| Amounts payable | 17/49 | €256,111 | €338,774 | +€82,664 | +32.3% |
| Amounts payable within one year | 42/48 | €251,979 | €310,145 | +€58,166 | +23.1% |
| Current portion of amounts payable after more than one year | 42 | €14,217 | - | -€14,217 | |
| Trade debts | 44 | €151,174 | €140,378 | -€10,796 | -7.1% |
| Suppliers | 440/4 | €151,174 | €140,378 | -€10,796 | -7.1% |
| Taxes, remuneration and social security | 45 | €80,428 | €134,373 | +€53,944 | +67.1% |
| Taxes | 450/3 | €57,755 | €109,319 | +€51,564 | +89.3% |
| Remuneration and social security | 454/9 | €22,673 | €25,054 | +€2,381 | +10.5% |
| Other amounts payable | 47/48 | €6,159 | €35,394 | +€29,235 | +474.6% |
| Accrued charges and deferred income | 492/3 | €4,131 | €28,630 | +€24,498 | +593.0% |
| Remuneration, social security and pensions | 62 | €230,534 | €262,301 | +€31,767 | +13.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,377 | €19,768 | -€608 | -3.0% |
| Other operating charges | 640/8 | €7,549 | €8,129 | +€580 | +7.7% |
| Gross operating margin | 9900 | €383,006 | €456,624 | +€73,618 | +19.2% |
| Operating profit (loss) | 9901 | €124,546 | €166,425 | +€41,879 | +33.6% |
| Financial income | 75/76B | €366 | €1,181 | +€815 | +222.5% |
| Recurring financial income | 75 | €366 | €1,181 | +€815 | +222.5% |
| Financial charges | 65/66B | €5,884 | €2,373 | -€3,511 | -59.7% |
| Recurring financial charges | 65 | €5,884 | €2,373 | -€3,511 | -59.7% |
| Profit (loss) for the period before taxes | 9903 | €119,028 | €165,234 | +€46,205 | +38.8% |
| Income taxes | 67/77 | €33,979 | €51,880 | +€17,901 | +52.7% |
| Profit (loss) for the period | 9904 | €85,049 | €113,354 | +€28,305 | +33.3% |
| Profit (loss) for the period to be appropriated | 9905 | €85,049 | €113,354 | +€28,305 | +33.3% |
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 2 October 2026 via checked.be.