MTR FINANCE: 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.
MTR FINANCE
Largest movements
- Receivables within one year +€20,347
up €20,347 (+31.9%), from €63,875 to €84,222
of which Other amounts receivable: +€18,689
- Tangible fixed assets -€17,961
down €17,961 (-8.0%), from €224,569 to €206,608
of which Land and buildings: -€10,420
- Debts after one year -€17,043
down €17,043 (-9.6%), from €176,912 to €159,869
- Tax, wage and social debts -€13,024
down €13,024 (-49.6%), from €26,246 to €13,222
- Other debts +€10,558
new in 2025: €10,558
- Current portion of long-term debt +€8,907
up €8,907 (+39.8%), from €22,397 to €31,304
- Profit (loss) carried forward +€6,520
up €6,520 (+26.2%), from €24,926 to €31,446
- Gross operating margin +€7,984
up €7,984 (+17.1%), from €46,682 to €54,666
- Depreciation +€7,764
up €7,764 (+42.8%), from €18,149 to €25,913
- Taxes -€4,999
down €4,999 (-44.8%), from €11,148 to €6,149
- Financial charges +€1,667
up €1,667 (+26.8%), from €6,221 to €7,888
- Other operating charges +€648
up €648 (+41.8%), from €1,549 to €2,197
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 | €291,782 | €293,332 | +€1,550 | +0.5% |
| Fixed assets | 21/28 | €225,859 | €207,898 | -€17,961 | -8.0% |
| Tangible fixed assets | 22/27 | €224,569 | €206,608 | -€17,961 | -8.0% |
| Land and buildings | 22 | €186,926 | €176,506 | -€10,420 | -5.6% |
| Plant, machinery and equipment | 23 | €865 | €494 | -€371 | -42.9% |
| Furniture and vehicles | 24 | €36,778 | €29,608 | -€7,170 | -19.5% |
| Financial fixed assets | 28 | €1,290 | €1,290 | = | 0.0% |
| Current assets | 29/58 | €65,923 | €85,434 | +€19,511 | +29.6% |
| Amounts receivable within one year | 40/41 | €63,875 | €84,222 | +€20,347 | +31.9% |
| Trade receivables | 40 | €53,514 | €55,172 | +€1,658 | +3.1% |
| Other amounts receivable | 41 | €10,361 | €29,050 | +€18,689 | +180% |
| Cash at bank and in hand | 54/58 | €2,048 | - | -€2,048 | |
| Deferred charges and accrued income | 490/1 | - | €1,212 | +€1,212 | |
| Total equity and liabilities | 10/49 | €291,782 | €293,332 | +€1,550 | +0.5% |
| Equity | 10/15 | €61,661 | €74,181 | +€12,520 | +20.3% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €24,335 | €30,335 | +€6,000 | +24.7% |
| Distributable reserves | 133 | €24,335 | €30,335 | +€6,000 | +24.7% |
| Profit (loss) carried forward | 14 | €24,926 | €31,446 | +€6,520 | +26.2% |
| Amounts payable | 17/49 | €230,121 | €219,151 | -€10,970 | -4.8% |
| Amounts payable after more than one year | 17 | €176,912 | €159,869 | -€17,043 | -9.6% |
| Financial debts | 170/4 | €176,912 | €159,869 | -€17,043 | -9.6% |
| Amounts payable within one year | 42/48 | €53,209 | €59,282 | +€6,073 | +11.4% |
| Current portion of amounts payable after more than one year | 42 | €22,397 | €31,304 | +€8,907 | +39.8% |
| Financial debts | 43 | - | €1,830 | +€1,830 | |
| Credit institutions | 430/8 | - | €1,830 | +€1,830 | |
| Trade debts | 44 | €4,566 | €2,368 | -€2,198 | -48.1% |
| Suppliers | 440/4 | €4,566 | €2,368 | -€2,198 | -48.1% |
| Taxes, remuneration and social security | 45 | €26,246 | €13,222 | -€13,024 | -49.6% |
| Taxes | 450/3 | €26,246 | €13,222 | -€13,024 | -49.6% |
| Other amounts payable | 47/48 | - | €10,558 | +€10,558 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,149 | €25,913 | +€7,764 | +42.8% |
| Other operating charges | 640/8 | €1,549 | €2,197 | +€648 | +41.8% |
| Gross operating margin | 9900 | €46,682 | €54,666 | +€7,984 | +17.1% |
| Operating profit (loss) | 9901 | €26,984 | €26,556 | -€428 | -1.6% |
| Financial income | 75/76B | - | €1 | +€1 | |
| Recurring financial income | 75 | - | €1 | +€1 | |
| Financial charges | 65/66B | €6,221 | €7,888 | +€1,667 | +26.8% |
| Recurring financial charges | 65 | €6,221 | €7,888 | +€1,667 | +26.8% |
| Profit (loss) for the period before taxes | 9903 | €20,763 | €18,669 | -€2,094 | -10.1% |
| Income taxes | 67/77 | €11,148 | €6,149 | -€4,999 | -44.8% |
| Profit (loss) for the period | 9904 | €9,615 | €12,520 | +€2,905 | +30.2% |
| Profit (loss) for the period to be appropriated | 9905 | €9,615 | €12,520 | +€2,905 | +30.2% |
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 24 October 2026 via checked.be.