M.T.S.: what changed
Two fiscal 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.S.
Largest movements
- Tangible fixed assets -€16,826
down €16,826 (-3.8%), from €442,294 to €425,468
of which Land and buildings: -€17,478
- Reserves -€12,722
down €12,722 (-2.9%), from €438,580 to €425,858
of which Tax-exempt reserves: -€12,722
- Gross operating margin -€4,449
down €4,449 (-97.7%), from €4,554 to €105
- Taxes -€1,674
down €1,674 (-87.1%), from €1,923 to €248
- Other operating charges -€1,013
down €1,013 (-23.8%), from €4,258 to €3,246
- Financial income -€602
down €602 (-10.8%), from €5,557 to €4,956
- Financial charges +€415
up €415 (+946.3%), from €44 to €459
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.
Cash bridge derived
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 | €728,136 | €714,546 | -€13,590 | -1.9% |
| Fixed assets | 21/28 | €442,294 | €425,468 | -€16,826 | -3.8% |
| Tangible fixed assets | 22/27 | €442,294 | €425,468 | -€16,826 | -3.8% |
| Land and buildings | 22 | €442,143 | €424,665 | -€17,478 | -4.0% |
| Plant, machinery and equipment | 23 | - | €728 | +€728 | |
| Furniture and vehicles | 24 | €151 | €75 | -€75 | -50.0% |
| Current assets | 29/58 | €285,843 | €289,079 | +€3,236 | +1.1% |
| Amounts receivable within one year | 40/41 | €4,425 | €6,216 | +€1,792 | +40.5% |
| Trade receivables | 40 | €3,993 | €4,157 | +€164 | +4.1% |
| Other amounts receivable | 41 | €431 | €2,059 | +€1,628 | +377.7% |
| Current investments | 50/53 | €265,968 | €272,381 | +€6,413 | +2.4% |
| Cash at bank and in hand | 54/58 | €11,130 | €6,892 | -€4,239 | -38.1% |
| Deferred charges and accrued income | 490/1 | €4,320 | €3,590 | -€730 | -16.9% |
| Total equity and liabilities | 10/49 | €728,136 | €714,546 | -€13,590 | -1.9% |
| Equity | 10/15 | €615,499 | €603,111 | -€12,388 | -2.0% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €438,580 | €425,858 | -€12,722 | -2.9% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Tax-exempt reserves | 132 | €321,830 | €309,108 | -€12,722 | -4.0% |
| Distributable reserves | 133 | €110,600 | €110,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €115,419 | €115,753 | +€334 | +0.3% |
| Provisions and deferred taxes | 16 | €107,277 | €103,036 | -€4,241 | -4.0% |
| Deferred taxes | 168 | €107,277 | €103,036 | -€4,241 | -4.0% |
| Amounts payable | 17/49 | €5,361 | €8,399 | +€3,039 | +56.7% |
| Amounts payable within one year | 42/48 | €4,512 | €8,399 | +€3,887 | +86.1% |
| Trade debts | 44 | €2,980 | €7,388 | +€4,408 | +147.9% |
| Suppliers | 440/4 | €2,980 | €7,388 | +€4,408 | +147.9% |
| Taxes, remuneration and social security | 45 | €1,533 | €1,012 | -€521 | -34.0% |
| Taxes | 450/3 | €1,533 | €1,012 | -€521 | -34.0% |
| Accrued charges and deferred income | 492/3 | €848 | - | -€848 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,554 | €17,736 | +€182 | +1.0% |
| Other operating charges | 640/8 | €4,258 | €3,246 | -€1,013 | -23.8% |
| Gross operating margin | 9900 | €4,554 | €105 | -€4,449 | -97.7% |
| Operating profit (loss) | 9901 | -€17,258 | -€20,877 | -€3,619 | -21.0% |
| Financial income | 75/76B | €5,557 | €4,956 | -€602 | -10.8% |
| Recurring financial income | 75 | €5,557 | €4,956 | -€602 | -10.8% |
| Financial charges | 65/66B | €44 | €459 | +€415 | +946.3% |
| Recurring financial charges | 65 | €44 | €459 | +€415 | +946.3% |
| Profit (loss) for the period before taxes | 9903 | -€11,744 | -€16,380 | -€4,636 | -39.5% |
| Transfer from deferred taxes | 780 | €4,241 | €4,241 | = | 0.0% |
| Income taxes | 67/77 | €1,923 | €248 | -€1,674 | -87.1% |
| Profit (loss) for the period | 9904 | -€9,426 | -€12,388 | -€2,961 | -31.4% |
| Transfer from tax-exempt reserves | 789 | €12,722 | €12,722 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €3,296 | €334 | -€2,961 | -89.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.