M-TECS: 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-TECS
Largest movements
- Tangible fixed assets -€107,363
down €107,363 (-39.8%), from €269,876 to €162,513
of which Plant, machinery and equipment: -€68,652
- Cash +€51,702
up €51,702 (+26.0%), from €198,638 to €250,340
mainly Net result for the year (+€160,185) and Depreciation (+€112,847)
- Receivables within one year -€27,104
down €27,104 (-10.3%), from €264,124 to €237,020
of which Trade receivables: -€25,330
- Stocks and contracts +€25,454
up €25,454 (+28.2%), from €90,118 to €115,572
- Other debts +€104,597
up €104,597 (+153%), from €68,457 to €173,054
- Debts after one year -€81,681
down €81,681 (-52.6%), from €155,177 to €73,496
- Reserves -€39,814
down €39,814 (-13.9%), from €286,644 to €246,830
- Trade debts -€39,290
down €39,290 (-25.3%), from €155,282 to €115,992
- Gross operating margin -€37,631
down €37,631 (-8.3%), from €454,652 to €417,021
- Staff costs -€37,390
down €37,390 (-33.1%), from €112,867 to €75,477
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 | €832,131 | €772,246 | -€59,885 | -7.2% |
| Fixed assets | 21/28 | €278,177 | €169,314 | -€108,863 | -39.1% |
| Intangible fixed assets | 21 | €8,301 | €6,801 | -€1,500 | -18.1% |
| Tangible fixed assets | 22/27 | €269,876 | €162,513 | -€107,363 | -39.8% |
| Land and buildings | 22 | €1,535 | €1,060 | -€475 | -30.9% |
| Plant, machinery and equipment | 23 | €135,943 | €67,291 | -€68,652 | -50.5% |
| Furniture and vehicles | 24 | €9,305 | €6,731 | -€2,574 | -27.7% |
| Leasing and similar rights | 25 | €123,093 | €87,431 | -€35,662 | -29.0% |
| Current assets | 29/58 | €553,954 | €602,932 | +€48,978 | +8.8% |
| Stocks and contracts in progress | 3 | €90,118 | €115,572 | +€25,454 | +28.2% |
| Stocks | 30/36 | €90,118 | €115,572 | +€25,454 | +28.2% |
| Amounts receivable within one year | 40/41 | €264,124 | €237,020 | -€27,104 | -10.3% |
| Trade receivables | 40 | €262,340 | €237,010 | -€25,330 | -9.7% |
| Other amounts receivable | 41 | €1,784 | €10 | -€1,774 | -99.4% |
| Cash at bank and in hand | 54/58 | €198,638 | €250,340 | +€51,702 | +26.0% |
| Deferred charges and accrued income | 490/1 | €1,074 | - | -€1,074 | |
| Total equity and liabilities | 10/49 | €832,131 | €772,246 | -€59,885 | -7.2% |
| Equity | 10/15 | €291,644 | €251,830 | -€39,814 | -13.7% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €286,644 | €246,830 | -€39,814 | -13.9% |
| Distributable reserves | 133 | €286,644 | €246,830 | -€39,814 | -13.9% |
| Amounts payable | 17/49 | €540,487 | €520,416 | -€20,071 | -3.7% |
| Amounts payable after more than one year | 17 | €155,177 | €73,496 | -€81,681 | -52.6% |
| Financial debts | 170/4 | €155,177 | €73,496 | -€81,681 | -52.6% |
| Amounts payable within one year | 42/48 | €385,310 | €446,920 | +€61,610 | +16.0% |
| Current portion of amounts payable after more than one year | 42 | €84,985 | €81,679 | -€3,306 | -3.9% |
| Trade debts | 44 | €155,282 | €115,992 | -€39,290 | -25.3% |
| Suppliers | 440/4 | €155,282 | €115,992 | -€39,290 | -25.3% |
| Taxes, remuneration and social security | 45 | €76,586 | €76,195 | -€391 | -0.5% |
| Taxes | 450/3 | €67,756 | €67,049 | -€707 | -1.0% |
| Remuneration and social security | 454/9 | €8,830 | €9,146 | +€316 | +3.6% |
| Other amounts payable | 47/48 | €68,457 | €173,054 | +€104,597 | +153% |
| Remuneration, social security and pensions | 62 | €112,867 | €75,477 | -€37,390 | -33.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €112,265 | €112,847 | +€582 | +0.5% |
| Other operating charges | 640/8 | €11,871 | €11,910 | +€39 | +0.3% |
| Gross operating margin | 9900 | €454,652 | €417,021 | -€37,631 | -8.3% |
| Operating profit (loss) | 9901 | €217,649 | €216,787 | -€862 | -0.4% |
| Financial income | 75/76B | €179 | €21 | -€158 | -88.3% |
| Recurring financial income | 75 | €179 | €21 | -€158 | -88.3% |
| Financial charges | 65/66B | €9,261 | €6,031 | -€3,230 | -34.9% |
| Recurring financial charges | 65 | €9,261 | €6,031 | -€3,230 | -34.9% |
| Profit (loss) for the period before taxes | 9903 | €208,567 | €210,777 | +€2,210 | +1.1% |
| Income taxes | 67/77 | €51,767 | €50,592 | -€1,175 | -2.3% |
| Profit (loss) for the period | 9904 | €156,800 | €160,185 | +€3,385 | +2.2% |
| Profit (loss) for the period to be appropriated | 9905 | €156,800 | €160,185 | +€3,385 | +2.2% |
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 25 October 2026 via checked.be.