Paul Matthe: 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.
Paul Matthe
Largest movements
- Cash +€15,438
up €15,438 (+13.7%), from €112,439 to €127,877
mainly Net result for the year (+€25,722) and Depreciation (+€3,811)
- Receivables within one year +€9,502
up €9,502 (+13.3%), from €71,239 to €80,741
of which Other amounts receivable: +€5,682
- Tangible fixed assets -€3,811
down €3,811 (-58.4%), from €6,522 to €2,710
- Profit (loss) carried forward +€18,462
no longer reported in 2025 (was -€18,462)
- Reserves +€7,260
up €7,260 (+4.3%), from €168,395 to €175,655
- Tax, wage and social debts -€2,559
down €2,559 (-14.6%), from €17,565 to €15,006
of which Remuneration and social security: -€5,176
- Gross operating margin +€62,037
up €62,037, from -€15,820 to €46,216
- Taxes +€20,724
up €20,724, from -€7,519 to €13,205
- Financial income +€3,240
up €3,240 (+216%), from €1,500 to €4,740
of which Non-recurring financial income: +€1,878
- Other operating charges +€2,020
up €2,020 (+39.4%), from €5,121 to €7,140
- Financial charges -€1,736
down €1,736 (-61.7%), from €2,814 to €1,078
of which Non-recurring financial charges: -€1,264
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 | €190,200 | €211,328 | +€21,129 | +11.1% |
| Fixed assets | 21/28 | €6,522 | €2,710 | -€3,811 | -58.4% |
| Tangible fixed assets | 22/27 | €6,522 | €2,710 | -€3,811 | -58.4% |
| Furniture and vehicles | 24 | €6,522 | €2,710 | -€3,811 | -58.4% |
| Current assets | 29/58 | €183,678 | €208,618 | +€24,940 | +13.6% |
| Amounts receivable within one year | 40/41 | €71,239 | €80,741 | +€9,502 | +13.3% |
| Trade receivables | 40 | €21,758 | €25,578 | +€3,820 | +17.6% |
| Other amounts receivable | 41 | €49,481 | €55,163 | +€5,682 | +11.5% |
| Cash at bank and in hand | 54/58 | €112,439 | €127,877 | +€15,438 | +13.7% |
| Total equity and liabilities | 10/49 | €190,200 | €211,328 | +€21,129 | +11.1% |
| Equity | 10/15 | €159,933 | €185,655 | +€25,722 | +16.1% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €168,395 | €175,655 | +€7,260 | +4.3% |
| Distributable reserves | 133 | €168,395 | €175,655 | +€7,260 | +4.3% |
| Profit (loss) carried forward | 14 | -€18,462 | - | +€18,462 | |
| Amounts payable | 17/49 | €30,267 | €25,673 | -€4,593 | -15.2% |
| Amounts payable within one year | 42/48 | €30,267 | €25,673 | -€4,593 | -15.2% |
| Trade debts | 44 | €12,702 | €10,667 | -€2,035 | -16.0% |
| Suppliers | 440/4 | €12,702 | €10,667 | -€2,035 | -16.0% |
| Taxes, remuneration and social security | 45 | €17,565 | €15,006 | -€2,559 | -14.6% |
| Taxes | 450/3 | €12,389 | €15,006 | +€2,617 | +21.1% |
| Remuneration and social security | 454/9 | €5,176 | - | -€5,176 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,725 | €3,811 | +€86 | +2.3% |
| Other operating charges | 640/8 | €5,121 | €7,140 | +€2,020 | +39.4% |
| Gross operating margin | 9900 | -€15,820 | €46,216 | +€62,037 | |
| Operating profit (loss) | 9901 | -€24,666 | €35,265 | +€59,931 | |
| Financial income | 75/76B | €1,500 | €4,740 | +€3,240 | +216% |
| Recurring financial income | 75 | €1,500 | €2,862 | +€1,362 | +90.9% |
| Non-recurring financial income | 76B | - | €1,878 | +€1,878 | |
| Financial charges | 65/66B | €2,814 | €1,078 | -€1,736 | -61.7% |
| Recurring financial charges | 65 | €1,550 | €1,078 | -€472 | -30.4% |
| Non-recurring financial charges | 66B | €1,264 | - | -€1,264 | |
| Profit (loss) for the period before taxes | 9903 | -€25,981 | €38,927 | +€64,908 | |
| Income taxes | 67/77 | -€7,519 | €13,205 | +€20,724 | |
| Profit (loss) for the period | 9904 | -€18,462 | €25,722 | +€44,184 | |
| Profit (loss) for the period to be appropriated | 9905 | -€18,462 | €25,722 | +€44,184 |
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 17 October 2026 via checked.be.