M.B.T.: 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.
M.B.T.
Largest movements
- Receivables within one year +€76,598
up €76,598 (+21.8%), from €351,474 to €428,072
of which Trade receivables: +€141,721
- Stocks and contracts -€66,457
down €66,457 (-83.5%), from €79,564 to €13,107
- Cash +€54,352
up €54,352 (+37.7%), from €144,313 to €198,664
mainly Stocks and contracts (+€66,457) and Depreciation (+€43,314)
- Tangible fixed assets -€44,199
down €44,199 (-36.9%), from €119,765 to €75,566
of which Furniture and vehicles: -€43,537
- Deferred charges and accrued income +€12,703
new in 2025: €12,703
- Other debts +€37,811
up €37,811 (+491%), from €7,702 to €45,513
- Tax, wage and social debts +€34,287
up €34,287 (+46.3%), from €74,123 to €108,410
of which Taxes: +€19,157
- Trade debts -€34,117
down €34,117 (-6.6%), from €518,147 to €484,030
- Staff costs +€114,697
up €114,697 (+31.1%), from €369,135 to €483,832
- Gross operating margin +€111,256
up €111,256 (+25.2%), from €442,312 to €553,568
- Depreciation +€9,033
up €9,033 (+26.4%), from €34,281 to €43,314
- Other operating charges -€8,968
down €8,968 (-31.6%), from €28,345 to €19,377
- Financial income -€6,837
no longer reported in 2025 (was €6,837)
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 | €696,315 | €729,311 | +€32,996 | +4.7% |
| Fixed assets | 21/28 | €120,964 | €76,765 | -€44,199 | -36.5% |
| Tangible fixed assets | 22/27 | €119,765 | €75,566 | -€44,199 | -36.9% |
| Plant, machinery and equipment | 23 | €662 | €0 | -€662 | -100.0% |
| Furniture and vehicles | 24 | €119,103 | €75,566 | -€43,537 | -36.6% |
| Financial fixed assets | 28 | €1,199 | €1,199 | = | 0.0% |
| Current assets | 29/58 | €575,351 | €652,546 | +€77,195 | +13.4% |
| Stocks and contracts in progress | 3 | €79,564 | €13,107 | -€66,457 | -83.5% |
| Stocks | 30/36 | €79,564 | €13,107 | -€66,457 | -83.5% |
| Amounts receivable within one year | 40/41 | €351,474 | €428,072 | +€76,598 | +21.8% |
| Trade receivables | 40 | €152,045 | €293,766 | +€141,721 | +93.2% |
| Other amounts receivable | 41 | €199,429 | €134,306 | -€65,123 | -32.7% |
| Cash at bank and in hand | 54/58 | €144,313 | €198,664 | +€54,352 | +37.7% |
| Deferred charges and accrued income | 490/1 | - | €12,703 | +€12,703 | |
| Total equity and liabilities | 10/49 | €696,315 | €729,311 | +€32,996 | +4.7% |
| Equity | 10/15 | €69,165 | €70,058 | +€893 | +1.3% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €6,150 | €6,150 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,515 | €2,408 | +€893 | +58.9% |
| Amounts payable | 17/49 | €627,150 | €659,253 | +€32,103 | +5.1% |
| Amounts payable after more than one year | 17 | €10,998 | €5,382 | -€5,616 | -51.1% |
| Financial debts | 170/4 | €10,998 | €5,382 | -€5,616 | -51.1% |
| Amounts payable within one year | 42/48 | €616,152 | €653,871 | +€37,719 | +6.1% |
| Current portion of amounts payable after more than one year | 42 | €16,180 | €15,917 | -€263 | -1.6% |
| Trade debts | 44 | €518,147 | €484,030 | -€34,117 | -6.6% |
| Suppliers | 440/4 | €518,147 | €484,030 | -€34,117 | -6.6% |
| Taxes, remuneration and social security | 45 | €74,123 | €108,410 | +€34,287 | +46.3% |
| Taxes | 450/3 | €188 | €19,345 | +€19,157 | +10,210% |
| Remuneration and social security | 454/9 | €73,935 | €89,065 | +€15,130 | +20.5% |
| Other amounts payable | 47/48 | €7,702 | €45,513 | +€37,811 | +491% |
| Non-recurring operating income | 76A | - | €59,000 | +€59,000 | |
| Remuneration, social security and pensions | 62 | €369,135 | €483,832 | +€114,697 | +31.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,281 | €43,314 | +€9,033 | +26.4% |
| Other operating charges | 640/8 | €28,345 | €19,377 | -€8,968 | -31.6% |
| Gross operating margin | 9900 | €442,312 | €553,568 | +€111,256 | +25.2% |
| Operating profit (loss) | 9901 | €10,551 | €7,045 | -€3,506 | -33.2% |
| Financial income | 75/76B | €6,837 | - | -€6,837 | |
| Recurring financial income | 75 | €6,837 | - | -€6,837 | |
| Financial charges | 65/66B | €8,450 | €6,152 | -€2,298 | -27.2% |
| Recurring financial charges | 65 | €8,450 | €6,152 | -€2,298 | -27.2% |
| Profit (loss) for the period before taxes | 9903 | €8,938 | €893 | -€8,045 | -90.0% |
| Profit (loss) for the period | 9904 | €8,938 | €893 | -€8,045 | -90.0% |
| Profit (loss) for the period to be appropriated | 9905 | €8,938 | €893 | -€8,045 | -90.0% |
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 20 October 2026 via checked.be.