MATIMAT: 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.
MATIMAT
Largest movements
- Cash +€119,468
up €119,468 (+36.9%), from €323,651 to €443,119
mainly Depreciation (+€95,693) and Net result for the year (+€43,329)
- Tangible fixed assets -€95,120
down €95,120 (-6.1%), from €1.6m to €1.5m
of which Land and buildings: -€82,470
- Reserves +€43,329
up €43,329 (+2.0%), from €2.2m to €2.3m
of which Distributable reserves: +€63,175
- Financial income -€2.0m
down €2.0m (-99.4%), from €2.0m to €12,420
- Gross operating margin -€119,937
down €119,937 (-43.9%), from €272,979 to €153,043
- Taxes -€27,485
down €27,485 (-56.6%), from €48,535 to €21,050
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 | €3,641,772 | €3,677,768 | +€35,996 | +1.0% |
| Fixed assets | 21/28 | €2,561,573 | €2,466,454 | -€95,120 | -3.7% |
| Tangible fixed assets | 22/27 | €1,557,250 | €1,462,130 | -€95,120 | -6.1% |
| Land and buildings | 22 | €1,515,335 | €1,432,865 | -€82,470 | -5.4% |
| Furniture and vehicles | 24 | €41,915 | €29,265 | -€12,650 | -30.2% |
| Financial fixed assets | 28 | €1,004,323 | €1,004,323 | = | 0.0% |
| Current assets | 29/58 | €1,080,199 | €1,211,314 | +€131,115 | +12.1% |
| Amounts receivable within one year | 40/41 | €3,943 | €6,319 | +€2,376 | +60.3% |
| Other amounts receivable | 41 | €3,943 | €6,319 | +€2,376 | +60.3% |
| Current investments | 50/53 | €751,564 | €761,688 | +€10,123 | +1.3% |
| Cash at bank and in hand | 54/58 | €323,651 | €443,119 | +€119,468 | +36.9% |
| Deferred charges and accrued income | 490/1 | €1,041 | €189 | -€852 | -81.9% |
| Total equity and liabilities | 10/49 | €3,641,772 | €3,677,768 | +€35,996 | +1.0% |
| Equity | 10/15 | €3,531,865 | €3,575,194 | +€43,329 | +1.2% |
| Contributions | 10/11 | €1,310,000 | €1,310,000 | = | 0.0% |
| Reserves | 13 | €2,221,865 | €2,265,194 | +€43,329 | +2.0% |
| Tax-exempt reserves | 132 | €275,121 | €255,275 | -€19,846 | -7.2% |
| Distributable reserves | 133 | €1,946,745 | €2,009,919 | +€63,175 | +3.2% |
| Provisions and deferred taxes | 16 | €91,707 | €85,092 | -€6,615 | -7.2% |
| Deferred taxes | 168 | €91,707 | €85,092 | -€6,615 | -7.2% |
| Amounts payable | 17/49 | €18,200 | €17,482 | -€718 | -3.9% |
| Amounts payable within one year | 42/48 | €18,174 | €17,456 | -€717 | -3.9% |
| Trade debts | 44 | €1,412 | €3,339 | +€1,927 | +136.5% |
| Suppliers | 440/4 | €1,412 | €3,339 | +€1,927 | +136.5% |
| Taxes, remuneration and social security | 45 | €8,073 | €8,474 | +€401 | +5.0% |
| Taxes | 450/3 | €8,073 | €8,474 | +€401 | +5.0% |
| Other amounts payable | 47/48 | €8,689 | €5,643 | -€3,046 | -35.1% |
| Accrued charges and deferred income | 492/3 | €26 | €26 | -€0 | -0.6% |
| Non-recurring operating income | 76A | €128,884 | - | -€128,884 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €95,533 | €95,693 | +€160 | +0.2% |
| Other operating charges | 640/8 | €13,894 | €11,697 | -€2,197 | -15.8% |
| Gross operating margin | 9900 | €272,979 | €153,043 | -€119,937 | -43.9% |
| Operating profit (loss) | 9901 | €163,552 | €45,653 | -€117,900 | -72.1% |
| Financial income | 75/76B | €2,001,672 | €12,420 | -€2.0m | -99.4% |
| Recurring financial income | 75 | €2,001,672 | €12,420 | -€2.0m | -99.4% |
| Financial charges | 65/66B | €310 | €310 | -€0 | -0.1% |
| Recurring financial charges | 65 | €310 | €310 | -€0 | -0.1% |
| Profit (loss) for the period before taxes | 9903 | €2,164,914 | €57,763 | -€2.1m | -97.3% |
| Transfer from deferred taxes | 780 | €6,615 | €6,615 | = | 0.0% |
| Transfer to deferred taxes | 680 | €98,322 | - | -€98,322 | |
| Income taxes | 67/77 | €48,535 | €21,050 | -€27,485 | -56.6% |
| Profit (loss) for the period | 9904 | €2,024,672 | €43,329 | -€2.0m | -97.9% |
| Transfer from tax-exempt reserves | 789 | €118,169 | €19,846 | -€98,322 | -83.2% |
| Profit (loss) for the period to be appropriated | 9905 | €2,142,841 | €63,175 | -€2.1m | -97.1% |
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 4 October 2026 via checked.be.