MT@WORK: what changed
MT@WORK
Largest movements
- Stocks and contracts -€51,782
down €51,782 (-67.3%), from €76,987 to €25,205
- Tangible fixed assets -€19,189
down €19,189 (-93.8%), from €20,468 to €1,279
of which Other tangible fixed assets: -€19,148
- Cash +€14,078
up €14,078 (+276%), from €5,110 to €19,188
mainly Stocks and contracts (+€51,782) and Net result for the year (+€37,490)
- Current investments +€8,511
up €8,511 (+17.5%), from €48,653 to €57,164
- Financial fixed assets -€3,000
down €3,000 (-50.8%), from €5,900 to €2,900
- Debts after one year -€52,039
down €52,039 (-55.9%), from €93,056 to €41,017
- Short-term financial debts -€40,000
no longer reported in 2025 (was €40,000)
- Profit (loss) carried forward +€37,490
up €37,490 (+16.9%), from -€222,032 to -€184,542
- Trade debts +€8,123
up €8,123 (+110%), from €7,377 to €15,500
- Other debts -€2,817
down €2,817 (-8.4%), from €33,454 to €30,637
- Write-downs -€122,232
down €122,232, from €70,677 to -€51,555
- Financial charges -€44,888
down €44,888 (-77.9%), from €57,624 to €12,737
- Staff costs -€42,657
down €42,657 (-68.3%), from €62,453 to €19,796
- Depreciation -€4,640
down €4,640 (-96.3%), from €4,816 to €176
- Gross operating margin -€4,083
down €4,083 (-9.8%), from €41,858 to €37,775
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €157,368 | €106,316 | -€51,052 | -32.4% |
| Fixed assets | 21/28 | €26,368 | €4,179 | -€22,189 | -84.2% |
| Tangible fixed assets | 22/27 | €20,468 | €1,279 | -€19,189 | -93.8% |
| Furniture and vehicles | 24 | €41 | - | -€41 | |
| Other tangible fixed assets | 26 | €20,427 | €1,279 | -€19,148 | -93.7% |
| Financial fixed assets | 28 | €5,900 | €2,900 | -€3,000 | -50.8% |
| Current assets | 29/58 | €131,000 | €102,137 | -€28,863 | -22.0% |
| Stocks and contracts in progress | 3 | €76,987 | €25,205 | -€51,782 | -67.3% |
| Stocks | 30/36 | €76,987 | €25,205 | -€51,782 | -67.3% |
| Amounts receivable within one year | 40/41 | - | €581 | +€581 | |
| Trade receivables | 40 | - | €581 | +€581 | |
| Current investments | 50/53 | €48,653 | €57,164 | +€8,511 | +17.5% |
| Cash at bank and in hand | 54/58 | €5,110 | €19,188 | +€14,078 | +276% |
| Deferred charges and accrued income | 490/1 | €250 | - | -€250 | |
| Total equity and liabilities | 10/49 | €157,368 | €106,316 | -€51,052 | -32.4% |
| Equity | 10/15 | -€79,032 | -€41,542 | +€37,490 | +47.4% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €123,000 | €123,000 | = | 0.0% |
| Distributable reserves | 133 | €123,000 | €123,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€222,032 | -€184,542 | +€37,490 | +16.9% |
| Amounts payable | 17/49 | €236,400 | €147,858 | -€88,542 | -37.5% |
| Amounts payable after more than one year | 17 | €93,056 | €41,017 | -€52,039 | -55.9% |
| Financial debts | 170/4 | €93,056 | €41,017 | -€52,039 | -55.9% |
| Amounts payable within one year | 42/48 | €138,191 | €101,169 | -€37,021 | -26.8% |
| Current portion of amounts payable after more than one year | 42 | €52,921 | €52,039 | -€882 | -1.7% |
| Financial debts | 43 | €40,000 | - | -€40,000 | |
| Credit institutions | 430/8 | €40,000 | - | -€40,000 | |
| Trade debts | 44 | €7,377 | €15,500 | +€8,123 | +110% |
| Suppliers | 440/4 | €7,377 | €15,500 | +€8,123 | +110% |
| Taxes, remuneration and social security | 45 | €4,439 | €2,993 | -€1,446 | -32.6% |
| Taxes | 450/3 | €4,439 | €2,439 | -€2,000 | -45.1% |
| Remuneration and social security | 454/9 | - | €555 | +€555 | |
| Other amounts payable | 47/48 | €33,454 | €30,637 | -€2,817 | -8.4% |
| Accrued charges and deferred income | 492/3 | €5,154 | €5,671 | +€518 | +10.0% |
| Remuneration, social security and pensions | 62 | €62,453 | €19,796 | -€42,657 | -68.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,816 | €176 | -€4,640 | -96.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €70,677 | -€51,555 | -€122,232 | |
| Other operating charges | 640/8 | €838 | €855 | +€17 | +2.0% |
| Non-recurring operating charges | 66A | - | €19,013 | +€19,013 | |
| Gross operating margin | 9900 | €41,858 | €37,775 | -€4,083 | -9.8% |
| Operating profit (loss) | 9901 | -€96,926 | €49,490 | +€146,416 | |
| Financial income | 75/76B | €615 | €937 | +€322 | +52.3% |
| Recurring financial income | 75 | €615 | €937 | +€322 | +52.3% |
| Financial charges | 65/66B | €57,624 | €12,737 | -€44,888 | -77.9% |
| Recurring financial charges | 65 | €57,624 | €12,737 | -€44,888 | -77.9% |
| Profit (loss) for the period before taxes | 9903 | -€153,936 | €37,690 | +€191,625 | |
| Income taxes | 67/77 | €200 | €199 | -€1 | -0.5% |
| Profit (loss) for the period | 9904 | -€154,136 | €37,490 | +€191,626 | |
| Profit (loss) for the period to be appropriated | 9905 | -€154,136 | €37,490 | +€191,626 |
Next steps
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 1 November 2026 via checked.be.