VINCENT MATHIEU: what changed
Two fiscal 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.
VINCENT MATHIEU
Largest movements
- Cash -€44,780
down €44,780 (-43.4%), from €103,156 to €58,376
mainly Other debts (-€33,200) and Contributions, distributions and other (-€22,800)
- Receivables within one year -€5,454
down €5,454 (-9.1%), from €59,938 to €54,484
of which Trade receivables: -€5,866
- Tangible fixed assets -€5,378
down €5,378 (-15.0%), from €35,769 to €30,391
of which Furniture and vehicles: -€5,023
- Other debts -€33,200
down €33,200 (-59.3%), from €56,000 to €22,800
- Debts after one year -€14,379
down €14,379 (-79.0%), from €18,203 to €3,824
- Tax, wage and social debts -€11,165
down €11,165 (-44.9%), from €24,885 to €13,720
of which Taxes: -€11,418
- Reserves +€7,600
up €7,600 (+12.0%), from €63,530 to €71,130
of which Distributable reserves: +€7,600
- Current portion of long-term debt -€5,432
down €5,432 (-27.4%), from €19,811 to €14,379
- Gross operating margin -€19,141
down €19,141 (-12.5%), from €152,598 to €133,456
- Staff costs +€2,009
up €2,009 (+3.3%), from €61,780 to €63,789
- Depreciation -€1,645
down €1,645 (-7.2%), from €22,927 to €21,282
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 | €200,965 | €145,131 | -€55,834 | -27.8% |
| Fixed assets | 21/28 | €35,769 | €30,391 | -€5,378 | -15.0% |
| Tangible fixed assets | 22/27 | €35,769 | €30,391 | -€5,378 | -15.0% |
| Land and buildings | 22 | €254 | - | -€254 | |
| Plant, machinery and equipment | 23 | €236 | €137 | -€100 | -42.2% |
| Furniture and vehicles | 24 | €35,278 | €30,255 | -€5,023 | -14.2% |
| Current assets | 29/58 | €165,196 | €114,740 | -€50,456 | -30.5% |
| Amounts receivable within one year | 40/41 | €59,938 | €54,484 | -€5,454 | -9.1% |
| Trade receivables | 40 | €27,924 | €22,058 | -€5,866 | -21.0% |
| Other amounts receivable | 41 | €32,014 | €32,426 | +€413 | +1.3% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €103,156 | €58,376 | -€44,780 | -43.4% |
| Deferred charges and accrued income | 490/1 | €2,102 | €1,880 | -€223 | -10.6% |
| Total equity and liabilities | 10/49 | €200,965 | €145,131 | -€55,834 | -27.8% |
| Equity | 10/15 | €72,182 | €79,811 | +€7,629 | +10.6% |
| Contributions | 10/11 | €8,125 | €8,125 | = | 0.0% |
| Reserves | 13 | €63,530 | €71,130 | +€7,600 | +12.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €1,130 | €1,130 | = | 0.0% |
| Distributable reserves | 133 | €62,400 | €70,000 | +€7,600 | +12.2% |
| Profit (loss) carried forward | 14 | €527 | €556 | +€29 | +5.6% |
| Amounts payable | 17/49 | €128,783 | €65,320 | -€63,463 | -49.3% |
| Amounts payable after more than one year | 17 | €18,203 | €3,824 | -€14,379 | -79.0% |
| Financial debts | 170/4 | €18,203 | €3,824 | -€14,379 | -79.0% |
| Amounts payable within one year | 42/48 | €106,956 | €58,996 | -€47,960 | -44.8% |
| Current portion of amounts payable after more than one year | 42 | €19,811 | €14,379 | -€5,432 | -27.4% |
| Trade debts | 44 | €6,260 | €8,097 | +€1,838 | +29.4% |
| Suppliers | 440/4 | €6,260 | €8,097 | +€1,838 | +29.4% |
| Taxes, remuneration and social security | 45 | €24,885 | €13,720 | -€11,165 | -44.9% |
| Taxes | 450/3 | €16,940 | €5,522 | -€11,418 | -67.4% |
| Remuneration and social security | 454/9 | €7,945 | €8,197 | +€253 | +3.2% |
| Other amounts payable | 47/48 | €56,000 | €22,800 | -€33,200 | -59.3% |
| Accrued charges and deferred income | 492/3 | €3,625 | €2,500 | -€1,125 | -31.0% |
| Remuneration, social security and pensions | 62 | €61,780 | €63,789 | +€2,009 | +3.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,927 | €21,282 | -€1,645 | -7.2% |
| Other operating charges | 640/8 | €1,470 | €1,359 | -€111 | -7.5% |
| Gross operating margin | 9900 | €152,598 | €133,456 | -€19,141 | -12.5% |
| Operating profit (loss) | 9901 | €66,421 | €47,027 | -€19,394 | -29.2% |
| Financial income | 75/76B | €1,341 | €605 | -€736 | -54.9% |
| Recurring financial income | 75 | €1,341 | €605 | -€736 | -54.9% |
| Financial charges | 65/66B | €784 | €988 | +€203 | +25.9% |
| Recurring financial charges | 65 | €784 | €988 | +€203 | +25.9% |
| Profit (loss) for the period before taxes | 9903 | €66,977 | €46,644 | -€20,333 | -30.4% |
| Income taxes | 67/77 | €16,611 | €16,214 | -€397 | -2.4% |
| Profit (loss) for the period | 9904 | €50,366 | €30,429 | -€19,937 | -39.6% |
| Profit (loss) for the period to be appropriated | 9905 | €50,366 | €30,429 | -€19,937 | -39.6% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.