SERGEANT MATTHIAS: 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.
SERGEANT MATTHIAS
Largest movements
- Receivables within one year +€31,991
up €31,991 (+148%), from €21,597 to €53,588
of which Trade receivables: +€27,826
- Stocks and contracts -€18,959
down €18,959 (-86.0%), from €22,039 to €3,080
- Tangible fixed assets -€9,281
down €9,281 (-9.2%), from €100,375 to €91,094
of which Plant, machinery and equipment: -€11,212
- Reserves +€26,974
up €26,974 (+53.3%), from €50,628 to €77,602
- Other debts -€25,415
down €25,415 (-67.5%), from €37,651 to €12,235
- Trade debts +€5,508
up €5,508 (+26.5%), from €20,820 to €26,328
- Current portion of long-term debt +€4,342
up €4,342 (+35.0%), from €12,400 to €16,742
- Debts after one year -€3,304
down €3,304 (-29.1%), from €11,367 to €8,062
- Gross operating margin +€34,546
up €34,546 (+77.7%), from €44,452 to €78,998
- Taxes +€8,284
up €8,284 (+283%), from €2,926 to €11,210
- Depreciation +€4,782
up €4,782 (+17.1%), from €28,024 to €32,806
- Other operating charges +€3,144
up €3,144 (+106%), from €2,953 to €6,097
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €146,354 | €152,719 | +€6,366 | +4.3% |
| Fixed assets | 21/28 | €101,035 | €92,174 | -€8,861 | -8.8% |
| Tangible fixed assets | 22/27 | €100,375 | €91,094 | -€9,281 | -9.2% |
| Plant, machinery and equipment | 23 | €51,430 | €40,218 | -€11,212 | -21.8% |
| Furniture and vehicles | 24 | €48,945 | €50,876 | +€1,931 | +3.9% |
| Financial fixed assets | 28 | €660 | €1,080 | +€420 | +63.6% |
| Current assets | 29/58 | €45,319 | €60,546 | +€15,227 | +33.6% |
| Stocks and contracts in progress | 3 | €22,039 | €3,080 | -€18,959 | -86.0% |
| Contracts in progress | 37 | €22,039 | €3,080 | -€18,959 | -86.0% |
| Amounts receivable within one year | 40/41 | €21,597 | €53,588 | +€31,991 | +148% |
| Trade receivables | 40 | €21,593 | €49,418 | +€27,826 | +129% |
| Other amounts receivable | 41 | €4 | €4,169 | +€4,165 | +96,189% |
| Cash at bank and in hand | 54/58 | €0 | €1,254 | +€1,254 | |
| Deferred charges and accrued income | 490/1 | €1,682 | €2,624 | +€942 | +56.0% |
| Total equity and liabilities | 10/49 | €146,354 | €152,719 | +€6,366 | +4.3% |
| Equity | 10/15 | €54,128 | €81,102 | +€26,974 | +49.8% |
| Contributions | 10/11 | €3,500 | €3,500 | = | 0.0% |
| Reserves | 13 | €50,628 | €77,602 | +€26,974 | +53.3% |
| Distributable reserves | 133 | €50,628 | €77,602 | +€26,974 | +53.3% |
| Amounts payable | 17/49 | €92,226 | €71,618 | -€20,608 | -22.3% |
| Amounts payable after more than one year | 17 | €11,367 | €8,062 | -€3,304 | -29.1% |
| Financial debts | 170/4 | €11,367 | €8,062 | -€3,304 | -29.1% |
| Amounts payable within one year | 42/48 | €80,859 | €63,154 | -€17,705 | -21.9% |
| Current portion of amounts payable after more than one year | 42 | €12,400 | €16,742 | +€4,342 | +35.0% |
| Financial debts | 43 | €1,623 | €0 | -€1,623 | -100% |
| Credit institutions | 430/8 | €1,623 | €0 | -€1,623 | -100% |
| Trade debts | 44 | €20,820 | €26,328 | +€5,508 | +26.5% |
| Suppliers | 440/4 | €20,820 | €26,328 | +€5,508 | +26.5% |
| Taxes, remuneration and social security | 45 | €8,365 | €7,849 | -€516 | -6.2% |
| Taxes | 450/3 | €8,365 | €7,849 | -€516 | -6.2% |
| Other amounts payable | 47/48 | €37,651 | €12,235 | -€25,415 | -67.5% |
| Accrued charges and deferred income | 492/3 | - | €401 | +€401 | |
| Non-recurring operating income | 76A | €11,456 | €0 | -€11,456 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,024 | €32,806 | +€4,782 | +17.1% |
| Other operating charges | 640/8 | €2,953 | €6,097 | +€3,144 | +106% |
| Gross operating margin | 9900 | €44,452 | €78,998 | +€34,546 | +77.7% |
| Operating profit (loss) | 9901 | €13,475 | €40,095 | +€26,620 | +198% |
| Financial income | 75/76B | €0 | €0 | +€0 | |
| Recurring financial income | 75 | €0 | €0 | +€0 | |
| Financial charges | 65/66B | €1,195 | €1,911 | +€716 | +59.9% |
| Recurring financial charges | 65 | €1,195 | €1,911 | +€716 | +59.9% |
| Profit (loss) for the period before taxes | 9903 | €12,280 | €38,184 | +€25,904 | +211% |
| Income taxes | 67/77 | €2,926 | €11,210 | +€8,284 | +283% |
| Profit (loss) for the period | 9904 | €9,355 | €26,974 | +€17,619 | +188% |
| Profit (loss) for the period to be appropriated | 9905 | €9,355 | €26,974 | +€17,619 | +188% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 21 October 2026 via checked.be.