Renaat MATTHEUS: 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.
Renaat MATTHEUS
Largest movements
- Receivables within one year +€41,783
up €41,783 (+19.7%), from €212,222 to €254,005
- Tangible fixed assets -€12,900
down €12,900 (-9.0%), from €143,964 to €131,064
of which Furniture and vehicles: -€23,263
- Reserves +€40,000
up €40,000 (+18.9%), from €211,860 to €251,860
of which Distributable reserves: +€40,000
- Accrued charges and deferred income -€28,500
no longer reported in 2025 (was €28,500)
- Profit (loss) carried forward +€12,404
up €12,404 (+4.2%), from €296,102 to €308,506
- Debts after one year -€8,267
down €8,267 (-45.0%), from €18,389 to €10,122
- Tax, wage and social debts +€7,911
up €7,911 (+71.7%), from €11,027 to €18,938
- Gross operating margin -€22,989
down €22,989 (-14.6%), from €157,371 to €134,381
- Other operating charges -€7,393
down €7,393 (-46.4%), from €15,931 to €8,538
- Depreciation +€4,191
up €4,191 (+13.2%), from €31,644 to €35,835
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 | €572,078 | €602,729 | +€30,651 | +5.4% |
| Fixed assets | 21/28 | €143,964 | €131,064 | -€12,900 | -9.0% |
| Tangible fixed assets | 22/27 | €143,964 | €131,064 | -€12,900 | -9.0% |
| Plant, machinery and equipment | 23 | €343 | €1,191 | +€848 | +247% |
| Furniture and vehicles | 24 | €134,275 | €111,012 | -€23,263 | -17.3% |
| Other tangible fixed assets | 26 | €9,346 | €18,861 | +€9,515 | +102% |
| Current assets | 29/58 | €428,114 | €471,665 | +€43,551 | +10.2% |
| Amounts receivable within one year | 40/41 | €212,222 | €254,005 | +€41,783 | +19.7% |
| Other amounts receivable | 41 | €212,222 | €254,005 | +€41,783 | +19.7% |
| Cash at bank and in hand | 54/58 | €179,604 | €175,759 | -€3,845 | -2.1% |
| Deferred charges and accrued income | 490/1 | €36,288 | €41,901 | +€5,613 | +15.5% |
| Total equity and liabilities | 10/49 | €572,078 | €602,729 | +€30,651 | +5.4% |
| Equity | 10/15 | €514,162 | €566,566 | +€52,404 | +10.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Capital | 10 | €6,200 | €6,200 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Uncalled capital | 101 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €211,860 | €251,860 | +€40,000 | +18.9% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €210,000 | €250,000 | +€40,000 | +19.0% |
| Profit (loss) carried forward | 14 | €296,102 | €308,506 | +€12,404 | +4.2% |
| Amounts payable | 17/49 | €57,916 | €36,163 | -€21,753 | -37.6% |
| Amounts payable after more than one year | 17 | €18,389 | €10,122 | -€8,267 | -45.0% |
| Financial debts | 170/4 | €18,389 | €10,122 | -€8,267 | -45.0% |
| Amounts payable within one year | 42/48 | €11,027 | €26,041 | +€15,014 | +136% |
| Trade debts | 44 | - | €7,103 | +€7,103 | |
| Suppliers | 440/4 | - | €7,103 | +€7,103 | |
| Taxes, remuneration and social security | 45 | €11,027 | €18,938 | +€7,911 | +71.7% |
| Taxes | 450/3 | €11,027 | €18,938 | +€7,911 | +71.7% |
| Accrued charges and deferred income | 492/3 | €28,500 | - | -€28,500 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,644 | €35,835 | +€4,191 | +13.2% |
| Other operating charges | 640/8 | €15,931 | €8,538 | -€7,393 | -46.4% |
| Gross operating margin | 9900 | €157,371 | €134,381 | -€22,989 | -14.6% |
| Operating profit (loss) | 9901 | €109,795 | €90,008 | -€19,787 | -18.0% |
| Financial charges | 65/66B | €1,065 | €777 | -€288 | -27.1% |
| Recurring financial charges | 65 | €1,065 | €777 | -€288 | -27.1% |
| Profit (loss) for the period before taxes | 9903 | €108,731 | €89,232 | -€19,499 | -17.9% |
| Income taxes | 67/77 | €36,501 | €36,828 | +€327 | +0.9% |
| Profit (loss) for the period | 9904 | €72,230 | €52,404 | -€19,826 | -27.4% |
| Transfer to tax-exempt reserves | 689 | - | €40,000 | +€40,000 | |
| Profit (loss) for the period to be appropriated | 9905 | €72,230 | €12,404 | -€59,826 | -82.8% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.