MEMATH: what changed
MEMATH
Largest movements
- Cash +€147,029
up €147,029 (+712%), from €20,664 to €167,693
mainly Debts after one year (+€309,306) and Net result for the year (+€78,332)
- Tangible fixed assets -€34,971
down €34,971 (-6.9%), from €506,695 to €471,724
of which Furniture and vehicles: -€17,706
- Receivables within one year +€18,537
up €18,537 (+23.5%), from €79,008 to €97,545
of which Other amounts receivable: +€75,545
- Debts after one year +€309,306
up €309,306 (+724%), from €42,710 to €352,016
- Other debts -€217,164
down €217,164 (-43.4%), from €500,021 to €282,857
- Reserves +€77,200
up €77,200 (+20.1%), from €384,000 to €461,200
of which Distributable reserves: +€97,400
- Trade debts -€52,371
down €52,371 (-93.6%), from €55,948 to €3,577
- Current portion of long-term debt +€21,815
up €21,815 (+137%), from €15,956 to €37,772
- Financial income +€80,000
new in 2025: €80,000
- Gross operating margin +€28,484
up €28,484 (+35.3%), from €80,720 to €109,204
- Depreciation +€12,452
up €12,452 (+47.6%), from €26,168 to €38,619
- Financial charges +€9,176
up €9,176 (+77.7%), from €11,809 to €20,985
- Taxes +€9,025
up €9,025 (+760%), from €1,188 to €10,213
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 | €1,467,890 | €1,602,663 | +€134,773 | +9.2% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €1,366,802 | €1,331,831 | -€34,971 | -2.6% |
| Tangible fixed assets | 22/27 | €506,695 | €471,724 | -€34,971 | -6.9% |
| Land and buildings | 22 | €445,787 | €428,522 | -€17,265 | -3.9% |
| Furniture and vehicles | 24 | €60,908 | €43,202 | -€17,706 | -29.1% |
| Financial fixed assets | 28 | €860,107 | €860,107 | = | 0.0% |
| Current assets | 29/58 | €101,088 | €270,832 | +€169,744 | +168% |
| Amounts receivable within one year | 40/41 | €79,008 | €97,545 | +€18,537 | +23.5% |
| Trade receivables | 40 | €74,553 | €17,545 | -€57,008 | -76.5% |
| Other amounts receivable | 41 | €4,455 | €80,000 | +€75,545 | +1,696% |
| Cash at bank and in hand | 54/58 | €20,664 | €167,693 | +€147,029 | +712% |
| Deferred charges and accrued income | 490/1 | €1,416 | €5,594 | +€4,178 | +295% |
| Total equity and liabilities | 10/49 | €1,467,890 | €1,602,663 | +€134,773 | +9.2% |
| Equity | 10/15 | €815,969 | €893,190 | +€77,222 | +9.5% |
| Contributions | 10/11 | €430,000 | €430,000 | = | 0.0% |
| Reserves | 13 | €384,000 | €461,200 | +€77,200 | +20.1% |
| Non-distributable reserves | 130/1 | €20,200 | - | -€20,200 | |
| Reserves not available under the articles | 1311 | €20,200 | - | -€20,200 | |
| Distributable reserves | 133 | €363,800 | €461,200 | +€97,400 | +26.8% |
| Profit (loss) carried forward | 14 | €1,969 | €1,990 | +€22 | +1.1% |
| Amounts payable | 17/49 | €651,921 | €709,473 | +€57,551 | +8.8% |
| Amounts payable after more than one year | 17 | €42,710 | €352,016 | +€309,306 | +724% |
| Financial debts | 170/4 | €42,710 | €352,016 | +€309,306 | +724% |
| Amounts payable within one year | 42/48 | €601,501 | €348,791 | -€252,710 | -42.0% |
| Current portion of amounts payable after more than one year | 42 | €15,956 | €37,772 | +€21,815 | +137% |
| Trade debts | 44 | €55,948 | €3,577 | -€52,371 | -93.6% |
| Suppliers | 440/4 | €55,948 | €3,577 | -€52,371 | -93.6% |
| Taxes, remuneration and social security | 45 | €29,576 | €24,586 | -€4,991 | -16.9% |
| Taxes | 450/3 | €19,769 | €16,618 | -€3,151 | -15.9% |
| Remuneration and social security | 454/9 | €9,808 | €7,968 | -€1,840 | -18.8% |
| Other amounts payable | 47/48 | €500,021 | €282,857 | -€217,164 | -43.4% |
| Accrued charges and deferred income | 492/3 | €7,711 | €8,666 | +€955 | +12.4% |
| Turnover | 70 | €0 | €0 | = | |
| Goods, raw materials, services and sundry goods | 60/61 | €0 | €0 | = | |
| Remuneration, social security and pensions | 62 | €38,107 | €39,208 | +€1,101 | +2.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,168 | €38,619 | +€12,452 | +47.6% |
| Other operating charges | 640/8 | €968 | €1,847 | +€880 | +90.9% |
| Gross operating margin | 9900 | €80,720 | €109,204 | +€28,484 | +35.3% |
| Operating profit (loss) | 9901 | €15,478 | €29,529 | +€14,052 | +90.8% |
| Financial income | 75/76B | - | €80,000 | +€80,000 | |
| Recurring financial income | 75 | - | €80,000 | +€80,000 | |
| Financial charges | 65/66B | €11,809 | €20,985 | +€9,176 | +77.7% |
| Recurring financial charges | 65 | €11,809 | €20,985 | +€9,176 | +77.7% |
| Profit (loss) for the period before taxes | 9903 | €3,668 | €88,544 | +€84,876 | +2,314% |
| Income taxes | 67/77 | €1,188 | €10,213 | +€9,025 | +760% |
| Profit (loss) for the period | 9904 | €2,480 | €78,332 | +€75,851 | +3,058% |
| Profit (loss) for the period to be appropriated | 9905 | €2,480 | €78,332 | +€75,851 | +3,058% |
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.