MT: 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.
MT
Largest movements
- Current investments -€58,356
no longer reported in 2025 (was €58,356)
- Tangible fixed assets -€49,345
down €49,345 (-37.6%), from €131,076 to €81,731
of which Leasing and similar rights: -€37,412
- Cash +€23,242
up €23,242 (+1,830%), from €1,270 to €24,512
mainly Other debts (+€83,161) and Current investments (+€58,356)
- Profit (loss) carried forward -€117,333
down €117,333 (-15.4%), from -€760,509 to -€877,842
- Other debts +€83,161
up €83,161 (+13.8%), from €601,360 to €684,521
- Reserves -€33,356
down €33,356 (-26.1%), from €127,666 to €94,310
of which Non-distributable reserves: -€33,356
- Current portion of long-term debt -€15,304
down €15,304 (-100%), from €15,304 to €0
- Trade debts -€2,021
down €2,021 (-13.4%), from €15,112 to €13,091
- Financial charges +€53,643
up €53,643 (+740%), from €7,254 to €60,897
- Purchases and services +€24,540
new in 2025: €24,540
- Gross operating margin +€17,718
up €17,718 (+50.9%), from -€34,779 to -€17,061
- Other operating charges -€15,340
down €15,340 (-45.7%), from €33,563 to €18,223
- Depreciation -€12,722
down €12,722 (-51.2%), from €24,869 to €12,147
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 | €192,662 | €107,809 | -€84,853 | -44.0% |
| Fixed assets | 21/28 | €131,076 | €81,731 | -€49,345 | -37.6% |
| Tangible fixed assets | 22/27 | €131,076 | €81,731 | -€49,345 | -37.6% |
| Land and buildings | 22 | €93,426 | €81,493 | -€11,933 | -12.8% |
| Plant, machinery and equipment | 23 | - | €0 | = | |
| Furniture and vehicles | 24 | €0 | €0 | = | |
| Leasing and similar rights | 25 | €37,650 | €238 | -€37,412 | -99.4% |
| Current assets | 29/58 | €61,586 | €26,078 | -€35,508 | -57.7% |
| Amounts receivable within one year | 40/41 | €1,961 | €1,567 | -€394 | -20.1% |
| Other amounts receivable | 41 | €1,961 | €1,567 | -€394 | -20.1% |
| Current investments | 50/53 | €58,356 | - | -€58,356 | |
| Cash at bank and in hand | 54/58 | €1,270 | €24,512 | +€23,242 | +1,830% |
| Total equity and liabilities | 10/49 | €192,662 | €107,809 | -€84,853 | -44.0% |
| Equity | 10/15 | -€439,114 | -€589,803 | -€150,689 | -34.3% |
| Contributions | 10/11 | €193,729 | €193,729 | = | 0.0% |
| Capital | 10 | €193,729 | €193,729 | = | 0.0% |
| Issued capital | 100 | €193,729 | €193,729 | = | 0.0% |
| Reserves | 13 | €127,666 | €94,310 | -€33,356 | -26.1% |
| Non-distributable reserves | 130/1 | €41,423 | €8,067 | -€33,356 | -80.5% |
| Legal reserve | 130 | €8,067 | €8,067 | = | 0.0% |
| Own shares acquired | 1312 | €33,356 | - | -€33,356 | |
| Tax-exempt reserves | 132 | €31,841 | €31,841 | = | 0.0% |
| Distributable reserves | 133 | €54,402 | €54,402 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€760,509 | -€877,842 | -€117,333 | -15.4% |
| Amounts payable | 17/49 | €631,776 | €697,612 | +€65,836 | +10.4% |
| Amounts payable within one year | 42/48 | €631,776 | €697,612 | +€65,836 | +10.4% |
| Current portion of amounts payable after more than one year | 42 | €15,304 | €0 | -€15,304 | -100% |
| Trade debts | 44 | €15,112 | €13,091 | -€2,021 | -13.4% |
| Suppliers | 440/4 | €15,112 | €13,091 | -€2,021 | -13.4% |
| Taxes, remuneration and social security | 45 | - | €0 | = | |
| Taxes | 450/3 | - | €0 | = | |
| Other amounts payable | 47/48 | €601,360 | €684,521 | +€83,161 | +13.8% |
| Goods, raw materials, services and sundry goods | 60/61 | - | €24,540 | +€24,540 | |
| Remuneration, social security and pensions | 62 | -€2,936 | €0 | +€2,936 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,869 | €12,147 | -€12,722 | -51.2% |
| Other operating charges | 640/8 | €33,563 | €18,223 | -€15,340 | -45.7% |
| Non-recurring operating charges | 66A | - | €42,364 | +€42,364 | |
| Gross operating margin | 9900 | -€34,779 | -€17,061 | +€17,718 | +50.9% |
| Operating profit (loss) | 9901 | -€90,275 | -€89,795 | +€479 | +0.5% |
| Financial income | 75/76B | €604 | €3 | -€601 | -99.5% |
| Recurring financial income | 75 | €604 | €3 | -€601 | -99.5% |
| Financial charges | 65/66B | €7,254 | €60,897 | +€53,643 | +740% |
| Recurring financial charges | 65 | €7,254 | €60,897 | +€53,643 | +740% |
| Profit (loss) for the period before taxes | 9903 | -€96,925 | -€150,689 | -€53,764 | -55.5% |
| Profit (loss) for the period | 9904 | -€96,925 | -€150,689 | -€53,764 | -55.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€96,925 | -€150,689 | -€53,764 | -55.5% |
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 13 October 2026 via checked.be.