M-T-M: 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-M
Largest movements
- Cash +€24,410
up €24,410 (+287%), from €8,511 to €32,921
mainly Other debts (+€29,236) and Depreciation (+€25,410)
- Tangible fixed assets -€20,188
down €20,188 (-17.6%), from €114,985 to €94,797
of which Furniture and vehicles: -€18,282
- Receivables within one year +€5,818
up €5,818 (+47.7%), from €12,197 to €18,015
of which Trade receivables: +€8,397
- Financial fixed assets +€5,250
new in 2025: €5,250
- Stocks and contracts -€3,086
down €3,086 (-61.0%), from €5,056 to €1,970
- Other debts +€29,236
up €29,236 (+24.0%), from €121,954 to €151,190
- Profit (loss) carried forward -€23,100
down €23,100 (-61.9%), from -€37,335 to -€60,434
- Advances received +€3,630
new in 2025: €3,630
- Trade debts +€1,842
up €1,842 (+6.8%), from €27,220 to €29,062
- Depreciation +€7,164
up €7,164 (+39.3%), from €18,246 to €25,410
- Financial charges -€1,361
down €1,361 (-60.2%), from €2,259 to €898
- Other operating charges +€799
up €799 (+187%), from €427 to €1,227
- Gross operating margin +€316
up €316 (+7.8%), from €4,054 to €4,369
- Financial income -€235
down €235 (-52.1%), from €450 to €216
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 | €142,643 | €155,569 | +€12,926 | +9.1% |
| Fixed assets | 21/28 | €115,837 | €100,686 | -€15,152 | -13.1% |
| Intangible fixed assets | 21 | €852 | €638 | -€214 | -25.1% |
| Tangible fixed assets | 22/27 | €114,985 | €94,797 | -€20,188 | -17.6% |
| Plant, machinery and equipment | 23 | €8,682 | €4,761 | -€3,921 | -45.2% |
| Furniture and vehicles | 24 | €80,385 | €62,103 | -€18,282 | -22.7% |
| Other tangible fixed assets | 26 | €25,918 | €27,933 | +€2,015 | +7.8% |
| Financial fixed assets | 28 | - | €5,250 | +€5,250 | |
| Current assets | 29/58 | €26,806 | €54,884 | +€28,078 | +105% |
| Stocks and contracts in progress | 3 | €5,056 | €1,970 | -€3,086 | -61.0% |
| Stocks | 30/36 | €5,056 | €1,970 | -€3,086 | -61.0% |
| Amounts receivable within one year | 40/41 | €12,197 | €18,015 | +€5,818 | +47.7% |
| Trade receivables | 40 | €7,433 | €15,830 | +€8,397 | +113% |
| Other amounts receivable | 41 | €4,764 | €2,185 | -€2,579 | -54.1% |
| Cash at bank and in hand | 54/58 | €8,511 | €32,921 | +€24,410 | +287% |
| Deferred charges and accrued income | 490/1 | €1,042 | €1,978 | +€936 | +89.8% |
| Total equity and liabilities | 10/49 | €142,643 | €155,569 | +€12,926 | +9.1% |
| Equity | 10/15 | -€7,335 | -€30,434 | -€23,100 | -315% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€37,335 | -€60,434 | -€23,100 | -61.9% |
| Amounts payable | 17/49 | €149,978 | €186,004 | +€36,026 | +24.0% |
| Amounts payable within one year | 42/48 | €149,978 | €185,909 | +€35,931 | +24.0% |
| Trade debts | 44 | €27,220 | €29,062 | +€1,842 | +6.8% |
| Suppliers | 440/4 | €27,220 | €29,062 | +€1,842 | +6.8% |
| Advances received on contracts in progress | 46 | - | €3,630 | +€3,630 | |
| Taxes, remuneration and social security | 45 | €804 | €2,026 | +€1,223 | +152% |
| Taxes | 450/3 | €804 | €2,026 | +€1,223 | +152% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €121,954 | €151,190 | +€29,236 | +24.0% |
| Accrued charges and deferred income | 492/3 | €0 | €95 | +€95 | |
| Non-recurring operating income | 76A | €4,603 | €108 | -€4,495 | -97.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,246 | €25,410 | +€7,164 | +39.3% |
| Other operating charges | 640/8 | €427 | €1,227 | +€799 | +187% |
| Non-recurring operating charges | 66A | - | €149 | +€149 | |
| Gross operating margin | 9900 | €4,054 | €4,369 | +€316 | +7.8% |
| Operating profit (loss) | 9901 | -€14,620 | -€22,417 | -€7,797 | -53.3% |
| Financial income | 75/76B | €450 | €216 | -€235 | -52.1% |
| Recurring financial income | 75 | €450 | €216 | -€235 | -52.1% |
| Financial charges | 65/66B | €2,259 | €898 | -€1,361 | -60.2% |
| Recurring financial charges | 65 | €2,259 | €898 | -€1,361 | -60.2% |
| Profit (loss) for the period before taxes | 9903 | -€16,428 | -€23,100 | -€6,671 | -40.6% |
| Profit (loss) for the period | 9904 | -€16,428 | -€23,100 | -€6,671 | -40.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€16,428 | -€23,100 | -€6,671 | -40.6% |
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 27 October 2026 via checked.be.