MTS & VDPCARS: 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 & VDPCARS
Largest movements
- Receivables within one year +€59,440
up €59,440 (+105.8%), from €56,202 to €115,642
of which Trade receivables: +€71,410
- Stocks and contracts -€51,514
down €51,514 (-8.4%), from €611,533 to €560,020
- Tangible fixed assets -€28,352
down €28,352 (-4.6%), from €618,771 to €590,419
of which Land and buildings: -€21,525
- Cash -€20,914
down €20,914 (-32.5%), from €64,365 to €43,452
mainly Short-term financial debts (-€100,000) and Other debts (-€85,998)
- Short-term financial debts -€100,000
no longer reported in 2025 (was €100,000)
- Other debts -€85,998
down €85,998 (-13.4%), from €640,575 to €554,577
- Debts after one year +€64,539
up €64,539 (+68.6%), from €94,023 to €158,562
- Trade debts +€40,616
up €40,616 (+52.4%), from €77,511 to €118,126
- Current portion of long-term debt +€23,047
up €23,047 (+75.4%), from €30,555 to €53,603
- Gross operating margin -€25,519
down €25,519 (-22.1%), from €115,595 to €90,075
- Staff costs -€20,020
no longer reported in 2025 (was €20,020)
- Depreciation +€12,119
up €12,119 (+24.1%), from €50,349 to €62,468
- Taxes -€8,989
down €8,989 (-50.6%), from €17,768 to €8,779
- Financial income -€8,268
down €8,268 (-46.5%), from €17,787 to €9,519
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 | €1,355,276 | €1,315,722 | -€39,554 | -2.9% |
| Fixed assets | 21/28 | €618,921 | €590,569 | -€28,352 | -4.6% |
| Tangible fixed assets | 22/27 | €618,771 | €590,419 | -€28,352 | -4.6% |
| Land and buildings | 22 | €589,683 | €568,157 | -€21,525 | -3.7% |
| Plant, machinery and equipment | 23 | €18,348 | €12,491 | -€5,857 | -31.9% |
| Furniture and vehicles | 24 | €10,740 | €9,771 | -€969 | -9.0% |
| Financial fixed assets | 28 | €150 | €150 | = | 0.0% |
| Current assets | 29/58 | €736,355 | €725,153 | -€11,202 | -1.5% |
| Stocks and contracts in progress | 3 | €611,533 | €560,020 | -€51,514 | -8.4% |
| Stocks | 30/36 | €611,533 | €560,020 | -€51,514 | -8.4% |
| Amounts receivable within one year | 40/41 | €56,202 | €115,642 | +€59,440 | +105.8% |
| Trade receivables | 40 | €35,321 | €106,731 | +€71,410 | +202.2% |
| Other amounts receivable | 41 | €20,881 | €8,911 | -€11,970 | -57.3% |
| Cash at bank and in hand | 54/58 | €64,365 | €43,452 | -€20,914 | -32.5% |
| Deferred charges and accrued income | 490/1 | €4,254 | €6,039 | +€1,785 | +42.0% |
| Total equity and liabilities | 10/49 | €1,355,276 | €1,315,722 | -€39,554 | -2.9% |
| Equity | 10/15 | €371,227 | €379,042 | +€7,815 | +2.1% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €309,227 | €317,042 | +€7,815 | +2.5% |
| Non-distributable reserves | 130/1 | €10,053 | €10,053 | = | 0.0% |
| Legal reserve | 130 | €10,053 | €10,053 | = | 0.0% |
| Distributable reserves | 133 | €299,174 | €306,989 | +€7,815 | +2.6% |
| Amounts payable | 17/49 | €984,049 | €936,681 | -€47,368 | -4.8% |
| Amounts payable after more than one year | 17 | €94,023 | €158,562 | +€64,539 | +68.6% |
| Financial debts | 170/4 | €94,023 | €158,562 | +€64,539 | +68.6% |
| Amounts payable within one year | 42/48 | €890,026 | €778,119 | -€111,908 | -12.6% |
| Current portion of amounts payable after more than one year | 42 | €30,555 | €53,603 | +€23,047 | +75.4% |
| Financial debts | 43 | €100,000 | - | -€100,000 | |
| Credit institutions | 430/8 | €100,000 | - | -€100,000 | |
| Trade debts | 44 | €77,511 | €118,126 | +€40,616 | +52.4% |
| Suppliers | 440/4 | €77,511 | €118,126 | +€40,616 | +52.4% |
| Taxes, remuneration and social security | 45 | €41,385 | €51,812 | +€10,427 | +25.2% |
| Taxes | 450/3 | €38,305 | €48,732 | +€10,427 | +27.2% |
| Remuneration and social security | 454/9 | €3,080 | €3,080 | = | 0.0% |
| Other amounts payable | 47/48 | €640,575 | €554,577 | -€85,998 | -13.4% |
| Remuneration, social security and pensions | 62 | €20,020 | - | -€20,020 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,349 | €62,468 | +€12,119 | +24.1% |
| Other operating charges | 640/8 | €3,888 | €4,152 | +€264 | +6.8% |
| Gross operating margin | 9900 | €115,595 | €90,075 | -€25,519 | -22.1% |
| Operating profit (loss) | 9901 | €41,337 | €23,455 | -€17,883 | -43.3% |
| Financial income | 75/76B | €17,787 | €9,519 | -€8,268 | -46.5% |
| Recurring financial income | 75 | €17,787 | €9,519 | -€8,268 | -46.5% |
| Financial charges | 65/66B | €8,014 | €5,580 | -€2,434 | -30.4% |
| Recurring financial charges | 65 | €8,014 | €5,580 | -€2,434 | -30.4% |
| Profit (loss) for the period before taxes | 9903 | €51,111 | €27,393 | -€23,717 | -46.4% |
| Income taxes | 67/77 | €17,768 | €8,779 | -€8,989 | -50.6% |
| Profit (loss) for the period | 9904 | €33,343 | €18,615 | -€14,728 | -44.2% |
| Profit (loss) for the period to be appropriated | 9905 | €33,343 | €18,615 | -€14,728 | -44.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.