M-Trac: 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-Trac
Largest movements
- Receivables within one year +€215,052
up €215,052 (+54.3%), from €395,898 to €610,949
of which Other amounts receivable: +€122,947
- Cash +€193,352
new in 2025: €193,352
mainly Contributions, distributions and other (+€1.5m) and Short-term financial debts (+€93,753)
- Tangible fixed assets -€157,214
down €157,214 (-28.0%), from €562,427 to €405,212
of which Furniture and vehicles: -€99,011
- Contributions +€1.5m
up €1.5m (+8924.8%), from €16,566 to €1.5m
- Debts after one year -€912,747
down €912,747 (-69.1%), from €1.3m to €408,253
of which Other amounts payable: -€950,500
- Trade debts -€317,326
down €317,326 (-44.0%), from €720,734 to €403,408
- Tax, wage and social debts -€233,993
down €233,993 (-78.5%), from €298,244 to €64,251
of which Taxes: -€148,469
- Short-term financial debts +€93,753
up €93,753 (+12.9%), from €724,543 to €818,296
- Write-downs -€177,505
down €177,505 (-93.4%), from €190,100 to €12,595
- Staff costs -€133,976
down €133,976 (-43.5%), from €307,701 to €173,725
- Gross operating margin -€113,917
down €113,917 (-18.9%), from €604,033 to €490,116
- Other operating charges -€29,565
down €29,565 (-45.4%), from €65,094 to €35,529
- Depreciation -€14,733
down €14,733 (-15.9%), from €92,839 to €78,107
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 | €3,403,861 | €3,633,773 | +€229,912 | +6.8% |
| Fixed assets | 21/28 | €579,356 | €412,831 | -€166,526 | -28.7% |
| Intangible fixed assets | 21 | €442 | - | -€442 | |
| Tangible fixed assets | 22/27 | €562,427 | €405,212 | -€157,214 | -28.0% |
| Plant, machinery and equipment | 23 | €24,359 | €12,717 | -€11,643 | -47.8% |
| Furniture and vehicles | 24 | €157,639 | €58,628 | -€99,011 | -62.8% |
| Other tangible fixed assets | 26 | €380,428 | €333,867 | -€46,561 | -12.2% |
| Financial fixed assets | 28 | €16,488 | €7,619 | -€8,869 | -53.8% |
| Current assets | 29/58 | €2,824,505 | €3,220,942 | +€396,437 | +14.0% |
| Stocks and contracts in progress | 3 | €2,402,936 | €2,395,410 | -€7,526 | -0.3% |
| Stocks | 30/36 | €2,402,936 | €2,395,410 | -€7,526 | -0.3% |
| Amounts receivable within one year | 40/41 | €395,898 | €610,949 | +€215,052 | +54.3% |
| Trade receivables | 40 | €390,932 | €483,037 | +€92,105 | +23.6% |
| Other amounts receivable | 41 | €4,965 | €127,912 | +€122,947 | +2476.1% |
| Cash at bank and in hand | 54/58 | - | €193,352 | +€193,352 | |
| Deferred charges and accrued income | 490/1 | €25,671 | €21,231 | -€4,441 | -17.3% |
| Total equity and liabilities | 10/49 | €3,403,861 | €3,633,773 | +€229,912 | +6.8% |
| Equity | 10/15 | €285,074 | €1,804,622 | +€1.5m | +533.0% |
| Contributions | 10/11 | €16,566 | €1,495,000 | +€1.5m | +8924.8% |
| Reserves | 13 | €268,509 | €309,622 | +€41,114 | +15.3% |
| Tax-exempt reserves | 132 | €1,169 | €1,169 | = | 0.0% |
| Distributable reserves | 133 | €267,340 | €308,453 | +€41,114 | +15.4% |
| Amounts payable | 17/49 | €3,118,787 | €1,829,151 | -€1.3m | -41.4% |
| Amounts payable after more than one year | 17 | €1,321,000 | €408,253 | -€912,747 | -69.1% |
| Financial debts | 170/4 | - | €37,753 | +€37,753 | |
| Other amounts payable | 178/9 | €1,321,000 | €370,500 | -€950,500 | -72.0% |
| Amounts payable within one year | 42/48 | €1,797,787 | €1,420,898 | -€376,889 | -21.0% |
| Current portion of amounts payable after more than one year | 42 | - | €33,178 | +€33,178 | |
| Financial debts | 43 | €724,543 | €818,296 | +€93,753 | +12.9% |
| Credit institutions | 430/8 | €724,543 | €818,296 | +€93,753 | +12.9% |
| Trade debts | 44 | €720,734 | €403,408 | -€317,326 | -44.0% |
| Suppliers | 440/4 | €720,734 | €403,408 | -€317,326 | -44.0% |
| Taxes, remuneration and social security | 45 | €298,244 | €64,251 | -€233,993 | -78.5% |
| Taxes | 450/3 | €176,718 | €28,249 | -€148,469 | -84.0% |
| Remuneration and social security | 454/9 | €121,526 | €36,003 | -€85,524 | -70.4% |
| Other amounts payable | 47/48 | €54,266 | €101,764 | +€47,499 | +87.5% |
| Non-recurring operating income | 76A | €94,176 | - | -€94,176 | |
| Remuneration, social security and pensions | 62 | €307,701 | €173,725 | -€133,976 | -43.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €92,839 | €78,107 | -€14,733 | -15.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €190,100 | €12,595 | -€177,505 | -93.4% |
| Other operating charges | 640/8 | €65,094 | €35,529 | -€29,565 | -45.4% |
| Non-recurring operating charges | 66A | - | €4,547 | +€4,547 | |
| Gross operating margin | 9900 | €604,033 | €490,116 | -€113,917 | -18.9% |
| Operating profit (loss) | 9901 | -€51,702 | €185,613 | +€237,314 | |
| Financial income | 75/76B | €2,197 | €708 | -€1,489 | -67.8% |
| Recurring financial income | 75 | €2,108 | €708 | -€1,399 | -66.4% |
| Non-recurring financial income | 76B | €89 | - | -€89 | |
| Financial charges | 65/66B | €138,204 | €144,716 | +€6,513 | +4.7% |
| Recurring financial charges | 65 | €138,204 | €144,716 | +€6,513 | +4.7% |
| Profit (loss) for the period before taxes | 9903 | -€187,708 | €41,605 | +€229,313 | |
| Income taxes | 67/77 | €699 | €491 | -€208 | -29.7% |
| Profit (loss) for the period | 9904 | -€188,407 | €41,114 | +€229,521 | |
| Profit (loss) for the period to be appropriated | 9905 | -€188,407 | €41,114 | +€229,521 |
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 5 October 2026 via checked.be.