M.R. CAPITAL: what changed
M.R. CAPITAL
Largest movements
- Tangible fixed assets -€24,146
down €24,146 (-11.9%), from €203,437 to €179,291
of which Furniture and vehicles: -€15,909
- Receivables within one year +€17,667
up €17,667 (+113%), from €15,603 to €33,270
of which Trade receivables: +€17,770
- Cash -€8,682
down €8,682 (-30.6%), from €28,358 to €19,676
mainly Receivables within one year (-€17,667) and Tax, wage and social debts (-€9,461)
- Tax, wage and social debts -€9,461
down €9,461 (-46.9%), from €20,154 to €10,693
- Reserves +€9,000
up €9,000 (+20.9%), from €43,084 to €52,084
of which Distributable reserves: +€9,000
- Other debts -€7,012
down €7,012 (-8.8%), from €79,521 to €72,509
- Debts after one year -€6,584
down €6,584 (-9.2%), from €71,781 to €65,197
of which Financial debts: -€11,164
- Financial income +€6,675
up €6,675 (+480%), from €1,391 to €8,066
of which Non-recurring financial income: +€7,999
- Gross operating margin -€5,648
down €5,648 (-13.7%), from €41,142 to €35,494
- Other operating charges +€1,568
up €1,568 (+86.3%), from €1,817 to €3,385
- Depreciation +€1,223
up €1,223 (+5.3%), from €23,290 to €24,513
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 | €264,552 | €249,391 | -€15,161 | -5.7% |
| Fixed assets | 21/28 | €220,591 | €196,445 | -€24,146 | -10.9% |
| Tangible fixed assets | 22/27 | €203,437 | €179,291 | -€24,146 | -11.9% |
| Land and buildings | 22 | €173,568 | €165,331 | -€8,237 | -4.7% |
| Furniture and vehicles | 24 | €29,869 | €13,960 | -€15,909 | -53.3% |
| Financial fixed assets | 28 | €17,154 | €17,154 | = | 0.0% |
| Current assets | 29/58 | €43,961 | €52,946 | +€8,985 | +20.4% |
| Amounts receivable within one year | 40/41 | €15,603 | €33,270 | +€17,667 | +113% |
| Trade receivables | 40 | €15,499 | €33,269 | +€17,770 | +115% |
| Other amounts receivable | 41 | €104 | €1 | -€103 | -99.0% |
| Cash at bank and in hand | 54/58 | €28,358 | €19,676 | -€8,682 | -30.6% |
| Total equity and liabilities | 10/49 | €264,552 | €249,391 | -€15,161 | -5.7% |
| Equity | 10/15 | €61,907 | €71,646 | +€9,739 | +15.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Contributions outside capital | 11 | €18,600 | €18,600 | = | 0.0% |
| Other | 1109/19 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €43,084 | €52,084 | +€9,000 | +20.9% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €2,224 | €2,224 | = | 0.0% |
| Distributable reserves | 133 | €39,000 | €48,000 | +€9,000 | +23.1% |
| Profit (loss) carried forward | 14 | €223 | €962 | +€739 | +331% |
| Amounts payable | 17/49 | €202,645 | €177,745 | -€24,900 | -12.3% |
| Amounts payable after more than one year | 17 | €71,781 | €65,197 | -€6,584 | -9.2% |
| Financial debts | 170/4 | €63,931 | €52,767 | -€11,164 | -17.5% |
| Other amounts payable | 178/9 | €7,850 | €12,430 | +€4,580 | +58.3% |
| Amounts payable within one year | 42/48 | €129,251 | €112,100 | -€17,151 | -13.3% |
| Current portion of amounts payable after more than one year | 42 | €11,099 | €11,169 | +€70 | +0.6% |
| Trade debts | 44 | €18,477 | €16,389 | -€2,088 | -11.3% |
| Suppliers | 440/4 | €18,477 | €16,389 | -€2,088 | -11.3% |
| Advances received on contracts in progress | 46 | - | €1,340 | +€1,340 | |
| Taxes, remuneration and social security | 45 | €20,154 | €10,693 | -€9,461 | -46.9% |
| Taxes | 450/3 | €20,154 | €10,693 | -€9,461 | -46.9% |
| Other amounts payable | 47/48 | €79,521 | €72,509 | -€7,012 | -8.8% |
| Accrued charges and deferred income | 492/3 | €1,613 | €448 | -€1,165 | -72.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,290 | €24,513 | +€1,223 | +5.3% |
| Other operating charges | 640/8 | €1,817 | €3,385 | +€1,568 | +86.3% |
| Gross operating margin | 9900 | €41,142 | €35,494 | -€5,648 | -13.7% |
| Operating profit (loss) | 9901 | €16,035 | €7,596 | -€8,439 | -52.6% |
| Financial income | 75/76B | €1,391 | €8,066 | +€6,675 | +480% |
| Recurring financial income | 75 | €1,391 | €67 | -€1,324 | -95.2% |
| Non-recurring financial income | 76B | - | €7,999 | +€7,999 | |
| Financial charges | 65/66B | €2,500 | €2,103 | -€397 | -15.9% |
| Recurring financial charges | 65 | €2,500 | €2,103 | -€397 | -15.9% |
| Profit (loss) for the period before taxes | 9903 | €14,926 | €13,559 | -€1,367 | -9.2% |
| Income taxes | 67/77 | €4,224 | €3,820 | -€404 | -9.6% |
| Profit (loss) for the period | 9904 | €10,702 | €9,739 | -€963 | -9.0% |
| Profit (loss) for the period to be appropriated | 9905 | €10,702 | €9,739 | -€963 | -9.0% |
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 8 November 2026 via checked.be.