MTD: 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.
MTD
Largest movements
- Cash +€91,822
up €91,822 (+160.0%), from €57,393 to €149,215
mainly Net result for the year (+€65,882) and Receivables within one year (+€64,649)
- Receivables within one year -€64,649
down €64,649 (-74.7%), from €86,596 to €21,946
of which Trade receivables: -€75,216
- Reserves +€60,000
up €60,000 (+50.0%), from €120,000 to €180,000
- Debts after one year -€49,359
down €49,359 (-46.3%), from €106,716 to €57,357
of which Other amounts payable: -€49,359
- Accrued charges and deferred income +€27,050
up €27,050 (+362.4%), from €7,464 to €34,513
- Gross operating margin -€66,807
down €66,807 (-26.3%), from €254,413 to €187,606
- Taxes -€11,615
down €11,615 (-26.8%), from €43,369 to €31,754
- Financial charges -€6,191
down €6,191 (-71.5%), from €8,659 to €2,468
- Depreciation -€5,191
down €5,191 (-63.4%), from €8,187 to €2,996
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 | €859,801 | €893,060 | +€33,259 | +3.9% |
| Fixed assets | 21/28 | €709,670 | €710,260 | +€590 | +0.1% |
| Tangible fixed assets | 22/27 | €6,394 | €7,023 | +€629 | +9.8% |
| Furniture and vehicles | 24 | €2,227 | €7,023 | +€4,796 | +215.4% |
| Leasing and similar rights | 25 | €4,167 | - | -€4,167 | |
| Financial fixed assets | 28 | €703,276 | €703,237 | -€39 | 0.0% |
| Current assets | 29/58 | €150,131 | €182,800 | +€32,669 | +21.8% |
| Amounts receivable within one year | 40/41 | €86,596 | €21,946 | -€64,649 | -74.7% |
| Trade receivables | 40 | €86,596 | €11,380 | -€75,216 | -86.9% |
| Other amounts receivable | 41 | - | €10,566 | +€10,566 | |
| Cash at bank and in hand | 54/58 | €57,393 | €149,215 | +€91,822 | +160.0% |
| Deferred charges and accrued income | 490/1 | €6,142 | €11,639 | +€5,496 | +89.5% |
| Total equity and liabilities | 10/49 | €859,801 | €893,060 | +€33,259 | +3.9% |
| Equity | 10/15 | €668,973 | €734,855 | +€65,882 | +9.8% |
| Contributions | 10/11 | €20,451 | €20,451 | = | 0.0% |
| Reserves | 13 | €120,000 | €180,000 | +€60,000 | +50.0% |
| Distributable reserves | 133 | €120,000 | €180,000 | +€60,000 | +50.0% |
| Profit (loss) carried forward | 14 | €528,522 | €534,404 | +€5,882 | +1.1% |
| Provisions and deferred taxes | 16 | €45,000 | €45,000 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €45,000 | €45,000 | = | 0.0% |
| Pensions and similar obligations | 160 | - | €45,000 | +€45,000 | |
| Other liabilities and charges | 164/5 | €45,000 | - | -€45,000 | |
| Amounts payable | 17/49 | €145,828 | €113,204 | -€32,624 | -22.4% |
| Amounts payable after more than one year | 17 | €106,716 | €57,357 | -€49,359 | -46.3% |
| Trade debts | 175 | €27,357 | €27,357 | = | 0.0% |
| Other amounts payable | 178/9 | €79,359 | €30,000 | -€49,359 | -62.2% |
| Amounts payable within one year | 42/48 | €31,649 | €21,335 | -€10,314 | -32.6% |
| Financial debts | 43 | €1,239 | €843 | -€396 | -32.0% |
| Credit institutions | 430/8 | €1,239 | €843 | -€396 | -32.0% |
| Trade debts | 44 | €5,675 | €240 | -€5,435 | -95.8% |
| Suppliers | 440/4 | €5,675 | €240 | -€5,435 | -95.8% |
| Taxes, remuneration and social security | 45 | €24,735 | €20,252 | -€4,483 | -18.1% |
| Taxes | 450/3 | €13,586 | €20,252 | +€6,666 | +49.1% |
| Remuneration and social security | 454/9 | €11,149 | - | -€11,149 | |
| Accrued charges and deferred income | 492/3 | €7,464 | €34,513 | +€27,050 | +362.4% |
| Remuneration, social security and pensions | 62 | €64,718 | €65,607 | +€889 | +1.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,187 | €2,996 | -€5,191 | -63.4% |
| Other operating charges | 640/8 | €20,103 | €20,056 | -€46 | -0.2% |
| Gross operating margin | 9900 | €254,413 | €187,606 | -€66,807 | -26.3% |
| Operating profit (loss) | 9901 | €161,405 | €98,947 | -€62,458 | -38.7% |
| Financial income | 75/76B | €7 | €1,158 | +€1,151 | +16702.8% |
| Recurring financial income | 75 | €7 | €1,158 | +€1,151 | +16702.8% |
| Financial charges | 65/66B | €8,659 | €2,468 | -€6,191 | -71.5% |
| Recurring financial charges | 65 | €8,659 | €2,468 | -€6,191 | -71.5% |
| Profit (loss) for the period before taxes | 9903 | €152,753 | €97,637 | -€55,116 | -36.1% |
| Income taxes | 67/77 | €43,369 | €31,754 | -€11,615 | -26.8% |
| Profit (loss) for the period | 9904 | €109,384 | €65,882 | -€43,502 | -39.8% |
| Profit (loss) for the period to be appropriated | 9905 | €109,384 | €65,882 | -€43,502 | -39.8% |
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 1 October 2026 via checked.be.