Matterhorn: 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.
Matterhorn
Largest movements
- Current investments +€250,000
up €250,000 (+71.4%), from €350,000 to €600,000
- Receivables within one year -€126,433
down €126,433 (-14.7%), from €859,601 to €733,168
of which Trade receivables: -€118,580
- Cash -€62,445
down €62,445 (-44.3%), from €141,069 to €78,624
mainly Current investments (-€250,000) and Contributions, distributions and other (-€138,361)
- Deferred charges and accrued income +€20,752
up €20,752 (+60.2%), from €34,473 to €55,225
- Reserves +€132,667
up €132,667 (+11.1%), from €1.2m to €1.3m
of which Distributable reserves: +€132,667
- Tax, wage and social debts -€76,699
down €76,699 (-44.1%), from €173,725 to €97,026
of which Taxes: -€84,757
- Gross operating margin -€68,935
down €68,935 (-13.6%), from €507,125 to €438,189
- Taxes -€30,006
down €30,006 (-19.8%), from €151,601 to €121,596
- Staff costs +€19,928
up €19,928 (+102%), from €19,534 to €39,462
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 | €1,407,662 | €1,475,594 | +€67,932 | +4.8% |
| Fixed assets | 21/28 | €22,519 | €8,577 | -€13,941 | -61.9% |
| Tangible fixed assets | 22/27 | €22,519 | €8,577 | -€13,941 | -61.9% |
| Land and buildings | 22 | €1,491 | - | -€1,491 | |
| Plant, machinery and equipment | 23 | €325 | €69 | -€256 | -78.7% |
| Furniture and vehicles | 24 | €19,420 | €6,575 | -€12,845 | -66.1% |
| Other tangible fixed assets | 26 | €1,282 | €1,933 | +€651 | +50.8% |
| Current assets | 29/58 | €1,385,143 | €1,467,016 | +€81,873 | +5.9% |
| Amounts receivable within one year | 40/41 | €859,601 | €733,168 | -€126,433 | -14.7% |
| Trade receivables | 40 | €561,440 | €442,860 | -€118,580 | -21.1% |
| Other amounts receivable | 41 | €298,161 | €290,308 | -€7,853 | -2.6% |
| Current investments | 50/53 | €350,000 | €600,000 | +€250,000 | +71.4% |
| Cash at bank and in hand | 54/58 | €141,069 | €78,624 | -€62,445 | -44.3% |
| Deferred charges and accrued income | 490/1 | €34,473 | €55,225 | +€20,752 | +60.2% |
| Total equity and liabilities | 10/49 | €1,407,662 | €1,475,594 | +€67,932 | +4.8% |
| Equity | 10/15 | €1,217,054 | €1,349,722 | +€132,667 | +10.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,198,454 | €1,331,122 | +€132,667 | +11.1% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,196,594 | €1,329,262 | +€132,667 | +11.1% |
| Amounts payable | 17/49 | €190,608 | €125,872 | -€64,736 | -34.0% |
| Amounts payable within one year | 42/48 | €190,608 | €125,872 | -€64,736 | -34.0% |
| Trade debts | 44 | €1,786 | €8,027 | +€6,241 | +349% |
| Suppliers | 440/4 | €1,786 | €8,027 | +€6,241 | +349% |
| Taxes, remuneration and social security | 45 | €173,725 | €97,026 | -€76,699 | -44.1% |
| Taxes | 450/3 | €173,725 | €88,968 | -€84,757 | -48.8% |
| Remuneration and social security | 454/9 | - | €8,058 | +€8,058 | |
| Other amounts payable | 47/48 | €15,097 | €20,819 | +€5,722 | +37.9% |
| Remuneration, social security and pensions | 62 | €19,534 | €39,462 | +€19,928 | +102% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,714 | €13,941 | +€227 | +1.7% |
| Other operating charges | 640/8 | - | €1,396 | +€1,396 | |
| Gross operating margin | 9900 | €507,125 | €438,189 | -€68,935 | -13.6% |
| Operating profit (loss) | 9901 | €473,877 | €383,391 | -€90,486 | -19.1% |
| Financial income | 75/76B | €13,816 | €9,395 | -€4,421 | -32.0% |
| Recurring financial income | 75 | €13,816 | €9,395 | -€4,421 | -32.0% |
| Financial charges | 65/66B | €157 | €161 | +€4 | +2.5% |
| Recurring financial charges | 65 | €157 | €161 | +€4 | +2.5% |
| Profit (loss) for the period before taxes | 9903 | €487,536 | €392,624 | -€94,911 | -19.5% |
| Income taxes | 67/77 | €151,601 | €121,596 | -€30,006 | -19.8% |
| Profit (loss) for the period | 9904 | €335,934 | €271,029 | -€64,905 | -19.3% |
| Profit (loss) for the period to be appropriated | 9905 | €335,934 | €271,029 | -€64,905 | -19.3% |
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 21 October 2026 via checked.be.