The Green 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.
The Green Mat
Largest movements
- Receivables within one year -€97,837
down €97,837 (-17.9%), from €547,563 to €449,726
of which Trade receivables: -€114,391
- Cash -€29,959
down €29,959 (-38.0%), from €78,938 to €48,979
mainly Trade debts (-€109,997) and Investment in fixed assets (net) (-€40,998)
- Trade debts -€109,997
down €109,997 (-16.3%), from €676,602 to €566,605
- Reserves -€25,000
down €25,000 (-38.5%), from €65,000 to €40,000
- Debts after one year +€23,968
new in 2025: €23,968
- Gross operating margin -€239,854
down €239,854 (-36.3%), from €660,878 to €421,024
- Financial income -€184,688
down €184,688 (-88.8%), from €207,945 to €23,257
of which Non-recurring financial income: -€204,090
- Write-downs -€119,740
down €119,740, from €61,495 to -€58,245
- Other operating charges -€53,610
down €53,610 (-72.1%), from €74,351 to €20,741
- Staff costs -€38,659
down €38,659 (-7.8%), from €496,434 to €457,775
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 | €1,665,563 | €1,544,306 | -€121,257 | -7.3% |
| Fixed assets | 21/28 | €60,880 | €73,042 | +€12,162 | +20.0% |
| Tangible fixed assets | 22/27 | €60,880 | €73,042 | +€12,162 | +20.0% |
| Land and buildings | 22 | €4,691 | €8,602 | +€3,911 | +83.4% |
| Plant, machinery and equipment | 23 | €15,774 | €3,134 | -€12,640 | -80.1% |
| Furniture and vehicles | 24 | €40,415 | €61,306 | +€20,891 | +51.7% |
| Current assets | 29/58 | €1,604,683 | €1,471,264 | -€133,419 | -8.3% |
| Stocks and contracts in progress | 3 | €970,223 | €956,580 | -€13,643 | -1.4% |
| Stocks | 30/36 | €970,223 | €956,580 | -€13,643 | -1.4% |
| Amounts receivable within one year | 40/41 | €547,563 | €449,726 | -€97,837 | -17.9% |
| Trade receivables | 40 | €536,484 | €422,093 | -€114,391 | -21.3% |
| Other amounts receivable | 41 | €11,079 | €27,633 | +€16,554 | +149% |
| Cash at bank and in hand | 54/58 | €78,938 | €48,979 | -€29,959 | -38.0% |
| Deferred charges and accrued income | 490/1 | €7,959 | €15,979 | +€8,020 | +101% |
| Total equity and liabilities | 10/49 | €1,665,563 | €1,544,306 | -€121,257 | -7.3% |
| Equity | 10/15 | €928,889 | €896,927 | -€31,962 | -3.4% |
| Contributions | 10/11 | €855,209 | €855,209 | = | 0.0% |
| Capital | 10 | €855,209 | €855,209 | = | 0.0% |
| Issued capital | 100 | €855,209 | €855,209 | = | 0.0% |
| Reserves | 13 | €65,000 | €40,000 | -€25,000 | -38.5% |
| Distributable reserves | 133 | €65,000 | €40,000 | -€25,000 | -38.5% |
| Profit (loss) carried forward | 14 | €8,680 | €1,718 | -€6,962 | -80.2% |
| Amounts payable | 17/49 | €736,674 | €647,379 | -€89,295 | -12.1% |
| Amounts payable after more than one year | 17 | - | €23,968 | +€23,968 | |
| Financial debts | 170/4 | - | €23,968 | +€23,968 | |
| Amounts payable within one year | 42/48 | €736,674 | €623,411 | -€113,263 | -15.4% |
| Current portion of amounts payable after more than one year | 42 | - | €6,850 | +€6,850 | |
| Trade debts | 44 | €676,602 | €566,605 | -€109,997 | -16.3% |
| Suppliers | 440/4 | €676,602 | €566,605 | -€109,997 | -16.3% |
| Taxes, remuneration and social security | 45 | €60,072 | €49,956 | -€10,116 | -16.8% |
| Taxes | 450/3 | €8,483 | €9,853 | +€1,370 | +16.1% |
| Remuneration and social security | 454/9 | €51,589 | €40,103 | -€11,486 | -22.3% |
| Remuneration, social security and pensions | 62 | €496,434 | €457,775 | -€38,659 | -7.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,147 | €28,836 | +€1,689 | +6.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €61,495 | -€58,245 | -€119,740 | |
| Other operating charges | 640/8 | €74,351 | €20,741 | -€53,610 | -72.1% |
| Non-recurring operating charges | 66A | €164,051 | - | -€164,051 | |
| Gross operating margin | 9900 | €660,878 | €421,024 | -€239,854 | -36.3% |
| Operating profit (loss) | 9901 | -€162,600 | -€28,083 | +€134,517 | +82.7% |
| Financial income | 75/76B | €207,945 | €23,257 | -€184,688 | -88.8% |
| Recurring financial income | 75 | €3,855 | €23,257 | +€19,402 | +503% |
| Non-recurring financial income | 76B | €204,090 | - | -€204,090 | |
| Financial charges | 65/66B | €27,818 | €26,773 | -€1,045 | -3.8% |
| Recurring financial charges | 65 | €27,818 | €26,773 | -€1,045 | -3.8% |
| Profit (loss) for the period before taxes | 9903 | €17,527 | -€31,599 | -€49,126 | |
| Income taxes | 67/77 | €9,125 | €363 | -€8,762 | -96.0% |
| Profit (loss) for the period | 9904 | €8,402 | -€31,962 | -€40,364 | |
| Profit (loss) for the period to be appropriated | 9905 | €8,402 | -€31,962 | -€40,364 |
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 30 October 2026 via checked.be.