MTSG: 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.
MTSG
Largest movements
- Tangible fixed assets +€313,736
up €313,736 (+44.2%), from €709,910 to €1.0m
of which Land and buildings: +€291,209
- Cash +€43,794
up €43,794 (+13.7%), from €319,801 to €363,595
mainly Net result for the year (+€309,938) and Other debts (+€266,470)
- Other debts +€266,470
up €266,470 (+87.4%), from €304,901 to €571,371
- Trade debts +€146,410
up €146,410 (+2,634%), from €5,558 to €151,968
- Debts after one year -€107,236
down €107,236 (-20.1%), from €532,393 to €425,157
- Reserves -€90,257
down €90,257 (-89.1%), from €101,279 to €11,021
of which Distributable reserves: -€90,257
- Current portion of long-term debt +€78,707
up €78,707 (+64.8%), from €121,417 to €200,124
- Financial income +€79,790
up €79,790 (+46.9%), from €170,268 to €250,058
- Depreciation +€13,258
up €13,258 (+25.3%), from €52,301 to €65,559
- Gross operating margin +€6,784
up €6,784 (+4.7%), from €145,618 to €152,403
- Taxes -€4,385
down €4,385 (-25.0%), from €17,517 to €13,132
- Financial charges -€1,729
down €1,729 (-14.3%), from €12,065 to €10,336
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 | €1,089,387 | €1,446,575 | +€357,188 | +32.8% |
| Fixed assets | 21/28 | €712,410 | €1,026,146 | +€313,736 | +44.0% |
| Tangible fixed assets | 22/27 | €709,910 | €1,023,646 | +€313,736 | +44.2% |
| Land and buildings | 22 | €631,280 | €922,489 | +€291,209 | +46.1% |
| Plant, machinery and equipment | 23 | €154 | €0 | -€154 | -100% |
| Furniture and vehicles | 24 | €78,476 | €101,157 | +€22,682 | +28.9% |
| Financial fixed assets | 28 | €2,500 | €2,500 | = | 0.0% |
| Current assets | 29/58 | €376,977 | €420,429 | +€43,451 | +11.5% |
| Amounts receivable within one year | 40/41 | €50,997 | €49,725 | -€1,272 | -2.5% |
| Trade receivables | 40 | €21,298 | €25,000 | +€3,702 | +17.4% |
| Other amounts receivable | 41 | €29,699 | €24,725 | -€4,973 | -16.7% |
| Cash at bank and in hand | 54/58 | €319,801 | €363,595 | +€43,794 | +13.7% |
| Deferred charges and accrued income | 490/1 | €6,179 | €7,108 | +€929 | +15.0% |
| Total equity and liabilities | 10/49 | €1,089,387 | €1,446,575 | +€357,188 | +32.8% |
| Equity | 10/15 | €106,279 | €16,021 | -€90,257 | -84.9% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €101,279 | €11,021 | -€90,257 | -89.1% |
| Tax-exempt reserves | 132 | €1,083 | €1,083 | = | 0.0% |
| Distributable reserves | 133 | €100,195 | €9,938 | -€90,257 | -90.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €983,108 | €1,430,554 | +€447,445 | +45.5% |
| Amounts payable after more than one year | 17 | €532,393 | €425,157 | -€107,236 | -20.1% |
| Financial debts | 170/4 | €532,393 | €425,157 | -€107,236 | -20.1% |
| Amounts payable within one year | 42/48 | €446,817 | €1,005,397 | +€558,580 | +125% |
| Current portion of amounts payable after more than one year | 42 | €121,417 | €200,124 | +€78,707 | +64.8% |
| Trade debts | 44 | €5,558 | €151,968 | +€146,410 | +2,634% |
| Suppliers | 440/4 | €5,558 | €151,968 | +€146,410 | +2,634% |
| Taxes, remuneration and social security | 45 | €14,941 | €81,935 | +€66,993 | +448% |
| Taxes | 450/3 | €14,941 | €81,935 | +€66,993 | +448% |
| Other amounts payable | 47/48 | €304,901 | €571,371 | +€266,470 | +87.4% |
| Accrued charges and deferred income | 492/3 | €3,899 | €0 | -€3,899 | -100% |
| Non-recurring operating income | 76A | €0 | €3,516 | +€3,516 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €52,301 | €65,559 | +€13,258 | +25.3% |
| Other operating charges | 640/8 | €3,613 | €3,495 | -€117 | -3.2% |
| Non-recurring operating charges | 66A | €23,196 | €0 | -€23,196 | -100% |
| Gross operating margin | 9900 | €145,618 | €152,403 | +€6,784 | +4.7% |
| Operating profit (loss) | 9901 | €66,509 | €83,348 | +€16,840 | +25.3% |
| Financial income | 75/76B | €170,268 | €250,058 | +€79,790 | +46.9% |
| Recurring financial income | 75 | €170,268 | €250,058 | +€79,790 | +46.9% |
| Financial charges | 65/66B | €12,065 | €10,336 | -€1,729 | -14.3% |
| Recurring financial charges | 65 | €12,065 | €10,336 | -€1,729 | -14.3% |
| Profit (loss) for the period before taxes | 9903 | €224,712 | €323,070 | +€98,358 | +43.8% |
| Income taxes | 67/77 | €17,517 | €13,132 | -€4,385 | -25.0% |
| Profit (loss) for the period | 9904 | €207,195 | €309,938 | +€102,743 | +49.6% |
| Profit (loss) for the period to be appropriated | 9905 | €207,195 | €309,938 | +€102,743 | +49.6% |
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 23 October 2026 via checked.be.