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.
MATH INVEST
Largest movements
- Tangible fixed assets -€27,337
down €27,337 (-4.1%), from €666,311 to €638,975
of which Land and buildings: -€25,273
- Cash -€13,023
down €13,023 (-12.1%), from €107,983 to €94,959
mainly Trade debts (-€38,949) and Debts after one year (-€11,408)
- Trade debts -€38,949
down €38,949 (-99.7%), from €39,084 to €135
- Debts after one year -€11,408
down €11,408 (-5.1%), from €225,531 to €214,124
of which Financial debts: -€11,408
- Gross operating margin +€27,281
up €27,281 (+107.9%), from €25,285 to €52,565
- Other operating charges +€4,327
up €4,327 (+84.2%), from €5,139 to €9,466
- Taxes -€1,764
no longer reported in 2025 (was €1,764)
- Financial charges +€1,483
up €1,483 (+17.9%), from €8,266 to €9,748
- Depreciation -€1,327
down €1,327 (-4.6%), from €28,664 to €27,337
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 | €819,392 | €776,398 | -€42,994 | -5.2% |
| Fixed assets | 21/28 | €666,311 | €638,975 | -€27,337 | -4.1% |
| Tangible fixed assets | 22/27 | €666,311 | €638,975 | -€27,337 | -4.1% |
| Land and buildings | 22 | €662,183 | €636,910 | -€25,273 | -3.8% |
| Plant, machinery and equipment | 23 | €4,128 | €2,064 | -€2,064 | -50.0% |
| Current assets | 29/58 | €153,081 | €137,423 | -€15,658 | -10.2% |
| Amounts receivable within one year | 40/41 | €45,098 | €42,464 | -€2,634 | -5.8% |
| Trade receivables | 40 | €44,619 | €40,628 | -€3,992 | -8.9% |
| Other amounts receivable | 41 | €479 | €1,836 | +€1,358 | +283.6% |
| Cash at bank and in hand | 54/58 | €107,983 | €94,959 | -€13,023 | -12.1% |
| Total equity and liabilities | 10/49 | €819,392 | €776,398 | -€42,994 | -5.2% |
| Equity | 10/15 | €261,197 | €267,211 | +€6,014 | +2.3% |
| Contributions | 10/11 | €223,104 | €223,104 | = | 0.0% |
| Capital | 10 | €223,104 | €223,104 | = | 0.0% |
| Issued capital | 100 | €223,104 | €223,104 | = | 0.0% |
| Reserves | 13 | €276,562 | €276,562 | = | 0.0% |
| Non-distributable reserves | 130/1 | €20,289 | €20,289 | = | 0.0% |
| Legal reserve | 130 | €20,289 | €20,289 | = | 0.0% |
| Tax-exempt reserves | 132 | €138,523 | €138,523 | = | 0.0% |
| Distributable reserves | 133 | €117,749 | €117,749 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€238,469 | -€232,455 | +€6,014 | +2.5% |
| Amounts payable | 17/49 | €558,195 | €509,187 | -€49,008 | -8.8% |
| Amounts payable after more than one year | 17 | €225,531 | €214,124 | -€11,408 | -5.1% |
| Financial debts | 170/4 | €157,217 | €145,809 | -€11,408 | -7.3% |
| Other amounts payable | 178/9 | €68,315 | €68,315 | = | 0.0% |
| Amounts payable within one year | 42/48 | €332,663 | €295,063 | -€37,600 | -11.3% |
| Current portion of amounts payable after more than one year | 42 | €19,824 | €26,178 | +€6,354 | +32.1% |
| Trade debts | 44 | €39,084 | €135 | -€38,949 | -99.7% |
| Suppliers | 440/4 | €39,084 | €135 | -€38,949 | -99.7% |
| Taxes, remuneration and social security | 45 | €4,125 | - | -€4,125 | |
| Taxes | 450/3 | €4,125 | - | -€4,125 | |
| Other amounts payable | 47/48 | €269,630 | €268,750 | -€880 | -0.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,664 | €27,337 | -€1,327 | -4.6% |
| Other operating charges | 640/8 | €5,139 | €9,466 | +€4,327 | +84.2% |
| Gross operating margin | 9900 | €25,285 | €52,565 | +€27,281 | +107.9% |
| Operating profit (loss) | 9901 | -€8,518 | €15,762 | +€24,280 | |
| Financial charges | 65/66B | €8,266 | €9,748 | +€1,483 | +17.9% |
| Recurring financial charges | 65 | €8,266 | €9,748 | +€1,483 | +17.9% |
| Profit (loss) for the period before taxes | 9903 | -€16,784 | €6,014 | +€22,797 | |
| Income taxes | 67/77 | €1,764 | - | -€1,764 | |
| Profit (loss) for the period | 9904 | -€18,548 | €6,014 | +€24,562 | |
| Profit (loss) for the period to be appropriated | 9905 | -€18,548 | €6,014 | +€24,562 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 September 2026 via checked.be.