STEPHEN MATTUES: 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.
STEPHEN MATTUES
Largest movements
- Current investments -€18,957
down €18,957 (-17.7%), from €107,118 to €88,161
- Tangible fixed assets -€18,547
down €18,547 (-20.6%), from €89,863 to €71,316
of which Land and buildings: -€11,900
- Receivables within one year -€3,260
down €3,260 (-28.7%), from €11,369 to €8,110
of which Trade receivables: -€6,678
- Deferred charges and accrued income +€2,945
up €2,945 (+877.2%), from €336 to €3,281
- Debts after one year -€21,368
down €21,368 (-27.6%), from €77,351 to €55,983
- Profit (loss) carried forward -€18,855
down €18,855 (-34.2%), from €55,179 to €36,323
- Trade debts +€2,440
up €2,440 (+512.0%), from €476 to €2,916
- Gross operating margin +€2,237
up €2,237 (+40.6%), from €5,514 to €7,750
- Financial charges -€1,215
down €1,215 (-20.7%), from €5,876 to €4,661
of which Financial charges: -€613
- Financial income +€989
up €989 (+228.9%), from €432 to €1,421
- Depreciation -€839
down €839 (-3.9%), from €21,507 to €20,667
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 | €231,855 | €194,261 | -€37,593 | -16.2% |
| Fixed assets | 21/28 | €90,053 | €71,506 | -€18,547 | -20.6% |
| Tangible fixed assets | 22/27 | €89,863 | €71,316 | -€18,547 | -20.6% |
| Land and buildings | 22 | €47,600 | €35,700 | -€11,900 | -25.0% |
| Plant, machinery and equipment | 23 | €2,217 | €917 | -€1,300 | -58.6% |
| Furniture and vehicles | 24 | €8,159 | €8,024 | -€135 | -1.7% |
| Other tangible fixed assets | 26 | €31,887 | €26,676 | -€5,211 | -16.3% |
| Financial fixed assets | 28 | €190 | €190 | = | 0.0% |
| Current assets | 29/58 | €141,801 | €122,755 | -€19,047 | -13.4% |
| Amounts receivable within one year | 40/41 | €11,369 | €8,110 | -€3,260 | -28.7% |
| Trade receivables | 40 | €8,314 | €1,636 | -€6,678 | -80.3% |
| Other amounts receivable | 41 | €3,055 | €6,473 | +€3,418 | +111.9% |
| Current investments | 50/53 | €107,118 | €88,161 | -€18,957 | -17.7% |
| Cash at bank and in hand | 54/58 | €22,978 | €23,204 | +€226 | +1.0% |
| Deferred charges and accrued income | 490/1 | €336 | €3,281 | +€2,945 | +877.2% |
| Total equity and liabilities | 10/49 | €231,855 | €194,261 | -€37,593 | -16.2% |
| Equity | 10/15 | €125,744 | €106,888 | -€18,855 | -15.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €64,365 | €64,365 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €209 | €209 | = | 0.0% |
| Distributable reserves | 133 | €62,296 | €62,296 | = | 0.0% |
| Profit (loss) carried forward | 14 | €55,179 | €36,323 | -€18,855 | -34.2% |
| Amounts payable | 17/49 | €106,111 | €87,373 | -€18,738 | -17.7% |
| Amounts payable after more than one year | 17 | €77,351 | €55,983 | -€21,368 | -27.6% |
| Financial debts | 170/4 | €77,351 | €55,983 | -€21,368 | -27.6% |
| Amounts payable within one year | 42/48 | €28,697 | €31,347 | +€2,650 | +9.2% |
| Current portion of amounts payable after more than one year | 42 | €20,386 | €21,368 | +€982 | +4.8% |
| Trade debts | 44 | €476 | €2,916 | +€2,440 | +512.0% |
| Suppliers | 440/4 | €476 | €2,916 | +€2,440 | +512.0% |
| Advances received on contracts in progress | 46 | €4,966 | €4,966 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €2,868 | €2,097 | -€772 | -26.9% |
| Taxes | 450/3 | €2,868 | €2,097 | -€772 | -26.9% |
| Accrued charges and deferred income | 492/3 | €63 | €44 | -€20 | -31.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,507 | €20,667 | -€839 | -3.9% |
| Other operating charges | 640/8 | €1,888 | €1,926 | +€38 | +2.0% |
| Non-recurring operating charges | 66A | - | €639 | +€639 | |
| Gross operating margin | 9900 | €5,514 | €7,750 | +€2,237 | +40.6% |
| Operating profit (loss) | 9901 | -€17,881 | -€15,482 | +€2,399 | +13.4% |
| Financial income | 75/76B | €432 | €1,421 | +€989 | +228.9% |
| Recurring financial income | 75 | €432 | €1,421 | +€989 | +228.9% |
| Financial charges | 65/66B | €5,876 | €4,661 | -€1,215 | -20.7% |
| Recurring financial charges | 65 | €5,275 | €4,661 | -€613 | -11.6% |
| Non-recurring financial charges | 66B | €602 | - | -€602 | |
| Profit (loss) for the period before taxes | 9903 | -€23,325 | -€18,722 | +€4,603 | +19.7% |
| Income taxes | 67/77 | €140 | €133 | -€6 | -4.5% |
| Profit (loss) for the period | 9904 | -€23,465 | -€18,855 | +€4,609 | +19.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€23,465 | -€18,855 | +€4,609 | +19.6% |
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 11 October 2026 via checked.be.