NADIN MATHONET: 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.
NADIN MATHONET
Largest movements
- Cash -€64,717
down €64,717 (-23.8%), from €272,146 to €207,429
mainly Contributions, distributions and other (-€130,000) and Other debts (-€70,000)
- Receivables within one year -€20,600
down €20,600 (-3.5%), from €580,797 to €560,197
of which Trade receivables: -€26,730
- Intangible fixed assets -€19,177
down €19,177 (-82.5%), from €23,252 to €4,075
- Other debts -€70,000
down €70,000 (-56.0%), from €125,000 to €55,000
- Current portion of long-term debt -€41,973
down €41,973 (-27.3%), from €153,757 to €111,785
- Tax, wage and social debts -€22,066
down €22,066 (-15.3%), from €144,358 to €122,291
of which Remuneration and social security: -€18,567
- Profit (loss) carried forward +€17,951
up €17,951 (+3.4%), from €531,744 to €549,695
- Trade debts +€15,930
up €15,930 (+9.1%), from €174,833 to €190,763
- Staff costs +€102,542
up €102,542 (+9.5%), from €1.1m to €1.2m
- Gross operating margin -€36,958
down €36,958 (-2.4%), from €1.5m to €1.5m
- Taxes -€31,631
down €31,631 (-36.9%), from €85,797 to €54,165
- Depreciation -€27,036
down €27,036 (-25.4%), from €106,360 to €79,324
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 | €1,228,164 | €1,119,581 | -€108,583 | -8.8% |
| Fixed assets | 21/28 | €161,771 | €151,641 | -€10,129 | -6.3% |
| Intangible fixed assets | 21 | €23,252 | €4,075 | -€19,177 | -82.5% |
| Tangible fixed assets | 22/27 | €137,818 | €147,566 | +€9,748 | +7.1% |
| Plant, machinery and equipment | 23 | €58,064 | €64,965 | +€6,901 | +11.9% |
| Furniture and vehicles | 24 | €48,567 | €55,942 | +€7,376 | +15.2% |
| Other tangible fixed assets | 26 | €31,188 | €26,659 | -€4,529 | -14.5% |
| Financial fixed assets | 28 | €700 | - | -€700 | |
| Current assets | 29/58 | €1,066,393 | €967,940 | -€98,454 | -9.2% |
| Stocks and contracts in progress | 3 | €204,720 | €194,521 | -€10,199 | -5.0% |
| Stocks | 30/36 | €204,720 | €194,521 | -€10,199 | -5.0% |
| Amounts receivable within one year | 40/41 | €580,797 | €560,197 | -€20,600 | -3.5% |
| Trade receivables | 40 | €565,323 | €538,592 | -€26,730 | -4.7% |
| Other amounts receivable | 41 | €15,474 | €21,605 | +€6,131 | +39.6% |
| Cash at bank and in hand | 54/58 | €272,146 | €207,429 | -€64,717 | -23.8% |
| Deferred charges and accrued income | 490/1 | €8,731 | €5,793 | -€2,938 | -33.6% |
| Total equity and liabilities | 10/49 | €1,228,164 | €1,119,581 | -€108,583 | -8.8% |
| Equity | 10/15 | €552,204 | €570,155 | +€17,951 | +3.3% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Profit (loss) carried forward | 14 | €531,744 | €549,695 | +€17,951 | +3.4% |
| Amounts payable | 17/49 | €675,960 | €549,426 | -€126,534 | -18.7% |
| Amounts payable after more than one year | 17 | €47,912 | €60,250 | +€12,338 | +25.8% |
| Financial debts | 170/4 | €47,912 | €60,250 | +€12,338 | +25.8% |
| Amounts payable within one year | 42/48 | €612,948 | €479,840 | -€133,108 | -21.7% |
| Current portion of amounts payable after more than one year | 42 | €153,757 | €111,785 | -€41,973 | -27.3% |
| Trade debts | 44 | €174,833 | €190,763 | +€15,930 | +9.1% |
| Suppliers | 440/4 | €174,833 | €190,763 | +€15,930 | +9.1% |
| Advances received on contracts in progress | 46 | €15,000 | - | -€15,000 | |
| Taxes, remuneration and social security | 45 | €144,358 | €122,291 | -€22,066 | -15.3% |
| Taxes | 450/3 | €29,966 | €26,466 | -€3,500 | -11.7% |
| Remuneration and social security | 454/9 | €114,392 | €95,825 | -€18,567 | -16.2% |
| Other amounts payable | 47/48 | €125,000 | €55,000 | -€70,000 | -56.0% |
| Accrued charges and deferred income | 492/3 | €15,100 | €9,336 | -€5,764 | -38.2% |
| Remuneration, social security and pensions | 62 | €1,083,384 | €1,185,926 | +€102,542 | +9.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €106,360 | €79,324 | -€27,036 | -25.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €9,854 | €16,550 | +€6,696 | +68.0% |
| Other operating charges | 640/8 | €11,537 | €16,049 | +€4,511 | +39.1% |
| Gross operating margin | 9900 | €1,545,705 | €1,508,747 | -€36,958 | -2.4% |
| Operating profit (loss) | 9901 | €334,569 | €210,898 | -€123,672 | -37.0% |
| Financial income | 75/76B | €314 | €437 | +€123 | +39.0% |
| Recurring financial income | 75 | €314 | €437 | +€123 | +39.0% |
| Financial charges | 65/66B | €8,919 | €9,218 | +€299 | +3.4% |
| Recurring financial charges | 65 | €8,919 | €9,218 | +€299 | +3.4% |
| Profit (loss) for the period before taxes | 9903 | €325,965 | €202,117 | -€123,848 | -38.0% |
| Income taxes | 67/77 | €85,797 | €54,165 | -€31,631 | -36.9% |
| Profit (loss) for the period | 9904 | €240,168 | €147,951 | -€92,217 | -38.4% |
| Profit (loss) for the period to be appropriated | 9905 | €240,168 | €147,951 | -€92,217 | -38.4% |
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 23 October 2026 via checked.be.