MTB INVEST: 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.
MTB INVEST
Largest movements
- Tangible fixed assets +€578,788
up €578,788 (+82.3%), from €703,468 to €1.3m
- Cash -€266,294
down €266,294 (-78.3%), from €340,053 to €73,760
mainly Investment in fixed assets (net) (-€668,246) and Net result for the year (-€13,274)
- Financial fixed assets +€40,000
up €40,000 (+160%), from €25,000 to €65,000
- Receivables within one year -€38,767
down €38,767 (-80.3%), from €48,263 to €9,496
of which Other amounts receivable: -€38,892
- Debts after one year +€311,178
up €311,178 (+52.0%), from €598,072 to €909,250
- Current portion of long-term debt +€21,194
up €21,194 (+58.4%), from €36,275 to €57,469
- Depreciation +€17,754
up €17,754 (+63.4%), from €27,997 to €45,751
- Financial income -€10,012
down €10,012 (-90.0%), from €11,120 to €1,108
- Gross operating margin +€8,916
up €8,916 (+19.0%), from €46,985 to €55,901
- Financial charges +€4,383
up €4,383 (+33.6%), from €13,046 to €17,429
- Taxes -€2,406
down €2,406 (-100%), from €2,406 to €0
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 | €1,116,785 | €1,435,255 | +€318,470 | +28.5% |
| Formation expenses | 20 | - | €3,707 | +€3,707 | |
| Fixed assets | 21/28 | €728,468 | €1,347,255 | +€618,788 | +84.9% |
| Tangible fixed assets | 22/27 | €703,468 | €1,282,255 | +€578,788 | +82.3% |
| Land and buildings | 22 | €703,468 | €1,282,255 | +€578,788 | +82.3% |
| Financial fixed assets | 28 | €25,000 | €65,000 | +€40,000 | +160% |
| Current assets | 29/58 | €388,317 | €84,292 | -€304,024 | -78.3% |
| Amounts receivable within one year | 40/41 | €48,263 | €9,496 | -€38,767 | -80.3% |
| Trade receivables | 40 | €4,298 | €4,423 | +€125 | +2.9% |
| Other amounts receivable | 41 | €43,965 | €5,073 | -€38,892 | -88.5% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €340,053 | €73,760 | -€266,294 | -78.3% |
| Deferred charges and accrued income | 490/1 | €0 | €1,036 | +€1,036 | |
| Total equity and liabilities | 10/49 | €1,116,785 | €1,435,255 | +€318,470 | +28.5% |
| Equity | 10/15 | €444,831 | €431,556 | -€13,274 | -3.0% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €337,600 | €330,500 | -€7,100 | -2.1% |
| Distributable reserves | 133 | €337,600 | €330,500 | -€7,100 | -2.1% |
| Profit (loss) carried forward | 14 | €7,231 | €1,056 | -€6,174 | -85.4% |
| Amounts payable | 17/49 | €671,954 | €1,003,699 | +€331,745 | +49.4% |
| Amounts payable after more than one year | 17 | €598,072 | €909,250 | +€311,178 | +52.0% |
| Financial debts | 170/4 | €598,072 | €909,250 | +€311,178 | +52.0% |
| Amounts payable within one year | 42/48 | €68,747 | €92,169 | +€23,422 | +34.1% |
| Current portion of amounts payable after more than one year | 42 | €36,275 | €57,469 | +€21,194 | +58.4% |
| Trade debts | 44 | €30,781 | €33,376 | +€2,595 | +8.4% |
| Suppliers | 440/4 | €30,781 | €33,376 | +€2,595 | +8.4% |
| Taxes, remuneration and social security | 45 | €408 | €7 | -€401 | -98.4% |
| Taxes | 450/3 | €408 | €7 | -€401 | -98.4% |
| Other amounts payable | 47/48 | €1,283 | €1,317 | +€34 | +2.6% |
| Accrued charges and deferred income | 492/3 | €5,135 | €2,279 | -€2,855 | -55.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,997 | €45,751 | +€17,754 | +63.4% |
| Other operating charges | 640/8 | €7,439 | €7,102 | -€336 | -4.5% |
| Gross operating margin | 9900 | €46,985 | €55,901 | +€8,916 | +19.0% |
| Operating profit (loss) | 9901 | €11,549 | €3,047 | -€8,502 | -73.6% |
| Financial income | 75/76B | €11,120 | €1,108 | -€10,012 | -90.0% |
| Recurring financial income | 75 | €11,120 | €1,108 | -€10,012 | -90.0% |
| Financial charges | 65/66B | €13,046 | €17,429 | +€4,383 | +33.6% |
| Recurring financial charges | 65 | €13,046 | €17,429 | +€4,383 | +33.6% |
| Profit (loss) for the period before taxes | 9903 | €9,623 | -€13,274 | -€22,897 | |
| Income taxes | 67/77 | €2,406 | €0 | -€2,406 | -100% |
| Profit (loss) for the period | 9904 | €7,217 | -€13,274 | -€20,491 | |
| Profit (loss) for the period to be appropriated | 9905 | €7,217 | -€13,274 | -€20,491 |
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 29 October 2026 via checked.be.