MTM BESTRATING: 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 BESTRATING
Largest movements
- Cash +€69,851
up €69,851 (+112%), from €62,624 to €132,475
mainly Net result for the year (+€82,139) and Depreciation (+€21,620)
- Tangible fixed assets +€32,213
up €32,213 (+157%), from €20,474 to €52,687
of which Furniture and vehicles: +€29,914
- Receivables within one year -€14,184
down €14,184 (-17.3%), from €82,199 to €68,015
of which Trade receivables: -€19,839
- Reserves +€50,339
up €50,339 (+105%), from €47,831 to €98,170
- Debts after one year +€18,585
new in 2025: €18,585
- Current portion of long-term debt +€7,277
new in 2025: €7,277
- Tax, wage and social debts +€5,626
up €5,626 (+14.9%), from €37,786 to €43,412
of which Taxes: +€4,306
- Trade debts +€4,678
up €4,678 (+53.5%), from €8,742 to €13,420
- Gross operating margin +€48,086
up €48,086 (+20.9%), from €230,264 to €278,350
- Depreciation +€13,715
up €13,715 (+174%), from €7,905 to €21,620
- Taxes +€8,371
up €8,371 (+49.6%), from €16,861 to €25,232
- Staff costs +€3,704
up €3,704 (+2.7%), from €135,796 to €139,500
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 | €166,564 | €253,177 | +€86,614 | +52.0% |
| Fixed assets | 21/28 | €20,474 | €52,687 | +€32,213 | +157% |
| Tangible fixed assets | 22/27 | €20,474 | €52,687 | +€32,213 | +157% |
| Plant, machinery and equipment | 23 | €4,929 | €7,229 | +€2,300 | +46.7% |
| Furniture and vehicles | 24 | €15,545 | €45,458 | +€29,914 | +192% |
| Current assets | 29/58 | €146,089 | €200,490 | +€54,400 | +37.2% |
| Amounts receivable within one year | 40/41 | €82,199 | €68,015 | -€14,184 | -17.3% |
| Trade receivables | 40 | €73,505 | €53,666 | -€19,839 | -27.0% |
| Other amounts receivable | 41 | €8,693 | €14,349 | +€5,656 | +65.1% |
| Cash at bank and in hand | 54/58 | €62,624 | €132,475 | +€69,851 | +112% |
| Deferred charges and accrued income | 490/1 | €1,267 | - | -€1,267 | |
| Total equity and liabilities | 10/49 | €166,564 | €253,177 | +€86,614 | +52.0% |
| Equity | 10/15 | €120,035 | €170,374 | +€50,339 | +41.9% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Reserves | 13 | €47,831 | €98,170 | +€50,339 | +105% |
| Distributable reserves | 133 | €47,831 | €98,170 | +€50,339 | +105% |
| Profit (loss) carried forward | 14 | €66,205 | €66,205 | = | 0.0% |
| Amounts payable | 17/49 | €46,528 | €82,803 | +€36,275 | +78.0% |
| Amounts payable after more than one year | 17 | - | €18,585 | +€18,585 | |
| Financial debts | 170/4 | - | €18,585 | +€18,585 | |
| Amounts payable within one year | 42/48 | €46,528 | €64,218 | +€17,690 | +38.0% |
| Current portion of amounts payable after more than one year | 42 | - | €7,277 | +€7,277 | |
| Trade debts | 44 | €8,742 | €13,420 | +€4,678 | +53.5% |
| Suppliers | 440/4 | €8,742 | €13,420 | +€4,678 | +53.5% |
| Taxes, remuneration and social security | 45 | €37,786 | €43,412 | +€5,626 | +14.9% |
| Taxes | 450/3 | €37,786 | €42,092 | +€4,306 | +11.4% |
| Remuneration and social security | 454/9 | - | €1,319 | +€1,319 | |
| Other amounts payable | 47/48 | - | €109 | +€109 | |
| Remuneration, social security and pensions | 62 | €135,796 | €139,500 | +€3,704 | +2.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,905 | €21,620 | +€13,715 | +174% |
| Other operating charges | 640/8 | €6,438 | €5,297 | -€1,141 | -17.7% |
| Non-recurring operating charges | 66A | €13,004 | - | -€13,004 | |
| Gross operating margin | 9900 | €230,264 | €278,350 | +€48,086 | +20.9% |
| Operating profit (loss) | 9901 | €67,121 | €111,933 | +€44,812 | +66.8% |
| Financial income | 75/76B | €1 | €1 | -€0 | -9.5% |
| Recurring financial income | 75 | €1 | €1 | -€0 | -9.5% |
| Financial charges | 65/66B | €2,430 | €4,563 | +€2,133 | +87.7% |
| Recurring financial charges | 65 | €2,430 | €4,563 | +€2,133 | +87.7% |
| Profit (loss) for the period before taxes | 9903 | €64,691 | €107,371 | +€42,679 | +66.0% |
| Income taxes | 67/77 | €16,861 | €25,232 | +€8,371 | +49.6% |
| Profit (loss) for the period | 9904 | €47,831 | €82,139 | +€34,308 | +71.7% |
| Profit (loss) for the period to be appropriated | 9905 | €47,831 | €82,139 | +€34,308 | +71.7% |
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 30 October 2026 via checked.be.