Mth Construct: what changed
Mth Construct
Largest movements
- Tangible fixed assets -€221,375
down €221,375 (-58.9%), from €375,911 to €154,536
of which Leasing and similar rights: -€137,422
- Cash -€36,206
down €36,206 (-92.4%), from €39,168 to €2,962
mainly Debts after one year (-€134,059) and Net result for the year (-€59,234)
- Receivables within one year -€23,172
down €23,172 (-33.5%), from €69,212 to €46,040
of which Other amounts receivable: -€23,698
- Deferred charges and accrued income +€6,062
up €6,062 (+129%), from €4,703 to €10,765
- Debts after one year -€134,059
down €134,059 (-64.5%), from €207,816 to €73,757
- Profit (loss) carried forward -€70,999
down €70,999 (-60.5%), from €117,356 to €46,357
- Current portion of long-term debt -€42,921
down €42,921 (-41.9%), from €102,457 to €59,536
- Short-term financial debts -€13,583
down €13,583 (-96.1%), from €14,138 to €555
- Tax, wage and social debts -€7,425
no longer reported in 2025 (was €7,425)
of which Taxes: -€4,925
- Other operating charges +€49,454
up €49,454 (+4,120%), from €1,200 to €50,655
- Gross operating margin -€36,025
down €36,025 (-35.6%), from €101,130 to €65,106
- Depreciation -€21,521
down €21,521 (-25.3%), from €85,044 to €63,523
- Financial charges -€1,583
down €1,583 (-13.3%), from €11,892 to €10,309
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 | €488,994 | €214,572 | -€274,421 | -56.1% |
| Fixed assets | 21/28 | €375,911 | €154,806 | -€221,105 | -58.8% |
| Tangible fixed assets | 22/27 | €375,911 | €154,536 | -€221,375 | -58.9% |
| Plant, machinery and equipment | 23 | €5,895 | €5,543 | -€352 | -6.0% |
| Furniture and vehicles | 24 | €225,126 | €141,525 | -€83,600 | -37.1% |
| Leasing and similar rights | 25 | €144,890 | €7,467 | -€137,422 | -94.8% |
| Financial fixed assets | 28 | - | €270 | +€270 | |
| Current assets | 29/58 | €113,083 | €59,766 | -€53,316 | -47.1% |
| Amounts receivable within one year | 40/41 | €69,212 | €46,040 | -€23,172 | -33.5% |
| Trade receivables | 40 | €40,257 | €40,784 | +€527 | +1.3% |
| Other amounts receivable | 41 | €28,955 | €5,256 | -€23,698 | -81.8% |
| Cash at bank and in hand | 54/58 | €39,168 | €2,962 | -€36,206 | -92.4% |
| Deferred charges and accrued income | 490/1 | €4,703 | €10,765 | +€6,062 | +129% |
| Total equity and liabilities | 10/49 | €488,994 | €214,572 | -€274,421 | -56.1% |
| Equity | 10/15 | €123,356 | €52,357 | -€70,999 | -57.6% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €117,356 | €46,357 | -€70,999 | -60.5% |
| Amounts payable | 17/49 | €365,637 | €162,215 | -€203,422 | -55.6% |
| Amounts payable after more than one year | 17 | €207,816 | €73,757 | -€134,059 | -64.5% |
| Financial debts | 170/4 | €207,816 | €73,757 | -€134,059 | -64.5% |
| Amounts payable within one year | 42/48 | €157,633 | €88,458 | -€69,175 | -43.9% |
| Current portion of amounts payable after more than one year | 42 | €102,457 | €59,536 | -€42,921 | -41.9% |
| Financial debts | 43 | €14,138 | €555 | -€13,583 | -96.1% |
| Credit institutions | 430/8 | €14,138 | €555 | -€13,583 | -96.1% |
| Trade debts | 44 | €33,398 | €27,938 | -€5,460 | -16.3% |
| Suppliers | 440/4 | €33,398 | €27,938 | -€5,460 | -16.3% |
| Taxes, remuneration and social security | 45 | €7,425 | - | -€7,425 | |
| Taxes | 450/3 | €4,925 | - | -€4,925 | |
| Remuneration and social security | 454/9 | €2,500 | - | -€2,500 | |
| Other amounts payable | 47/48 | €215 | €428 | +€214 | +99.5% |
| Accrued charges and deferred income | 492/3 | €188 | - | -€188 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €85,044 | €63,523 | -€21,521 | -25.3% |
| Other operating charges | 640/8 | €1,200 | €50,655 | +€49,454 | +4,120% |
| Gross operating margin | 9900 | €101,130 | €65,106 | -€36,025 | -35.6% |
| Operating profit (loss) | 9901 | €14,886 | -€49,072 | -€63,958 | |
| Financial income | 75/76B | €384 | €185 | -€199 | -51.9% |
| Recurring financial income | 75 | €384 | €185 | -€199 | -51.9% |
| Financial charges | 65/66B | €11,892 | €10,309 | -€1,583 | -13.3% |
| Recurring financial charges | 65 | €11,892 | €10,309 | -€1,583 | -13.3% |
| Profit (loss) for the period before taxes | 9903 | €3,378 | -€59,196 | -€62,574 | |
| Income taxes | 67/77 | €164 | €38 | -€126 | -76.6% |
| Profit (loss) for the period | 9904 | €3,213 | -€59,234 | -€62,448 | |
| Profit (loss) for the period to be appropriated | 9905 | €3,213 | -€59,234 | -€62,448 |
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 8 November 2026 via checked.be.