M.T.T: 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.T
Largest movements
- Cash +€147,703
up €147,703 (+501%), from €29,489 to €177,192
mainly Other debts (+€82,106) and Depreciation (+€80,444)
- Tangible fixed assets +€33,406
up €33,406 (+5.0%), from €672,067 to €705,474
of which Furniture and vehicles: +€34,161
- Receivables within one year -€26,750
down €26,750 (-18.2%), from €146,944 to €120,194
- Stocks and contracts -€23,291
down €23,291 (-21.2%), from €109,658 to €86,367
- Other debts +€82,106
up €82,106 (+42.0%), from €195,296 to €277,402
- Short-term financial debts +€50,000
up €50,000 (+50.0%), from €100,000 to €150,000
- Debts after one year +€35,793
up €35,793 (+9.9%), from €361,323 to €397,116
- Profit (loss) carried forward -€35,188
down €35,188 (-13.7%), from €257,476 to €222,288
- Current portion of long-term debt +€14,392
up €14,392 (+19.2%), from €74,815 to €89,207
- Gross operating margin -€80,510
down €80,510 (-34.0%), from €236,574 to €156,064
- Depreciation +€14,869
up €14,869 (+22.7%), from €65,574 to €80,444
- Provisions -€13,893
new in 2025: -€13,893
- Other operating charges -€13,339
down €13,339 (-12.1%), from €109,970 to €96,631
- Taxes -€3,636
down €3,636 (-99.8%), from €3,644 to €8
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 | €1,119,636 | €1,252,274 | +€132,637 | +11.8% |
| Fixed assets | 21/28 | €828,197 | €861,738 | +€33,541 | +4.0% |
| Tangible fixed assets | 22/27 | €672,067 | €705,474 | +€33,406 | +5.0% |
| Land and buildings | 22 | €549,005 | €552,156 | +€3,151 | +0.6% |
| Plant, machinery and equipment | 23 | - | €1,103 | +€1,103 | |
| Furniture and vehicles | 24 | €91,981 | €126,142 | +€34,161 | +37.1% |
| Other tangible fixed assets | 26 | €31,082 | €26,073 | -€5,009 | -16.1% |
| Financial fixed assets | 28 | €156,130 | €156,265 | +€135 | +0.1% |
| Current assets | 29/58 | €291,439 | €390,535 | +€99,096 | +34.0% |
| Stocks and contracts in progress | 3 | €109,658 | €86,367 | -€23,291 | -21.2% |
| Stocks | 30/36 | €109,658 | €86,367 | -€23,291 | -21.2% |
| Amounts receivable within one year | 40/41 | €146,944 | €120,194 | -€26,750 | -18.2% |
| Trade receivables | 40 | €146,944 | €120,194 | -€26,750 | -18.2% |
| Cash at bank and in hand | 54/58 | €29,489 | €177,192 | +€147,703 | +501% |
| Deferred charges and accrued income | 490/1 | €5,349 | €6,783 | +€1,434 | +26.8% |
| Total equity and liabilities | 10/49 | €1,119,636 | €1,252,274 | +€132,637 | +11.8% |
| Equity | 10/15 | €292,676 | €257,488 | -€35,188 | -12.0% |
| Contributions | 10/11 | €32,000 | €32,000 | = | 0.0% |
| Reserves | 13 | €3,200 | €3,200 | = | 0.0% |
| Distributable reserves | 133 | €3,200 | €3,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €257,476 | €222,288 | -€35,188 | -13.7% |
| Amounts payable | 17/49 | €826,960 | €994,786 | +€167,825 | +20.3% |
| Amounts payable after more than one year | 17 | €361,323 | €397,116 | +€35,793 | +9.9% |
| Financial debts | 170/4 | €361,323 | €397,116 | +€35,793 | +9.9% |
| Amounts payable within one year | 42/48 | €455,989 | €583,945 | +€127,956 | +28.1% |
| Current portion of amounts payable after more than one year | 42 | €74,815 | €89,207 | +€14,392 | +19.2% |
| Financial debts | 43 | €100,000 | €150,000 | +€50,000 | +50.0% |
| Credit institutions | 430/8 | €100,000 | €150,000 | +€50,000 | +50.0% |
| Trade debts | 44 | €50,684 | €45,624 | -€5,060 | -10.0% |
| Suppliers | 440/4 | €50,684 | €45,624 | -€5,060 | -10.0% |
| Taxes, remuneration and social security | 45 | €35,194 | €21,712 | -€13,482 | -38.3% |
| Taxes | 450/3 | €35,194 | €21,712 | -€13,482 | -38.3% |
| Other amounts payable | 47/48 | €195,296 | €277,402 | +€82,106 | +42.0% |
| Accrued charges and deferred income | 492/3 | €9,648 | €13,725 | +€4,077 | +42.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €65,574 | €80,444 | +€14,869 | +22.7% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | -€13,893 | -€13,893 | |
| Other operating charges | 640/8 | €109,970 | €96,631 | -€13,339 | -12.1% |
| Gross operating margin | 9900 | €236,574 | €156,064 | -€80,510 | -34.0% |
| Operating profit (loss) | 9901 | €61,029 | -€7,117 | -€68,147 | |
| Financial income | 75/76B | €497 | €1,480 | +€983 | +198% |
| Recurring financial income | 75 | €497 | €1,480 | +€983 | +198% |
| Financial charges | 65/66B | €27,923 | €29,543 | +€1,621 | +5.8% |
| Recurring financial charges | 65 | €27,923 | €29,543 | +€1,621 | +5.8% |
| Profit (loss) for the period before taxes | 9903 | €33,604 | -€35,181 | -€68,784 | |
| Income taxes | 67/77 | €3,644 | €8 | -€3,636 | -99.8% |
| Profit (loss) for the period | 9904 | €29,960 | -€35,188 | -€65,148 | |
| Profit (loss) for the period to be appropriated | 9905 | €29,960 | -€35,188 | -€65,148 |
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 29 October 2026 via checked.be.