MATTHECOU: 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.
MATTHECOU
Largest movements
- Cash +€55,168
up €55,168 (+68.1%), from €81,058 to €136,226
mainly Depreciation (+€43,612) and Net result for the year (+€33,374)
- Reserves +€33,374
up €33,374 (+3.7%), from €906,121 to €939,495
of which Distributable reserves: +€33,841
- Accrued charges and deferred income +€21,042
up €21,042 (+78.9%), from €26,653 to €47,695
- Gross operating margin -€16,378
down €16,378 (-11.6%), from €141,628 to €125,250
- Financial charges -€8,439
down €8,439 (-21.2%), from €39,786 to €31,347
- Taxes -€2,901
down €2,901 (-16.9%), from €17,177 to €14,276
- Depreciation +€2,396
up €2,396 (+5.8%), from €41,216 to €43,612
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 | €1,426,254 | €1,492,202 | +€65,947 | +4.6% |
| Fixed assets | 21/28 | €1,320,512 | €1,328,163 | +€7,650 | +0.6% |
| Tangible fixed assets | 22/27 | €1,320,512 | €1,328,163 | +€7,650 | +0.6% |
| Land and buildings | 22 | €1,320,512 | €1,322,082 | +€1,570 | +0.1% |
| Plant, machinery and equipment | 23 | - | €856 | +€856 | |
| Furniture and vehicles | 24 | €0 | €5,224 | +€5,224 | |
| Current assets | 29/58 | €105,742 | €164,039 | +€58,297 | +55.1% |
| Amounts receivable within one year | 40/41 | €20,487 | €22,538 | +€2,051 | +10.0% |
| Trade receivables | 40 | €797 | €6,050 | +€5,253 | +659.2% |
| Other amounts receivable | 41 | €19,690 | €16,488 | -€3,202 | -16.3% |
| Cash at bank and in hand | 54/58 | €81,058 | €136,226 | +€55,168 | +68.1% |
| Deferred charges and accrued income | 490/1 | €4,198 | €5,276 | +€1,078 | +25.7% |
| Total equity and liabilities | 10/49 | €1,426,254 | €1,492,202 | +€65,947 | +4.6% |
| Equity | 10/15 | €912,321 | €945,695 | +€33,374 | +3.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €906,121 | €939,495 | +€33,374 | +3.7% |
| Tax-exempt reserves | 132 | €9,901 | €9,435 | -€467 | -4.7% |
| Distributable reserves | 133 | €896,220 | €930,061 | +€33,841 | +3.8% |
| Provisions and deferred taxes | 16 | €35,326 | €35,210 | -€117 | -0.3% |
| Provisions for liabilities and charges | 160/5 | €32,851 | €32,851 | = | 0.0% |
| Pensions and similar obligations | 160 | €32,851 | €32,851 | = | 0.0% |
| Deferred taxes | 168 | €2,475 | €2,359 | -€117 | -4.7% |
| Amounts payable | 17/49 | €478,607 | €511,297 | +€32,690 | +6.8% |
| Amounts payable after more than one year | 17 | €375,000 | €375,000 | = | 0.0% |
| Financial debts | 170/4 | €375,000 | €0 | -€375,000 | -100.0% |
| Other amounts payable | 178/9 | - | €375,000 | +€375,000 | |
| Amounts payable within one year | 42/48 | €76,953 | €88,602 | +€11,649 | +15.1% |
| Trade debts | 44 | €2,667 | €6,509 | +€3,843 | +144.1% |
| Suppliers | 440/4 | €2,667 | €6,509 | +€3,843 | +144.1% |
| Taxes, remuneration and social security | 45 | €25,833 | €36,455 | +€10,622 | +41.1% |
| Taxes | 450/3 | €18,009 | €20,668 | +€2,659 | +14.8% |
| Remuneration and social security | 454/9 | €7,824 | €15,788 | +€7,963 | +101.8% |
| Other amounts payable | 47/48 | €48,453 | €45,637 | -€2,816 | -5.8% |
| Accrued charges and deferred income | 492/3 | €26,653 | €47,695 | +€21,042 | +78.9% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,216 | €43,612 | +€2,396 | +5.8% |
| Other operating charges | 640/8 | €3,044 | €3,202 | +€157 | +5.2% |
| Gross operating margin | 9900 | €141,628 | €125,250 | -€16,378 | -11.6% |
| Operating profit (loss) | 9901 | €97,368 | €78,437 | -€18,931 | -19.4% |
| Financial income | 75/76B | €482 | €443 | -€39 | -8.1% |
| Recurring financial income | 75 | €482 | €443 | -€39 | -8.1% |
| Financial charges | 65/66B | €39,786 | €31,347 | -€8,439 | -21.2% |
| Recurring financial charges | 65 | €39,786 | €31,347 | -€8,439 | -21.2% |
| Profit (loss) for the period before taxes | 9903 | €58,064 | €47,533 | -€10,531 | -18.1% |
| Transfer from deferred taxes | 780 | €117 | €117 | = | 0.0% |
| Income taxes | 67/77 | €17,177 | €14,276 | -€2,901 | -16.9% |
| Profit (loss) for the period | 9904 | €41,004 | €33,374 | -€7,630 | -18.6% |
| Transfer from tax-exempt reserves | 789 | €467 | €467 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €41,471 | €33,841 | -€7,630 | -18.4% |
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 9 October 2026 via checked.be.