NICOLAS MATHIEU: what changed
Two fiscal 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.
NICOLAS MATHIEU
Largest movements
- Current investments -€193,824
down €193,824 (-86.7%), from €223,656 to €29,832
- Cash +€149,431
up €149,431 (+272.6%), from €54,823 to €204,254
mainly Current investments (+€193,824) and Debts after one year (+€62,433)
- Tangible fixed assets +€120,159
up €120,159 (+31120.3%), from €386 to €120,545
- Deferred charges and accrued income +€36,861
up €36,861 (+662.7%), from €5,562 to €42,423
- Receivables within one year +€10,321
up €10,321 (+68.0%), from €15,187 to €25,509
of which Trade receivables: +€14,540
- Debts after one year +€62,433
new in 2025: €62,433
- Reserves +€20,501
up €20,501 (+7.4%), from €277,209 to €297,710
- Trade debts +€18,525
up €18,525 (+275.4%), from €6,728 to €25,253
- Current portion of long-term debt +€16,333
new in 2025: €16,333
- Tax, wage and social debts +€7,310
up €7,310 (+142.6%), from €5,128 to €12,438
of which Taxes: +€6,884
- Financial charges -€17,347
down €17,347, from €12,496 to -€4,851
- Gross operating margin +€15,991
up €15,991 (+41.8%), from €38,243 to €54,234
- Taxes +€4,695
up €4,695 (+44.9%), from €10,459 to €15,154
- Depreciation +€4,249
up €4,249 (+966.3%), from €440 to €4,688
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 | €307,614 | €433,363 | +€125,748 | +40.9% |
| Fixed assets | 21/28 | €386 | €120,545 | +€120,159 | +31120.3% |
| Tangible fixed assets | 22/27 | €386 | €120,545 | +€120,159 | +31120.3% |
| Furniture and vehicles | 24 | €386 | €120,545 | +€120,159 | +31120.3% |
| Current assets | 29/58 | €307,228 | €312,818 | +€5,590 | +1.8% |
| Amounts receivable after more than one year | 29 | €8,000 | €10,800 | +€2,800 | +35.0% |
| Other amounts receivable | 291 | €8,000 | €10,800 | +€2,800 | +35.0% |
| Amounts receivable within one year | 40/41 | €15,187 | €25,509 | +€10,321 | +68.0% |
| Trade receivables | 40 | €6,454 | €20,994 | +€14,540 | +225.3% |
| Other amounts receivable | 41 | €8,733 | €4,514 | -€4,219 | -48.3% |
| Current investments | 50/53 | €223,656 | €29,832 | -€193,824 | -86.7% |
| Cash at bank and in hand | 54/58 | €54,823 | €204,254 | +€149,431 | +272.6% |
| Deferred charges and accrued income | 490/1 | €5,562 | €42,423 | +€36,861 | +662.7% |
| Total equity and liabilities | 10/49 | €307,614 | €433,363 | +€125,748 | +40.9% |
| Equity | 10/15 | €295,759 | €316,260 | +€20,501 | +6.9% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €277,209 | €297,710 | +€20,501 | +7.4% |
| Distributable reserves | 133 | €277,209 | €297,710 | +€20,501 | +7.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €11,855 | €117,102 | +€105,247 | +887.8% |
| Amounts payable after more than one year | 17 | - | €62,433 | +€62,433 | |
| Financial debts | 170/4 | - | €62,433 | +€62,433 | |
| Amounts payable within one year | 42/48 | €11,855 | €54,023 | +€42,168 | +355.7% |
| Current portion of amounts payable after more than one year | 42 | - | €16,333 | +€16,333 | |
| Trade debts | 44 | €6,728 | €25,253 | +€18,525 | +275.4% |
| Suppliers | 440/4 | €6,728 | €25,253 | +€18,525 | +275.4% |
| Taxes, remuneration and social security | 45 | €5,128 | €12,438 | +€7,310 | +142.6% |
| Taxes | 450/3 | €1,387 | €8,272 | +€6,884 | +496.2% |
| Remuneration and social security | 454/9 | €3,740 | €4,166 | +€425 | +11.4% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €0 | €646 | +€646 | |
| Non-recurring operating income | 76A | - | €13,200 | +€13,200 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €440 | €4,688 | +€4,249 | +966.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €1,834 | €2,005 | +€171 | +9.3% |
| Gross operating margin | 9900 | €38,243 | €54,234 | +€15,991 | +41.8% |
| Operating profit (loss) | 9901 | €35,969 | €47,540 | +€11,571 | +32.2% |
| Financial income | 75/76B | €1,969 | €1,879 | -€90 | -4.6% |
| Recurring financial income | 75 | €1,969 | €1,879 | -€90 | -4.6% |
| Financial charges | 65/66B | €12,496 | -€4,851 | -€17,347 | |
| Recurring financial charges | 65 | €12,496 | -€4,851 | -€17,347 | |
| Profit (loss) for the period before taxes | 9903 | €25,442 | €54,271 | +€28,829 | +113.3% |
| Income taxes | 67/77 | €10,459 | €15,154 | +€4,695 | +44.9% |
| Profit (loss) for the period | 9904 | €14,982 | €39,116 | +€24,134 | +161.1% |
| Profit (loss) for the period to be appropriated | 9905 | €14,982 | €39,116 | +€24,134 | +161.1% |
Source: filed annual accounts (NBB), fiscal years ended 30 December 2024 and 30 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.