M.M.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.M.T.
Largest movements
- Stocks and contracts -€325,000
down €325,000 (-100%), from €325,000 to €0
of which Contracts in progress: -€325,000
- Cash -€6,155
down €6,155 (-24.1%), from €25,522 to €19,367
mainly Short-term financial debts (-€170,000) and Contributions, distributions and other (-€96,395)
- Receivables within one year -€4,757
down €4,757 (-7.7%), from €61,760 to €57,003
of which Other amounts receivable: -€10,129
- Short-term financial debts -€170,000
down €170,000 (-100%), from €170,000 to €0
- Reserves -€96,395
down €96,395 (-96.8%), from €99,565 to €3,171
- Trade debts -€70,550
down €70,550 (-73.5%), from €96,030 to €25,480
- Current portion of long-term debt -€31,003
down €31,003 (-69.9%), from €44,327 to €13,324
- Other debts +€16,166
up €16,166 (+41.0%), from €39,457 to €55,623
- Financial charges -€9,951
down €9,951 (-44.8%), from €22,211 to €12,260
- Depreciation +€4,111
up €4,111 (+24.2%), from €17,018 to €21,129
- Gross operating margin -€2,776
down €2,776 (-5.9%), from €47,030 to €44,254
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 | €475,048 | €141,330 | -€333,718 | -70.2% |
| Fixed assets | 21/28 | €62,766 | €64,960 | +€2,194 | +3.5% |
| Tangible fixed assets | 22/27 | €61,600 | €63,794 | +€2,194 | +3.6% |
| Plant, machinery and equipment | 23 | €7,276 | €8,550 | +€1,274 | +17.5% |
| Furniture and vehicles | 24 | €14,024 | €24,644 | +€10,620 | +75.7% |
| Leasing and similar rights | 25 | €40,300 | €30,600 | -€9,700 | -24.1% |
| Financial fixed assets | 28 | €1,166 | €1,166 | = | 0.0% |
| Current assets | 29/58 | €412,282 | €76,370 | -€335,912 | -81.5% |
| Stocks and contracts in progress | 3 | €325,000 | €0 | -€325,000 | -100% |
| Stocks | 30/36 | €0 | - | = | |
| Contracts in progress | 37 | €325,000 | €0 | -€325,000 | -100% |
| Amounts receivable within one year | 40/41 | €61,760 | €57,003 | -€4,757 | -7.7% |
| Trade receivables | 40 | €50,793 | €56,165 | +€5,372 | +10.6% |
| Other amounts receivable | 41 | €10,966 | €838 | -€10,129 | -92.4% |
| Cash at bank and in hand | 54/58 | €25,522 | €19,367 | -€6,155 | -24.1% |
| Total equity and liabilities | 10/49 | €475,048 | €141,330 | -€333,718 | -70.2% |
| Equity | 10/15 | €93,469 | €5,427 | -€88,042 | -94.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €99,565 | €3,171 | -€96,395 | -96.8% |
| Distributable reserves | 133 | €99,565 | €3,171 | -€96,395 | -96.8% |
| Profit (loss) carried forward | 14 | -€24,696 | -€16,343 | +€8,353 | +33.8% |
| Amounts payable | 17/49 | €381,579 | €135,903 | -€245,676 | -64.4% |
| Amounts payable after more than one year | 17 | €30,306 | €32,734 | +€2,428 | +8.0% |
| Financial debts | 170/4 | €30,306 | €32,734 | +€2,428 | +8.0% |
| Amounts payable within one year | 42/48 | €351,274 | €102,419 | -€248,854 | -70.8% |
| Current portion of amounts payable after more than one year | 42 | €44,327 | €13,324 | -€31,003 | -69.9% |
| Financial debts | 43 | €170,000 | €0 | -€170,000 | -100% |
| Credit institutions | 430/8 | €170,000 | €0 | -€170,000 | -100% |
| Trade debts | 44 | €96,030 | €25,480 | -€70,550 | -73.5% |
| Suppliers | 440/4 | €96,030 | €25,480 | -€70,550 | -73.5% |
| Taxes, remuneration and social security | 45 | €1,459 | €7,992 | +€6,533 | +448% |
| Taxes | 450/3 | €1,459 | €7,992 | +€6,533 | +448% |
| Other amounts payable | 47/48 | €39,457 | €55,623 | +€16,166 | +41.0% |
| Accrued charges and deferred income | 492/3 | - | €750 | +€750 | |
| Non-recurring operating income | 76A | - | €4,000 | +€4,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,018 | €21,129 | +€4,111 | +24.2% |
| Other operating charges | 640/8 | €2,458 | €2,094 | -€365 | -14.8% |
| Gross operating margin | 9900 | €47,030 | €44,254 | -€2,776 | -5.9% |
| Operating profit (loss) | 9901 | €27,554 | €21,031 | -€6,522 | -23.7% |
| Financial income | 75/76B | €3 | €19 | +€16 | +540% |
| Recurring financial income | 75 | €3 | €19 | +€16 | +540% |
| Financial charges | 65/66B | €22,211 | €12,260 | -€9,951 | -44.8% |
| Recurring financial charges | 65 | €22,211 | €12,260 | -€9,951 | -44.8% |
| Profit (loss) for the period before taxes | 9903 | €5,346 | €8,790 | +€3,445 | +64.4% |
| Income taxes | 67/77 | €437 | €438 | +€0 | +0.1% |
| Profit (loss) for the period | 9904 | €4,908 | €8,353 | +€3,444 | +70.2% |
| Profit (loss) for the period to be appropriated | 9905 | €4,908 | €8,353 | +€3,444 | +70.2% |
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 26 October 2026 via checked.be.