MT - MANAGEMENT: 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 - MANAGEMENT
Largest movements
- Cash +€617,178
up €617,178 (+520.4%), from €118,593 to €735,770
mainly Current investments (+€454,085) and Depreciation (+€102,624)
- Current investments -€454,085
down €454,085 (-12.7%), from €3.6m to €3.1m
- Tangible fixed assets -€89,604
down €89,604 (-9.8%), from €916,702 to €827,098
of which Land and buildings: -€69,913
- Receivables within one year -€64,400
down €64,400 (-5.0%), from €1.3m to €1.2m
of which Other amounts receivable: -€61,594
No liability line moved by more than 1% of the balance sheet total.
- Financial income +€62,732
up €62,732 (+29.7%), from €210,990 to €273,722
- Financial charges +€48,197
up €48,197 (+159.6%), from €30,189 to €78,386
- Depreciation +€3,303
up €3,303 (+3.3%), from €99,320 to €102,624
- Taxes +€3,015
up €3,015 (+67.5%), from €4,464 to €7,480
- Gross operating margin -€2,385
down €2,385 (-7.7%), from -€31,067 to -€33,453
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 | €6,286,227 | €6,298,281 | +€12,054 | +0.2% |
| Fixed assets | 21/28 | €935,957 | €846,353 | -€89,604 | -9.6% |
| Tangible fixed assets | 22/27 | €916,702 | €827,098 | -€89,604 | -9.8% |
| Land and buildings | 22 | €820,891 | €750,977 | -€69,913 | -8.5% |
| Furniture and vehicles | 24 | €87,455 | €71,942 | -€15,513 | -17.7% |
| Other tangible fixed assets | 26 | €8,356 | €4,178 | -€4,178 | -50.0% |
| Financial fixed assets | 28 | €19,255 | €19,255 | = | 0.0% |
| Current assets | 29/58 | €5,350,270 | €5,451,928 | +€101,658 | +1.9% |
| Amounts receivable after more than one year | 29 | €311,493 | €314,353 | +€2,860 | +0.9% |
| Other amounts receivable | 291 | €311,493 | €314,353 | +€2,860 | +0.9% |
| Amounts receivable within one year | 40/41 | €1,299,681 | €1,235,281 | -€64,400 | -5.0% |
| Trade receivables | 40 | €89,878 | €87,072 | -€2,806 | -3.1% |
| Other amounts receivable | 41 | €1,209,803 | €1,148,209 | -€61,594 | -5.1% |
| Current investments | 50/53 | €3,588,025 | €3,133,940 | -€454,085 | -12.7% |
| Cash at bank and in hand | 54/58 | €118,593 | €735,770 | +€617,178 | +520.4% |
| Deferred charges and accrued income | 490/1 | €32,478 | €32,584 | +€105 | +0.3% |
| Total equity and liabilities | 10/49 | €6,286,227 | €6,298,281 | +€12,054 | +0.2% |
| Equity | 10/15 | €5,725,706 | €5,772,397 | +€46,690 | +0.8% |
| Contributions | 10/11 | €142,000 | €142,000 | = | 0.0% |
| Capital | 10 | €142,000 | €142,000 | = | 0.0% |
| Issued capital | 100 | €142,000 | €142,000 | = | 0.0% |
| Reserves | 13 | €5,581,453 | €5,628,143 | +€46,690 | +0.8% |
| Non-distributable reserves | 130/1 | €14,200 | €14,200 | = | 0.0% |
| Legal reserve | 130 | €14,200 | €14,200 | = | 0.0% |
| Distributable reserves | 133 | €5,567,253 | €5,613,943 | +€46,690 | +0.8% |
| Profit (loss) carried forward | 14 | €2,253 | €2,253 | = | 0.0% |
| Amounts payable | 17/49 | €560,520 | €525,884 | -€34,636 | -6.2% |
| Amounts payable within one year | 42/48 | €560,520 | €525,884 | -€34,636 | -6.2% |
| Trade debts | 44 | €4,416 | €2,424 | -€1,993 | -45.1% |
| Suppliers | 440/4 | €4,416 | €2,424 | -€1,993 | -45.1% |
| Taxes, remuneration and social security | 45 | €667 | €1,329 | +€662 | +99.2% |
| Taxes | 450/3 | €667 | €1,329 | +€662 | +99.2% |
| Other amounts payable | 47/48 | €555,437 | €522,131 | -€33,305 | -6.0% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €99,320 | €102,624 | +€3,303 | +3.3% |
| Other operating charges | 640/8 | €4,871 | €5,090 | +€219 | +4.5% |
| Gross operating margin | 9900 | -€31,067 | -€33,453 | -€2,385 | -7.7% |
| Operating profit (loss) | 9901 | -€135,258 | -€141,166 | -€5,908 | -4.4% |
| Financial income | 75/76B | €210,990 | €273,722 | +€62,732 | +29.7% |
| Recurring financial income | 75 | €210,990 | €273,722 | +€62,732 | +29.7% |
| Financial charges | 65/66B | €30,189 | €78,386 | +€48,197 | +159.6% |
| Recurring financial charges | 65 | €30,189 | €78,386 | +€48,197 | +159.6% |
| Profit (loss) for the period before taxes | 9903 | €45,543 | €54,170 | +€8,627 | +18.9% |
| Income taxes | 67/77 | €4,464 | €7,480 | +€3,015 | +67.5% |
| Profit (loss) for the period | 9904 | €41,078 | €46,690 | +€5,612 | +13.7% |
| Profit (loss) for the period to be appropriated | 9905 | €41,078 | €46,690 | +€5,612 | +13.7% |
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 11 October 2026 via checked.be.