New Matrix: 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.
New Matrix
Largest movements
- Current investments -€157,694
no longer reported in 2025 (was €157,694)
- Cash -€47,779
down €47,779 (-18.6%), from €257,054 to €209,276
mainly Other debts (-€241,937) and Net result for the year (-€33,362)
- Tangible fixed assets -€47,768
down €47,768 (-3.6%), from €1.3m to €1.3m
of which Other tangible fixed assets: -€49,000
- Receivables within one year -€27,633
down €27,633 (-78.9%), from €35,016 to €7,383
of which Trade receivables: -€27,763
- Other debts -€241,937
down €241,937 (-20.3%), from €1.2m to €949,686
- Reserves -€33,362
down €33,362 (-6.1%), from €550,695 to €517,332
of which Distributable reserves: -€26,992
- Gross operating margin +€62,623
up €62,623, from -€18,903 to €43,720
- Financial charges +€62,204
up €62,204 (+2965.8%), from €2,097 to €64,302
- Financial income -€2,100
down €2,100 (-62.5%), from €3,360 to €1,260
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.
Cash bridge derived
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 | €1,794,870 | €1,516,784 | -€278,087 | -15.5% |
| Fixed assets | 21/28 | €1,345,107 | €1,297,339 | -€47,768 | -3.6% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €1,345,107 | €1,297,339 | -€47,768 | -3.6% |
| Land and buildings | 22 | €1,240,331 | €1,242,263 | +€1,932 | +0.2% |
| Plant, machinery and equipment | 23 | €1,796 | €1,097 | -€700 | -39.0% |
| Other tangible fixed assets | 26 | €102,980 | €53,980 | -€49,000 | -47.6% |
| Current assets | 29/58 | €449,764 | €219,444 | -€230,319 | -51.2% |
| Amounts receivable within one year | 40/41 | €35,016 | €7,383 | -€27,633 | -78.9% |
| Trade receivables | 40 | €33,638 | €5,875 | -€27,763 | -82.5% |
| Other amounts receivable | 41 | €1,378 | €1,508 | +€130 | +9.5% |
| Current investments | 50/53 | €157,694 | - | -€157,694 | |
| Cash at bank and in hand | 54/58 | €257,054 | €209,276 | -€47,779 | -18.6% |
| Deferred charges and accrued income | 490/1 | - | €2,786 | +€2,786 | |
| Total equity and liabilities | 10/49 | €1,794,870 | €1,516,784 | -€278,087 | -15.5% |
| Equity | 10/15 | €569,295 | €535,932 | -€33,362 | -5.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €550,695 | €517,332 | -€33,362 | -6.1% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €91,489 | €85,118 | -€6,371 | -7.0% |
| Distributable reserves | 133 | €457,346 | €430,354 | -€26,992 | -5.9% |
| Provisions and deferred taxes | 16 | €30,496 | €28,373 | -€2,124 | -7.0% |
| Deferred taxes | 168 | €30,496 | €28,373 | -€2,124 | -7.0% |
| Amounts payable | 17/49 | €1,195,079 | €952,478 | -€242,601 | -20.3% |
| Amounts payable within one year | 42/48 | €1,195,079 | €952,478 | -€242,601 | -20.3% |
| Trade debts | 44 | €59 | €876 | +€817 | +1385.2% |
| Suppliers | 440/4 | €59 | €876 | +€817 | +1385.2% |
| Taxes, remuneration and social security | 45 | €3,397 | €1,916 | -€1,481 | -43.6% |
| Taxes | 450/3 | €3,397 | €1,916 | -€1,481 | -43.6% |
| Other amounts payable | 47/48 | €1,191,623 | €949,686 | -€241,937 | -20.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,574 | €15,608 | +€34 | +0.2% |
| Other operating charges | 640/8 | €62 | €151 | +€89 | +143.3% |
| Gross operating margin | 9900 | -€18,903 | €43,720 | +€62,623 | |
| Operating profit (loss) | 9901 | -€34,539 | €27,961 | +€62,500 | |
| Financial income | 75/76B | €3,360 | €1,260 | -€2,100 | -62.5% |
| Recurring financial income | 75 | €3,360 | €1,260 | -€2,100 | -62.5% |
| Financial charges | 65/66B | €2,097 | €64,302 | +€62,204 | +2965.8% |
| Recurring financial charges | 65 | €2,097 | €64,302 | +€62,204 | +2965.8% |
| Profit (loss) for the period before taxes | 9903 | -€33,277 | -€35,080 | -€1,804 | -5.4% |
| Transfer from deferred taxes | 780 | €2,124 | €2,124 | = | 0.0% |
| Income taxes | 67/77 | €398 | €406 | +€8 | +2.0% |
| Profit (loss) for the period | 9904 | -€31,551 | -€33,362 | -€1,811 | -5.7% |
| Transfer from tax-exempt reserves | 789 | €6,371 | €6,371 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€25,180 | -€26,992 | -€1,811 | -7.2% |
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 10 October 2026 via checked.be.