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
- Cash -€721,605
down €721,605 (-97.5%), from €739,808 to €18,203
mainly Investment in fixed assets (net) (-€733,677) and Debts after one year (-€622,275)
- Tangible fixed assets +€584,663
up €584,663 (+105%), from €556,498 to €1.1m
of which Land and buildings: +€584,321
- Stocks and contracts -€298,764
no longer reported in 2025 (was €298,764)
- Receivables within one year +€74,090
up €74,090 (+14.9%), from €496,725 to €570,815
of which Trade receivables: +€59,237
- Debts after one year -€622,275
no longer reported in 2025 (was €622,275)
- Other debts +€175,822
up €175,822 (+817%), from €21,518 to €197,340
- Reserves +€109,181
up €109,181 (+6.8%), from €1.6m to €1.7m
- Gross operating margin +€165,143
up €165,143 (+122%), from €135,172 to €300,315
- Depreciation +€118,125
up €118,125 (+382%), from €30,888 to €149,014
- Taxes +€48,125
up €48,125 (+599%), from €8,029 to €56,155
- Financial income +€20,741
up €20,741 (+744%), from €2,786 to €23,528
- Financial charges -€3,924
down €3,924 (-47.2%), from €8,317 to €4,393
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 | €2,369,187 | €2,007,154 | -€362,033 | -15.3% |
| Fixed assets | 21/28 | €830,998 | €1,415,661 | +€584,663 | +70.4% |
| Tangible fixed assets | 22/27 | €556,498 | €1,141,161 | +€584,663 | +105% |
| Land and buildings | 22 | €555,718 | €1,140,039 | +€584,321 | +105% |
| Furniture and vehicles | 24 | €780 | €1,122 | +€343 | +43.9% |
| Financial fixed assets | 28 | €274,500 | €274,500 | = | 0.0% |
| Current assets | 29/58 | €1,538,189 | €591,493 | -€946,697 | -61.5% |
| Stocks and contracts in progress | 3 | €298,764 | - | -€298,764 | |
| Stocks | 30/36 | €298,764 | - | -€298,764 | |
| Amounts receivable within one year | 40/41 | €496,725 | €570,815 | +€74,090 | +14.9% |
| Trade receivables | 40 | €174,380 | €233,617 | +€59,237 | +34.0% |
| Other amounts receivable | 41 | €322,345 | €337,198 | +€14,853 | +4.6% |
| Cash at bank and in hand | 54/58 | €739,808 | €18,203 | -€721,605 | -97.5% |
| Deferred charges and accrued income | 490/1 | €2,892 | €2,475 | -€417 | -14.4% |
| Total equity and liabilities | 10/49 | €2,369,187 | €2,007,154 | -€362,033 | -15.3% |
| Equity | 10/15 | €1,620,594 | €1,729,774 | +€109,181 | +6.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,608,194 | €1,717,374 | +€109,181 | +6.8% |
| Distributable reserves | 133 | €1,608,194 | €1,717,374 | +€109,181 | +6.8% |
| Amounts payable | 17/49 | €748,594 | €277,380 | -€471,214 | -62.9% |
| Amounts payable after more than one year | 17 | €622,275 | - | -€622,275 | |
| Financial debts | 170/4 | €622,275 | - | -€622,275 | |
| Amounts payable within one year | 42/48 | €126,174 | €277,199 | +€151,025 | +120% |
| Current portion of amounts payable after more than one year | 42 | €10,005 | - | -€10,005 | |
| Trade debts | 44 | €38 | - | -€38 | |
| Suppliers | 440/4 | €38 | - | -€38 | |
| Taxes, remuneration and social security | 45 | €94,613 | €79,859 | -€14,754 | -15.6% |
| Taxes | 450/3 | €94,613 | €79,859 | -€14,754 | -15.6% |
| Other amounts payable | 47/48 | €21,518 | €197,340 | +€175,822 | +817% |
| Accrued charges and deferred income | 492/3 | €145 | €181 | +€35 | +24.5% |
| Non-recurring operating income | 76A | €14,738 | €252,902 | +€238,165 | +1,616% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,888 | €149,014 | +€118,125 | +382% |
| Other operating charges | 640/8 | €7,710 | €5,101 | -€2,609 | -33.8% |
| Non-recurring operating charges | 66A | €79,665 | - | -€79,665 | |
| Gross operating margin | 9900 | €135,172 | €300,315 | +€165,143 | +122% |
| Operating profit (loss) | 9901 | €16,909 | €146,200 | +€129,291 | +765% |
| Financial income | 75/76B | €2,786 | €23,528 | +€20,741 | +744% |
| Recurring financial income | 75 | €2,786 | €23,528 | +€20,741 | +744% |
| Financial charges | 65/66B | €8,317 | €4,393 | -€3,924 | -47.2% |
| Recurring financial charges | 65 | €8,317 | €4,393 | -€3,924 | -47.2% |
| Profit (loss) for the period before taxes | 9903 | €11,379 | €165,335 | +€153,957 | +1,353% |
| Income taxes | 67/77 | €8,029 | €56,155 | +€48,125 | +599% |
| Profit (loss) for the period | 9904 | €3,349 | €109,181 | +€105,831 | +3,160% |
| Profit (loss) for the period to be appropriated | 9905 | €3,349 | €109,181 | +€105,831 | +3,160% |
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 28 October 2026 via checked.be.