MTS: 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.
MTS
Largest movements
- Receivables within one year -€103,994
down €103,994 (-53.6%), from €193,909 to €89,915
of which Trade receivables: -€161,949
- Tangible fixed assets -€50,469
down €50,469 (-84.4%), from €59,830 to €9,362
of which Furniture and vehicles: -€47,121
- Cash +€42,666
up €42,666 (+154.3%), from €27,651 to €70,317
mainly Receivables within one year (+€103,994) and Investment in fixed assets (net) (+€47,528)
- Deferred charges and accrued income +€5,428
up €5,428 (+177.8%), from €3,052 to €8,480
- Other debts -€110,368
down €110,368 (-81.8%), from €134,953 to €24,585
- Tax, wage and social debts +€9,137
up €9,137 (+60.1%), from €15,191 to €24,327
- Trade debts -€6,195
down €6,195 (-41.1%), from €15,071 to €8,875
- Debts after one year -€6,067
down €6,067 (-91.8%), from €6,612 to €545
of which Financial debts: -€6,612
- Accrued charges and deferred income +€5,200
new in 2025: €5,200
- Gross operating margin -€42,976
down €42,976 (-70.3%), from €61,118 to €18,142
- Depreciation -€12,722
down €12,722 (-69.5%), from €18,313 to €5,591
- Taxes -€5,863
down €5,863 (-90.1%), from €6,505 to €642
- Write-downs +€2,302
new in 2025: €2,302
- Financial charges -€1,022
down €1,022 (-53.0%), from €1,926 to €905
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 | €287,094 | €178,074 | -€109,020 | -38.0% |
| Fixed assets | 21/28 | €62,481 | €9,362 | -€53,119 | -85.0% |
| Tangible fixed assets | 22/27 | €59,830 | €9,362 | -€50,469 | -84.4% |
| Land and buildings | 22 | €3,193 | €2,366 | -€827 | -25.9% |
| Plant, machinery and equipment | 23 | €6,949 | €4,429 | -€2,520 | -36.3% |
| Furniture and vehicles | 24 | €49,688 | €2,567 | -€47,121 | -94.8% |
| Financial fixed assets | 28 | €2,651 | - | -€2,651 | |
| Current assets | 29/58 | €224,613 | €168,712 | -€55,900 | -24.9% |
| Amounts receivable within one year | 40/41 | €193,909 | €89,915 | -€103,994 | -53.6% |
| Trade receivables | 40 | €193,909 | €31,960 | -€161,949 | -83.5% |
| Other amounts receivable | 41 | - | €57,955 | +€57,955 | |
| Cash at bank and in hand | 54/58 | €27,651 | €70,317 | +€42,666 | +154.3% |
| Deferred charges and accrued income | 490/1 | €3,052 | €8,480 | +€5,428 | +177.8% |
| Total equity and liabilities | 10/49 | €287,094 | €178,074 | -€109,020 | -38.0% |
| Equity | 10/15 | €108,903 | €107,929 | -€973 | -0.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Outside capital | 11 | €18,600 | €18,600 | = | 0.0% |
| Other | 1109/19 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €90,303 | €90,303 | = | 0.0% |
| Distributable reserves | 133 | €90,303 | €90,303 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€973 | -€973 | |
| Amounts payable | 17/49 | €178,191 | €70,144 | -€108,046 | -60.6% |
| Amounts payable after more than one year | 17 | €6,612 | €545 | -€6,067 | -91.8% |
| Financial debts | 170/4 | €6,612 | - | -€6,612 | |
| Other amounts payable | 178/9 | - | €545 | +€545 | |
| Amounts payable within one year | 42/48 | €171,579 | €64,399 | -€107,179 | -62.5% |
| Current portion of amounts payable after more than one year | 42 | €6,365 | €6,612 | +€248 | +3.9% |
| Trade debts | 44 | €15,071 | €8,875 | -€6,195 | -41.1% |
| Suppliers | 440/4 | €15,071 | €8,875 | -€6,195 | -41.1% |
| Taxes, remuneration and social security | 45 | €15,191 | €24,327 | +€9,137 | +60.1% |
| Taxes | 450/3 | €15,191 | €24,327 | +€9,137 | +60.1% |
| Other amounts payable | 47/48 | €134,953 | €24,585 | -€110,368 | -81.8% |
| Accrued charges and deferred income | 492/3 | - | €5,200 | +€5,200 | |
| Non-recurring operating income | 76A | - | €5,032 | +€5,032 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,313 | €5,591 | -€12,722 | -69.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €2,302 | +€2,302 | |
| Other operating charges | 640/8 | €1,518 | €2,288 | +€770 | +50.7% |
| Non-recurring operating charges | 66A | - | €7,488 | +€7,488 | |
| Gross operating margin | 9900 | €61,118 | €18,142 | -€42,976 | -70.3% |
| Operating profit (loss) | 9901 | €41,286 | €472 | -€40,814 | -98.9% |
| Financial income | 75/76B | €1 | €102 | +€101 | +11986.9% |
| Recurring financial income | 75 | €1 | €102 | +€101 | +11986.9% |
| Financial charges | 65/66B | €1,926 | €905 | -€1,022 | -53.0% |
| Recurring financial charges | 65 | €1,926 | €905 | -€1,022 | -53.0% |
| Profit (loss) for the period before taxes | 9903 | €39,361 | -€331 | -€39,692 | |
| Income taxes | 67/77 | €6,505 | €642 | -€5,863 | -90.1% |
| Profit (loss) for the period | 9904 | €32,855 | -€973 | -€33,829 | |
| Profit (loss) for the period to be appropriated | 9905 | €32,855 | -€973 | -€33,829 |
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 6 October 2026 via checked.be.