M.K.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.K.T.
Largest movements
- Tangible fixed assets +€94,620
up €94,620 (+45.0%), from €210,397 to €305,017
of which Furniture and vehicles: +€91,906
- Cash +€20,477
up €20,477 (+60.0%), from €34,123 to €54,600
mainly Depreciation (+€83,146) and Trade debts (+€52,929)
- Receivables within one year -€14,492
down €14,492 (-11.3%), from €128,359 to €113,867
of which Other amounts receivable: -€25,023
- Deferred charges and accrued income +€5,448
up €5,448 (+61.0%), from €8,931 to €14,379
- Trade debts +€52,929
up €52,929 (+37.5%), from €141,292 to €194,221
- Other debts +€39,728
up €39,728 (+118%), from €33,708 to €73,436
- Profit (loss) carried forward +€20,183
up €20,183 (+12.4%), from €162,864 to €183,047
- Current portion of long-term debt -€13,714
down €13,714 (-52.0%), from €26,360 to €12,646
- Staff costs +€84,096
up €84,096 (+49.2%), from €170,776 to €254,872
- Gross operating margin +€81,067
up €81,067 (+25.6%), from €316,421 to €397,488
- Depreciation -€7,406
down €7,406 (-8.2%), from €90,552 to €83,146
- Other operating charges +€7,360
up €7,360 (+72.6%), from €10,134 to €17,494
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 | €442,732 | €543,499 | +€100,766 | +22.8% |
| Fixed assets | 21/28 | €219,558 | €314,178 | +€94,620 | +43.1% |
| Tangible fixed assets | 22/27 | €210,397 | €305,017 | +€94,620 | +45.0% |
| Land and buildings | 22 | €66,679 | €73,230 | +€6,551 | +9.8% |
| Plant, machinery and equipment | 23 | €121,010 | €117,174 | -€3,837 | -3.2% |
| Furniture and vehicles | 24 | €22,708 | €114,614 | +€91,906 | +405% |
| Financial fixed assets | 28 | €9,161 | €9,161 | = | 0.0% |
| Current assets | 29/58 | €223,174 | €229,320 | +€6,146 | +2.8% |
| Stocks and contracts in progress | 3 | €51,761 | €46,474 | -€5,288 | -10.2% |
| Stocks | 30/36 | €51,761 | €46,474 | -€5,288 | -10.2% |
| Amounts receivable within one year | 40/41 | €128,359 | €113,867 | -€14,492 | -11.3% |
| Trade receivables | 40 | €4,705 | €15,236 | +€10,531 | +224% |
| Other amounts receivable | 41 | €123,654 | €98,631 | -€25,023 | -20.2% |
| Cash at bank and in hand | 54/58 | €34,123 | €54,600 | +€20,477 | +60.0% |
| Deferred charges and accrued income | 490/1 | €8,931 | €14,379 | +€5,448 | +61.0% |
| Total equity and liabilities | 10/49 | €442,732 | €543,499 | +€100,766 | +22.8% |
| Equity | 10/15 | €177,224 | €197,407 | +€20,183 | +11.4% |
| Contributions | 10/11 | €12,500 | €12,500 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €162,864 | €183,047 | +€20,183 | +12.4% |
| Amounts payable | 17/49 | €265,509 | €346,092 | +€80,583 | +30.4% |
| Amounts payable within one year | 42/48 | €261,268 | €340,383 | +€79,115 | +30.3% |
| Current portion of amounts payable after more than one year | 42 | €26,360 | €12,646 | -€13,714 | -52.0% |
| Trade debts | 44 | €141,292 | €194,221 | +€52,929 | +37.5% |
| Suppliers | 440/4 | €141,292 | €194,221 | +€52,929 | +37.5% |
| Taxes, remuneration and social security | 45 | €59,909 | €60,081 | +€172 | +0.3% |
| Taxes | 450/3 | €35,572 | €34,804 | -€767 | -2.2% |
| Remuneration and social security | 454/9 | €24,337 | €25,277 | +€940 | +3.9% |
| Other amounts payable | 47/48 | €33,708 | €73,436 | +€39,728 | +118% |
| Accrued charges and deferred income | 492/3 | €4,241 | €5,709 | +€1,468 | +34.6% |
| Remuneration, social security and pensions | 62 | €170,776 | €254,872 | +€84,096 | +49.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €90,552 | €83,146 | -€7,406 | -8.2% |
| Other operating charges | 640/8 | €10,134 | €17,494 | +€7,360 | +72.6% |
| Gross operating margin | 9900 | €316,421 | €397,488 | +€81,067 | +25.6% |
| Operating profit (loss) | 9901 | €44,959 | €41,977 | -€2,982 | -6.6% |
| Financial income | 75/76B | €1,909 | €1,287 | -€622 | -32.6% |
| Recurring financial income | 75 | €1,909 | €1,287 | -€622 | -32.6% |
| Financial charges | 65/66B | €7,702 | €6,609 | -€1,093 | -14.2% |
| Recurring financial charges | 65 | €7,702 | €6,609 | -€1,093 | -14.2% |
| Profit (loss) for the period before taxes | 9903 | €39,166 | €36,654 | -€2,512 | -6.4% |
| Income taxes | 67/77 | €12,811 | €16,471 | +€3,660 | +28.6% |
| Profit (loss) for the period | 9904 | €26,355 | €20,183 | -€6,172 | -23.4% |
| Profit (loss) for the period to be appropriated | 9905 | €26,355 | €20,183 | -€6,172 | -23.4% |
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 24 October 2026 via checked.be.