M.R.Co: 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.
M.R.Co
Largest movements
- Receivables within one year -€217,898
down €217,898 (-13.9%), from €1.6m to €1.4m
- Receivables after one year -€145,833
down €145,833 (-100%), from €145,833 to €0
- Cash +€111,828
up €111,828 (+65.5%), from €170,761 to €282,589
mainly Receivables within one year (+€217,898) and Net result for the year (+€177,657)
- Tangible fixed assets -€89,979
down €89,979 (-5.2%), from €1.7m to €1.6m
- Trade debts -€145,852
down €145,852 (-73.9%), from €197,317 to €51,465
- Debts after one year -€105,167
down €105,167 (-7.3%), from €1.4m to €1.3m
- Reserves -€57,718
down €57,718 (-9.8%), from €586,379 to €528,662
of which Tax-exempt reserves: -€57,718
- Other debts -€56,684
down €56,684 (-19.4%), from €292,059 to €235,375
- Advances received +€51,350
up €51,350 (+68.9%), from €74,513 to €125,862
- Gross operating margin -€56,492
down €56,492 (-14.5%), from €388,888 to €332,397
- Financial income -€22,128
down €22,128 (-25.6%), from €86,288 to €64,161
- Taxes -€17,684
down €17,684 (-18.0%), from €98,455 to €80,772
- Financial charges -€4,795
down €4,795 (-10.9%), from €43,865 to €39,070
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 | €3,622,073 | €3,280,191 | -€341,882 | -9.4% |
| Fixed assets | 21/28 | €1,737,150 | €1,647,172 | -€89,979 | -5.2% |
| Tangible fixed assets | 22/27 | €1,737,150 | €1,647,172 | -€89,979 | -5.2% |
| Land and buildings | 22 | €1,737,150 | €1,647,172 | -€89,979 | -5.2% |
| Current assets | 29/58 | €1,884,923 | €1,633,019 | -€251,903 | -13.4% |
| Amounts receivable after more than one year | 29 | €145,833 | €0 | -€145,833 | -100% |
| Trade receivables | 290 | €145,833 | €0 | -€145,833 | -100% |
| Amounts receivable within one year | 40/41 | €1,568,329 | €1,350,430 | -€217,898 | -13.9% |
| Other amounts receivable | 41 | €1,568,329 | €1,350,430 | -€217,898 | -13.9% |
| Cash at bank and in hand | 54/58 | €170,761 | €282,589 | +€111,828 | +65.5% |
| Total equity and liabilities | 10/49 | €3,622,073 | €3,280,191 | -€341,882 | -9.4% |
| Equity | 10/15 | €1,292,496 | €1,234,778 | -€57,718 | -4.5% |
| Contributions | 10/11 | €697,750 | €697,750 | = | 0.0% |
| Capital | 10 | €697,750 | €697,750 | = | 0.0% |
| Issued capital | 100 | €697,750 | €697,750 | = | 0.0% |
| Reserves | 13 | €586,379 | €528,662 | -€57,718 | -9.8% |
| Non-distributable reserves | 130/1 | €69,775 | €69,775 | = | 0.0% |
| Legal reserve | 130 | €69,775 | €69,775 | = | 0.0% |
| Tax-exempt reserves | 132 | €516,604 | €458,887 | -€57,718 | -11.2% |
| Profit (loss) carried forward | 14 | €8,366 | €8,366 | +€0 | 0.0% |
| Provisions and deferred taxes | 16 | €172,201 | €152,962 | -€19,239 | -11.2% |
| Deferred taxes | 168 | €172,201 | €152,962 | -€19,239 | -11.2% |
| Amounts payable | 17/49 | €2,157,376 | €1,892,451 | -€264,925 | -12.3% |
| Amounts payable after more than one year | 17 | €1,437,542 | €1,332,375 | -€105,167 | -7.3% |
| Financial debts | 170/4 | €1,437,542 | €1,332,375 | -€105,167 | -7.3% |
| Amounts payable within one year | 42/48 | €718,323 | €558,667 | -€159,656 | -22.2% |
| Current portion of amounts payable after more than one year | 42 | €108,452 | €105,167 | -€3,285 | -3.0% |
| Trade debts | 44 | €197,317 | €51,465 | -€145,852 | -73.9% |
| Suppliers | 440/4 | €197,317 | €51,465 | -€145,852 | -73.9% |
| Advances received on contracts in progress | 46 | €74,513 | €125,862 | +€51,350 | +68.9% |
| Taxes, remuneration and social security | 45 | €45,983 | €40,798 | -€5,185 | -11.3% |
| Taxes | 450/3 | €45,983 | €40,798 | -€5,185 | -11.3% |
| Other amounts payable | 47/48 | €292,059 | €235,375 | -€56,684 | -19.4% |
| Accrued charges and deferred income | 492/3 | €1,511 | €1,409 | -€102 | -6.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €100,493 | €100,693 | +€200 | +0.2% |
| Other operating charges | 640/8 | €17,067 | €17,604 | +€537 | +3.1% |
| Gross operating margin | 9900 | €388,888 | €332,397 | -€56,492 | -14.5% |
| Operating profit (loss) | 9901 | €271,328 | €214,099 | -€57,229 | -21.1% |
| Financial income | 75/76B | €86,288 | €64,161 | -€22,128 | -25.6% |
| Recurring financial income | 75 | €86,288 | €64,161 | -€22,128 | -25.6% |
| Financial charges | 65/66B | €43,865 | €39,070 | -€4,795 | -10.9% |
| Recurring financial charges | 65 | €43,865 | €39,070 | -€4,795 | -10.9% |
| Profit (loss) for the period before taxes | 9903 | €313,751 | €239,190 | -€74,561 | -23.8% |
| Transfer from deferred taxes | 780 | €19,191 | €19,239 | +€48 | +0.3% |
| Income taxes | 67/77 | €98,455 | €80,772 | -€17,684 | -18.0% |
| Profit (loss) for the period | 9904 | €234,487 | €177,657 | -€56,829 | -24.2% |
| Transfer from tax-exempt reserves | 789 | €57,573 | €57,718 | +€145 | +0.3% |
| Profit (loss) for the period to be appropriated | 9905 | €292,060 | €235,375 | -€56,684 | -19.4% |
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 20 October 2026 via checked.be.