MATTHE: 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.
MATTHE
Largest movements
- Receivables within one year +€31,604
up €31,604 (+31.7%), from €99,776 to €131,381
of which Trade receivables: +€33,672
- Cash -€16,562
down €16,562 (-10.3%), from €160,145 to €143,583
mainly Receivables within one year (-€31,604) and Contributions, distributions and other (-€8,760)
- Reserves +€22,527
up €22,527 (+19.2%), from €117,236 to €139,762
of which Distributable reserves: +€22,527
- Other debts -€8,100
down €8,100 (-50.4%), from €16,081 to €7,981
- Gross operating margin +€10,260
up €10,260 (+25.9%), from €39,615 to €49,875
- Depreciation -€3,612
down €3,612 (-48.0%), from €7,518 to €3,906
- Taxes +€3,501
up €3,501 (+40.7%), from €8,605 to €12,106
- Staff costs +€1,111
new in 2025: €1,111
- Other operating charges -€928
down €928 (-40.2%), from €2,309 to €1,381
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 | €264,850 | €282,446 | +€17,596 | +6.6% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €4,929 | €7,104 | +€2,175 | +44.1% |
| Tangible fixed assets | 22/27 | €4,929 | €7,104 | +€2,175 | +44.1% |
| Furniture and vehicles | 24 | €4,929 | €7,104 | +€2,175 | +44.1% |
| Current assets | 29/58 | €259,921 | €275,342 | +€15,421 | +5.9% |
| Amounts receivable within one year | 40/41 | €99,776 | €131,381 | +€31,604 | +31.7% |
| Trade receivables | 40 | €93,551 | €127,223 | +€33,672 | +36.0% |
| Other amounts receivable | 41 | €6,225 | €4,158 | -€2,067 | -33.2% |
| Cash at bank and in hand | 54/58 | €160,145 | €143,583 | -€16,562 | -10.3% |
| Deferred charges and accrued income | 490/1 | - | €378 | +€378 | |
| Total equity and liabilities | 10/49 | €264,850 | €282,446 | +€17,596 | +6.6% |
| Equity | 10/15 | €238,470 | €260,997 | +€22,527 | +9.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €117,236 | €139,762 | +€22,527 | +19.2% |
| Tax-exempt reserves | 132 | €4,879 | €4,879 | = | 0.0% |
| Distributable reserves | 133 | €112,357 | €134,883 | +€22,527 | +20.0% |
| Profit (loss) carried forward | 14 | €115,035 | €115,035 | = | 0.0% |
| Amounts payable | 17/49 | €26,380 | €21,448 | -€4,931 | -18.7% |
| Amounts payable within one year | 42/48 | €19,997 | €15,066 | -€4,931 | -24.7% |
| Trade debts | 44 | €3,137 | €4,583 | +€1,446 | +46.1% |
| Suppliers | 440/4 | €3,137 | €4,583 | +€1,446 | +46.1% |
| Taxes, remuneration and social security | 45 | €779 | €2,502 | +€1,723 | +221.3% |
| Taxes | 450/3 | €450 | €2,502 | +€2,051 | +455.4% |
| Remuneration and social security | 454/9 | €328 | - | -€328 | |
| Other amounts payable | 47/48 | €16,081 | €7,981 | -€8,100 | -50.4% |
| Accrued charges and deferred income | 492/3 | €6,383 | €6,383 | = | 0.0% |
| Remuneration, social security and pensions | 62 | - | €1,111 | +€1,111 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,518 | €3,906 | -€3,612 | -48.0% |
| Other operating charges | 640/8 | €2,309 | €1,381 | -€928 | -40.2% |
| Gross operating margin | 9900 | €39,615 | €49,875 | +€10,260 | +25.9% |
| Operating profit (loss) | 9901 | €29,788 | €43,478 | +€13,690 | +46.0% |
| Financial income | 75/76B | €659 | €150 | -€509 | -77.3% |
| Recurring financial income | 75 | €659 | €150 | -€509 | -77.3% |
| Financial charges | 65/66B | €1,141 | €234 | -€907 | -79.5% |
| Recurring financial charges | 65 | €1,141 | €234 | -€907 | -79.5% |
| Profit (loss) for the period before taxes | 9903 | €29,306 | €43,393 | +€14,087 | +48.1% |
| Income taxes | 67/77 | €8,605 | €12,106 | +€3,501 | +40.7% |
| Profit (loss) for the period | 9904 | €20,701 | €31,287 | +€10,586 | +51.1% |
| Profit (loss) for the period to be appropriated | 9905 | €20,701 | €31,287 | +€10,586 | +51.1% |
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.