MATRABOW: 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.
MATRABOW
Largest movements
- Cash -€145,730
down €145,730 (-42.8%), from €340,128 to €194,399
mainly Short-term financial debts (-€173,000) and Current portion of long-term debt (-€61,811)
- Tangible fixed assets -€63,232
down €63,232 (-3.4%), from €1.8m to €1.8m
- Short-term financial debts -€173,000
down €173,000 (-40.9%), from €423,000 to €250,000
- Current portion of long-term debt -€61,811
no longer reported in 2025 (was €61,811)
- Financial income -€403,220
down €403,220 (-83.5%), from €482,716 to €79,496
of which Non-recurring financial income: -€482,654
- Financial charges -€39,920
down €39,920 (-68.6%), from €58,179 to €18,258
- Staff costs -€18,883
no longer reported in 2025 (was €18,883)
- Other operating charges -€15,295
down €15,295 (-50.0%), from €30,611 to €15,316
- Gross operating margin +€13,309
up €13,309 (+45.8%), from €29,084 to €42,393
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 | €2,426,668 | €2,216,353 | -€210,315 | -8.7% |
| Fixed assets | 21/28 | €2,082,723 | €2,019,491 | -€63,232 | -3.0% |
| Tangible fixed assets | 22/27 | €1,848,217 | €1,784,985 | -€63,232 | -3.4% |
| Land and buildings | 22 | €1,848,217 | €1,784,985 | -€63,232 | -3.4% |
| Financial fixed assets | 28 | €234,506 | €234,506 | = | 0.0% |
| Current assets | 29/58 | €343,945 | €196,862 | -€147,083 | -42.8% |
| Amounts receivable within one year | 40/41 | €2,116 | €2,004 | -€112 | -5.3% |
| Other amounts receivable | 41 | €2,116 | €2,004 | -€112 | -5.3% |
| Cash at bank and in hand | 54/58 | €340,128 | €194,399 | -€145,730 | -42.8% |
| Deferred charges and accrued income | 490/1 | €1,700 | €459 | -€1,241 | -73.0% |
| Total equity and liabilities | 10/49 | €2,426,668 | €2,216,353 | -€210,315 | -8.7% |
| Equity | 10/15 | €1,931,093 | €1,952,583 | +€21,489 | +1.1% |
| Contributions | 10/11 | €308,600 | €308,600 | = | 0.0% |
| Reserves | 13 | €1,622,493 | €1,643,983 | +€21,489 | +1.3% |
| Tax-exempt reserves | 132 | €38,906 | €38,906 | = | 0.0% |
| Distributable reserves | 133 | €1,583,587 | €1,605,076 | +€21,489 | +1.4% |
| Amounts payable | 17/49 | €495,575 | €263,770 | -€231,805 | -46.8% |
| Amounts payable within one year | 42/48 | €495,575 | €259,917 | -€235,658 | -47.6% |
| Current portion of amounts payable after more than one year | 42 | €61,811 | - | -€61,811 | |
| Financial debts | 43 | €423,000 | €250,000 | -€173,000 | -40.9% |
| Credit institutions | 430/8 | €423,000 | €250,000 | -€173,000 | -40.9% |
| Trade debts | 44 | €1,412 | €1,792 | +€380 | +26.9% |
| Suppliers | 440/4 | €1,412 | €1,792 | +€380 | +26.9% |
| Other amounts payable | 47/48 | €9,352 | €8,125 | -€1,227 | -13.1% |
| Accrued charges and deferred income | 492/3 | - | €3,853 | +€3,853 | |
| Remuneration, social security and pensions | 62 | €18,883 | - | -€18,883 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €66,594 | €66,824 | +€230 | +0.3% |
| Other operating charges | 640/8 | €30,611 | €15,316 | -€15,295 | -50.0% |
| Gross operating margin | 9900 | €29,084 | €42,393 | +€13,309 | +45.8% |
| Operating profit (loss) | 9901 | -€87,004 | -€39,748 | +€47,256 | +54.3% |
| Financial income | 75/76B | €482,716 | €79,496 | -€403,220 | -83.5% |
| Recurring financial income | 75 | €63 | €79,496 | +€79,433 | +126485.9% |
| Non-recurring financial income | 76B | €482,654 | - | -€482,654 | |
| Financial charges | 65/66B | €58,179 | €18,258 | -€39,920 | -68.6% |
| Recurring financial charges | 65 | €58,179 | €18,258 | -€39,920 | -68.6% |
| Profit (loss) for the period before taxes | 9903 | €337,534 | €21,489 | -€316,044 | -93.6% |
| Profit (loss) for the period | 9904 | €337,534 | €21,489 | -€316,044 | -93.6% |
| Profit (loss) for the period to be appropriated | 9905 | €337,534 | €21,489 | -€316,044 | -93.6% |
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 1 October 2026 via checked.be.