MTM PROJECTS: 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 PROJECTS
Largest movements
- Receivables within one year -€23,985
down €23,985 (-56.0%), from €42,817 to €18,833
- Tangible fixed assets +€8,823
up €8,823 (+35.6%), from €24,764 to €33,587
of which Furniture and vehicles: +€9,371
- Cash +€943
up €943 (+4059.6%), from €23 to €967
mainly Receivables within one year (+€23,985) and Depreciation (+€8,922)
- Other debts -€9,127
down €9,127 (-16.3%), from €56,136 to €47,010
- Trade debts -€3,931
down €3,931 (-27.5%), from €14,306 to €10,375
- Tax, wage and social debts -€2,057
down €2,057 (-21.8%), from €9,434 to €7,377
of which Remuneration and social security: -€2,627
- Staff costs -€5,751
down €5,751 (-6.2%), from €92,089 to €86,338
- Gross operating margin -€3,204
down €3,204 (-3.0%), from €105,540 to €102,336
- Depreciation +€2,542
up €2,542 (+39.8%), from €6,380 to €8,922
- Financial charges -€1,893
down €1,893 (-48.1%), from €3,937 to €2,044
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 | €68,436 | €53,762 | -€14,674 | -21.4% |
| Fixed assets | 21/28 | €24,764 | €33,587 | +€8,823 | +35.6% |
| Tangible fixed assets | 22/27 | €24,764 | €33,587 | +€8,823 | +35.6% |
| Plant, machinery and equipment | 23 | €1,783 | €1,235 | -€548 | -30.7% |
| Furniture and vehicles | 24 | €22,981 | €32,352 | +€9,371 | +40.8% |
| Current assets | 29/58 | €43,673 | €20,176 | -€23,497 | -53.8% |
| Amounts receivable within one year | 40/41 | €42,817 | €18,833 | -€23,985 | -56.0% |
| Trade receivables | 40 | €42,817 | €18,833 | -€23,985 | -56.0% |
| Cash at bank and in hand | 54/58 | €23 | €967 | +€943 | +4059.6% |
| Deferred charges and accrued income | 490/1 | €832 | €376 | -€456 | -54.8% |
| Total equity and liabilities | 10/49 | €68,436 | €53,762 | -€14,674 | -21.4% |
| Equity | 10/15 | -€11,440 | -€11,000 | +€440 | +3.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €100 | €100 | = | 0.0% |
| Distributable reserves | 133 | €100 | €100 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€17,740 | -€17,300 | +€440 | +2.5% |
| Amounts payable | 17/49 | €79,876 | €64,762 | -€15,114 | -18.9% |
| Amounts payable within one year | 42/48 | €79,876 | €64,762 | -€15,114 | -18.9% |
| Trade debts | 44 | €14,306 | €10,375 | -€3,931 | -27.5% |
| Suppliers | 440/4 | €14,306 | €10,375 | -€3,931 | -27.5% |
| Taxes, remuneration and social security | 45 | €9,434 | €7,377 | -€2,057 | -21.8% |
| Taxes | 450/3 | €1,668 | €2,239 | +€571 | +34.2% |
| Remuneration and social security | 454/9 | €7,766 | €5,139 | -€2,627 | -33.8% |
| Other amounts payable | 47/48 | €56,136 | €47,010 | -€9,127 | -16.3% |
| Remuneration, social security and pensions | 62 | €92,089 | €86,338 | -€5,751 | -6.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,380 | €8,922 | +€2,542 | +39.8% |
| Other operating charges | 640/8 | €1,433 | €1,800 | +€367 | +25.6% |
| Non-recurring operating charges | 66A | - | €1,936 | +€1,936 | |
| Gross operating margin | 9900 | €105,540 | €102,336 | -€3,204 | -3.0% |
| Operating profit (loss) | 9901 | €5,637 | €3,340 | -€2,297 | -40.8% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €3,937 | €2,044 | -€1,893 | -48.1% |
| Recurring financial charges | 65 | €3,937 | €2,044 | -€1,893 | -48.1% |
| Profit (loss) for the period before taxes | 9903 | €1,700 | €1,296 | -€404 | -23.8% |
| Income taxes | 67/77 | €536 | €856 | +€320 | +59.7% |
| Profit (loss) for the period | 9904 | €1,164 | €440 | -€724 | -62.2% |
| Profit (loss) for the period to be appropriated | 9905 | €1,164 | €440 | -€724 | -62.2% |
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 8 October 2026 via checked.be.