MTS-VERLINDEN: 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.
MTS-VERLINDEN
Largest movements
- Cash -€90,553
down €90,553 (-42.3%), from €214,076 to €123,522
mainly Trade debts (-€121,772) and Other debts (-€83,485)
- Stocks and contracts -€81,663
down €81,663 (-30.6%), from €266,644 to €184,981
- Receivables within one year +€7,297
up €7,297 (+23.3%), from €31,354 to €38,652
of which Other amounts receivable: +€8,561
- Trade debts -€121,772
down €121,772 (-83.2%), from €146,327 to €24,555
- Other debts -€83,485
down €83,485 (-36.5%), from €229,029 to €145,544
- Reserves +€49,900
up €49,900 (+26.1%), from €191,550 to €241,450
- Debts after one year -€14,547
down €14,547 (-100%), from €14,547 to €0
- Gross operating margin -€73,006
down €73,006 (-34.0%), from €214,616 to €141,610
- Staff costs -€28,364
down €28,364 (-52.5%), from €54,069 to €25,705
- Taxes -€9,699
down €9,699 (-25.9%), from €37,384 to €27,685
- Depreciation -€5,850
down €5,850 (-26.8%), from €21,833 to €15,982
- Financial charges +€2,784
up €2,784 (+20.6%), from €13,548 to €16,333
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 | €656,339 | €489,513 | -€166,826 | -25.4% |
| Fixed assets | 21/28 | €134,729 | €130,803 | -€3,926 | -2.9% |
| Tangible fixed assets | 22/27 | €134,729 | €130,803 | -€3,926 | -2.9% |
| Land and buildings | 22 | €123,226 | €116,018 | -€7,208 | -5.8% |
| Plant, machinery and equipment | 23 | €3,801 | €11,415 | +€7,614 | +200% |
| Furniture and vehicles | 24 | €7,702 | €3,370 | -€4,332 | -56.2% |
| Current assets | 29/58 | €521,610 | €358,710 | -€162,900 | -31.2% |
| Stocks and contracts in progress | 3 | €266,644 | €184,981 | -€81,663 | -30.6% |
| Stocks | 30/36 | €266,644 | €184,981 | -€81,663 | -30.6% |
| Amounts receivable within one year | 40/41 | €31,354 | €38,652 | +€7,297 | +23.3% |
| Trade receivables | 40 | €6,663 | €5,400 | -€1,263 | -19.0% |
| Other amounts receivable | 41 | €24,691 | €33,252 | +€8,561 | +34.7% |
| Cash at bank and in hand | 54/58 | €214,076 | €123,522 | -€90,553 | -42.3% |
| Deferred charges and accrued income | 490/1 | €9,536 | €11,555 | +€2,019 | +21.2% |
| Total equity and liabilities | 10/49 | €656,339 | €489,513 | -€166,826 | -25.4% |
| Equity | 10/15 | €217,548 | €267,475 | +€49,927 | +22.9% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €191,550 | €241,450 | +€49,900 | +26.1% |
| Distributable reserves | 133 | €191,550 | €241,450 | +€49,900 | +26.1% |
| Profit (loss) carried forward | 14 | €998 | €1,025 | +€27 | +2.7% |
| Amounts payable | 17/49 | €438,791 | €222,037 | -€216,753 | -49.4% |
| Amounts payable after more than one year | 17 | €14,547 | €0 | -€14,547 | -100% |
| Financial debts | 170/4 | €14,547 | €0 | -€14,547 | -100% |
| Amounts payable within one year | 42/48 | €422,542 | €220,113 | -€202,429 | -47.9% |
| Current portion of amounts payable after more than one year | 42 | €14,364 | €14,547 | +€183 | +1.3% |
| Trade debts | 44 | €146,327 | €24,555 | -€121,772 | -83.2% |
| Suppliers | 440/4 | €146,327 | €24,555 | -€121,772 | -83.2% |
| Taxes, remuneration and social security | 45 | €32,822 | €35,467 | +€2,645 | +8.1% |
| Taxes | 450/3 | €28,458 | €33,647 | +€5,190 | +18.2% |
| Remuneration and social security | 454/9 | €4,365 | €1,820 | -€2,545 | -58.3% |
| Other amounts payable | 47/48 | €229,029 | €145,544 | -€83,485 | -36.5% |
| Accrued charges and deferred income | 492/3 | €1,702 | €1,925 | +€223 | +13.1% |
| Remuneration, social security and pensions | 62 | €54,069 | €25,705 | -€28,364 | -52.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,833 | €15,982 | -€5,850 | -26.8% |
| Other operating charges | 640/8 | €6,184 | €5,823 | -€361 | -5.8% |
| Gross operating margin | 9900 | €214,616 | €141,610 | -€73,006 | -34.0% |
| Operating profit (loss) | 9901 | €132,530 | €94,100 | -€38,430 | -29.0% |
| Financial income | 75/76B | €449 | €1,514 | +€1,066 | +237% |
| Recurring financial income | 75 | €449 | €1,514 | +€1,066 | +237% |
| Financial charges | 65/66B | €13,548 | €16,333 | +€2,784 | +20.6% |
| Recurring financial charges | 65 | €13,548 | €16,333 | +€2,784 | +20.6% |
| Profit (loss) for the period before taxes | 9903 | €119,431 | €79,282 | -€40,149 | -33.6% |
| Income taxes | 67/77 | €37,384 | €27,685 | -€9,699 | -25.9% |
| Profit (loss) for the period | 9904 | €82,047 | €51,597 | -€30,450 | -37.1% |
| Profit (loss) for the period to be appropriated | 9905 | €82,047 | €51,597 | -€30,450 | -37.1% |
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 21 October 2026 via checked.be.