MATTHIEU TOUSSAINT: 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.
MATTHIEU TOUSSAINT
Largest movements
- Current investments +€294,438
up €294,438 (+50.2%), from €586,177 to €880,616
- Cash -€158,286
down €158,286 (-61.3%), from €258,108 to €99,822
mainly Current investments (-€294,438) and Tax, wage and social debts (-€54,554)
- Reserves +€178,660
up €178,660 (+16.3%), from €1.1m to €1.3m
- Tax, wage and social debts -€54,554
down €54,554 (-97.6%), from €55,904 to €1,350
- Financial income +€141,857
up €141,857 (+278%), from €50,962 to €192,819
of which Non-recurring financial income: +€97,262
- Depreciation -€7,794
down €7,794 (-62.1%), from €12,560 to €4,766
- Taxes +€6,284
up €6,284 (+1,606%), from €391 to €6,675
- Other operating charges +€4,598
up €4,598 (+297%), from €1,546 to €6,144
- Gross operating margin +€2,211
up €2,211 (+70.0%), from €3,156 to €5,366
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 | €1,236,796 | €1,360,505 | +€123,710 | +10.0% |
| Fixed assets | 21/28 | €278,585 | €273,820 | -€4,766 | -1.7% |
| Tangible fixed assets | 22/27 | €14,252 | €9,486 | -€4,766 | -33.4% |
| Furniture and vehicles | 24 | €14,252 | €9,486 | -€4,766 | -33.4% |
| Financial fixed assets | 28 | €264,333 | €264,333 | = | 0.0% |
| Current assets | 29/58 | €958,210 | €1,086,686 | +€128,475 | +13.4% |
| Amounts receivable within one year | 40/41 | €112,650 | €101,701 | -€10,949 | -9.7% |
| Trade receivables | 40 | €12,113 | €332 | -€11,781 | -97.3% |
| Other amounts receivable | 41 | €100,538 | €101,370 | +€832 | +0.8% |
| Current investments | 50/53 | €586,177 | €880,616 | +€294,438 | +50.2% |
| Cash at bank and in hand | 54/58 | €258,108 | €99,822 | -€158,286 | -61.3% |
| Deferred charges and accrued income | 490/1 | €1,274 | €4,546 | +€3,272 | +257% |
| Total equity and liabilities | 10/49 | €1,236,796 | €1,360,505 | +€123,710 | +10.0% |
| Equity | 10/15 | €1,116,195 | €1,294,855 | +€178,660 | +16.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,097,595 | €1,276,255 | +€178,660 | +16.3% |
| Distributable reserves | 133 | €1,097,595 | €1,276,255 | +€178,660 | +16.3% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €120,600 | €65,650 | -€54,950 | -45.6% |
| Amounts payable within one year | 42/48 | €120,600 | €64,652 | -€55,948 | -46.4% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €1,214 | €3,015 | +€1,801 | +148% |
| Suppliers | 440/4 | €1,214 | €3,015 | +€1,801 | +148% |
| Taxes, remuneration and social security | 45 | €55,904 | €1,350 | -€54,554 | -97.6% |
| Taxes | 450/3 | €55,904 | €1,350 | -€54,554 | -97.6% |
| Other amounts payable | 47/48 | €63,483 | €60,287 | -€3,195 | -5.0% |
| Accrued charges and deferred income | 492/3 | - | €998 | +€998 | |
| Non-recurring operating income | 76A | - | €8,264 | +€8,264 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,560 | €4,766 | -€7,794 | -62.1% |
| Other operating charges | 640/8 | €1,546 | €6,144 | +€4,598 | +297% |
| Gross operating margin | 9900 | €3,156 | €5,366 | +€2,211 | +70.0% |
| Operating profit (loss) | 9901 | -€10,950 | -€5,543 | +€5,406 | +49.4% |
| Financial income | 75/76B | €50,962 | €192,819 | +€141,857 | +278% |
| Recurring financial income | 75 | €2,624 | €47,219 | +€44,595 | +1,699% |
| Non-recurring financial income | 76B | €48,338 | €145,600 | +€97,262 | +201% |
| Financial charges | 65/66B | €926 | €1,941 | +€1,015 | +110% |
| Recurring financial charges | 65 | €926 | €1,941 | +€1,015 | +110% |
| Profit (loss) for the period before taxes | 9903 | €39,086 | €185,334 | +€146,248 | +374% |
| Income taxes | 67/77 | €391 | €6,675 | +€6,284 | +1,606% |
| Profit (loss) for the period | 9904 | €38,695 | €178,660 | +€139,965 | +362% |
| Profit (loss) for the period to be appropriated | 9905 | €38,695 | €178,660 | +€139,965 | +362% |
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 26 October 2026 via checked.be.