MCTM: 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.
MCTM
Largest movements
- Cash +€33,029
up €33,029 (+241%), from €13,718 to €46,747
mainly Net result for the year (+€210,231) and Current investments (+€20,000)
- Financial fixed assets +€25,218
up €25,218 (+14.7%), from €171,180 to €196,398
- Current investments -€20,000
down €20,000 (-10.0%), from €200,000 to €180,000
- Tangible fixed assets -€11,657
down €11,657 (-51.7%), from €22,536 to €10,879
of which Furniture and vehicles: -€10,319
- Receivables within one year +€8,787
up €8,787 (+16.3%), from €54,027 to €62,813
- Profit (loss) carried forward +€40,231
new in 2025: €40,231
- Gross operating margin +€64,958
up €64,958 (+29.4%), from €221,157 to €286,115
- Taxes +€5,255
up €5,255 (+8.6%), from €60,960 to €66,215
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 | €477,781 | €514,800 | +€37,019 | +7.7% |
| Fixed assets | 21/28 | €193,716 | €207,277 | +€13,561 | +7.0% |
| Tangible fixed assets | 22/27 | €22,536 | €10,879 | -€11,657 | -51.7% |
| Plant, machinery and equipment | 23 | €1,127 | €501 | -€626 | -55.6% |
| Furniture and vehicles | 24 | €19,411 | €9,091 | -€10,319 | -53.2% |
| Other tangible fixed assets | 26 | €1,999 | €1,287 | -€711 | -35.6% |
| Financial fixed assets | 28 | €171,180 | €196,398 | +€25,218 | +14.7% |
| Current assets | 29/58 | €284,065 | €307,523 | +€23,458 | +8.3% |
| Amounts receivable within one year | 40/41 | €54,027 | €62,813 | +€8,787 | +16.3% |
| Trade receivables | 40 | €54,027 | €62,813 | +€8,787 | +16.3% |
| Current investments | 50/53 | €200,000 | €180,000 | -€20,000 | -10.0% |
| Cash at bank and in hand | 54/58 | €13,718 | €46,747 | +€33,029 | +241% |
| Deferred charges and accrued income | 490/1 | €16,320 | €17,962 | +€1,642 | +10.1% |
| Total equity and liabilities | 10/49 | €477,781 | €514,800 | +€37,019 | +7.7% |
| Equity | 10/15 | €357,512 | €397,743 | +€40,231 | +11.3% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €338,962 | €338,962 | = | 0.0% |
| Distributable reserves | 133 | €338,962 | €338,962 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €40,231 | +€40,231 | |
| Amounts payable | 17/49 | €120,269 | €117,057 | -€3,212 | -2.7% |
| Amounts payable within one year | 42/48 | €117,644 | €112,812 | -€4,832 | -4.1% |
| Trade debts | 44 | €1,888 | €1,163 | -€725 | -38.4% |
| Suppliers | 440/4 | €1,888 | €1,163 | -€725 | -38.4% |
| Taxes, remuneration and social security | 45 | €33,626 | €29,171 | -€4,455 | -13.2% |
| Taxes | 450/3 | €33,626 | €29,171 | -€4,455 | -13.2% |
| Other amounts payable | 47/48 | €82,130 | €82,478 | +€347 | +0.4% |
| Accrued charges and deferred income | 492/3 | €2,625 | €4,245 | +€1,620 | +61.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,716 | €11,657 | -€59 | -0.5% |
| Other operating charges | 640/8 | €404 | €1,089 | +€685 | +170% |
| Gross operating margin | 9900 | €221,157 | €286,115 | +€64,958 | +29.4% |
| Operating profit (loss) | 9901 | €209,037 | €273,369 | +€64,332 | +30.8% |
| Financial income | 75/76B | €3,113 | €3,296 | +€183 | +5.9% |
| Recurring financial income | 75 | €3,113 | €3,296 | +€183 | +5.9% |
| Financial charges | 65/66B | €319 | €220 | -€99 | -31.1% |
| Recurring financial charges | 65 | €319 | €220 | -€99 | -31.1% |
| Profit (loss) for the period before taxes | 9903 | €211,831 | €276,446 | +€64,615 | +30.5% |
| Income taxes | 67/77 | €60,960 | €66,215 | +€5,255 | +8.6% |
| Profit (loss) for the period | 9904 | €150,871 | €210,231 | +€59,359 | +39.3% |
| Profit (loss) for the period to be appropriated | 9905 | €150,871 | €210,231 | +€59,359 | +39.3% |
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 14 October 2026 via checked.be.