MTM: 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.
MTM
Largest movements
- Tangible fixed assets +€960,273
up €960,273 (+49.5%), from €1.9m to €2.9m
of which Other tangible fixed assets: +€615,272
- Cash -€657,316
down €657,316 (-60.3%), from €1.1m to €432,263
mainly Investment in fixed assets (net) (-€1.6m) and Net result for the year (-€152,425)
- Stocks and contracts +€75,319
up €75,319 (+46.9%), from €160,627 to €235,946
- Debts after one year +€389,741
up €389,741 (+29.3%), from €1.3m to €1.7m
of which Financial debts: +€390,134
- Reserves -€272,425
down €272,425 (-60.4%), from €450,709 to €178,283
- Current portion of long-term debt +€114,552
up €114,552 (+35.5%), from €322,905 to €437,457
- Trade debts +€110,744
up €110,744 (+15.8%), from €700,126 to €810,869
- Tax, wage and social debts +€99,944
up €99,944 (+39.1%), from €255,790 to €355,734
of which Remuneration and social security: +€72,017
- Staff costs +€576,382
up €576,382 (+28.5%), from €2.0m to €2.6m
- Gross operating margin +€397,030
up €397,030 (+14.4%), from €2.8m to €3.2m
- Depreciation +€177,064
up €177,064 (+41.7%), from €424,503 to €601,566
- Financial charges +€33,231
up €33,231 (+78.9%), from €42,099 to €75,331
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 | €3,416,271 | €3,814,283 | +€398,012 | +11.7% |
| Fixed assets | 21/28 | €1,989,261 | €2,942,773 | +€953,512 | +47.9% |
| Intangible fixed assets | 21 | €47,281 | €40,520 | -€6,761 | -14.3% |
| Tangible fixed assets | 22/27 | €1,941,750 | €2,902,023 | +€960,273 | +49.5% |
| Plant, machinery and equipment | 23 | €403,204 | €744,920 | +€341,716 | +84.8% |
| Furniture and vehicles | 24 | €82,547 | €85,832 | +€3,284 | +4.0% |
| Other tangible fixed assets | 26 | €1,455,999 | €2,071,271 | +€615,272 | +42.3% |
| Financial fixed assets | 28 | €230 | €230 | = | 0.0% |
| Current assets | 29/58 | €1,427,009 | €871,510 | -€555,499 | -38.9% |
| Stocks and contracts in progress | 3 | €160,627 | €235,946 | +€75,319 | +46.9% |
| Stocks | 30/36 | €160,627 | €235,946 | +€75,319 | +46.9% |
| Amounts receivable within one year | 40/41 | €123,925 | €138,556 | +€14,631 | +11.8% |
| Trade receivables | 40 | €123,083 | €137,748 | +€14,665 | +11.9% |
| Other amounts receivable | 41 | €842 | €808 | -€34 | -4.0% |
| Cash at bank and in hand | 54/58 | €1,089,579 | €432,263 | -€657,316 | -60.3% |
| Deferred charges and accrued income | 490/1 | €52,878 | €64,744 | +€11,866 | +22.4% |
| Total equity and liabilities | 10/49 | €3,416,271 | €3,814,283 | +€398,012 | +11.7% |
| Equity | 10/15 | €544,309 | €271,883 | -€272,425 | -50.0% |
| Contributions | 10/11 | €93,600 | €93,600 | = | 0.0% |
| Reserves | 13 | €450,709 | €178,283 | -€272,425 | -60.4% |
| Distributable reserves | 133 | €450,709 | €178,283 | -€272,425 | -60.4% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €2,871,962 | €3,542,400 | +€670,438 | +23.3% |
| Amounts payable after more than one year | 17 | €1,331,319 | €1,721,060 | +€389,741 | +29.3% |
| Financial debts | 170/4 | €1,330,926 | €1,721,060 | +€390,134 | +29.3% |
| Trade debts | 175 | €393 | €0 | -€393 | -100.0% |
| Amounts payable within one year | 42/48 | €1,278,821 | €1,604,061 | +€325,240 | +25.4% |
| Current portion of amounts payable after more than one year | 42 | €322,905 | €437,457 | +€114,552 | +35.5% |
| Trade debts | 44 | €700,126 | €810,869 | +€110,744 | +15.8% |
| Suppliers | 440/4 | €700,126 | €810,869 | +€110,744 | +15.8% |
| Taxes, remuneration and social security | 45 | €255,790 | €355,734 | +€99,944 | +39.1% |
| Taxes | 450/3 | €63,345 | €91,272 | +€27,927 | +44.1% |
| Remuneration and social security | 454/9 | €192,445 | €264,462 | +€72,017 | +37.4% |
| Accrued charges and deferred income | 492/3 | €261,823 | €217,278 | -€44,544 | -17.0% |
| Non-recurring operating income | 76A | €20 | €523 | +€503 | +2499.7% |
| Remuneration, social security and pensions | 62 | €2,021,759 | €2,598,141 | +€576,382 | +28.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €424,503 | €601,566 | +€177,064 | +41.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €32,055 | €31,178 | -€877 | -2.7% |
| Non-recurring operating charges | 66A | €1,392 | €3,301 | +€1,909 | +137.2% |
| Gross operating margin | 9900 | €2,758,757 | €3,155,787 | +€397,030 | +14.4% |
| Operating profit (loss) | 9901 | €279,048 | -€78,399 | -€357,448 | |
| Financial income | 75/76B | €1,260 | €2,497 | +€1,237 | +98.2% |
| Recurring financial income | 75 | €1,260 | €2,497 | +€1,237 | +98.2% |
| Financial charges | 65/66B | €42,099 | €75,331 | +€33,231 | +78.9% |
| Recurring financial charges | 65 | €42,099 | €75,331 | +€33,231 | +78.9% |
| Profit (loss) for the period before taxes | 9903 | €238,209 | -€151,234 | -€389,442 | |
| Income taxes | 67/77 | €1,158 | €1,192 | +€34 | +2.9% |
| Profit (loss) for the period | 9904 | €237,051 | -€152,425 | -€389,476 | |
| Profit (loss) for the period to be appropriated | 9905 | €237,051 | -€152,425 | -€389,476 |
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 3 October 2026 via checked.be.