Matthias De Foer: what changed
Matthias De Foer
Largest movements
- Receivables within one year +€64,439
up €64,439 (+308%), from €20,891 to €85,329
of which Trade receivables: +€42,954
- Cash -€19,453
down €19,453 (-32.2%), from €60,355 to €40,902
mainly Receivables within one year (-€64,439) and Investment in fixed assets (net) (-€11,482)
- Tangible fixed assets +€7,746
up €7,746 (+127%), from €6,076 to €13,822
- Advances received +€47,184
new in 2025: €47,184
- Trade debts +€4,389
up €4,389 (+144%), from €3,053 to €7,442
- Profit (loss) carried forward +€3,148
up €3,148 (+3.4%), from €91,624 to €94,772
- Tax, wage and social debts -€1,989
down €1,989 (-5.1%), from €39,143 to €37,155
- Gross operating margin -€103,678
down €103,678 (-87.6%), from €118,303 to €14,626
- Taxes -€18,351
down €18,351 (-74.7%), from €24,560 to €6,209
- Depreciation +€2,615
up €2,615 (+233%), from €1,121 to €3,736
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €135,820 | €188,552 | +€52,732 | +38.8% |
| Fixed assets | 21/28 | €54,574 | €62,320 | +€7,746 | +14.2% |
| Tangible fixed assets | 22/27 | €6,076 | €13,822 | +€7,746 | +127% |
| Furniture and vehicles | 24 | €6,076 | €13,822 | +€7,746 | +127% |
| Financial fixed assets | 28 | €48,498 | €48,498 | = | 0.0% |
| Current assets | 29/58 | €81,246 | €126,232 | +€44,986 | +55.4% |
| Amounts receivable within one year | 40/41 | €20,891 | €85,329 | +€64,439 | +308% |
| Trade receivables | 40 | €17,604 | €60,557 | +€42,954 | +244% |
| Other amounts receivable | 41 | €3,287 | €24,772 | +€21,485 | +654% |
| Cash at bank and in hand | 54/58 | €60,355 | €40,902 | -€19,453 | -32.2% |
| Total equity and liabilities | 10/49 | €135,820 | €188,552 | +€52,732 | +38.8% |
| Equity | 10/15 | €93,624 | €96,772 | +€3,148 | +3.4% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €91,624 | €94,772 | +€3,148 | +3.4% |
| Amounts payable | 17/49 | €42,196 | €91,781 | +€49,585 | +118% |
| Amounts payable within one year | 42/48 | €42,196 | €91,781 | +€49,585 | +118% |
| Trade debts | 44 | €3,053 | €7,442 | +€4,389 | +144% |
| Suppliers | 440/4 | €3,053 | €7,442 | +€4,389 | +144% |
| Advances received on contracts in progress | 46 | - | €47,184 | +€47,184 | |
| Taxes, remuneration and social security | 45 | €39,143 | €37,155 | -€1,989 | -5.1% |
| Taxes | 450/3 | €39,143 | €37,155 | -€1,989 | -5.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,121 | €3,736 | +€2,615 | +233% |
| Other operating charges | 640/8 | €63 | €687 | +€624 | +989% |
| Gross operating margin | 9900 | €118,303 | €14,626 | -€103,678 | -87.6% |
| Operating profit (loss) | 9901 | €117,119 | €10,203 | -€106,917 | -91.3% |
| Financial income | 75/76B | €161 | €1,300 | +€1,139 | +708% |
| Recurring financial income | 75 | €161 | €1,300 | +€1,139 | +708% |
| Financial charges | 65/66B | €1,096 | €2,146 | +€1,051 | +95.9% |
| Recurring financial charges | 65 | €1,096 | €2,146 | +€1,051 | +95.9% |
| Profit (loss) for the period before taxes | 9903 | €116,184 | €9,357 | -€106,828 | -91.9% |
| Income taxes | 67/77 | €24,560 | €6,209 | -€18,351 | -74.7% |
| Profit (loss) for the period | 9904 | €91,624 | €3,148 | -€88,476 | -96.6% |
| Profit (loss) for the period to be appropriated | 9905 | €91,624 | €3,148 | -€88,476 | -96.6% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.