MTRE: 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.
MTRE
Largest movements
- Receivables within one year +€247,851
up €247,851 (+1,086%), from €22,816 to €270,667
of which Trade receivables: +€243,752
- Receivables after one year +€57,362
up €57,362 (+255%), from €22,500 to €79,862
- Current investments -€57,000
down €57,000 (-27.5%), from €207,000 to €150,000
- Cash -€20,162
down €20,162 (-67.7%), from €29,760 to €9,598
mainly Contributions, distributions and other (-€464,847) and Receivables within one year (-€247,851)
- Other debts +€424,263
new in 2025: €424,263
- Reserves -€237,299
down €237,299 (-89.6%), from €264,847 to €27,548
- Tax, wage and social debts +€39,258
up €39,258 (+98.2%), from €39,973 to €79,231
of which Taxes: +€39,245
- Gross operating margin +€182,351
up €182,351 (+148%), from €123,247 to €305,599
- Taxes +€44,968
up €44,968 (+174%), from €25,788 to €70,756
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 | €310,133 | €540,468 | +€230,335 | +74.3% |
| Fixed assets | 21/28 | €25,120 | €26,121 | +€1,002 | +4.0% |
| Tangible fixed assets | 22/27 | €25,120 | €26,121 | +€1,002 | +4.0% |
| Plant, machinery and equipment | 23 | €6,927 | €12,223 | +€5,296 | +76.5% |
| Furniture and vehicles | 24 | €18,193 | €13,898 | -€4,295 | -23.6% |
| Current assets | 29/58 | €285,014 | €514,347 | +€229,333 | +80.5% |
| Amounts receivable after more than one year | 29 | €22,500 | €79,862 | +€57,362 | +255% |
| Other amounts receivable | 291 | €22,500 | €79,862 | +€57,362 | +255% |
| Stocks and contracts in progress | 3 | €0 | €1,898 | +€1,898 | |
| Stocks | 30/36 | €0 | €1,898 | +€1,898 | |
| Amounts receivable within one year | 40/41 | €22,816 | €270,667 | +€247,851 | +1,086% |
| Trade receivables | 40 | €21,854 | €265,606 | +€243,752 | +1,115% |
| Other amounts receivable | 41 | €962 | €5,061 | +€4,099 | +426% |
| Current investments | 50/53 | €207,000 | €150,000 | -€57,000 | -27.5% |
| Cash at bank and in hand | 54/58 | €29,760 | €9,598 | -€20,162 | -67.7% |
| Deferred charges and accrued income | 490/1 | €2,938 | €2,322 | -€616 | -21.0% |
| Total equity and liabilities | 10/49 | €310,133 | €540,468 | +€230,335 | +74.3% |
| Equity | 10/15 | €269,847 | €32,548 | -€237,299 | -87.9% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €264,847 | €27,548 | -€237,299 | -89.6% |
| Distributable reserves | 133 | €264,847 | €27,548 | -€237,299 | -89.6% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €40,286 | €507,920 | +€467,634 | +1,161% |
| Amounts payable within one year | 42/48 | €40,220 | €507,844 | +€467,624 | +1,163% |
| Trade debts | 44 | €247 | €4,350 | +€4,103 | +1,659% |
| Suppliers | 440/4 | €247 | €4,350 | +€4,103 | +1,659% |
| Taxes, remuneration and social security | 45 | €39,973 | €79,231 | +€39,258 | +98.2% |
| Taxes | 450/3 | €36,583 | €75,828 | +€39,245 | +107% |
| Remuneration and social security | 454/9 | €3,390 | €3,403 | +€13 | +0.4% |
| Other amounts payable | 47/48 | - | €424,263 | +€424,263 | |
| Accrued charges and deferred income | 492/3 | €66 | €76 | +€10 | +15.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,678 | €12,312 | +€1,634 | +15.3% |
| Other operating charges | 640/8 | €722 | €744 | +€22 | +3.0% |
| Gross operating margin | 9900 | €123,247 | €305,599 | +€182,351 | +148% |
| Operating profit (loss) | 9901 | €111,848 | €292,543 | +€180,695 | +162% |
| Financial income | 75/76B | €6,779 | €6,028 | -€750 | -11.1% |
| Recurring financial income | 75 | €6,779 | €6,028 | -€750 | -11.1% |
| Financial charges | 65/66B | €104 | €268 | +€164 | +158% |
| Recurring financial charges | 65 | €104 | €268 | +€164 | +158% |
| Profit (loss) for the period before taxes | 9903 | €118,522 | €298,303 | +€179,781 | +152% |
| Income taxes | 67/77 | €25,788 | €70,756 | +€44,968 | +174% |
| Profit (loss) for the period | 9904 | €92,734 | €227,548 | +€134,813 | +145% |
| Profit (loss) for the period to be appropriated | 9905 | €92,734 | €227,548 | +€134,813 | +145% |
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 13 October 2026 via checked.be.