MATTE D’OR: 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.
MATTE D’OR
Largest movements
- Cash +€232,844
up €232,844 (+168%), from €138,559 to €371,403
mainly Net result for the year (+€260,180) and Depreciation (+€17,888)
- Receivables within one year +€28,174
up €28,174 (+15.0%), from €187,936 to €216,109
of which Trade receivables: +€33,522
- Tangible fixed assets -€11,305
down €11,305 (-37.4%), from €30,240 to €18,935
of which Leasing and similar rights: -€9,006
- Deferred charges and accrued income +€8,647
up €8,647 (+83.0%), from €10,414 to €19,061
- Reserves +€260,180
up €260,180 (+126%), from €206,078 to €466,258
- Current portion of long-term debt -€10,807
down €10,807 (-100%), from €10,807 to €0
- Trade debts +€6,506
up €6,506 (+6.2%), from €104,889 to €111,395
- Gross operating margin +€318,358
up €318,358 (+74.1%), from €429,735 to €748,093
- Staff costs +€97,878
up €97,878 (+35.1%), from €278,978 to €376,857
- Taxes +€55,383
up €55,383 (+172%), from €32,140 to €87,523
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 | €384,605 | €643,638 | +€259,033 | +67.4% |
| Fixed assets | 21/28 | €36,406 | €30,241 | -€6,165 | -16.9% |
| Intangible fixed assets | 21 | €5,417 | €10,556 | +€5,139 | +94.9% |
| Tangible fixed assets | 22/27 | €30,240 | €18,935 | -€11,305 | -37.4% |
| Plant, machinery and equipment | 23 | €9,234 | €5,987 | -€3,247 | -35.2% |
| Furniture and vehicles | 24 | - | €1,576 | +€1,576 | |
| Leasing and similar rights | 25 | €18,012 | €9,006 | -€9,006 | -50.0% |
| Other tangible fixed assets | 26 | €2,994 | €2,367 | -€627 | -21.0% |
| Financial fixed assets | 28 | €750 | €750 | = | 0.0% |
| Current assets | 29/58 | €348,198 | €613,397 | +€265,198 | +76.2% |
| Stocks and contracts in progress | 3 | €11,289 | €6,823 | -€4,466 | -39.6% |
| Stocks | 30/36 | €11,289 | €6,823 | -€4,466 | -39.6% |
| Amounts receivable within one year | 40/41 | €187,936 | €216,109 | +€28,174 | +15.0% |
| Trade receivables | 40 | €165,630 | €199,152 | +€33,522 | +20.2% |
| Other amounts receivable | 41 | €22,306 | €16,957 | -€5,349 | -24.0% |
| Cash at bank and in hand | 54/58 | €138,559 | €371,403 | +€232,844 | +168% |
| Deferred charges and accrued income | 490/1 | €10,414 | €19,061 | +€8,647 | +83.0% |
| Total equity and liabilities | 10/49 | €384,605 | €643,638 | +€259,033 | +67.4% |
| Equity | 10/15 | €224,678 | €484,858 | +€260,180 | +116% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €206,078 | €466,258 | +€260,180 | +126% |
| Distributable reserves | 133 | €206,078 | €466,258 | +€260,180 | +126% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €159,927 | €158,779 | -€1,147 | -0.7% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €159,927 | €158,779 | -€1,147 | -0.7% |
| Current portion of amounts payable after more than one year | 42 | €10,807 | €0 | -€10,807 | -100% |
| Trade debts | 44 | €104,889 | €111,395 | +€6,506 | +6.2% |
| Suppliers | 440/4 | €104,889 | €111,395 | +€6,506 | +6.2% |
| Taxes, remuneration and social security | 45 | €44,231 | €47,359 | +€3,128 | +7.1% |
| Remuneration and social security | 454/9 | €44,231 | €47,359 | +€3,128 | +7.1% |
| Other amounts payable | 47/48 | €0 | €26 | +€26 | |
| Remuneration, social security and pensions | 62 | €278,978 | €376,857 | +€97,878 | +35.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,012 | €17,888 | +€1,876 | +11.7% |
| Other operating charges | 640/8 | €8,361 | €3,531 | -€4,829 | -57.8% |
| Gross operating margin | 9900 | €429,735 | €748,093 | +€318,358 | +74.1% |
| Operating profit (loss) | 9901 | €126,384 | €349,817 | +€223,433 | +177% |
| Financial income | 75/76B | €520 | €1,254 | +€734 | +141% |
| Recurring financial income | 75 | €520 | €1,254 | +€734 | +141% |
| Financial charges | 65/66B | €3,525 | €3,367 | -€157 | -4.5% |
| Recurring financial charges | 65 | €3,525 | €3,367 | -€157 | -4.5% |
| Profit (loss) for the period before taxes | 9903 | €123,379 | €347,704 | +€224,325 | +182% |
| Income taxes | 67/77 | €32,140 | €87,523 | +€55,383 | +172% |
| Profit (loss) for the period | 9904 | €91,239 | €260,180 | +€168,941 | +185% |
| Profit (loss) for the period to be appropriated | 9905 | €91,239 | €260,180 | +€168,941 | +185% |
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 18 October 2026 via checked.be.