VAN BELLEGHEM MATHIEU: 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.
VAN BELLEGHEM MATHIEU
Largest movements
- Cash +€57,400
up €57,400 (+50.1%), from €114,606 to €172,007
mainly Net result for the year (+€89,730) and Other debts (+€77,219)
- Receivables within one year +€38,079
up €38,079 (+72.0%), from €52,889 to €90,968
of which Trade receivables: +€42,651
- Stocks and contracts -€37,330
down €37,330 (-49.8%), from €75,000 to €37,670
of which Contracts in progress: -€37,000
- Tangible fixed assets -€21,395
down €21,395 (-17.4%), from €123,231 to €101,836
of which Furniture and vehicles: -€20,843
- Other debts +€77,219
up €77,219 (+154%), from €50,000 to €127,219
- Reserves -€35,270
down €35,270 (-15.7%), from €224,817 to €189,546
- Debts after one year -€19,534
down €19,534 (-45.7%), from €42,748 to €23,214
- Tax, wage and social debts +€19,205
up €19,205 (+423%), from €4,541 to €23,746
of which Taxes: +€19,205
- Current portion of long-term debt -€7,307
down €7,307 (-27.2%), from €26,841 to €19,534
- Gross operating margin -€7,655
down €7,655 (-4.7%), from €161,450 to €153,795
- Depreciation -€5,474
down €5,474 (-13.6%), from €40,133 to €34,660
- Taxes +€2,198
up €2,198 (+8.6%), from €25,434 to €27,632
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 | €382,802 | €416,106 | +€33,304 | +8.7% |
| Fixed assets | 21/28 | €138,411 | €114,016 | -€24,395 | -17.6% |
| Intangible fixed assets | 21 | €15,180 | €12,180 | -€3,000 | -19.8% |
| Tangible fixed assets | 22/27 | €123,231 | €101,836 | -€21,395 | -17.4% |
| Plant, machinery and equipment | 23 | €10,901 | €6,984 | -€3,918 | -35.9% |
| Furniture and vehicles | 24 | €70,090 | €49,247 | -€20,843 | -29.7% |
| Leasing and similar rights | 25 | €0 | - | = | |
| Other tangible fixed assets | 26 | €42,239 | €45,605 | +€3,366 | +8.0% |
| Current assets | 29/58 | €244,391 | €302,090 | +€57,699 | +23.6% |
| Stocks and contracts in progress | 3 | €75,000 | €37,670 | -€37,330 | -49.8% |
| Stocks | 30/36 | €10,000 | €9,670 | -€330 | -3.3% |
| Contracts in progress | 37 | €65,000 | €28,000 | -€37,000 | -56.9% |
| Amounts receivable within one year | 40/41 | €52,889 | €90,968 | +€38,079 | +72.0% |
| Trade receivables | 40 | €16,288 | €58,939 | +€42,651 | +262% |
| Other amounts receivable | 41 | €36,601 | €32,028 | -€4,573 | -12.5% |
| Cash at bank and in hand | 54/58 | €114,606 | €172,007 | +€57,400 | +50.1% |
| Deferred charges and accrued income | 490/1 | €1,896 | €1,446 | -€449 | -23.7% |
| Total equity and liabilities | 10/49 | €382,802 | €416,106 | +€33,304 | +8.7% |
| Equity | 10/15 | €239,817 | €204,546 | -€35,270 | -14.7% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Reserves | 13 | €224,817 | €189,546 | -€35,270 | -15.7% |
| Distributable reserves | 133 | €224,817 | €189,546 | -€35,270 | -15.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €142,985 | €211,559 | +€68,574 | +48.0% |
| Amounts payable after more than one year | 17 | €42,748 | €23,214 | -€19,534 | -45.7% |
| Financial debts | 170/4 | €42,748 | €23,214 | -€19,534 | -45.7% |
| Amounts payable within one year | 42/48 | €100,237 | €188,345 | +€88,108 | +87.9% |
| Current portion of amounts payable after more than one year | 42 | €26,841 | €19,534 | -€7,307 | -27.2% |
| Trade debts | 44 | €18,855 | €17,846 | -€1,009 | -5.4% |
| Suppliers | 440/4 | €18,855 | €17,846 | -€1,009 | -5.4% |
| Taxes, remuneration and social security | 45 | €4,541 | €23,746 | +€19,205 | +423% |
| Taxes | 450/3 | €2,191 | €21,396 | +€19,205 | +877% |
| Remuneration and social security | 454/9 | €2,350 | €2,350 | = | 0.0% |
| Other amounts payable | 47/48 | €50,000 | €127,219 | +€77,219 | +154% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,133 | €34,660 | -€5,474 | -13.6% |
| Other operating charges | 640/8 | €1,671 | €2,388 | +€717 | +42.9% |
| Gross operating margin | 9900 | €161,450 | €153,795 | -€7,655 | -4.7% |
| Operating profit (loss) | 9901 | €119,646 | €116,747 | -€2,898 | -2.4% |
| Financial income | 75/76B | €4,798 | €3,872 | -€926 | -19.3% |
| Recurring financial income | 75 | €4,798 | €3,872 | -€926 | -19.3% |
| Financial charges | 65/66B | €2,590 | €3,258 | +€667 | +25.8% |
| Recurring financial charges | 65 | €2,590 | €3,258 | +€667 | +25.8% |
| Profit (loss) for the period before taxes | 9903 | €121,853 | €117,361 | -€4,492 | -3.7% |
| Income taxes | 67/77 | €25,434 | €27,632 | +€2,198 | +8.6% |
| Profit (loss) for the period | 9904 | €96,419 | €89,730 | -€6,690 | -6.9% |
| Profit (loss) for the period to be appropriated | 9905 | €96,419 | €89,730 | -€6,690 | -6.9% |
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 19 October 2026 via checked.be.