MTM: what changed
Two financial 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.
MTM
Largest movements
- Tangible fixed assets -€27,585
down €27,585 (-14.5%), from €190,754 to €163,169
of which Land and buildings: -€25,652
- Cash -€16,256
down €16,256 (-39.7%), from €40,970 to €24,714
mainly Net result for the year (-€37,010) and Debts after one year (-€15,449)
- Receivables within one year -€15,288
down €15,288 (-54.2%), from €28,188 to €12,900
of which Other amounts receivable: -€20,273
- Profit (loss) carried forward -€37,010
down €37,010 (-23.5%), from -€157,701 to -€194,710
- Debts after one year -€15,449
down €15,449 (-38.2%), from €40,485 to €25,037
- Other debts -€4,799
down €4,799 (-1.6%), from €302,291 to €297,492
- Trade debts -€3,465
down €3,465 (-91.2%), from €3,800 to €335
- Other operating charges -€3,460
down €3,460 (-53.1%), from €6,512 to €3,052
- Gross operating margin +€1,731
up €1,731 (+30.7%), from €5,645 to €7,376
- Financial charges +€731
up €731 (+71.3%), from €1,024 to €1,755
- Depreciation +€649
up €649 (+1.7%), from €38,753 to €39,402
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.
Derived cash bridge
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 | €265,686 | €205,377 | -€60,309 | -22.7% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €190,754 | €163,169 | -€27,585 | -14.5% |
| Tangible fixed assets | 22/27 | €190,754 | €163,169 | -€27,585 | -14.5% |
| Land and buildings | 22 | €133,380 | €107,728 | -€25,652 | -19.2% |
| Plant, machinery and equipment | 23 | €0 | €0 | = | |
| Furniture and vehicles | 24 | €41,075 | €47,225 | +€6,150 | +15.0% |
| Leasing and similar rights | 25 | €16,299 | €8,216 | -€8,083 | -49.6% |
| Current assets | 29/58 | €74,932 | €42,208 | -€32,724 | -43.7% |
| Stocks and contracts in progress | 3 | €1,155 | - | -€1,155 | |
| Stocks | 30/36 | €1,155 | - | -€1,155 | |
| Amounts receivable within one year | 40/41 | €28,188 | €12,900 | -€15,288 | -54.2% |
| Trade receivables | 40 | €7,597 | €12,582 | +€4,985 | +65.6% |
| Other amounts receivable | 41 | €20,591 | €317 | -€20,273 | -98.5% |
| Current investments | 50/53 | €100 | €100 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €40,970 | €24,714 | -€16,256 | -39.7% |
| Deferred charges and accrued income | 490/1 | €4,520 | €4,494 | -€25 | -0.6% |
| Total equity and liabilities | 10/49 | €265,686 | €205,377 | -€60,309 | -22.7% |
| Equity | 10/15 | -€97,174 | -€134,183 | -€37,010 | -38.1% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €10,527 | €10,527 | = | 0.0% |
| Tax-exempt reserves | 132 | €5,005 | €5,005 | = | 0.0% |
| Distributable reserves | 133 | €5,522 | €5,522 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€157,701 | -€194,710 | -€37,010 | -23.5% |
| Amounts payable | 17/49 | €362,860 | €339,560 | -€23,299 | -6.4% |
| Amounts payable after more than one year | 17 | €40,485 | €25,037 | -€15,449 | -38.2% |
| Financial debts | 170/4 | €40,485 | €25,037 | -€15,449 | -38.2% |
| Amounts payable within one year | 42/48 | €322,374 | €314,524 | -€7,851 | -2.4% |
| Current portion of amounts payable after more than one year | 42 | €15,035 | €15,449 | +€414 | +2.8% |
| Trade debts | 44 | €3,800 | €335 | -€3,465 | -91.2% |
| Suppliers | 440/4 | €3,800 | €335 | -€3,465 | -91.2% |
| Taxes, remuneration and social security | 45 | €1,248 | €1,248 | -€0 | 0.0% |
| Taxes | 450/3 | €1,248 | €1,248 | -€0 | 0.0% |
| Other amounts payable | 47/48 | €302,291 | €297,492 | -€4,799 | -1.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,753 | €39,402 | +€649 | +1.7% |
| Other operating charges | 640/8 | €6,512 | €3,052 | -€3,460 | -53.1% |
| Gross operating margin | 9900 | €5,645 | €7,376 | +€1,731 | +30.7% |
| Operating profit (loss) | 9901 | -€39,621 | -€35,079 | +€4,542 | +11.5% |
| Financial income | 75/76B | €23 | - | -€23 | |
| Recurring financial income | 75 | €23 | - | -€23 | |
| Financial charges | 65/66B | €1,024 | €1,755 | +€731 | +71.3% |
| Recurring financial charges | 65 | €1,024 | €1,755 | +€731 | +71.3% |
| Profit (loss) for the period before taxes | 9903 | -€40,622 | -€36,833 | +€3,788 | +9.3% |
| Income taxes | 67/77 | €174 | €176 | +€2 | +1.0% |
| Profit (loss) for the period | 9904 | -€40,796 | -€37,010 | +€3,786 | +9.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€40,796 | -€37,010 | +€3,786 | +9.3% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.