M.T.B.: 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.T.B.
Largest movements
- Receivables within one year +€140,867
up €140,867 (+184%), from €76,375 to €217,242
of which Other amounts receivable: +€112,131
- Tangible fixed assets -€35,958
down €35,958 (-8.9%), from €405,751 to €369,793
of which Other tangible fixed assets: -€39,989
- Stocks and contracts +€7,639
up €7,639 (+77.9%), from €9,800 to €17,439
- Trade debts +€86,295
up €86,295 (+32.2%), from €267,597 to €353,893
- Profit (loss) carried forward +€10,265
up €10,265 (+30.0%), from -€34,224 to -€23,959
- Debts after one year +€9,063
up €9,063 (+7.2%), from €125,256 to €134,319
- Gross operating margin +€58,003
up €58,003 (+43.6%), from €133,116 to €191,119
- Staff costs +€57,219
up €57,219 (+70.8%), from €80,763 to €137,982
- Financial charges +€6,111
up €6,111 (+108%), from €5,645 to €11,756
of which Non-recurring financial charges: +€6,946
- Financial income +€3,258
up €3,258 (+293%), from €1,113 to €4,371
- Other operating charges +€3,013
up €3,013 (+72.4%), from €4,163 to €7,176
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €526,341 | €635,874 | +€109,533 | +20.8% |
| Fixed assets | 21/28 | €419,925 | €384,437 | -€35,488 | -8.5% |
| Intangible fixed assets | 21 | €674 | €478 | -€196 | -29.1% |
| Tangible fixed assets | 22/27 | €405,751 | €369,793 | -€35,958 | -8.9% |
| Plant, machinery and equipment | 23 | €19,961 | €24,311 | +€4,350 | +21.8% |
| Furniture and vehicles | 24 | €581 | €262 | -€319 | -54.9% |
| Other tangible fixed assets | 26 | €385,208 | €345,220 | -€39,989 | -10.4% |
| Financial fixed assets | 28 | €13,500 | €14,166 | +€666 | +4.9% |
| Current assets | 29/58 | €106,416 | €251,437 | +€145,021 | +136% |
| Stocks and contracts in progress | 3 | €9,800 | €17,439 | +€7,639 | +77.9% |
| Stocks | 30/36 | €9,800 | €17,439 | +€7,639 | +77.9% |
| Amounts receivable within one year | 40/41 | €76,375 | €217,242 | +€140,867 | +184% |
| Trade receivables | 40 | €5,347 | €34,084 | +€28,736 | +537% |
| Other amounts receivable | 41 | €71,028 | €183,159 | +€112,131 | +158% |
| Cash at bank and in hand | 54/58 | €20,241 | €16,756 | -€3,485 | -17.2% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €526,341 | €635,874 | +€109,533 | +20.8% |
| Equity | 10/15 | €25,776 | €36,041 | +€10,265 | +39.8% |
| Contributions | 10/11 | €60,000 | €60,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€34,224 | -€23,959 | +€10,265 | +30.0% |
| Amounts payable | 17/49 | €500,565 | €599,833 | +€99,268 | +19.8% |
| Amounts payable after more than one year | 17 | €125,256 | €134,319 | +€9,063 | +7.2% |
| Financial debts | 170/4 | €125,256 | €134,319 | +€9,063 | +7.2% |
| Amounts payable within one year | 42/48 | €375,309 | €465,514 | +€90,205 | +24.0% |
| Current portion of amounts payable after more than one year | 42 | €48,382 | €44,734 | -€3,648 | -7.5% |
| Financial debts | 43 | €2,545 | €2,545 | = | 0.0% |
| Credit institutions | 430/8 | €2,545 | €2,545 | = | 0.0% |
| Trade debts | 44 | €267,597 | €353,893 | +€86,295 | +32.2% |
| Suppliers | 440/4 | €267,597 | €353,893 | +€86,295 | +32.2% |
| Taxes, remuneration and social security | 45 | €56,784 | €63,060 | +€6,276 | +11.1% |
| Taxes | 450/3 | €53,828 | €52,774 | -€1,054 | -2.0% |
| Remuneration and social security | 454/9 | €2,957 | €10,286 | +€7,330 | +248% |
| Other amounts payable | 47/48 | €0 | €1,282 | +€1,282 | |
| Remuneration, social security and pensions | 62 | €80,763 | €137,982 | +€57,219 | +70.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,398 | €28,310 | -€1,087 | -3.7% |
| Other operating charges | 640/8 | €4,163 | €7,176 | +€3,013 | +72.4% |
| Gross operating margin | 9900 | €133,116 | €191,119 | +€58,003 | +43.6% |
| Operating profit (loss) | 9901 | €18,793 | €17,650 | -€1,143 | -6.1% |
| Financial income | 75/76B | €1,113 | €4,371 | +€3,258 | +293% |
| Recurring financial income | 75 | €1,113 | €4,371 | +€3,258 | +293% |
| Financial charges | 65/66B | €5,645 | €11,756 | +€6,111 | +108% |
| Recurring financial charges | 65 | €5,645 | €4,810 | -€834 | -14.8% |
| Non-recurring financial charges | 66B | - | €6,946 | +€6,946 | |
| Profit (loss) for the period before taxes | 9903 | €14,261 | €10,265 | -€3,996 | -28.0% |
| Profit (loss) for the period | 9904 | €14,261 | €10,265 | -€3,996 | -28.0% |
| Profit (loss) for the period to be appropriated | 9905 | €14,261 | €10,265 | -€3,996 | -28.0% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 21 October 2026 via checked.be.