MATHONET: 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.
MATHONET
Largest movements
- Tangible fixed assets -€28,089
down €28,089 (-25.0%), from €112,193 to €84,104
of which Plant, machinery and equipment: -€21,734
- Cash +€12,878
up €12,878 (+133.2%), from €9,666 to €22,544
mainly Trade debts (+€46,538) and Depreciation (+€33,348)
- Stocks and contracts +€11,129
up €11,129 (+16.8%), from €66,063 to €77,192
- Intangible fixed assets -€5,259
down €5,259 (-61.0%), from €8,623 to €3,365
- Receivables within one year +€4,949
up €4,949 (+7.6%), from €65,052 to €70,002
- Profit (loss) carried forward -€72,634
down €72,634 (-6.9%), from -€1.1m to -€1.1m
- Trade debts +€46,538
up €46,538 (+44.4%), from €104,708 to €151,247
- Other debts +€20,000
up €20,000 (+4.4%), from €456,612 to €476,612
- Tax, wage and social debts -€10,223
down €10,223 (-15.3%), from €66,616 to €56,394
of which Remuneration and social security: -€9,944
- Accrued charges and deferred income +€9,270
up €9,270 (+88.4%), from €10,481 to €19,751
- Gross operating margin +€37,473
up €37,473 (+50.6%), from €74,101 to €111,574
- Staff costs -€9,536
down €9,536 (-6.4%), from €149,406 to €139,870
- Depreciation -€3,361
down €3,361 (-9.2%), from €36,709 to €33,348
- Write-downs +€1,528
new in 2025: €1,528
- Other operating charges +€1,278
up €1,278 (+30.6%), from €4,173 to €5,451
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 | €281,754 | €274,706 | -€7,048 | -2.5% |
| Fixed assets | 21/28 | €138,573 | €102,135 | -€36,438 | -26.3% |
| Intangible fixed assets | 21 | €8,623 | €3,365 | -€5,259 | -61.0% |
| Tangible fixed assets | 22/27 | €112,193 | €84,104 | -€28,089 | -25.0% |
| Land and buildings | 22 | €9,726 | €4,715 | -€5,011 | -51.5% |
| Plant, machinery and equipment | 23 | €100,111 | €78,378 | -€21,734 | -21.7% |
| Furniture and vehicles | 24 | €2,356 | €1,011 | -€1,345 | -57.1% |
| Financial fixed assets | 28 | €17,757 | €14,667 | -€3,090 | -17.4% |
| Current assets | 29/58 | €143,182 | €172,571 | +€29,390 | +20.5% |
| Stocks and contracts in progress | 3 | €66,063 | €77,192 | +€11,129 | +16.8% |
| Stocks | 30/36 | €66,063 | €77,192 | +€11,129 | +16.8% |
| Amounts receivable within one year | 40/41 | €65,052 | €70,002 | +€4,949 | +7.6% |
| Trade receivables | 40 | €65,052 | €70,002 | +€4,949 | +7.6% |
| Cash at bank and in hand | 54/58 | €9,666 | €22,544 | +€12,878 | +133.2% |
| Deferred charges and accrued income | 490/1 | €2,400 | €2,833 | +€433 | +18.0% |
| Total equity and liabilities | 10/49 | €281,754 | €274,706 | -€7,048 | -2.5% |
| Equity | 10/15 | -€356,664 | -€429,298 | -€72,634 | -20.4% |
| Contributions | 10/11 | €699,379 | €699,379 | = | 0.0% |
| Capital | 10 | €699,379 | €699,379 | = | 0.0% |
| Issued capital | 100 | €699,379 | €699,379 | = | 0.0% |
| Reserves | 13 | €2,518 | €2,518 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,518 | €2,518 | = | 0.0% |
| Legal reserve | 130 | €2,518 | €2,518 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,058,561 | -€1,131,194 | -€72,634 | -6.9% |
| Amounts payable | 17/49 | €638,418 | €704,004 | +€65,586 | +10.3% |
| Amounts payable within one year | 42/48 | €627,937 | €684,253 | +€56,316 | +9.0% |
| Trade debts | 44 | €104,708 | €151,247 | +€46,538 | +44.4% |
| Suppliers | 440/4 | €104,708 | €151,247 | +€46,538 | +44.4% |
| Taxes, remuneration and social security | 45 | €66,616 | €56,394 | -€10,223 | -15.3% |
| Taxes | 450/3 | €4,061 | €3,782 | -€279 | -6.9% |
| Remuneration and social security | 454/9 | €62,555 | €52,611 | -€9,944 | -15.9% |
| Other amounts payable | 47/48 | €456,612 | €476,612 | +€20,000 | +4.4% |
| Accrued charges and deferred income | 492/3 | €10,481 | €19,751 | +€9,270 | +88.4% |
| Remuneration, social security and pensions | 62 | €149,406 | €139,870 | -€9,536 | -6.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,709 | €33,348 | -€3,361 | -9.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €1,528 | +€1,528 | |
| Other operating charges | 640/8 | €4,173 | €5,451 | +€1,278 | +30.6% |
| Gross operating margin | 9900 | €74,101 | €111,574 | +€37,473 | +50.6% |
| Operating profit (loss) | 9901 | -€116,187 | -€68,623 | +€47,564 | +40.9% |
| Financial income | 75/76B | €22 | €3 | -€19 | -86.4% |
| Recurring financial income | 75 | €22 | €3 | -€19 | -86.4% |
| Financial charges | 65/66B | €3,723 | €3,787 | +€64 | +1.7% |
| Recurring financial charges | 65 | €3,723 | €3,787 | +€64 | +1.7% |
| Profit (loss) for the period before taxes | 9903 | -€119,889 | -€72,407 | +€47,482 | +39.6% |
| Income taxes | 67/77 | €395 | €227 | -€168 | -42.6% |
| Profit (loss) for the period | 9904 | -€120,283 | -€72,634 | +€47,650 | +39.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€120,283 | -€72,634 | +€47,650 | +39.6% |
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 3 October 2026 via checked.be.