MTMS: 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.
MTMS
Largest movements
- Receivables within one year -€165,636
down €165,636 (-57.0%), from €290,466 to €124,830
of which Trade receivables: -€109,566
- Cash +€55,562
up €55,562 (+35.4%), from €156,986 to €212,547
mainly Receivables within one year (+€165,636) and Depreciation (+€2,732)
- Tangible fixed assets +€27,662
up €27,662 (+2299.7%), from €1,203 to €28,865
of which Other tangible fixed assets: +€27,529
- Profit (loss) carried forward -€54,368
new in 2025: -€54,368
- Tax, wage and social debts -€28,693
down €28,693 (-58.8%), from €48,771 to €20,079
of which Taxes: -€20,193
- Gross operating margin -€195,817
down €195,817 (-77.2%), from €253,564 to €57,747
- Financial charges -€63,275
down €63,275 (-36.2%), from €174,706 to €111,431
- Taxes -€21,287
down €21,287 (-99.3%), from €21,429 to €142
- Financial income +€2,742
new in 2025: €2,742
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 | €449,063 | €366,672 | -€82,391 | -18.3% |
| Fixed assets | 21/28 | €1,203 | €28,865 | +€27,662 | +2299.7% |
| Tangible fixed assets | 22/27 | €1,203 | €28,865 | +€27,662 | +2299.7% |
| Furniture and vehicles | 24 | €1,203 | €1,336 | +€133 | +11.1% |
| Other tangible fixed assets | 26 | - | €27,529 | +€27,529 | |
| Current assets | 29/58 | €447,860 | €337,807 | -€110,053 | -24.6% |
| Amounts receivable within one year | 40/41 | €290,466 | €124,830 | -€165,636 | -57.0% |
| Trade receivables | 40 | €121,000 | €11,435 | -€109,566 | -90.6% |
| Other amounts receivable | 41 | €169,466 | €113,395 | -€56,071 | -33.1% |
| Cash at bank and in hand | 54/58 | €156,986 | €212,547 | +€55,562 | +35.4% |
| Deferred charges and accrued income | 490/1 | €409 | €430 | +€21 | +5.1% |
| Total equity and liabilities | 10/49 | €449,063 | €366,672 | -€82,391 | -18.3% |
| Equity | 10/15 | €217,472 | €163,104 | -€54,368 | -25.0% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €214,972 | €214,972 | = | 0.0% |
| Non-distributable reserves | 130/1 | €250 | €250 | = | 0.0% |
| Reserves not available under the articles | 1311 | €250 | €250 | = | 0.0% |
| Distributable reserves | 133 | €214,722 | €214,722 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€54,368 | -€54,368 | |
| Amounts payable | 17/49 | €231,591 | €203,568 | -€28,023 | -12.1% |
| Amounts payable within one year | 42/48 | €231,591 | €203,568 | -€28,023 | -12.1% |
| Current portion of amounts payable after more than one year | 42 | €6,392 | €6,373 | -€19 | -0.3% |
| Trade debts | 44 | €26,428 | €25,082 | -€1,346 | -5.1% |
| Suppliers | 440/4 | €26,428 | €25,082 | -€1,346 | -5.1% |
| Taxes, remuneration and social security | 45 | €48,771 | €20,079 | -€28,693 | -58.8% |
| Taxes | 450/3 | €40,271 | €20,079 | -€20,193 | -50.1% |
| Remuneration and social security | 454/9 | €8,500 | - | -€8,500 | |
| Other amounts payable | 47/48 | €150,000 | €152,034 | +€2,034 | +1.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €630 | €2,732 | +€2,102 | +333.7% |
| Other operating charges | 640/8 | €159 | €551 | +€392 | +246.3% |
| Gross operating margin | 9900 | €253,564 | €57,747 | -€195,817 | -77.2% |
| Operating profit (loss) | 9901 | €252,775 | €54,463 | -€198,311 | -78.5% |
| Financial income | 75/76B | - | €2,742 | +€2,742 | |
| Recurring financial income | 75 | - | €2,742 | +€2,742 | |
| Financial charges | 65/66B | €174,706 | €111,431 | -€63,275 | -36.2% |
| Recurring financial charges | 65 | €174,706 | €111,431 | -€63,275 | -36.2% |
| Profit (loss) for the period before taxes | 9903 | €78,068 | -€54,226 | -€132,295 | |
| Income taxes | 67/77 | €21,429 | €142 | -€21,287 | -99.3% |
| Profit (loss) for the period | 9904 | €56,640 | -€54,368 | -€111,008 | |
| Profit (loss) for the period to be appropriated | 9905 | €56,640 | -€54,368 | -€111,008 |
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 2 October 2026 via checked.be.