MATRAY, MATRAY & HALLET: 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.
MATRAY, MATRAY & HALLET
Largest movements
- Receivables within one year +€100,854
up €100,854 (+7.9%), from €1.3m to €1.4m
of which Trade receivables: +€88,819
- Cash -€94,262
down €94,262 (-29.5%), from €319,945 to €225,683
mainly Contributions, distributions and other (-€337,565) and Receivables within one year (-€100,854)
- Tangible fixed assets -€25,258
down €25,258 (-21.7%), from €116,173 to €90,915
of which Furniture and vehicles: -€29,992
- Short-term financial debts +€150,000
new in 2025: €150,000
- Trade debts +€111,147
up €111,147 (+45.9%), from €242,164 to €353,311
- Advances received -€81,604
down €81,604 (-98.9%), from €82,550 to €946
- Other debts -€76,798
down €76,798 (-17.8%), from €431,276 to €354,478
- Tax, wage and social debts -€54,764
down €54,764 (-19.3%), from €283,645 to €228,881
of which Remuneration and social security: -€34,347
- Gross operating margin +€264,768
up €264,768 (+23.3%), from €1.1m to €1.4m
- Write-downs -€79,185
down €79,185, from €30,305 to -€48,880
- Depreciation -€23,452
down €23,452 (-31.8%), from €73,751 to €50,299
- Staff costs +€18,262
up €18,262 (+1.9%), from €958,410 to €976,673
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 | €1,777,027 | €1,759,734 | -€17,293 | -1.0% |
| Fixed assets | 21/28 | €141,573 | €123,519 | -€18,054 | -12.8% |
| Intangible fixed assets | 21 | - | €7,204 | +€7,204 | |
| Tangible fixed assets | 22/27 | €116,173 | €90,915 | -€25,258 | -21.7% |
| Plant, machinery and equipment | 23 | €36,438 | €41,172 | +€4,734 | +13.0% |
| Furniture and vehicles | 24 | €79,735 | €49,743 | -€29,992 | -37.6% |
| Financial fixed assets | 28 | €25,400 | €25,400 | = | 0.0% |
| Current assets | 29/58 | €1,635,454 | €1,636,215 | +€761 | 0.0% |
| Amounts receivable within one year | 40/41 | €1,270,778 | €1,371,632 | +€100,854 | +7.9% |
| Trade receivables | 40 | €1,221,891 | €1,310,710 | +€88,819 | +7.3% |
| Other amounts receivable | 41 | €48,887 | €60,923 | +€12,036 | +24.6% |
| Cash at bank and in hand | 54/58 | €319,945 | €225,683 | -€94,262 | -29.5% |
| Deferred charges and accrued income | 490/1 | €44,732 | €38,900 | -€5,831 | -13.0% |
| Total equity and liabilities | 10/49 | €1,777,027 | €1,759,734 | -€17,293 | -1.0% |
| Equity | 10/15 | €673,785 | €659,582 | -€14,203 | -2.1% |
| Contributions | 10/11 | €111,268 | €106,860 | -€4,408 | -4.0% |
| Reserves | 13 | €266,986 | €233,829 | -€33,158 | -12.4% |
| Non-distributable reserves | 130/1 | €23,426 | €23,426 | = | 0.0% |
| Reserves not available under the articles | 1311 | €23,426 | €23,426 | = | 0.0% |
| Distributable reserves | 133 | €243,560 | €210,403 | -€33,158 | -13.6% |
| Profit (loss) carried forward | 14 | €295,531 | €318,893 | +€23,362 | +7.9% |
| Provisions and deferred taxes | 16 | €9,062 | €12,537 | +€3,474 | +38.3% |
| Provisions for liabilities and charges | 160/5 | €9,062 | €12,537 | +€3,474 | +38.3% |
| Other liabilities and charges | 164/5 | €9,062 | €12,537 | +€3,474 | +38.3% |
| Amounts payable | 17/49 | €1,094,179 | €1,087,615 | -€6,564 | -0.6% |
| Amounts payable within one year | 42/48 | €1,094,179 | €1,087,615 | -€6,564 | -0.6% |
| Current portion of amounts payable after more than one year | 42 | €54,545 | - | -€54,545 | |
| Financial debts | 43 | - | €150,000 | +€150,000 | |
| Credit institutions | 430/8 | - | €150,000 | +€150,000 | |
| Trade debts | 44 | €242,164 | €353,311 | +€111,147 | +45.9% |
| Suppliers | 440/4 | €242,164 | €353,311 | +€111,147 | +45.9% |
| Advances received on contracts in progress | 46 | €82,550 | €946 | -€81,604 | -98.9% |
| Taxes, remuneration and social security | 45 | €283,645 | €228,881 | -€54,764 | -19.3% |
| Taxes | 450/3 | €129,089 | €108,673 | -€20,416 | -15.8% |
| Remuneration and social security | 454/9 | €154,556 | €120,208 | -€34,347 | -22.2% |
| Other amounts payable | 47/48 | €431,276 | €354,478 | -€76,798 | -17.8% |
| Non-recurring operating income | 76A | €17,345 | - | -€17,345 | |
| Remuneration, social security and pensions | 62 | €958,410 | €976,673 | +€18,262 | +1.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €73,751 | €50,299 | -€23,452 | -31.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €30,305 | -€48,880 | -€79,185 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €264 | €3,474 | +€3,210 | +1,214% |
| Other operating charges | 640/8 | €8,583 | €5,908 | -€2,675 | -31.2% |
| Non-recurring operating charges | 66A | €68,252 | €88,877 | +€20,625 | +30.2% |
| Gross operating margin | 9900 | €1,135,736 | €1,400,504 | +€264,768 | +23.3% |
| Operating profit (loss) | 9901 | -€3,830 | €324,154 | +€327,984 | |
| Financial income | 75/76B | €4,196 | €2,843 | -€1,353 | -32.2% |
| Recurring financial income | 75 | €4,196 | €2,843 | -€1,353 | -32.2% |
| Financial charges | 65/66B | €3,012 | €1,166 | -€1,846 | -61.3% |
| Recurring financial charges | 65 | €3,012 | €1,166 | -€1,846 | -61.3% |
| Profit (loss) for the period before taxes | 9903 | -€2,646 | €325,831 | +€328,477 | |
| Income taxes | 67/77 | €3,710 | €2,469 | -€1,241 | -33.4% |
| Profit (loss) for the period | 9904 | -€6,356 | €323,362 | +€329,718 | |
| Profit (loss) for the period to be appropriated | 9905 | -€6,356 | €323,362 | +€329,718 |
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 14 October 2026 via checked.be.