MaTho Invest: 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.
MaTho Invest
Largest movements
- Tangible fixed assets +€84,194
new in 2025: €84,194
- Cash -€40,886
down €40,886 (-92.5%), from €44,211 to €3,325
mainly Contributions, distributions and other (-€374,010) and Investment in fixed assets (net) (-€112,259)
- Profit (loss) carried forward -€191,684
no longer reported in 2025 (was €191,684)
- Other debts +€138,134
up €138,134 (+71.1%), from €194,368 to €332,502
- Debts after one year +€84,170
up €84,170 (+1,079%), from €7,800 to €91,970
- Tax, wage and social debts +€17,567
up €17,567 (+12.7%), from €138,374 to €155,940
- Financial charges -€82,836
down €82,836 (-98.9%), from €83,756 to €920
- Financial income -€81,210
no longer reported in 2025 (was €81,210)
- Depreciation +€28,065
new in 2025: €28,065
- Gross operating margin +€10,162
up €10,162 (+3.9%), from €261,825 to €271,987
- Taxes -€6,942
down €6,942 (-10.5%), from €66,046 to €59,103
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 | €590,055 | €633,364 | +€43,309 | +7.3% |
| Fixed assets | 21/28 | €545,338 | €629,532 | +€84,194 | +15.4% |
| Tangible fixed assets | 22/27 | - | €84,194 | +€84,194 | |
| Furniture and vehicles | 24 | - | €84,194 | +€84,194 | |
| Financial fixed assets | 28 | €545,338 | €545,338 | = | 0.0% |
| Current assets | 29/58 | €44,717 | €3,832 | -€40,885 | -91.4% |
| Cash at bank and in hand | 54/58 | €44,211 | €3,325 | -€40,886 | -92.5% |
| Deferred charges and accrued income | 490/1 | €506 | €507 | +€1 | +0.2% |
| Total equity and liabilities | 10/49 | €590,055 | €633,364 | +€43,309 | +7.3% |
| Equity | 10/15 | €212,144 | €20,460 | -€191,684 | -90.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €191,684 | - | -€191,684 | |
| Amounts payable | 17/49 | €377,911 | €612,904 | +€234,993 | +62.2% |
| Amounts payable after more than one year | 17 | €7,800 | €91,970 | +€84,170 | +1,079% |
| Financial debts | 170/4 | €7,800 | €91,970 | +€84,170 | +1,079% |
| Amounts payable within one year | 42/48 | €370,111 | €520,934 | +€150,823 | +40.8% |
| Current portion of amounts payable after more than one year | 42 | €31,200 | €31,289 | +€89 | +0.3% |
| Trade debts | 44 | €6,170 | €1,204 | -€4,966 | -80.5% |
| Suppliers | 440/4 | €6,170 | €1,204 | -€4,966 | -80.5% |
| Taxes, remuneration and social security | 45 | €138,374 | €155,940 | +€17,567 | +12.7% |
| Taxes | 450/3 | €138,374 | €155,940 | +€17,567 | +12.7% |
| Other amounts payable | 47/48 | €194,368 | €332,502 | +€138,134 | +71.1% |
| Non-recurring operating income | 76A | - | €22,314 | +€22,314 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €28,065 | +€28,065 | |
| Other operating charges | 640/8 | €1,549 | €1,573 | +€24 | +1.5% |
| Gross operating margin | 9900 | €261,825 | €271,987 | +€10,162 | +3.9% |
| Operating profit (loss) | 9901 | €260,275 | €242,349 | -€17,926 | -6.9% |
| Financial income | 75/76B | €81,210 | - | -€81,210 | |
| Recurring financial income | 75 | €81,210 | - | -€81,210 | |
| Financial charges | 65/66B | €83,756 | €920 | -€82,836 | -98.9% |
| Recurring financial charges | 65 | €83,756 | €920 | -€82,836 | -98.9% |
| Profit (loss) for the period before taxes | 9903 | €257,730 | €241,429 | -€16,301 | -6.3% |
| Income taxes | 67/77 | €66,046 | €59,103 | -€6,942 | -10.5% |
| Profit (loss) for the period | 9904 | €191,684 | €182,326 | -€9,358 | -4.9% |
| Profit (loss) for the period to be appropriated | 9905 | €191,684 | €182,326 | -€9,358 | -4.9% |
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 26 October 2026 via checked.be.