M.T.H.: 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.
What changed
M.T.H.
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€973
2024 · €154,859-€153,886
Equity
€1.4m
2024 · €1.4m+€973
Cash
€1,846
2024 · €3,713-€1,867
Balance sheet total
€5.7m
2024 · €5.8m-€101,926
Largest movements
Assets
- Tangible fixed assets -€116,489
down €116,489 (-2.0%), from €5.8m to €5.7m
of which Land and buildings: -€81,600
Equity and liabilities
- Current portion of long-term debt -€331,567
down €331,567 (-55.0%), from €602,674 to €271,107
- Trade debts +€282,748
up €282,748 (+15.9%), from €1.8m to €2.1m
- Short-term financial debts -€169,657
down €169,657 (-98.4%), from €172,343 to €2,686
- Debts after one year +€84,482
up €84,482 (+4.7%), from €1.8m to €1.9m
Income statement
- Gross operating margin -€300,638
down €300,638 (-33.3%), from €903,478 to €602,840
- Depreciation -€156,544
down €156,544 (-35.3%), from €444,016 to €287,472
- Staff costs +€40,982
up €40,982 (+25.7%), from €159,166 to €200,148
- Other operating charges -€26,026
down €26,026 (-70.6%), from €36,844 to €10,818
- Financial charges -€15,105
down €15,105 (-13.0%), from €115,913 to €100,808
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.
Result 2024
€154,859
Gross operating margin
-€300,638
Staff costs
-€40,982
Depreciation
+€156,544
Other operating charges
+€26,026
Financial income
-€9,500
Financial charges
+€15,105
Taxes
-€441
Result 2025
€973
raises the resultlowers the result
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.
From operations
+€586,270
Investment
-€171,395
Financing
-€416,742
Cash 2024
€3,713
From operations (derived)
+€586,270
Net result for the year
+€973
Depreciation
+€287,472
Receivables within one year
-€158
Deferred charges and accrued income
-€15,860
Trade debts
+€282,748
Tax, wage and social debts
+€20,099
Other debts
+€14,287
Accrued charges and deferred income
-€3,291
Investment (derived)
-€171,395
Investment in fixed assets (net)
-€171,395
Financing
-€416,742
Debts after one year
+€84,482
Current portion of long-term debt
-€331,567
Short-term financial debts
-€169,657
Cash 2025
€1,846
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,834,917 | €5,732,991 | -€101,926 | -1.7% |
| Fixed assets | 21/28 | €5,796,428 | €5,680,351 | -€116,077 | -2.0% |
| Tangible fixed assets | 22/27 | €5,779,915 | €5,663,426 | -€116,489 | -2.0% |
| Land and buildings | 22 | €1,500,991 | €1,419,391 | -€81,600 | -5.4% |
| Plant, machinery and equipment | 23 | €4,239,235 | €4,221,787 | -€17,448 | -0.4% |
| Furniture and vehicles | 24 | €39,689 | €22,248 | -€17,441 | -43.9% |
| Financial fixed assets | 28 | €16,513 | €16,925 | +€412 | +2.5% |
| Current assets | 29/58 | €38,489 | €52,640 | +€14,151 | +36.8% |
| Amounts receivable within one year | 40/41 | €24,854 | €25,012 | +€158 | +0.6% |
| Trade receivables | 40 | €24,854 | €20,448 | -€4,406 | -17.7% |
| Other amounts receivable | 41 | - | €4,564 | +€4,564 | |
| Cash at bank and in hand | 54/58 | €3,713 | €1,846 | -€1,867 | -50.3% |
| Deferred charges and accrued income | 490/1 | €9,922 | €25,782 | +€15,860 | +160% |
| Total equity and liabilities | 10/49 | €5,834,917 | €5,732,991 | -€101,926 | -1.7% |
| Equity | 10/15 | €1,367,446 | €1,368,419 | +€973 | +0.1% |
| Contributions | 10/11 | €60,000 | €66,000 | +€6,000 | +10.0% |
| Reserves | 13 | €6,000 | - | -€6,000 | |
| Non-distributable reserves | 130/1 | €6,000 | - | -€6,000 | |
| Reserves not available under the articles | 1311 | €6,000 | - | -€6,000 | |
| Profit (loss) carried forward | 14 | €1,301,446 | €1,302,419 | +€973 | +0.1% |
| Amounts payable | 17/49 | €4,467,471 | €4,364,572 | -€102,899 | -2.3% |
| Amounts payable after more than one year | 17 | €1,800,808 | €1,885,290 | +€84,482 | +4.7% |
| Financial debts | 170/4 | €1,800,808 | €1,885,290 | +€84,482 | +4.7% |
| Amounts payable within one year | 42/48 | €2,658,430 | €2,474,340 | -€184,090 | -6.9% |
| Current portion of amounts payable after more than one year | 42 | €602,674 | €271,107 | -€331,567 | -55.0% |
| Financial debts | 43 | €172,343 | €2,686 | -€169,657 | -98.4% |
| Credit institutions | 430/8 | €172,343 | €2,686 | -€169,657 | -98.4% |
| Trade debts | 44 | €1,780,282 | €2,063,030 | +€282,748 | +15.9% |
| Suppliers | 440/4 | €1,780,282 | €2,063,030 | +€282,748 | +15.9% |
| Taxes, remuneration and social security | 45 | €98,767 | €118,866 | +€20,099 | +20.3% |
| Taxes | 450/3 | €69,547 | €65,178 | -€4,369 | -6.3% |
| Remuneration and social security | 454/9 | €29,220 | €53,688 | +€24,468 | +83.7% |
| Other amounts payable | 47/48 | €4,364 | €18,651 | +€14,287 | +327% |
| Accrued charges and deferred income | 492/3 | €8,233 | €4,942 | -€3,291 | -40.0% |
| Remuneration, social security and pensions | 62 | €159,166 | €200,148 | +€40,982 | +25.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €444,016 | €287,472 | -€156,544 | -35.3% |
| Other operating charges | 640/8 | €36,844 | €10,818 | -€26,026 | -70.6% |
| Gross operating margin | 9900 | €903,478 | €602,840 | -€300,638 | -33.3% |
| Operating profit (loss) | 9901 | €263,452 | €104,402 | -€159,050 | -60.4% |
| Financial income | 75/76B | €9,500 | - | -€9,500 | |
| Recurring financial income | 75 | €9,500 | - | -€9,500 | |
| Non-recurring financial income | 76B | €9,500 | - | -€9,500 | |
| Financial charges | 65/66B | €115,913 | €100,808 | -€15,105 | -13.0% |
| Recurring financial charges | 65 | €115,913 | €100,808 | -€15,105 | -13.0% |
| Profit (loss) for the period before taxes | 9903 | €157,039 | €3,594 | -€153,445 | -97.7% |
| Income taxes | 67/77 | €2,180 | €2,621 | +€441 | +20.2% |
| Profit (loss) for the period | 9904 | €154,859 | €973 | -€153,886 | -99.4% |
| Profit (loss) for the period to be appropriated | 9905 | €154,859 | €973 | -€153,886 | -99.4% |
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 17 October 2026 via checked.be.