MATUPAMI: 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.
MATUPAMI
Largest movements
- Receivables within one year +€561,943
up €561,943 (+63.4%), from €885,849 to €1.4m
of which Trade receivables: +€561,943
- Tangible fixed assets -€228,674
down €228,674 (-22.0%), from €1.0m to €811,966
of which Plant, machinery and equipment: -€153,709
- Stocks and contracts +€182,151
up €182,151 (+18.8%), from €971,067 to €1.2m
- Trade debts +€344,406
up €344,406 (+61.7%), from €558,126 to €902,532
- Tax, wage and social debts +€157,524
up €157,524 (+102%), from €153,789 to €311,313
of which Taxes: +€157,258
- Debts after one year -€122,152
down €122,152 (-13.5%), from €907,638 to €785,486
of which Other amounts payable: -€79,551
- Profit (loss) carried forward +€96,355
up €96,355 (+36.3%), from €265,328 to €361,683
- Gross operating margin +€103,535
up €103,535 (+41.3%), from €250,613 to €354,148
- Taxes +€36,141
up €36,141 (+351%), from €10,298 to €46,439
- Depreciation -€16,385
down €16,385 (-14.0%), from €117,094 to €100,709
- Staff costs +€4,224
up €4,224 (+8.2%), from €51,612 to €55,835
- Other operating charges -€3,947
down €3,947 (-39.2%), from €10,071 to €6,124
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 | €2,913,266 | €3,427,484 | +€514,218 | +17.7% |
| Fixed assets | 21/28 | €1,040,664 | €818,010 | -€222,654 | -21.4% |
| Tangible fixed assets | 22/27 | €1,040,640 | €811,966 | -€228,674 | -22.0% |
| Plant, machinery and equipment | 23 | €352,956 | €199,247 | -€153,709 | -43.5% |
| Furniture and vehicles | 24 | €31,853 | €5,830 | -€26,023 | -81.7% |
| Other tangible fixed assets | 26 | €78,326 | €72,043 | -€6,283 | -8.0% |
| Assets under construction and advance payments | 27 | €577,505 | €534,847 | -€42,658 | -7.4% |
| Financial fixed assets | 28 | €24 | €6,044 | +€6,020 | +25,390% |
| Current assets | 29/58 | €1,872,603 | €2,609,474 | +€736,872 | +39.4% |
| Stocks and contracts in progress | 3 | €971,067 | €1,153,219 | +€182,151 | +18.8% |
| Stocks | 30/36 | €971,067 | €1,153,219 | +€182,151 | +18.8% |
| Amounts receivable within one year | 40/41 | €885,849 | €1,447,792 | +€561,943 | +63.4% |
| Trade receivables | 40 | €864,058 | €1,426,001 | +€561,943 | +65.0% |
| Other amounts receivable | 41 | €21,791 | €21,791 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €3,425 | - | -€3,425 | |
| Deferred charges and accrued income | 490/1 | €12,261 | €8,463 | -€3,797 | -31.0% |
| Total equity and liabilities | 10/49 | €2,913,266 | €3,427,484 | +€514,218 | +17.7% |
| Equity | 10/15 | €301,973 | €398,328 | +€96,355 | +31.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €18,045 | €18,045 | = | 0.0% |
| Distributable reserves | 133 | €18,045 | €18,045 | = | 0.0% |
| Profit (loss) carried forward | 14 | €265,328 | €361,683 | +€96,355 | +36.3% |
| Amounts payable | 17/49 | €2,611,294 | €3,029,156 | +€417,863 | +16.0% |
| Amounts payable after more than one year | 17 | €907,638 | €785,486 | -€122,152 | -13.5% |
| Financial debts | 170/4 | €630,184 | €587,583 | -€42,600 | -6.8% |
| Other amounts payable | 178/9 | €277,454 | €197,903 | -€79,551 | -28.7% |
| Amounts payable within one year | 42/48 | €1,433,656 | €1,973,670 | +€540,014 | +37.7% |
| Current portion of amounts payable after more than one year | 42 | €133,394 | €122,152 | -€11,242 | -8.4% |
| Financial debts | 43 | €213,169 | €236,683 | +€23,514 | +11.0% |
| Credit institutions | 430/8 | €213,169 | €236,683 | +€23,514 | +11.0% |
| Trade debts | 44 | €558,126 | €902,532 | +€344,406 | +61.7% |
| Suppliers | 440/4 | €558,126 | €902,532 | +€344,406 | +61.7% |
| Taxes, remuneration and social security | 45 | €153,789 | €311,313 | +€157,524 | +102% |
| Taxes | 450/3 | €150,535 | €307,793 | +€157,258 | +104% |
| Remuneration and social security | 454/9 | €3,255 | €3,520 | +€266 | +8.2% |
| Other amounts payable | 47/48 | €375,178 | €400,991 | +€25,813 | +6.9% |
| Accrued charges and deferred income | 492/3 | €270,000 | €270,000 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €51,612 | €55,835 | +€4,224 | +8.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €117,094 | €100,709 | -€16,385 | -14.0% |
| Other operating charges | 640/8 | €10,071 | €6,124 | -€3,947 | -39.2% |
| Gross operating margin | 9900 | €250,613 | €354,148 | +€103,535 | +41.3% |
| Operating profit (loss) | 9901 | €71,837 | €191,480 | +€119,643 | +167% |
| Financial income | 75/76B | €432 | €583 | +€151 | +34.9% |
| Recurring financial income | 75 | €432 | €583 | +€151 | +34.9% |
| Financial charges | 65/66B | €45,915 | €49,268 | +€3,353 | +7.3% |
| Recurring financial charges | 65 | €45,915 | €49,268 | +€3,353 | +7.3% |
| Profit (loss) for the period before taxes | 9903 | €26,353 | €142,795 | +€116,441 | +442% |
| Income taxes | 67/77 | €10,298 | €46,439 | +€36,141 | +351% |
| Profit (loss) for the period | 9904 | €16,055 | €96,355 | +€80,300 | +500% |
| Profit (loss) for the period to be appropriated | 9905 | €16,055 | €96,355 | +€80,300 | +500% |
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 14 October 2026 via checked.be.