MATTHIAS BEKAERT: 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.
MATTHIAS BEKAERT
Largest movements
- Receivables within one year -€107,785
down €107,785 (-48.7%), from €221,342 to €113,558
of which Trade receivables: -€102,703
- Current investments +€22,550
new in 2025: €22,550
- Cash +€7,347
up €7,347 (+65.2%), from €11,265 to €18,611
mainly Receivables within one year (+€107,785) and Net result for the year (+€27,935)
- Trade debts -€82,002
down €82,002 (-97.0%), from €84,531 to €2,529
- Reserves +€27,935
up €27,935 (+25.6%), from €109,098 to €137,033
- Advances received -€16,335
down €16,335 (-100%), from €16,335 to €0
- Current portion of long-term debt -€3,925
down €3,925 (-100%), from €3,925 to €0
- Financial income -€96,828
down €96,828 (-100%), from €96,828 to €0
- Gross operating margin +€32,378
up €32,378 (+317%), from €10,216 to €42,594
- Taxes +€6,748
up €6,748 (+427%), from €1,580 to €8,328
- Depreciation -€984
down €984 (-17.0%), from €5,792 to €4,808
- Other operating charges -€921
down €921 (-40.3%), from €2,284 to €1,363
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 | €236,564 | €158,857 | -€77,707 | -32.8% |
| Fixed assets | 21/28 | €3,957 | €4,138 | +€181 | +4.6% |
| Tangible fixed assets | 22/27 | €3,957 | €4,138 | +€181 | +4.6% |
| Land and buildings | 22 | - | €3,132 | +€3,132 | |
| Plant, machinery and equipment | 23 | - | €1,006 | +€1,006 | |
| Furniture and vehicles | 24 | €3,957 | €0 | -€3,957 | -100% |
| Current assets | 29/58 | €232,607 | €154,719 | -€77,888 | -33.5% |
| Amounts receivable within one year | 40/41 | €221,342 | €113,558 | -€107,785 | -48.7% |
| Trade receivables | 40 | €119,434 | €16,730 | -€102,703 | -86.0% |
| Other amounts receivable | 41 | €101,909 | €96,828 | -€5,081 | -5.0% |
| Current investments | 50/53 | - | €22,550 | +€22,550 | |
| Cash at bank and in hand | 54/58 | €11,265 | €18,611 | +€7,347 | +65.2% |
| Total equity and liabilities | 10/49 | €236,564 | €158,857 | -€77,707 | -32.8% |
| Equity | 10/15 | €112,098 | €140,033 | +€27,935 | +24.9% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €109,098 | €137,033 | +€27,935 | +25.6% |
| Distributable reserves | 133 | €109,098 | €137,033 | +€27,935 | +25.6% |
| Amounts payable | 17/49 | €124,465 | €18,824 | -€105,642 | -84.9% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €124,465 | €18,824 | -€105,642 | -84.9% |
| Current portion of amounts payable after more than one year | 42 | €3,925 | €0 | -€3,925 | -100% |
| Trade debts | 44 | €84,531 | €2,529 | -€82,002 | -97.0% |
| Suppliers | 440/4 | €84,531 | €2,529 | -€82,002 | -97.0% |
| Advances received on contracts in progress | 46 | €16,335 | €0 | -€16,335 | -100% |
| Taxes, remuneration and social security | 45 | €16,465 | €14,208 | -€2,257 | -13.7% |
| Taxes | 450/3 | €16,465 | €14,208 | -€2,257 | -13.7% |
| Other amounts payable | 47/48 | €3,210 | €2,087 | -€1,123 | -35.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,792 | €4,808 | -€984 | -17.0% |
| Other operating charges | 640/8 | €2,284 | €1,363 | -€921 | -40.3% |
| Gross operating margin | 9900 | €10,216 | €42,594 | +€32,378 | +317% |
| Operating profit (loss) | 9901 | €2,140 | €36,424 | +€34,284 | +1,602% |
| Financial income | 75/76B | €96,828 | €0 | -€96,828 | -100% |
| Recurring financial income | 75 | €96,828 | €0 | -€96,828 | -100% |
| Financial charges | 65/66B | €434 | €161 | -€273 | -62.8% |
| Recurring financial charges | 65 | €434 | €161 | -€273 | -62.8% |
| Profit (loss) for the period before taxes | 9903 | €98,534 | €36,263 | -€62,271 | -63.2% |
| Income taxes | 67/77 | €1,580 | €8,328 | +€6,748 | +427% |
| Profit (loss) for the period | 9904 | €96,954 | €27,935 | -€69,019 | -71.2% |
| Profit (loss) for the period to be appropriated | 9905 | €96,954 | €27,935 | -€69,019 | -71.2% |
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 20 October 2026 via checked.be.