MTJ: 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.
What changed
MTJ
NACE 47.721, Retail sale of footwear
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€93,847
2024 · -€96,602+€2,756
Equity
-€887,874
2024 · -€794,027-€93,847
Cash
€5,734
2024 · €5,355+€378
Balance sheet total
€2.4m
2024 · €1.9m+€580,017
Largest movements
Assets
- Receivables within one year +€605,413
up €605,413 (+52.6%), from €1.2m to €1.8m
of which Trade receivables: +€592,344
Equity and liabilities
- Other debts +€687,567
up €687,567 (+27.4%), from €2.5m to €3.2m
- Profit (loss) carried forward -€93,847
down €93,847 (-6.7%), from -€1.4m to -€1.5m
- Trade debts -€39,822
down €39,822 (-35.5%), from €112,165 to €72,342
- Tax, wage and social debts +€25,900
up €25,900 (+71.9%), from €36,014 to €61,914
of which Taxes: +€16,582
Income statement
- Gross operating margin +€110,988
up €110,988 (+377.8%), from €29,377 to €140,366
- Other operating charges +€69,526
up €69,526 (+2454.3%), from €2,833 to €72,359
- Staff costs +€34,990
up €34,990 (+33.1%), from €105,864 to €140,854
- Financial charges +€2,257
up €2,257 (+20.9%), from €10,794 to €13,050
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.
Result 2024
-€96,602
Gross operating margin
+€110,988
Staff costs
-€34,990
Depreciation
-€213
Other operating charges
-€69,526
Other operating items
-€9
Financial income
-€1,197
Financial charges
-€2,257
Taxes
-€41
Result 2025
-€93,847
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.
From operations
+€13,412
Investment
-€13,034
Financing
€0
Cash 2024
€5,355
From operations (derived)
+€13,412
Net result for the year
-€93,847
Depreciation
+€29,991
Stocks and contracts
+€8,866
Receivables within one year
-€605,413
Smaller working-capital items
+€171
Trade debts
-€39,822
Tax, wage and social debts
+€25,900
Other debts
+€687,567
Investment (derived)
-€13,034
Investment in fixed assets (net)
-€13,034
Cash 2025
€5,734
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,865,079 | €2,445,096 | +€580,017 | +31.1% |
| Fixed assets | 21/28 | €51,899 | €34,942 | -€16,957 | -32.7% |
| Intangible fixed assets | 21 | €321 | - | -€321 | |
| Tangible fixed assets | 22/27 | €50,778 | €34,142 | -€16,636 | -32.8% |
| Plant, machinery and equipment | 23 | €5,385 | €1,736 | -€3,649 | -67.8% |
| Furniture and vehicles | 24 | €26,102 | €18,462 | -€7,640 | -29.3% |
| Leasing and similar rights | 25 | €7,911 | €551 | -€7,360 | -93.0% |
| Other tangible fixed assets | 26 | €11,380 | €13,393 | +€2,014 | +17.7% |
| Financial fixed assets | 28 | €800 | €800 | = | 0.0% |
| Current assets | 29/58 | €1,813,180 | €2,410,154 | +€596,974 | +32.9% |
| Stocks and contracts in progress | 3 | €647,405 | €638,539 | -€8,866 | -1.4% |
| Stocks | 30/36 | €647,405 | €638,539 | -€8,866 | -1.4% |
| Amounts receivable within one year | 40/41 | €1,150,561 | €1,755,974 | +€605,413 | +52.6% |
| Trade receivables | 40 | €930,394 | €1,522,738 | +€592,344 | +63.7% |
| Other amounts receivable | 41 | €220,167 | €233,236 | +€13,069 | +5.9% |
| Cash at bank and in hand | 54/58 | €5,355 | €5,734 | +€378 | +7.1% |
| Deferred charges and accrued income | 490/1 | €9,859 | €9,908 | +€49 | +0.5% |
| Total equity and liabilities | 10/49 | €1,865,079 | €2,445,096 | +€580,017 | +31.1% |
| Equity | 10/15 | -€794,027 | -€887,874 | -€93,847 | -11.8% |
| Contributions | 10/11 | €573,950 | €573,950 | = | 0.0% |
| Capital | 10 | €573,950 | €573,950 | = | 0.0% |
| Issued capital | 100 | €573,950 | €573,950 | = | 0.0% |
| Reserves | 13 | €39,248 | €39,248 | = | 0.0% |
| Non-distributable reserves | 130/1 | €12,395 | €12,395 | = | 0.0% |
| Legal reserve | 130 | €12,395 | €12,395 | = | 0.0% |
| Tax-exempt reserves | 132 | €26,853 | €26,853 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,407,225 | -€1,501,072 | -€93,847 | -6.7% |
| Amounts payable | 17/49 | €2,659,106 | €3,332,970 | +€673,864 | +25.3% |
| Amounts payable within one year | 42/48 | €2,659,106 | €3,332,750 | +€673,644 | +25.3% |
| Trade debts | 44 | €112,165 | €72,342 | -€39,822 | -35.5% |
| Suppliers | 440/4 | €112,165 | €72,342 | -€39,822 | -35.5% |
| Taxes, remuneration and social security | 45 | €36,014 | €61,914 | +€25,900 | +71.9% |
| Taxes | 450/3 | €22,866 | €39,448 | +€16,582 | +72.5% |
| Remuneration and social security | 454/9 | €13,148 | €22,466 | +€9,318 | +70.9% |
| Other amounts payable | 47/48 | €2,510,928 | €3,198,494 | +€687,567 | +27.4% |
| Accrued charges and deferred income | 492/3 | - | €219 | +€219 | |
| Non-recurring operating income | 76A | €2 | €1,321 | +€1,319 | +72459.9% |
| Remuneration, social security and pensions | 62 | €105,864 | €140,854 | +€34,990 | +33.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,778 | €29,991 | +€213 | +0.7% |
| Other operating charges | 640/8 | €2,833 | €72,359 | +€69,526 | +2454.3% |
| Non-recurring operating charges | 66A | - | €9 | +€9 | |
| Gross operating margin | 9900 | €29,377 | €140,366 | +€110,988 | +377.8% |
| Operating profit (loss) | 9901 | -€109,097 | -€102,847 | +€6,250 | +5.7% |
| Financial income | 75/76B | €23,412 | €22,215 | -€1,197 | -5.1% |
| Recurring financial income | 75 | €23,412 | €22,215 | -€1,197 | -5.1% |
| Financial charges | 65/66B | €10,794 | €13,050 | +€2,257 | +20.9% |
| Recurring financial charges | 65 | €10,794 | €13,050 | +€2,257 | +20.9% |
| Profit (loss) for the period before taxes | 9903 | -€96,479 | -€93,682 | +€2,797 | +2.9% |
| Income taxes | 67/77 | €124 | €164 | +€41 | +33.1% |
| Profit (loss) for the period | 9904 | -€96,602 | -€93,847 | +€2,756 | +2.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€96,602 | -€93,847 | +€2,756 | +2.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 January 2024 and 31 January 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.