MT2: 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.
MT2
Largest movements
- Tangible fixed assets +€265,098
up €265,098 (+32.7%), from €811,790 to €1.1m
of which Land and buildings: +€258,560
- Receivables within one year -€33,544
down €33,544 (-60.4%), from €55,524 to €21,981
of which Trade receivables: -€45,807
- Cash +€17,777
up €17,777 (+8.7%), from €203,247 to €221,024
mainly Debts after one year (+€167,146) and Net result for the year (+€99,284)
- Debts after one year +€167,146
up €167,146 (+23.6%), from €709,384 to €876,530
- Other debts +€48,756
up €48,756 (+3,755%), from €1,298 to €50,054
- Trade debts -€40,932
down €40,932 (-56.4%), from €72,518 to €31,586
- Profit (loss) carried forward +€40,284
up €40,284 (+24.5%), from €164,257 to €204,540
- Current portion of long-term debt +€17,409
up €17,409 (+44.7%), from €38,978 to €56,387
- Gross operating margin +€217,281
up €217,281 (+44.1%), from €492,422 to €709,703
- Staff costs +€162,676
up €162,676 (+55.3%), from €294,112 to €456,787
- Other operating charges -€57,795
down €57,795 (-60.2%), from €96,078 to €38,284
- Financial charges +€21,978
up €21,978 (+109%), from €20,227 to €42,206
- Depreciation +€18,781
up €18,781 (+83.4%), from €22,512 to €41,292
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 | €1,094,375 | €1,350,493 | +€256,117 | +23.4% |
| Fixed assets | 21/28 | €811,790 | €1,076,888 | +€265,098 | +32.7% |
| Tangible fixed assets | 22/27 | €811,790 | €1,076,888 | +€265,098 | +32.7% |
| Land and buildings | 22 | €797,771 | €1,056,331 | +€258,560 | +32.4% |
| Plant, machinery and equipment | 23 | €9,862 | €14,378 | +€4,516 | +45.8% |
| Furniture and vehicles | 24 | €4,156 | €6,178 | +€2,022 | +48.6% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €282,585 | €273,605 | -€8,981 | -3.2% |
| Stocks and contracts in progress | 3 | €22,127 | €26,276 | +€4,149 | +18.7% |
| Stocks | 30/36 | €22,127 | €26,276 | +€4,149 | +18.7% |
| Amounts receivable within one year | 40/41 | €55,524 | €21,981 | -€33,544 | -60.4% |
| Trade receivables | 40 | €49,081 | €3,274 | -€45,807 | -93.3% |
| Other amounts receivable | 41 | €6,443 | €18,707 | +€12,264 | +190% |
| Cash at bank and in hand | 54/58 | €203,247 | €221,024 | +€17,777 | +8.7% |
| Deferred charges and accrued income | 490/1 | €1,687 | €4,324 | +€2,637 | +156% |
| Total equity and liabilities | 10/49 | €1,094,375 | €1,350,493 | +€256,117 | +23.4% |
| Equity | 10/15 | €184,662 | €224,945 | +€40,284 | +21.8% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €1,855 | €1,855 | = | 0.0% |
| Distributable reserves | 133 | €1,855 | €1,855 | = | 0.0% |
| Profit (loss) carried forward | 14 | €164,257 | €204,540 | +€40,284 | +24.5% |
| Amounts payable | 17/49 | €909,714 | €1,125,547 | +€215,834 | +23.7% |
| Amounts payable after more than one year | 17 | €709,384 | €876,530 | +€167,146 | +23.6% |
| Financial debts | 170/4 | €709,384 | €876,530 | +€167,146 | +23.6% |
| Amounts payable within one year | 42/48 | €199,616 | €248,233 | +€48,617 | +24.4% |
| Current portion of amounts payable after more than one year | 42 | €38,978 | €56,387 | +€17,409 | +44.7% |
| Financial debts | 43 | - | €16,814 | +€16,814 | |
| Credit institutions | 430/8 | - | €16,814 | +€16,814 | |
| Trade debts | 44 | €72,518 | €31,586 | -€40,932 | -56.4% |
| Suppliers | 440/4 | €72,518 | €31,586 | -€40,932 | -56.4% |
| Advances received on contracts in progress | 46 | €4,079 | €5,769 | +€1,690 | +41.4% |
| Taxes, remuneration and social security | 45 | €82,743 | €87,622 | +€4,880 | +5.9% |
| Taxes | 450/3 | €54,007 | €49,516 | -€4,491 | -8.3% |
| Remuneration and social security | 454/9 | €28,735 | €38,106 | +€9,371 | +32.6% |
| Other amounts payable | 47/48 | €1,298 | €50,054 | +€48,756 | +3,755% |
| Accrued charges and deferred income | 492/3 | €714 | €784 | +€70 | +9.9% |
| Remuneration, social security and pensions | 62 | €294,112 | €456,787 | +€162,676 | +55.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,512 | €41,292 | +€18,781 | +83.4% |
| Other operating charges | 640/8 | €96,078 | €38,284 | -€57,795 | -60.2% |
| Gross operating margin | 9900 | €492,422 | €709,703 | +€217,281 | +44.1% |
| Operating profit (loss) | 9901 | €79,720 | €173,340 | +€93,620 | +117% |
| Financial income | 75/76B | €2,974 | €1,645 | -€1,329 | -44.7% |
| Recurring financial income | 75 | €2,974 | €1,645 | -€1,329 | -44.7% |
| Financial charges | 65/66B | €20,227 | €42,206 | +€21,978 | +109% |
| Recurring financial charges | 65 | €20,227 | €42,206 | +€21,978 | +109% |
| Profit (loss) for the period before taxes | 9903 | €62,467 | €132,779 | +€70,312 | +113% |
| Income taxes | 67/77 | €17,539 | €33,495 | +€15,956 | +91.0% |
| Profit (loss) for the period | 9904 | €44,927 | €99,284 | +€54,356 | +121% |
| Profit (loss) for the period to be appropriated | 9905 | €44,927 | €99,284 | +€54,356 | +121% |
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 15 October 2026 via checked.be.