Matsa: 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.
Matsa
Largest movements
- Cash -€100,434
down €100,434 (-94.8%), from €105,940 to €5,506
mainly Tax, wage and social debts (-€115,303) and Investment in fixed assets (net) (-€20,363)
- Tangible fixed assets +€17,239
new in 2025: €17,239
- Tax, wage and social debts -€115,303
down €115,303 (-97.2%), from €118,598 to €3,295
of which Taxes: -€93,882
- Profit (loss) carried forward +€36,898
up €36,898, from -€17,227 to €19,671
- Financial income +€56,955
up €56,955 (+4525.5%), from €1,259 to €58,213
- Taxes -€5,190
down €5,190, from €378 to -€4,812
- Gross operating margin -€4,855
down €4,855 (-28.6%), from -€16,948 to -€21,803
- Depreciation +€3,124
new in 2025: €3,124
- Staff costs -€331
no longer reported in 2025 (was €331)
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 | €646,941 | €564,022 | -€82,919 | -12.8% |
| Fixed assets | 21/28 | - | €17,239 | +€17,239 | |
| Tangible fixed assets | 22/27 | - | €17,239 | +€17,239 | |
| Furniture and vehicles | 24 | - | €17,239 | +€17,239 | |
| Current assets | 29/58 | €646,941 | €546,784 | -€100,158 | -15.5% |
| Amounts receivable after more than one year | 29 | €100,000 | €100,000 | = | 0.0% |
| Other amounts receivable | 291 | €100,000 | €100,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €40,609 | €44,465 | +€3,855 | +9.5% |
| Trade receivables | 40 | €28,075 | €23,994 | -€4,081 | -14.5% |
| Other amounts receivable | 41 | €12,534 | €20,471 | +€7,937 | +63.3% |
| Current investments | 50/53 | €400,392 | €396,813 | -€3,579 | -0.9% |
| Cash at bank and in hand | 54/58 | €105,940 | €5,506 | -€100,434 | -94.8% |
| Total equity and liabilities | 10/49 | €646,941 | €564,022 | -€82,919 | -12.8% |
| Equity | 10/15 | €499,573 | €536,471 | +€36,898 | +7.4% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €513,800 | €513,800 | = | 0.0% |
| Non-distributable reserves | 130/1 | €300 | €300 | = | 0.0% |
| Reserves not available under the articles | 1311 | €300 | €300 | = | 0.0% |
| Distributable reserves | 133 | €513,500 | €513,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€17,227 | €19,671 | +€36,898 | |
| Amounts payable | 17/49 | €147,369 | €27,552 | -€119,817 | -81.3% |
| Amounts payable within one year | 42/48 | €147,369 | €27,552 | -€119,817 | -81.3% |
| Trade debts | 44 | €27,194 | €24,257 | -€2,937 | -10.8% |
| Suppliers | 440/4 | €27,194 | €24,257 | -€2,937 | -10.8% |
| Taxes, remuneration and social security | 45 | €118,598 | €3,295 | -€115,303 | -97.2% |
| Taxes | 450/3 | €97,177 | €3,295 | -€93,882 | -96.6% |
| Remuneration and social security | 454/9 | €21,420 | - | -€21,420 | |
| Other amounts payable | 47/48 | €1,577 | - | -€1,577 | |
| Non-recurring operating income | 76A | €11,982 | - | -€11,982 | |
| Remuneration, social security and pensions | 62 | €331 | - | -€331 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €3,124 | +€3,124 | |
| Other operating charges | 640/8 | €694 | €843 | +€148 | +21.4% |
| Gross operating margin | 9900 | -€16,948 | -€21,803 | -€4,855 | -28.6% |
| Operating profit (loss) | 9901 | -€17,974 | -€25,770 | -€7,796 | -43.4% |
| Financial income | 75/76B | €1,259 | €58,213 | +€56,955 | +4525.5% |
| Recurring financial income | 75 | €1,259 | €58,213 | +€56,955 | +4525.5% |
| Financial charges | 65/66B | €134 | €357 | +€223 | +166.5% |
| Recurring financial charges | 65 | €134 | €357 | +€223 | +166.5% |
| Profit (loss) for the period before taxes | 9903 | -€16,849 | €32,086 | +€48,935 | |
| Income taxes | 67/77 | €378 | -€4,812 | -€5,190 | |
| Profit (loss) for the period | 9904 | -€17,227 | €36,898 | +€54,125 | |
| Profit (loss) for the period to be appropriated | 9905 | -€17,227 | €36,898 | +€54,125 |
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 6 October 2026 via checked.be.