E-MRF: 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.
E-MRF
Largest movements
- Cash -€76,505
down €76,505 (-30.3%), from €252,609 to €176,103
mainly Contributions, distributions and other (-€159,593) and Debts after one year (-€27,289)
- Receivables within one year -€40,021
down €40,021 (-34.3%), from €116,537 to €76,516
of which Other amounts receivable: -€33,457
- Tangible fixed assets -€9,874
down €9,874 (-1.9%), from €515,257 to €505,383
of which Land and buildings: -€11,221
- Reserves -€77,993
down €77,993 (-17.3%), from €451,624 to €373,632
- Debts after one year -€27,289
down €27,289 (-8.1%), from €335,000 to €307,711
- Trade debts -€19,235
down €19,235 (-65.2%), from €29,508 to €10,273
- Gross operating margin -€20,225
down €20,225 (-12.5%), from €162,367 to €142,141
- Taxes -€5,667
down €5,667 (-14.4%), from €39,412 to €33,745
- Other operating charges -€3,871
down €3,871 (-59.3%), from €6,527 to €2,656
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 | €893,177 | €767,153 | -€126,024 | -14.1% |
| Fixed assets | 21/28 | €515,257 | €505,383 | -€9,874 | -1.9% |
| Tangible fixed assets | 22/27 | €515,257 | €505,383 | -€9,874 | -1.9% |
| Land and buildings | 22 | €515,257 | €504,036 | -€11,221 | -2.2% |
| Furniture and vehicles | 24 | €0 | €1,347 | +€1,347 | |
| Current assets | 29/58 | €377,920 | €261,770 | -€116,150 | -30.7% |
| Amounts receivable after more than one year | 29 | €5,150 | €5,150 | = | 0.0% |
| Other amounts receivable | 291 | €5,150 | €5,150 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €116,537 | €76,516 | -€40,021 | -34.3% |
| Trade receivables | 40 | €48,792 | €42,227 | -€6,564 | -13.5% |
| Other amounts receivable | 41 | €67,746 | €34,289 | -€33,457 | -49.4% |
| Cash at bank and in hand | 54/58 | €252,609 | €176,103 | -€76,505 | -30.3% |
| Deferred charges and accrued income | 490/1 | €3,624 | €4,001 | +€377 | +10.4% |
| Total equity and liabilities | 10/49 | €893,177 | €767,153 | -€126,024 | -14.1% |
| Equity | 10/15 | €470,174 | €392,182 | -€77,993 | -16.6% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €451,624 | €373,632 | -€77,993 | -17.3% |
| Distributable reserves | 133 | €451,624 | €373,632 | -€77,993 | -17.3% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €423,003 | €374,971 | -€48,031 | -11.4% |
| Amounts payable after more than one year | 17 | €335,000 | €307,711 | -€27,289 | -8.1% |
| Financial debts | 170/4 | €335,000 | €307,711 | -€27,289 | -8.1% |
| Amounts payable within one year | 42/48 | €84,737 | €67,260 | -€17,477 | -20.6% |
| Current portion of amounts payable after more than one year | 42 | €26,546 | €27,289 | +€743 | +2.8% |
| Financial debts | 43 | €4,095 | €250 | -€3,846 | -93.9% |
| Credit institutions | 430/8 | €4,095 | €250 | -€3,846 | -93.9% |
| Trade debts | 44 | €29,508 | €10,273 | -€19,235 | -65.2% |
| Suppliers | 440/4 | €29,508 | €10,273 | -€19,235 | -65.2% |
| Taxes, remuneration and social security | 45 | €24,497 | €29,448 | +€4,950 | +20.2% |
| Taxes | 450/3 | €24,497 | €29,448 | +€4,950 | +20.2% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €90 | €0 | -€90 | -100.0% |
| Accrued charges and deferred income | 492/3 | €3,266 | €0 | -€3,266 | -100.0% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,316 | €12,584 | +€268 | +2.2% |
| Other operating charges | 640/8 | €6,527 | €2,656 | -€3,871 | -59.3% |
| Gross operating margin | 9900 | €162,367 | €142,141 | -€20,225 | -12.5% |
| Operating profit (loss) | 9901 | €143,524 | €126,901 | -€16,622 | -11.6% |
| Financial income | 75/76B | €1,908 | €2,464 | +€556 | +29.1% |
| Recurring financial income | 75 | €1,908 | €2,464 | +€556 | +29.1% |
| Financial charges | 65/66B | €15,472 | €14,019 | -€1,453 | -9.4% |
| Recurring financial charges | 65 | €15,472 | €14,019 | -€1,453 | -9.4% |
| Profit (loss) for the period before taxes | 9903 | €129,959 | €115,345 | -€14,614 | -11.2% |
| Income taxes | 67/77 | €39,412 | €33,745 | -€5,667 | -14.4% |
| Profit (loss) for the period | 9904 | €90,547 | €81,600 | -€8,947 | -9.9% |
| Profit (loss) for the period to be appropriated | 9905 | €90,547 | €81,600 | -€8,947 | -9.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.