MTSL SURVEYS: what changed
MTSL SURVEYS
Largest movements
- Cash +€50,406
up €50,406 (+278%), from €18,109 to €68,515
mainly Trade debts (+€114,963) and Tax, wage and social debts (+€26,824)
- Receivables within one year +€46,890
up €46,890 (+32.1%), from €146,228 to €193,118
of which Trade receivables: +€73,614
- Tangible fixed assets +€4,479
up €4,479 (+12.4%), from €36,110 to €40,590
of which Land and buildings: +€8,331
- Trade debts +€114,963
up €114,963 (+272%), from €42,219 to €157,182
- Profit (loss) carried forward -€46,270
new in 2025: -€46,270
- Tax, wage and social debts +€26,824
up €26,824 (+183%), from €14,689 to €41,514
- Other debts +€4,577
new in 2025: €4,577
- Gross operating margin -€59,542
down €59,542, from €29,050 to -€30,493
- Taxes -€5,663
down €5,663 (-92.0%), from €6,155 to €491
- Depreciation -€3,204
down €3,204 (-25.4%), from €12,625 to €9,420
- Financial charges +€1,455
up €1,455 (+45.7%), from €3,183 to €4,638
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €202,127 | €302,222 | +€100,095 | +49.5% |
| Fixed assets | 21/28 | €36,110 | €40,590 | +€4,479 | +12.4% |
| Tangible fixed assets | 22/27 | €36,110 | €40,590 | +€4,479 | +12.4% |
| Land and buildings | 22 | €16,531 | €24,862 | +€8,331 | +50.4% |
| Plant, machinery and equipment | 23 | €3,713 | €6,344 | +€2,632 | +70.9% |
| Furniture and vehicles | 24 | €15,866 | €9,384 | -€6,483 | -40.9% |
| Current assets | 29/58 | €166,017 | €261,633 | +€95,615 | +57.6% |
| Amounts receivable within one year | 40/41 | €146,228 | €193,118 | +€46,890 | +32.1% |
| Trade receivables | 40 | €75,962 | €149,576 | +€73,614 | +96.9% |
| Other amounts receivable | 41 | €70,265 | €43,541 | -€26,724 | -38.0% |
| Cash at bank and in hand | 54/58 | €18,109 | €68,515 | +€50,406 | +278% |
| Deferred charges and accrued income | 490/1 | €1,681 | - | -€1,681 | |
| Total equity and liabilities | 10/49 | €202,127 | €302,222 | +€100,095 | +49.5% |
| Equity | 10/15 | €145,219 | €98,948 | -€46,270 | -31.9% |
| Contributions | 10/11 | €27,500 | €27,500 | = | 0.0% |
| Reserves | 13 | €117,719 | €117,719 | = | 0.0% |
| Distributable reserves | 133 | €117,719 | €117,719 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€46,270 | -€46,270 | |
| Amounts payable | 17/49 | €56,909 | €203,274 | +€146,365 | +257% |
| Amounts payable within one year | 42/48 | €56,909 | €203,274 | +€146,365 | +257% |
| Trade debts | 44 | €42,219 | €157,182 | +€114,963 | +272% |
| Suppliers | 440/4 | €42,219 | €157,182 | +€114,963 | +272% |
| Taxes, remuneration and social security | 45 | €14,689 | €41,514 | +€26,824 | +183% |
| Taxes | 450/3 | €14,689 | €41,514 | +€26,824 | +183% |
| Other amounts payable | 47/48 | - | €4,577 | +€4,577 | |
| Non-recurring operating income | 76A | - | €41,818 | +€41,818 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,625 | €9,420 | -€3,204 | -25.4% |
| Other operating charges | 640/8 | €2,068 | €2,207 | +€139 | +6.7% |
| Gross operating margin | 9900 | €29,050 | -€30,493 | -€59,542 | |
| Operating profit (loss) | 9901 | €14,357 | -€42,120 | -€56,477 | |
| Financial income | 75/76B | €1,076 | €979 | -€98 | -9.1% |
| Recurring financial income | 75 | €1,076 | €979 | -€98 | -9.1% |
| Financial charges | 65/66B | €3,183 | €4,638 | +€1,455 | +45.7% |
| Recurring financial charges | 65 | €3,183 | €4,638 | +€1,455 | +45.7% |
| Profit (loss) for the period before taxes | 9903 | €12,250 | -€45,779 | -€58,029 | |
| Income taxes | 67/77 | €6,155 | €491 | -€5,663 | -92.0% |
| Profit (loss) for the period | 9904 | €6,096 | -€46,270 | -€52,366 | |
| Profit (loss) for the period to be appropriated | 9905 | €6,096 | -€46,270 | -€52,366 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 6 November 2026 via checked.be.