MTLV: 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.
MTLV
Largest movements
- Cash +€94,076
up €94,076 (+126.7%), from €74,267 to €168,343
mainly Other debts (+€108,301) and Depreciation (+€42,229)
- Tangible fixed assets -€42,229
down €42,229 (-30.7%), from €137,541 to €95,312
of which Furniture and vehicles: -€24,752
- Receivables within one year -€7,848
down €7,848 (-5.9%), from €132,526 to €124,678
of which Other amounts receivable: -€5,583
- Other debts +€108,301
up €108,301 (+1858.1%), from €5,828 to €114,129
- Reserves -€30,058
down €30,058 (-20.7%), from €145,520 to €115,462
- Accrued charges and deferred income -€14,221
down €14,221 (-15.6%), from €91,303 to €77,082
- Current portion of long-term debt -€11,349
down €11,349 (-54.7%), from €20,735 to €9,386
- Debts after one year -€9,386
down €9,386 (-64.6%), from €14,522 to €5,136
- Gross operating margin +€68,269
up €68,269 (+61.0%), from €111,868 to €180,137
- Staff costs +€39,382
up €39,382 (+87.5%), from €44,998 to €84,380
- Taxes +€6,741
up €6,741 (+105.6%), from €6,386 to €13,127
- Depreciation +€2,839
up €2,839 (+7.2%), from €39,390 to €42,229
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 | €354,268 | €395,223 | +€40,954 | +11.6% |
| Fixed assets | 21/28 | €137,811 | €95,582 | -€42,229 | -30.6% |
| Tangible fixed assets | 22/27 | €137,541 | €95,312 | -€42,229 | -30.7% |
| Land and buildings | 22 | €52,984 | €46,306 | -€6,678 | -12.6% |
| Plant, machinery and equipment | 23 | €13,449 | €8,253 | -€5,196 | -38.6% |
| Furniture and vehicles | 24 | €54,791 | €30,038 | -€24,752 | -45.2% |
| Leasing and similar rights | 25 | €16,318 | €10,715 | -€5,603 | -34.3% |
| Financial fixed assets | 28 | €270 | €270 | = | 0.0% |
| Current assets | 29/58 | €216,457 | €299,641 | +€83,183 | +38.4% |
| Amounts receivable within one year | 40/41 | €132,526 | €124,678 | -€7,848 | -5.9% |
| Trade receivables | 40 | €124,195 | €121,930 | -€2,265 | -1.8% |
| Other amounts receivable | 41 | €8,331 | €2,748 | -€5,583 | -67.0% |
| Cash at bank and in hand | 54/58 | €74,267 | €168,343 | +€94,076 | +126.7% |
| Deferred charges and accrued income | 490/1 | €9,665 | €6,620 | -€3,045 | -31.5% |
| Total equity and liabilities | 10/49 | €354,268 | €395,223 | +€40,954 | +11.6% |
| Equity | 10/15 | €184,720 | €154,662 | -€30,058 | -16.3% |
| Contributions | 10/11 | €39,200 | €39,200 | = | 0.0% |
| Reserves | 13 | €145,520 | €115,462 | -€30,058 | -20.7% |
| Distributable reserves | 133 | €145,520 | €115,462 | -€30,058 | -20.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €169,548 | €240,560 | +€71,012 | +41.9% |
| Amounts payable after more than one year | 17 | €14,522 | €5,136 | -€9,386 | -64.6% |
| Financial debts | 170/4 | €14,522 | €5,136 | -€9,386 | -64.6% |
| Amounts payable within one year | 42/48 | €63,723 | €158,342 | +€94,619 | +148.5% |
| Current portion of amounts payable after more than one year | 42 | €20,735 | €9,386 | -€11,349 | -54.7% |
| Trade debts | 44 | €15,431 | €9,820 | -€5,611 | -36.4% |
| Suppliers | 440/4 | €15,431 | €9,820 | -€5,611 | -36.4% |
| Taxes, remuneration and social security | 45 | €21,728 | €25,007 | +€3,279 | +15.1% |
| Taxes | 450/3 | €13,429 | €11,429 | -€2,000 | -14.9% |
| Remuneration and social security | 454/9 | €8,299 | €13,578 | +€5,278 | +63.6% |
| Other amounts payable | 47/48 | €5,828 | €114,129 | +€108,301 | +1858.1% |
| Accrued charges and deferred income | 492/3 | €91,303 | €77,082 | -€14,221 | -15.6% |
| Remuneration, social security and pensions | 62 | €44,998 | €84,380 | +€39,382 | +87.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,390 | €42,229 | +€2,839 | +7.2% |
| Other operating charges | 640/8 | €2,858 | €3,225 | +€367 | +12.8% |
| Gross operating margin | 9900 | €111,868 | €180,137 | +€68,269 | +61.0% |
| Operating profit (loss) | 9901 | €24,621 | €50,303 | +€25,682 | +104.3% |
| Financial income | 75/76B | €0 | €16 | +€16 | |
| Recurring financial income | 75 | €0 | €16 | +€16 | |
| Financial charges | 65/66B | €1,662 | €2,881 | +€1,219 | +73.3% |
| Recurring financial charges | 65 | €1,662 | €2,881 | +€1,219 | +73.3% |
| Profit (loss) for the period before taxes | 9903 | €22,959 | €47,438 | +€24,479 | +106.6% |
| Income taxes | 67/77 | €6,386 | €13,127 | +€6,741 | +105.6% |
| Profit (loss) for the period | 9904 | €16,573 | €34,311 | +€17,738 | +107.0% |
| Profit (loss) for the period to be appropriated | 9905 | €16,573 | €34,311 | +€17,738 | +107.0% |
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 7 October 2026 via checked.be.