M.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.T.C.
Largest movements
- Receivables within one year +€247,135
up €247,135 (+160%), from €154,528 to €401,663
of which Other amounts receivable: +€255,737
- Tangible fixed assets +€174,654
up €174,654 (+5.4%), from €3.2m to €3.4m
of which Land and buildings: +€236,920
- Deferred charges and accrued income +€174,337
up €174,337 (+13,648%), from €1,277 to €175,615
- Receivables after one year -€102,624
down €102,624 (-100%), from €102,624 to €0
- Short-term financial debts +€250,000
new in 2025: €250,000
- Debts after one year +€131,906
up €131,906 (+8.6%), from €1.5m to €1.7m
- Profit (loss) carried forward +€65,623
up €65,623 (+90.8%), from -€72,308 to -€6,685
- Other debts -€61,926
down €61,926 (-3.8%), from €1.6m to €1.6m
- Current portion of long-term debt +€56,244
up €56,244 (+24.3%), from €231,584 to €287,828
- Gross operating margin +€175,136
up €175,136 (+64.5%), from €271,343 to €446,479
- Staff costs -€26,553
down €26,553 (-32.6%), from €81,446 to €54,893
- Financial charges +€12,240
up €12,240 (+13.0%), from €94,491 to €106,731
- Depreciation +€8,675
up €8,675 (+5.1%), from €171,556 to €180,232
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 | €3,661,254 | €4,141,744 | +€480,491 | +13.1% |
| Fixed assets | 21/28 | €3,232,809 | €3,407,463 | +€174,654 | +5.4% |
| Tangible fixed assets | 22/27 | €3,229,165 | €3,403,819 | +€174,654 | +5.4% |
| Land and buildings | 22 | €2,719,108 | €2,956,028 | +€236,920 | +8.7% |
| Plant, machinery and equipment | 23 | €461,046 | €405,294 | -€55,751 | -12.1% |
| Furniture and vehicles | 24 | €49,012 | €42,497 | -€6,515 | -13.3% |
| Financial fixed assets | 28 | €3,644 | €3,644 | = | 0.0% |
| Current assets | 29/58 | €428,444 | €734,281 | +€305,837 | +71.4% |
| Amounts receivable after more than one year | 29 | €102,624 | €0 | -€102,624 | -100% |
| Trade receivables | 290 | €102,624 | €0 | -€102,624 | -100% |
| Stocks and contracts in progress | 3 | €149,314 | €137,109 | -€12,205 | -8.2% |
| Stocks | 30/36 | €149,314 | €137,109 | -€12,205 | -8.2% |
| Amounts receivable within one year | 40/41 | €154,528 | €401,663 | +€247,135 | +160% |
| Trade receivables | 40 | €153,777 | €145,175 | -€8,602 | -5.6% |
| Other amounts receivable | 41 | €751 | €256,489 | +€255,737 | +34,037% |
| Cash at bank and in hand | 54/58 | €20,701 | €19,894 | -€808 | -3.9% |
| Deferred charges and accrued income | 490/1 | €1,277 | €175,615 | +€174,337 | +13,648% |
| Total equity and liabilities | 10/49 | €3,661,254 | €4,141,744 | +€480,491 | +13.1% |
| Equity | 10/15 | -€4,138 | €61,486 | +€65,623 | |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €6,197 | €6,197 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,197 | €6,197 | = | 0.0% |
| Legal reserve | 130 | €6,197 | €6,197 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€72,308 | -€6,685 | +€65,623 | +90.8% |
| Amounts payable | 17/49 | €3,665,391 | €4,080,259 | +€414,867 | +11.3% |
| Amounts payable after more than one year | 17 | €1,530,408 | €1,662,313 | +€131,906 | +8.6% |
| Financial debts | 170/4 | €1,530,408 | €1,662,313 | +€131,906 | +8.6% |
| Amounts payable within one year | 42/48 | €2,134,984 | €2,415,525 | +€280,542 | +13.1% |
| Current portion of amounts payable after more than one year | 42 | €231,584 | €287,828 | +€56,244 | +24.3% |
| Financial debts | 43 | - | €250,000 | +€250,000 | |
| Credit institutions | 430/8 | - | €250,000 | +€250,000 | |
| Trade debts | 44 | €272,838 | €307,148 | +€34,310 | +12.6% |
| Suppliers | 440/4 | €272,838 | €307,148 | +€34,310 | +12.6% |
| Taxes, remuneration and social security | 45 | €10,028 | €11,942 | +€1,914 | +19.1% |
| Taxes | 450/3 | €726 | €4,818 | +€4,092 | +564% |
| Remuneration and social security | 454/9 | €9,302 | €7,125 | -€2,178 | -23.4% |
| Other amounts payable | 47/48 | €1,620,534 | €1,558,607 | -€61,926 | -3.8% |
| Accrued charges and deferred income | 492/3 | - | €2,420 | +€2,420 | |
| Non-recurring operating income | 76A | - | €175,615 | +€175,615 | |
| Remuneration, social security and pensions | 62 | €81,446 | €54,893 | -€26,553 | -32.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €171,556 | €180,232 | +€8,675 | +5.1% |
| Other operating charges | 640/8 | €43,777 | €44,624 | +€846 | +1.9% |
| Gross operating margin | 9900 | €271,343 | €446,479 | +€175,136 | +64.5% |
| Operating profit (loss) | 9901 | -€25,437 | €166,730 | +€192,167 | |
| Financial income | 75/76B | €9,292 | €5,624 | -€3,668 | -39.5% |
| Recurring financial income | 75 | €9,292 | €5,624 | -€3,668 | -39.5% |
| Financial charges | 65/66B | €94,491 | €106,731 | +€12,240 | +13.0% |
| Recurring financial charges | 65 | €94,491 | €106,731 | +€12,240 | +13.0% |
| Profit (loss) for the period before taxes | 9903 | -€110,635 | €65,623 | +€176,258 | |
| Profit (loss) for the period | 9904 | -€110,635 | €65,623 | +€176,258 | |
| Profit (loss) for the period to be appropriated | 9905 | -€110,635 | €65,623 | +€176,258 |
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 17 October 2026 via checked.be.