MTS Advisory: 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 Advisory
Largest movements
- Receivables within one year +€22,795
up €22,795 (+109.0%), from €20,906 to €43,701
of which Trade receivables: +€22,770
- Tangible fixed assets -€2,939
down €2,939 (-31.1%), from €9,440 to €6,501
of which Furniture and vehicles: -€1,619
- Cash -€2,027
down €2,027 (-52.0%), from €3,897 to €1,870
mainly Receivables within one year (-€22,795) and Contributions, distributions and other (-€16,485)
- Deferred charges and accrued income -€1,811
down €1,811 (-100.0%), from €1,811 to €0
- Reserves +€13,696
up €13,696 (+83.1%), from €16,485 to €30,180
- Trade debts +€3,315
up €3,315 (+928.9%), from €357 to €3,672
- Tax, wage and social debts +€2,130
up €2,130 (+24.1%), from €8,846 to €10,976
- Debts after one year -€1,836
down €1,836 (-73.8%), from €2,488 to €651
- Short-term financial debts -€1,504
down €1,504 (-100.0%), from €1,504 to €0
of which Credit institutions: -€1,385
- Gross operating margin +€36,069
up €36,069 (+415.9%), from €8,673 to €44,742
- Taxes +€7,617
up €7,617 (+700.3%), from €1,088 to €8,705
- Depreciation -€737
down €737 (-13.9%), from €5,293 to €4,556
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 | €36,054 | €52,071 | +€16,017 | +44.4% |
| Fixed assets | 21/28 | €9,440 | €6,501 | -€2,939 | -31.1% |
| Tangible fixed assets | 22/27 | €9,440 | €6,501 | -€2,939 | -31.1% |
| Land and buildings | 22 | €2,382 | €1,561 | -€821 | -34.5% |
| Plant, machinery and equipment | 23 | €881 | €382 | -€500 | -56.7% |
| Furniture and vehicles | 24 | €6,177 | €4,558 | -€1,619 | -26.2% |
| Current assets | 29/58 | €26,614 | €45,571 | +€18,957 | +71.2% |
| Amounts receivable within one year | 40/41 | €20,906 | €43,701 | +€22,795 | +109.0% |
| Trade receivables | 40 | €19,527 | €42,297 | +€22,770 | +116.6% |
| Other amounts receivable | 41 | €1,379 | €1,404 | +€25 | +1.8% |
| Cash at bank and in hand | 54/58 | €3,897 | €1,870 | -€2,027 | -52.0% |
| Deferred charges and accrued income | 490/1 | €1,811 | €0 | -€1,811 | -100.0% |
| Total equity and liabilities | 10/49 | €36,054 | €52,071 | +€16,017 | +44.4% |
| Equity | 10/15 | €18,985 | €32,680 | +€13,696 | +72.1% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €16,485 | €30,180 | +€13,696 | +83.1% |
| Distributable reserves | 133 | €16,485 | €30,180 | +€13,696 | +83.1% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €17,069 | €19,391 | +€2,322 | +13.6% |
| Amounts payable after more than one year | 17 | €2,488 | €651 | -€1,836 | -73.8% |
| Financial debts | 170/4 | €2,488 | €651 | -€1,836 | -73.8% |
| Amounts payable within one year | 42/48 | €14,582 | €18,740 | +€4,158 | +28.5% |
| Current portion of amounts payable after more than one year | 42 | €1,866 | €1,909 | +€43 | +2.3% |
| Financial debts | 43 | €1,504 | €0 | -€1,504 | -100.0% |
| Credit institutions | 430/8 | €1,385 | €0 | -€1,385 | -100.0% |
| Other loans | 439 | €119 | €0 | -€119 | -100.0% |
| Trade debts | 44 | €357 | €3,672 | +€3,315 | +928.9% |
| Suppliers | 440/4 | €357 | €3,672 | +€3,315 | +928.9% |
| Taxes, remuneration and social security | 45 | €8,846 | €10,976 | +€2,130 | +24.1% |
| Taxes | 450/3 | €8,846 | €10,976 | +€2,130 | +24.1% |
| Other amounts payable | 47/48 | €2,009 | €2,182 | +€174 | +8.6% |
| Non-recurring operating income | 76A | - | €6,643 | +€6,643 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,293 | €4,556 | -€737 | -13.9% |
| Other operating charges | 640/8 | €854 | €894 | +€40 | +4.6% |
| Non-recurring operating charges | 66A | €989 | €0 | -€989 | -100.0% |
| Gross operating margin | 9900 | €8,673 | €44,742 | +€36,069 | +415.9% |
| Operating profit (loss) | 9901 | €1,537 | €39,292 | +€37,755 | +2456.5% |
| Financial income | 75/76B | €0 | €1 | +€1 | |
| Recurring financial income | 75 | €0 | €1 | +€1 | |
| Financial charges | 65/66B | €648 | €407 | -€241 | -37.2% |
| Recurring financial charges | 65 | €648 | €407 | -€241 | -37.2% |
| Profit (loss) for the period before taxes | 9903 | €889 | €38,886 | +€37,997 | +4275.9% |
| Income taxes | 67/77 | €1,088 | €8,705 | +€7,617 | +700.3% |
| Profit (loss) for the period | 9904 | -€199 | €30,180 | +€30,380 | |
| Profit (loss) for the period to be appropriated | 9905 | -€199 | €30,180 | +€30,380 |
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 7 October 2026 via checked.be.