MBT-HOLDING: what changed
What changed
MBT-HOLDING
NACE 64.210, Activities of holding companies
filed annual accounts (NBB)
Net result for the year
-€990,340
2024 · -€19,257-€971,082
Equity
€2.6m
2024 · €3.6m-€990,340
Cash
€94,503
2024 · €11+€94,491
Balance sheet total
€5.8m
2024 · €7.4m-€1.6m
Largest movements
Assets
- Financial fixed assets -€4.4m
down €4.4m (-65.0%), from €6.8m to €2.4m
- Intangible fixed assets +€2.8m
new in 2025: €2.8m
- Stocks and contracts -€263,790
down €263,790 (-96.7%), from €272,790 to €9,000
- Tangible fixed assets +€173,835
new in 2025: €173,835
of which Land and buildings: +€122,411
- Cash +€94,491
up €94,491 (+835,468%), from €11 to €94,503
mainly Investment in fixed assets (net) (+€1.1m) and Depreciation (+€332,702)
Equity and liabilities
- Profit (loss) carried forward -€990,340
down €990,340, from €307,378 to -€682,962
- Debts after one year -€691,984
down €691,984 (-18.1%), from €3.8m to €3.1m
of which Other amounts payable: -€1.2m
- Current portion of long-term debt +€77,810
new in 2025: €77,810
Income statement
- Financial charges +€687,130
up €687,130 (+5,099%), from €13,477 to €700,607
of which Non-recurring financial charges: +€687,180
- Other operating charges +€591,087
up €591,087 (+545,334%), from €108 to €591,196
- Write-downs -€579,201
new in 2025: -€579,201
- Depreciation +€332,702
new in 2025: €332,702
- Gross operating margin +€60,337
up €60,337, from -€6,620 to €53,717
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
-€19,257
Gross operating margin
+€60,337
Depreciation
-€332,702
Write-downs
+€579,201
Other operating charges
-€591,087
Financial income
+€743
Financial charges
-€687,130
Taxes
-€443
Result 2025
-€990,340
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
-€391,169
Investment
+€1.1m
Financing
-€614,174
Cash 2024
€11
From operations (derived)
-€391,169
Net result for the year
-€990,340
Depreciation
+€332,702
Receivables after one year
+€4,909
Stocks and contracts
+€263,790
Receivables within one year
-€8,168
Smaller working-capital items
-€1,691
Tax, wage and social debts
+€3,595
Other debts
+€7,639
Accrued charges and deferred income
-€3,605
Investment (derived)
+€1.1m
Investment in fixed assets (net)
+€1.1m
Financing
-€614,174
Debts after one year
-€691,984
Current portion of long-term debt
+€77,810
Cash 2025
€94,503
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €7,405,408 | €5,807,835 | -€1.6m | -21.6% |
| Fixed assets | 21/28 | €6,794,958 | €5,362,422 | -€1.4m | -21.1% |
| Intangible fixed assets | 21 | - | €2,812,584 | +€2.8m | |
| Tangible fixed assets | 22/27 | - | €173,835 | +€173,835 | |
| Land and buildings | 22 | - | €122,411 | +€122,411 | |
| Plant, machinery and equipment | 23 | - | €51,425 | +€51,425 | |
| Financial fixed assets | 28 | €6,794,958 | €2,376,003 | -€4.4m | -65.0% |
| Current assets | 29/58 | €610,450 | €445,413 | -€165,037 | -27.0% |
| Amounts receivable after more than one year | 29 | €334,232 | €329,324 | -€4,909 | -1.5% |
| Other amounts receivable | 291 | €334,232 | €329,324 | -€4,909 | -1.5% |
| Stocks and contracts in progress | 3 | €272,790 | €9,000 | -€263,790 | -96.7% |
| Stocks | 30/36 | €272,790 | €9,000 | -€263,790 | -96.7% |
| Amounts receivable within one year | 40/41 | €3,417 | €11,584 | +€8,168 | +239% |
| Trade receivables | 40 | €3,417 | €8,168 | +€4,751 | +139% |
| Other amounts receivable | 41 | €0 | €3,417 | +€3,417 | |
| Cash at bank and in hand | 54/58 | €11 | €94,503 | +€94,491 | +835,468% |
| Deferred charges and accrued income | 490/1 | - | €1,002 | +€1,002 | |
| Total equity and liabilities | 10/49 | €7,405,408 | €5,807,835 | -€1.6m | -21.6% |
| Equity | 10/15 | €3,581,977 | €2,591,638 | -€990,340 | -27.6% |
| Contributions | 10/11 | €2,975,000 | €2,975,000 | = | 0.0% |
| Capital | 10 | €2,975,000 | €2,975,000 | = | 0.0% |
| Issued capital | 100 | €2,975,000 | €2,975,000 | = | 0.0% |
| Reserves | 13 | €299,599 | €299,599 | = | 0.0% |
| Non-distributable reserves | 130/1 | €297,500 | €297,500 | = | 0.0% |
| Legal reserve | 130 | €297,500 | €297,500 | = | 0.0% |
| Distributable reserves | 133 | €2,099 | €2,099 | = | 0.0% |
| Profit (loss) carried forward | 14 | €307,378 | -€682,962 | -€990,340 | |
| Amounts payable | 17/49 | €3,823,431 | €3,216,198 | -€607,234 | -15.9% |
| Amounts payable after more than one year | 17 | €3,817,833 | €3,125,850 | -€691,984 | -18.1% |
| Financial debts | 170/4 | - | €509,130 | +€509,130 | |
| Other amounts payable | 178/9 | €3,817,833 | €2,616,719 | -€1.2m | -31.5% |
| Amounts payable within one year | 42/48 | €1,498 | €89,854 | +€88,356 | +5,898% |
| Current portion of amounts payable after more than one year | 42 | - | €77,810 | +€77,810 | |
| Trade debts | 44 | €998 | €309 | -€689 | -69.0% |
| Suppliers | 440/4 | €998 | €309 | -€689 | -69.0% |
| Taxes, remuneration and social security | 45 | - | €3,595 | +€3,595 | |
| Taxes | 450/3 | - | €3,595 | +€3,595 | |
| Other amounts payable | 47/48 | €500 | €8,139 | +€7,639 | +1,528% |
| Accrued charges and deferred income | 492/3 | €4,100 | €495 | -€3,605 | -87.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €332,702 | +€332,702 | |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€579,201 | -€579,201 | |
| Other operating charges | 640/8 | €108 | €591,196 | +€591,087 | +545,334% |
| Gross operating margin | 9900 | -€6,620 | €53,717 | +€60,337 | |
| Operating profit (loss) | 9901 | -€6,728 | -€290,979 | -€284,251 | -4,225% |
| Financial income | 75/76B | €948 | €1,691 | +€743 | +78.3% |
| Recurring financial income | 75 | €948 | €1,691 | +€743 | +78.3% |
| Financial charges | 65/66B | €13,477 | €700,607 | +€687,130 | +5,099% |
| Recurring financial charges | 65 | €13,477 | €13,427 | -€50 | -0.4% |
| Non-recurring financial charges | 66B | €0 | €687,180 | +€687,180 | |
| Profit (loss) for the period before taxes | 9903 | -€19,257 | -€989,896 | -€970,639 | -5,040% |
| Income taxes | 67/77 | - | €443 | +€443 | |
| Profit (loss) for the period | 9904 | -€19,257 | -€990,340 | -€971,082 | -5,043% |
| Profit (loss) for the period to be appropriated | 9905 | -€19,257 | -€990,340 | -€971,082 | -5,043% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.