M.T.G.: 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.G.
Largest movements
- Tangible fixed assets -€640,622
down €640,622 (-54.4%), from €1.2m to €536,383
of which Land and buildings: -€640,343
- Cash -€454,314
down €454,314 (-76.6%), from €593,189 to €138,876
mainly Contributions, distributions and other (-€800,000) and Debts after one year (-€688,318)
- Receivables within one year -€250,390
down €250,390 (-32.5%), from €771,558 to €521,168
of which Trade receivables: -€160,461
- Stocks and contracts -€194,793
down €194,793 (-7.4%), from €2.6m to €2.4m
- Debts after one year -€688,318
down €688,318 (-23.8%), from €2.9m to €2.2m
of which Financial debts: -€687,557
- Other debts -€261,831
down €261,831 (-11.8%), from €2.2m to €2.0m
- Reserves -€239,657
down €239,657 (-46.6%), from €514,812 to €275,154
of which Tax-exempt reserves: -€239,657
- Current portion of long-term debt -€144,520
down €144,520 (-24.2%), from €596,972 to €452,452
- Trade debts -€124,100
down €124,100 (-42.0%), from €295,497 to €171,396
- Gross operating margin -€1.2m
down €1.2m (-65.4%), from €1.8m to €639,723
- Financial charges -€687,280
down €687,280 (-88.4%), from €777,117 to €89,837
- Taxes -€120,940
down €120,940 (-88.7%), from €136,276 to €15,336
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 | €7,113,808 | €5,576,942 | -€1.5m | -21.6% |
| Fixed assets | 21/28 | €3,132,042 | €2,491,420 | -€640,622 | -20.5% |
| Tangible fixed assets | 22/27 | €1,177,005 | €536,383 | -€640,622 | -54.4% |
| Land and buildings | 22 | €1,174,000 | €533,656 | -€640,343 | -54.5% |
| Plant, machinery and equipment | 23 | €33 | €0 | -€33 | -100% |
| Furniture and vehicles | 24 | - | €1,629 | +€1,629 | |
| Other tangible fixed assets | 26 | €2,972 | €1,097 | -€1,875 | -63.1% |
| Financial fixed assets | 28 | €1,955,037 | €1,955,037 | = | 0.0% |
| Current assets | 29/58 | €3,981,765 | €3,085,522 | -€896,244 | -22.5% |
| Stocks and contracts in progress | 3 | €2,615,154 | €2,420,362 | -€194,793 | -7.4% |
| Stocks | 30/36 | €2,615,154 | €2,420,362 | -€194,793 | -7.4% |
| Amounts receivable within one year | 40/41 | €771,558 | €521,168 | -€250,390 | -32.5% |
| Trade receivables | 40 | €348,922 | €188,461 | -€160,461 | -46.0% |
| Other amounts receivable | 41 | €422,636 | €332,708 | -€89,928 | -21.3% |
| Cash at bank and in hand | 54/58 | €593,189 | €138,876 | -€454,314 | -76.6% |
| Deferred charges and accrued income | 490/1 | €1,864 | €5,116 | +€3,252 | +175% |
| Total equity and liabilities | 10/49 | €7,113,808 | €5,576,942 | -€1.5m | -21.6% |
| Equity | 10/15 | €959,053 | €736,966 | -€222,087 | -23.2% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Revaluation surpluses | 12 | €33,091 | €33,091 | = | 0.0% |
| Reserves | 13 | €514,812 | €275,154 | -€239,657 | -46.6% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €239,657 | €0 | -€239,657 | -100% |
| Distributable reserves | 133 | €268,954 | €268,954 | = | 0.0% |
| Profit (loss) carried forward | 14 | €349,151 | €366,721 | +€17,570 | +5.0% |
| Provisions and deferred taxes | 16 | €79,886 | €0 | -€79,886 | -100% |
| Deferred taxes | 168 | €79,886 | €0 | -€79,886 | -100% |
| Amounts payable | 17/49 | €6,074,869 | €4,839,976 | -€1.2m | -20.3% |
| Amounts payable after more than one year | 17 | €2,890,321 | €2,202,004 | -€688,318 | -23.8% |
| Financial debts | 170/4 | €2,881,039 | €2,193,482 | -€687,557 | -23.9% |
| Other amounts payable | 178/9 | €9,282 | €8,521 | -€761 | -8.2% |
| Amounts payable within one year | 42/48 | €3,167,803 | €2,633,460 | -€534,342 | -16.9% |
| Current portion of amounts payable after more than one year | 42 | €596,972 | €452,452 | -€144,520 | -24.2% |
| Trade debts | 44 | €295,497 | €171,396 | -€124,100 | -42.0% |
| Suppliers | 440/4 | €295,497 | €171,396 | -€124,100 | -42.0% |
| Taxes, remuneration and social security | 45 | €57,663 | €53,771 | -€3,892 | -6.7% |
| Taxes | 450/3 | €57,663 | €53,771 | -€3,892 | -6.7% |
| Other amounts payable | 47/48 | €2,217,671 | €1,955,841 | -€261,831 | -11.8% |
| Accrued charges and deferred income | 492/3 | €16,745 | €4,512 | -€12,232 | -73.1% |
| Non-recurring operating income | 76A | €100,000 | - | -€100,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,247 | €31,160 | -€17,086 | -35.4% |
| Other operating charges | 640/8 | €23,640 | €15,260 | -€8,380 | -35.4% |
| Gross operating margin | 9900 | €1,847,556 | €639,723 | -€1.2m | -65.4% |
| Operating profit (loss) | 9901 | €1,775,670 | €593,303 | -€1.2m | -66.6% |
| Financial income | 75/76B | €22,280 | €9,897 | -€12,383 | -55.6% |
| Recurring financial income | 75 | €22,280 | €9,897 | -€12,383 | -55.6% |
| Financial charges | 65/66B | €777,117 | €89,837 | -€687,280 | -88.4% |
| Recurring financial charges | 65 | €777,117 | €89,837 | -€687,280 | -88.4% |
| Profit (loss) for the period before taxes | 9903 | €1,020,833 | €513,363 | -€507,470 | -49.7% |
| Transfer from deferred taxes | 780 | €151,272 | €79,886 | -€71,386 | -47.2% |
| Income taxes | 67/77 | €136,276 | €15,336 | -€120,940 | -88.7% |
| Profit (loss) for the period | 9904 | €1,035,829 | €577,913 | -€457,917 | -44.2% |
| Transfer from tax-exempt reserves | 789 | €453,816 | €239,657 | -€214,158 | -47.2% |
| Profit (loss) for the period to be appropriated | 9905 | €1,489,645 | €817,570 | -€672,075 | -45.1% |
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 16 October 2026 via checked.be.