M.B.T.C.: 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.C.
Largest movements
- Cash +€173,823
up €173,823 (+49.2%), from €352,955 to €526,778
mainly Net result for the year (+€147,403) and Trade debts (+€106,336)
- Receivables within one year -€94,390
down €94,390 (-7.4%), from €1.3m to €1.2m
of which Trade receivables: -€136,114
- Stocks and contracts +€54,224
up €54,224 (+16.5%), from €328,186 to €382,411
- Reserves +€145,000
up €145,000 (+8.0%), from €1.8m to €2.0m
- Trade debts +€106,336
up €106,336 (+69.3%), from €153,415 to €259,752
- Other debts -€87,273
down €87,273 (-38.2%), from €228,728 to €141,455
- Debts after one year -€51,710
down €51,710 (-9.2%), from €564,898 to €513,188
- Gross operating margin -€347,157
down €347,157 (-51.3%), from €677,173 to €330,017
- Taxes -€68,191
down €68,191 (-51.2%), from €133,131 to €64,940
- Other operating charges -€58,386
down €58,386 (-57.4%), from €101,758 to €43,372
- Write-downs -€47,137
down €47,137, from €19,219 to -€27,918
- Depreciation +€7,305
up €7,305 (+16.5%), from €44,201 to €51,506
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 | €2,877,419 | €2,986,366 | +€108,947 | +3.8% |
| Fixed assets | 21/28 | €908,473 | €883,459 | -€25,014 | -2.8% |
| Tangible fixed assets | 22/27 | €908,473 | €881,459 | -€27,014 | -3.0% |
| Land and buildings | 22 | €872,088 | €836,303 | -€35,785 | -4.1% |
| Plant, machinery and equipment | 23 | €2,601 | €17,936 | +€15,335 | +590% |
| Furniture and vehicles | 24 | €33,784 | €27,221 | -€6,564 | -19.4% |
| Financial fixed assets | 28 | - | €2,000 | +€2,000 | |
| Current assets | 29/58 | €1,968,946 | €2,102,907 | +€133,960 | +6.8% |
| Stocks and contracts in progress | 3 | €328,186 | €382,411 | +€54,224 | +16.5% |
| Stocks | 30/36 | €328,186 | €382,411 | +€54,224 | +16.5% |
| Amounts receivable within one year | 40/41 | €1,283,047 | €1,188,657 | -€94,390 | -7.4% |
| Trade receivables | 40 | €1,264,709 | €1,128,595 | -€136,114 | -10.8% |
| Other amounts receivable | 41 | €18,338 | €60,062 | +€41,724 | +228% |
| Cash at bank and in hand | 54/58 | €352,955 | €526,778 | +€173,823 | +49.2% |
| Deferred charges and accrued income | 490/1 | €4,758 | €5,061 | +€303 | +6.4% |
| Total equity and liabilities | 10/49 | €2,877,419 | €2,986,366 | +€108,947 | +3.8% |
| Equity | 10/15 | €1,841,253 | €1,988,656 | +€147,403 | +8.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,805,860 | €1,950,860 | +€145,000 | +8.0% |
| Distributable reserves | 133 | €1,805,860 | €1,950,860 | +€145,000 | +8.0% |
| Profit (loss) carried forward | 14 | €16,793 | €19,196 | +€2,403 | +14.3% |
| Amounts payable | 17/49 | €1,036,166 | €997,711 | -€38,456 | -3.7% |
| Amounts payable after more than one year | 17 | €564,898 | €513,188 | -€51,710 | -9.2% |
| Financial debts | 170/4 | €564,898 | €513,188 | -€51,710 | -9.2% |
| Amounts payable within one year | 42/48 | €450,250 | €472,602 | +€22,352 | +5.0% |
| Current portion of amounts payable after more than one year | 42 | €62,107 | €66,849 | +€4,742 | +7.6% |
| Trade debts | 44 | €153,415 | €259,752 | +€106,336 | +69.3% |
| Suppliers | 440/4 | €153,415 | €259,752 | +€106,336 | +69.3% |
| Taxes, remuneration and social security | 45 | €6,000 | €4,547 | -€1,453 | -24.2% |
| Taxes | 450/3 | €6,000 | €4,547 | -€1,453 | -24.2% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €228,728 | €141,455 | -€87,273 | -38.2% |
| Accrued charges and deferred income | 492/3 | €21,018 | €11,920 | -€9,098 | -43.3% |
| Remuneration, social security and pensions | 62 | €439 | €41 | -€398 | -90.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,201 | €51,506 | +€7,305 | +16.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €19,219 | -€27,918 | -€47,137 | |
| Other operating charges | 640/8 | €101,758 | €43,372 | -€58,386 | -57.4% |
| Non-recurring operating charges | 66A | €29,561 | €0 | -€29,561 | -100% |
| Gross operating margin | 9900 | €677,173 | €330,017 | -€347,157 | -51.3% |
| Operating profit (loss) | 9901 | €481,995 | €263,015 | -€218,980 | -45.4% |
| Financial income | 75/76B | €1,532 | €1,756 | +€224 | +14.6% |
| Recurring financial income | 75 | €1,532 | €1,756 | +€224 | +14.6% |
| Financial charges | 65/66B | €55,782 | €52,429 | -€3,354 | -6.0% |
| Recurring financial charges | 65 | €55,782 | €52,429 | -€3,354 | -6.0% |
| Profit (loss) for the period before taxes | 9903 | €427,745 | €212,342 | -€215,403 | -50.4% |
| Income taxes | 67/77 | €133,131 | €64,940 | -€68,191 | -51.2% |
| Profit (loss) for the period | 9904 | €294,614 | €147,403 | -€147,211 | -50.0% |
| Profit (loss) for the period to be appropriated | 9905 | €294,614 | €147,403 | -€147,211 | -50.0% |
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 23 October 2026 via checked.be.