MTBE: 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.
MTBE
Largest movements
- Receivables within one year +€131,907
up €131,907 (+63.2%), from €208,766 to €340,673
of which Other amounts receivable: +€149,099
- Stocks and contracts -€84,523
down €84,523 (-41.1%), from €205,633 to €121,110
of which Contracts in progress: -€84,523
- Intangible fixed assets -€40,000
down €40,000 (-29.4%), from €136,000 to €96,000
- Contributions +€222,000
up €222,000 (+222.0%), from €100,014 to €322,014
- Trade debts -€133,885
down €133,885 (-59.6%), from €224,571 to €90,686
- Other debts -€115,487
down €115,487 (-73.5%), from €157,147 to €41,660
- Short-term financial debts -€50,000
down €50,000 (-25.0%), from €200,000 to €150,000
- Profit (loss) carried forward +€35,519
up €35,519 (+22.1%), from -€160,684 to -€125,165
- Write-downs -€41,761
down €41,761, from €0 to -€41,761
- Financial income -€25,779
down €25,779 (-99.1%), from €26,000 to €221
of which Non-recurring financial income: -€26,000
- Other operating charges +€18,752
up €18,752 (+870.7%), from €2,154 to €20,906
- Gross operating margin -€13,419
down €13,419 (-3.4%), from €390,291 to €376,872
- Provisions -€11,580
down €11,580, from €0 to -€11,580
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 | €690,390 | €684,820 | -€5,570 | -0.8% |
| Fixed assets | 21/28 | €146,399 | €102,938 | -€43,461 | -29.7% |
| Intangible fixed assets | 21 | €136,000 | €96,000 | -€40,000 | -29.4% |
| Tangible fixed assets | 22/27 | €10,099 | €6,638 | -€3,461 | -34.3% |
| Plant, machinery and equipment | 23 | €71 | €0 | -€71 | -100.0% |
| Furniture and vehicles | 24 | €10,029 | €6,638 | -€3,390 | -33.8% |
| Financial fixed assets | 28 | €300 | €300 | = | 0.0% |
| Current assets | 29/58 | €543,990 | €581,881 | +€37,891 | +7.0% |
| Stocks and contracts in progress | 3 | €205,633 | €121,110 | -€84,523 | -41.1% |
| Stocks | 30/36 | €3,427 | €3,427 | = | 0.0% |
| Contracts in progress | 37 | €202,206 | €117,682 | -€84,523 | -41.8% |
| Amounts receivable within one year | 40/41 | €208,766 | €340,673 | +€131,907 | +63.2% |
| Trade receivables | 40 | €207,663 | €190,471 | -€17,192 | -8.3% |
| Other amounts receivable | 41 | €1,103 | €150,202 | +€149,099 | +13512.2% |
| Cash at bank and in hand | 54/58 | €65,184 | €58,470 | -€6,714 | -10.3% |
| Deferred charges and accrued income | 490/1 | €64,407 | €61,628 | -€2,778 | -4.3% |
| Total equity and liabilities | 10/49 | €690,390 | €684,820 | -€5,570 | -0.8% |
| Equity | 10/15 | -€60,220 | €197,299 | +€257,519 | |
| Contributions | 10/11 | €100,014 | €322,014 | +€222,000 | +222.0% |
| Capital | 10 | €100,014 | €322,014 | +€222,000 | +222.0% |
| Issued capital | 100 | €100,014 | €322,014 | +€222,000 | +222.0% |
| Reserves | 13 | €450 | €450 | = | 0.0% |
| Non-distributable reserves | 130/1 | €450 | €450 | = | 0.0% |
| Legal reserve | 130 | €450 | €450 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€160,684 | -€125,165 | +€35,519 | +22.1% |
| Provisions and deferred taxes | 16 | €11,580 | €0 | -€11,580 | -100.0% |
| Provisions for liabilities and charges | 160/5 | €11,580 | €0 | -€11,580 | -100.0% |
| Environmental obligations | 163 | €11,580 | €0 | -€11,580 | -100.0% |
| Amounts payable | 17/49 | €739,030 | €487,521 | -€251,509 | -34.0% |
| Amounts payable after more than one year | 17 | - | €24,114 | +€24,114 | |
| Financial debts | 170/4 | - | €24,114 | +€24,114 | |
| Amounts payable within one year | 42/48 | €728,021 | €455,658 | -€272,363 | -37.4% |
| Financial debts | 43 | €200,000 | €150,000 | -€50,000 | -25.0% |
| Credit institutions | 430/8 | €200,000 | €150,000 | -€50,000 | -25.0% |
| Trade debts | 44 | €224,571 | €90,686 | -€133,885 | -59.6% |
| Suppliers | 440/4 | €224,571 | €90,686 | -€133,885 | -59.6% |
| Taxes, remuneration and social security | 45 | €146,302 | €173,312 | +€27,010 | +18.5% |
| Taxes | 450/3 | €58,705 | €74,437 | +€15,733 | +26.8% |
| Remuneration and social security | 454/9 | €87,598 | €98,875 | +€11,277 | +12.9% |
| Other amounts payable | 47/48 | €157,147 | €41,660 | -€115,487 | -73.5% |
| Accrued charges and deferred income | 492/3 | €11,009 | €7,748 | -€3,261 | -29.6% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €282,993 | €287,423 | +€4,431 | +1.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,813 | €43,461 | +€9,647 | +28.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | -€41,761 | -€41,761 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €0 | -€11,580 | -€11,580 | |
| Other operating charges | 640/8 | €2,154 | €20,906 | +€18,752 | +870.7% |
| Non-recurring operating charges | 66A | €8,054 | €7,385 | -€668 | -8.3% |
| Gross operating margin | 9900 | €390,291 | €376,872 | -€13,419 | -3.4% |
| Operating profit (loss) | 9901 | €63,277 | €71,038 | +€7,761 | +12.3% |
| Financial income | 75/76B | €26,000 | €221 | -€25,779 | -99.1% |
| Recurring financial income | 75 | €0 | €221 | +€221 | |
| Non-recurring financial income | 76B | €26,000 | €0 | -€26,000 | -100.0% |
| Financial charges | 65/66B | €34,970 | €35,090 | +€120 | +0.3% |
| Recurring financial charges | 65 | €34,970 | €35,090 | +€120 | +0.3% |
| Profit (loss) for the period before taxes | 9903 | €54,307 | €36,169 | -€18,138 | -33.4% |
| Income taxes | 67/77 | €630 | €650 | +€20 | +3.2% |
| Profit (loss) for the period | 9904 | €53,677 | €35,519 | -€18,158 | -33.8% |
| Profit (loss) for the period to be appropriated | 9905 | €53,677 | €35,519 | -€18,158 | -33.8% |
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 29 September 2026 via checked.be.