S L MAT: 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.
S L MAT
Largest movements
- Tangible fixed assets +€44,208
up €44,208 (+36.7%), from €120,492 to €164,700
of which Land and buildings: +€43,085
- Receivables within one year -€5,285
down €5,285 (-22.9%), from €23,061 to €17,776
of which Trade receivables: -€5,927
- Other debts +€31,296
up €31,296 (+18.2%), from €171,626 to €202,923
- Debts after one year -€17,007
down €17,007 (-20.8%), from €81,767 to €64,759
- Short-term financial debts +€13,992
new in 2025: €13,992
- Profit (loss) carried forward +€11,019
up €11,019 (+48.6%), from €22,651 to €33,669
- Trade debts -€10,764
down €10,764 (-75.0%), from €14,351 to €3,586
- Financial charges -€4,939
down €4,939 (-79.8%), from €6,189 to €1,250
- Gross operating margin +€3,482
up €3,482 (+11.0%), from €31,750 to €35,232
- Taxes +€900
up €900 (+74.3%), from €1,212 to €2,112
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 | €327,525 | €361,224 | +€33,699 | +10.3% |
| Fixed assets | 21/28 | €120,992 | €165,200 | +€44,208 | +36.5% |
| Tangible fixed assets | 22/27 | €120,492 | €164,700 | +€44,208 | +36.7% |
| Land and buildings | 22 | €87,597 | €130,682 | +€43,085 | +49.2% |
| Plant, machinery and equipment | 23 | €21,060 | €23,718 | +€2,658 | +12.6% |
| Furniture and vehicles | 24 | €11,178 | €9,813 | -€1,365 | -12.2% |
| Leasing and similar rights | 25 | €656 | €487 | -€169 | -25.7% |
| Financial fixed assets | 28 | €500 | €500 | = | 0.0% |
| Current assets | 29/58 | €206,533 | €196,024 | -€10,509 | -5.1% |
| Stocks and contracts in progress | 3 | €178,571 | €177,202 | -€1,369 | -0.8% |
| Stocks | 30/36 | €178,571 | €177,202 | -€1,369 | -0.8% |
| Amounts receivable within one year | 40/41 | €23,061 | €17,776 | -€5,285 | -22.9% |
| Trade receivables | 40 | €21,326 | €15,399 | -€5,927 | -27.8% |
| Other amounts receivable | 41 | €1,735 | €2,377 | +€642 | +37.0% |
| Cash at bank and in hand | 54/58 | €2,451 | - | -€2,451 | |
| Deferred charges and accrued income | 490/1 | €2,451 | €1,047 | -€1,404 | -57.3% |
| Total equity and liabilities | 10/49 | €327,525 | €361,224 | +€33,699 | +10.3% |
| Equity | 10/15 | €47,651 | €58,669 | +€11,019 | +23.1% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €22,651 | €33,669 | +€11,019 | +48.6% |
| Amounts payable | 17/49 | €279,875 | €302,555 | +€22,681 | +8.1% |
| Amounts payable after more than one year | 17 | €81,767 | €64,759 | -€17,007 | -20.8% |
| Financial debts | 170/4 | €81,767 | €64,759 | -€17,007 | -20.8% |
| Amounts payable within one year | 42/48 | €198,108 | €237,796 | +€39,688 | +20.0% |
| Current portion of amounts payable after more than one year | 42 | €9,103 | €11,343 | +€2,239 | +24.6% |
| Financial debts | 43 | - | €13,992 | +€13,992 | |
| Credit institutions | 430/8 | - | €13,992 | +€13,992 | |
| Trade debts | 44 | €14,351 | €3,586 | -€10,764 | -75.0% |
| Suppliers | 440/4 | €14,351 | €3,586 | -€10,764 | -75.0% |
| Taxes, remuneration and social security | 45 | €3,028 | €5,952 | +€2,924 | +96.6% |
| Taxes | 450/3 | €3,028 | €5,952 | +€2,924 | +96.6% |
| Other amounts payable | 47/48 | €171,626 | €202,923 | +€31,296 | +18.2% |
| Non-recurring operating income | 76A | - | €2,500 | +€2,500 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,972 | €20,851 | -€121 | -0.6% |
| Gross operating margin | 9900 | €31,750 | €35,232 | +€3,482 | +11.0% |
| Operating profit (loss) | 9901 | €10,778 | €14,381 | +€3,602 | +33.4% |
| Financial charges | 65/66B | €6,189 | €1,250 | -€4,939 | -79.8% |
| Recurring financial charges | 65 | €6,189 | €1,250 | -€4,939 | -79.8% |
| Profit (loss) for the period before taxes | 9903 | €4,589 | €13,131 | +€8,542 | +186% |
| Income taxes | 67/77 | €1,212 | €2,112 | +€900 | +74.3% |
| Profit (loss) for the period | 9904 | €3,377 | €11,019 | +€7,641 | +226% |
| Profit (loss) for the period to be appropriated | 9905 | €3,377 | €11,019 | +€7,641 | +226% |
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 15 October 2026 via checked.be.