MT-Rex: 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.
MT-Rex
Largest movements
- Receivables within one year +€32,165
up €32,165 (+128.7%), from €24,992 to €57,156
of which Other amounts receivable: +€21,207
- Cash +€19,396
up €19,396 (+641.6%), from €3,023 to €22,419
mainly Net result for the year (+€44,415) and Other debts (+€5,134)
- Tangible fixed assets -€902
down €902 (-28.0%), from €3,228 to €2,326
- Reserves +€44,415
up €44,415 (+337.1%), from €13,176 to €57,591
- Other debts +€5,134
new in 2025: €5,134
- Tax, wage and social debts +€4,257
up €4,257 (+44.2%), from €9,627 to €13,884
- Trade debts -€3,148
down €3,148 (-48.9%), from €6,439 to €3,291
- Gross operating margin +€35,628
up €35,628 (+146.1%), from €24,389 to €60,017
- Taxes +€7,850
up €7,850 (+182.6%), from €4,300 to €12,150
- Financial charges -€1,964
down €1,964 (-44.6%), from €4,408 to €2,443
- Other operating charges -€764
down €764 (-64.6%), from €1,182 to €419
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 | €31,243 | €81,901 | +€50,658 | +162.1% |
| Fixed assets | 21/28 | €3,228 | €2,326 | -€902 | -28.0% |
| Tangible fixed assets | 22/27 | €3,228 | €2,326 | -€902 | -28.0% |
| Furniture and vehicles | 24 | €3,228 | €2,326 | -€902 | -28.0% |
| Current assets | 29/58 | €28,015 | €79,575 | +€51,560 | +184.0% |
| Amounts receivable within one year | 40/41 | €24,992 | €57,156 | +€32,165 | +128.7% |
| Trade receivables | 40 | €15,199 | €26,156 | +€10,958 | +72.1% |
| Other amounts receivable | 41 | €9,793 | €31,000 | +€21,207 | +216.6% |
| Cash at bank and in hand | 54/58 | €3,023 | €22,419 | +€19,396 | +641.6% |
| Total equity and liabilities | 10/49 | €31,243 | €81,901 | +€50,658 | +162.1% |
| Equity | 10/15 | €15,176 | €59,591 | +€44,415 | +292.7% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €13,176 | €57,591 | +€44,415 | +337.1% |
| Distributable reserves | 133 | €13,176 | €57,591 | +€44,415 | +337.1% |
| Amounts payable | 17/49 | €16,066 | €22,310 | +€6,243 | +38.9% |
| Amounts payable within one year | 42/48 | €16,066 | €22,310 | +€6,243 | +38.9% |
| Trade debts | 44 | €6,439 | €3,291 | -€3,148 | -48.9% |
| Suppliers | 440/4 | €6,439 | €3,291 | -€3,148 | -48.9% |
| Taxes, remuneration and social security | 45 | €9,627 | €13,884 | +€4,257 | +44.2% |
| Taxes | 450/3 | €9,627 | €13,884 | +€4,257 | +44.2% |
| Other amounts payable | 47/48 | - | €5,134 | +€5,134 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,033 | €902 | -€131 | -12.6% |
| Other operating charges | 640/8 | €1,182 | €419 | -€764 | -64.6% |
| Non-recurring operating charges | 66A | €561 | - | -€561 | |
| Gross operating margin | 9900 | €24,389 | €60,017 | +€35,628 | +146.1% |
| Operating profit (loss) | 9901 | €21,612 | €58,696 | +€37,083 | +171.6% |
| Financial income | 75/76B | €271 | €313 | +€42 | +15.4% |
| Recurring financial income | 75 | €271 | €313 | +€42 | +15.4% |
| Financial charges | 65/66B | €4,408 | €2,443 | -€1,964 | -44.6% |
| Recurring financial charges | 65 | €4,408 | €2,443 | -€1,964 | -44.6% |
| Profit (loss) for the period before taxes | 9903 | €17,476 | €56,565 | +€39,089 | +223.7% |
| Income taxes | 67/77 | €4,300 | €12,150 | +€7,850 | +182.6% |
| Profit (loss) for the period | 9904 | €13,176 | €44,415 | +€31,239 | +237.1% |
| Profit (loss) for the period to be appropriated | 9905 | €13,176 | €44,415 | +€31,239 | +237.1% |
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 3 October 2026 via checked.be.