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The paper is concerned with algebras whose elements can be used to represent runs of a system from a state to a state. These algebras, called multiplicative transition systems, are categories with respect to a partial binary operation called composition. They can be characterized by axioms such that their elements and operations can be represented by partially ordered multisets of a certain type and operations on such multisets. The representation can be obtained without assuming a discrete nature of represented elements. In particular, it remains valid for systems with infinitely divisible elements, and thus also for systems with elements which can represent continuous and partially continuous runs.