Matthijs-Holderbeke: 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.
Matthijs-Holderbeke
Largest movements
- Tangible fixed assets -€7,084
down €7,084 (-10.8%), from €65,381 to €58,296
of which Furniture and vehicles: -€7,420
- Cash -€1,614
down €1,614 (-2.6%), from €61,524 to €59,910
mainly Investment in fixed assets (net) (-€22,797) and Contributions, distributions and other (-€19,700)
- Debts after one year -€18,372
down €18,372 (-57.3%), from €32,078 to €13,705
- Trade debts +€15,758
up €15,758 (+156%), from €10,101 to €25,859
- Other debts -€4,505
down €4,505 (-21.2%), from €21,250 to €16,745
- Tax, wage and social debts -€3,170
down €3,170 (-37.0%), from €8,571 to €5,401
- Current portion of long-term debt +€1,506
up €1,506 (+8.0%), from €18,920 to €20,426
- Gross operating margin -€13,713
down €13,713 (-18.3%), from €75,033 to €61,320
- Taxes -€3,077
down €3,077 (-37.8%), from €8,134 to €5,057
- Depreciation +€1,562
up €1,562 (+5.5%), from €28,569 to €30,131
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 | €139,898 | €131,237 | -€8,661 | -6.2% |
| Fixed assets | 21/28 | €65,631 | €58,296 | -€7,334 | -11.2% |
| Tangible fixed assets | 22/27 | €65,381 | €58,296 | -€7,084 | -10.8% |
| Land and buildings | 22 | €14,534 | €12,796 | -€1,738 | -12.0% |
| Plant, machinery and equipment | 23 | €32,582 | €34,656 | +€2,074 | +6.4% |
| Furniture and vehicles | 24 | €18,264 | €10,844 | -€7,420 | -40.6% |
| Financial fixed assets | 28 | €250 | - | -€250 | |
| Current assets | 29/58 | €74,268 | €72,940 | -€1,327 | -1.8% |
| Stocks and contracts in progress | 3 | €214 | €286 | +€72 | +33.8% |
| Stocks | 30/36 | €214 | €286 | +€72 | +33.8% |
| Amounts receivable within one year | 40/41 | €9,902 | €10,073 | +€170 | +1.7% |
| Trade receivables | 40 | €2,627 | €1,666 | -€961 | -36.6% |
| Other amounts receivable | 41 | €7,276 | €8,406 | +€1,131 | +15.5% |
| Cash at bank and in hand | 54/58 | €61,524 | €59,910 | -€1,614 | -2.6% |
| Deferred charges and accrued income | 490/1 | €2,627 | €2,672 | +€45 | +1.7% |
| Total equity and liabilities | 10/49 | €139,898 | €131,237 | -€8,661 | -6.2% |
| Equity | 10/15 | €48,979 | €49,021 | +€43 | +0.1% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €28,979 | €29,021 | +€43 | +0.1% |
| Amounts payable | 17/49 | €90,920 | €82,216 | -€8,704 | -9.6% |
| Amounts payable after more than one year | 17 | €32,078 | €13,705 | -€18,372 | -57.3% |
| Financial debts | 170/4 | €32,078 | €13,705 | -€18,372 | -57.3% |
| Amounts payable within one year | 42/48 | €58,842 | €68,510 | +€9,669 | +16.4% |
| Current portion of amounts payable after more than one year | 42 | €18,920 | €20,426 | +€1,506 | +8.0% |
| Trade debts | 44 | €10,101 | €25,859 | +€15,758 | +156% |
| Suppliers | 440/4 | €10,101 | €25,859 | +€15,758 | +156% |
| Advances received on contracts in progress | 46 | - | €80 | +€80 | |
| Taxes, remuneration and social security | 45 | €8,571 | €5,401 | -€3,170 | -37.0% |
| Taxes | 450/3 | €8,571 | €5,401 | -€3,170 | -37.0% |
| Other amounts payable | 47/48 | €21,250 | €16,745 | -€4,505 | -21.2% |
| Remuneration, social security and pensions | 62 | €1,000 | €670 | -€330 | -33.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,569 | €30,131 | +€1,562 | +5.5% |
| Other operating charges | 640/8 | €2,369 | €2,035 | -€335 | -14.1% |
| Gross operating margin | 9900 | €75,033 | €61,320 | -€13,713 | -18.3% |
| Operating profit (loss) | 9901 | €43,094 | €28,483 | -€14,611 | -33.9% |
| Financial income | 75/76B | €428 | €275 | -€152 | -35.6% |
| Recurring financial income | 75 | €428 | €275 | -€152 | -35.6% |
| Financial charges | 65/66B | €4,209 | €3,959 | -€250 | -5.9% |
| Recurring financial charges | 65 | €4,209 | €3,959 | -€250 | -5.9% |
| Profit (loss) for the period before taxes | 9903 | €39,313 | €24,800 | -€14,513 | -36.9% |
| Income taxes | 67/77 | €8,134 | €5,057 | -€3,077 | -37.8% |
| Profit (loss) for the period | 9904 | €31,179 | €19,743 | -€11,436 | -36.7% |
| Profit (loss) for the period to be appropriated | 9905 | €31,179 | €19,743 | -€11,436 | -36.7% |
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 31 October 2026 via checked.be.