MATHOT MIKAEL: 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.
MATHOT MIKAEL
Largest movements
- Tangible fixed assets +€80,867
up €80,867 (+27.4%), from €294,932 to €375,799
of which Plant, machinery and equipment: +€99,886
- Cash -€33,835
down €33,835 (-20.1%), from €168,325 to €134,489
mainly Contributions, distributions and other (-€194,118) and Investment in fixed assets (net) (-€105,374)
- Other debts +€147,401
up €147,401 (+2671.9%), from €5,517 to €152,918
- Profit (loss) carried forward -€73,086
down €73,086 (-58.8%), from €124,304 to €51,217
- Debts after one year -€30,687
down €30,687 (-15.7%), from €196,079 to €165,392
- Tax, wage and social debts +€6,987
up €6,987 (+117.2%), from €5,961 to €12,949
- Depreciation -€28,058
down €28,058 (-53.4%), from €52,565 to €24,507
- Gross operating margin +€6,805
up €6,805 (+3.7%), from €181,871 to €188,676
- Financial income -€6,030
down €6,030 (-96.8%), from €6,227 to €197
- Taxes +€5,168
up €5,168 (+18.6%), from €27,830 to €32,998
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 | €477,604 | €525,203 | +€47,599 | +10.0% |
| Fixed assets | 21/28 | €294,932 | €375,799 | +€80,867 | +27.4% |
| Tangible fixed assets | 22/27 | €294,932 | €375,799 | +€80,867 | +27.4% |
| Land and buildings | 22 | €254,672 | €247,312 | -€7,359 | -2.9% |
| Plant, machinery and equipment | 23 | €527 | €100,413 | +€99,886 | +18941.5% |
| Furniture and vehicles | 24 | €39,734 | €28,074 | -€11,660 | -29.3% |
| Current assets | 29/58 | €182,671 | €149,404 | -€33,268 | -18.2% |
| Amounts receivable within one year | 40/41 | - | €2,500 | +€2,500 | |
| Trade receivables | 40 | - | €2,500 | +€2,500 | |
| Cash at bank and in hand | 54/58 | €168,325 | €134,489 | -€33,835 | -20.1% |
| Deferred charges and accrued income | 490/1 | €14,347 | €12,415 | -€1,932 | -13.5% |
| Total equity and liabilities | 10/49 | €477,604 | €525,203 | +€47,599 | +10.0% |
| Equity | 10/15 | €235,722 | €162,636 | -€73,086 | -31.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €106,419 | €106,419 | = | 0.0% |
| Distributable reserves | 133 | €106,419 | €106,419 | = | 0.0% |
| Profit (loss) carried forward | 14 | €124,304 | €51,217 | -€73,086 | -58.8% |
| Amounts payable | 17/49 | €241,882 | €362,567 | +€120,686 | +49.9% |
| Amounts payable after more than one year | 17 | €196,079 | €165,392 | -€30,687 | -15.7% |
| Financial debts | 170/4 | €196,079 | €165,392 | -€30,687 | -15.7% |
| Amounts payable within one year | 42/48 | €45,803 | €197,176 | +€151,373 | +330.5% |
| Current portion of amounts payable after more than one year | 42 | €29,699 | €30,687 | +€988 | +3.3% |
| Trade debts | 44 | €4,626 | €622 | -€4,003 | -86.5% |
| Suppliers | 440/4 | €4,626 | €622 | -€4,003 | -86.5% |
| Taxes, remuneration and social security | 45 | €5,961 | €12,949 | +€6,987 | +117.2% |
| Taxes | 450/3 | €5,961 | €12,949 | +€6,987 | +117.2% |
| Other amounts payable | 47/48 | €5,517 | €152,918 | +€147,401 | +2671.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €52,565 | €24,507 | -€28,058 | -53.4% |
| Other operating charges | 640/8 | €2,517 | €2,961 | +€443 | +17.6% |
| Gross operating margin | 9900 | €181,871 | €188,676 | +€6,805 | +3.7% |
| Operating profit (loss) | 9901 | €126,789 | €161,209 | +€34,420 | +27.1% |
| Financial income | 75/76B | €6,227 | €197 | -€6,030 | -96.8% |
| Recurring financial income | 75 | €6,227 | €197 | -€6,030 | -96.8% |
| Financial charges | 65/66B | €6,437 | €7,377 | +€940 | +14.6% |
| Recurring financial charges | 65 | €6,437 | €7,377 | +€940 | +14.6% |
| Profit (loss) for the period before taxes | 9903 | €126,579 | €154,029 | +€27,450 | +21.7% |
| Income taxes | 67/77 | €27,830 | €32,998 | +€5,168 | +18.6% |
| Profit (loss) for the period | 9904 | €98,749 | €121,031 | +€22,282 | +22.6% |
| Profit (loss) for the period to be appropriated | 9905 | €98,749 | €121,031 | +€22,282 | +22.6% |
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 11 October 2026 via checked.be.