M.R.E.: 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.
What changed
M.R.E.
NACE 70.200, Business and other management consultancy
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€101,930
2024 · -€153,293+€51,363
Equity
€217,320
2024 · €319,249-€101,930
Cash
€13,098
2024 · €10,049+€3,049
Balance sheet total
€3.3m
2024 · €3.2m+€96,868
Largest movements
Assets
- Tangible fixed assets +€136,074
up €136,074 (+5.1%), from €2.7m to €2.8m
of which Land and buildings: +€135,267
Equity and liabilities
- Debts after one year -€588,437
down €588,437 (-29.8%), from €2.0m to €1.4m
of which Financial debts: -€588,437
- Current portion of long-term debt +€483,663
up €483,663 (+436.0%), from €110,936 to €594,599
- Other debts +€306,549
up €306,549 (+48.0%), from €638,567 to €945,116
- Profit (loss) carried forward -€82,844
down €82,844 (-41.3%), from -€200,745 to -€283,588
Income statement
- Other operating charges -€50,210
down €50,210 (-61.9%), from €81,058 to €30,848
- Depreciation +€8,782
up €8,782 (+9.3%), from €94,659 to €103,441
- Gross operating margin +€6,492
up €6,492 (+8.0%), from €81,373 to €87,865
- Financial charges +€990
up €990 (+1.6%), from €60,701 to €61,691
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.
Result 2024
-€153,293
Gross operating margin
+€6,492
Depreciation
-€8,782
Other operating charges
+€50,210
Other operating items
+€4,225
Financial income
+€0
Financial charges
-€990
Taxes
-€2
Deferred taxes and other
+€210
Result 2025
-€101,930
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.
From operations
+€345,650
Investment
-€239,516
Financing
-€103,085
Cash 2024
€10,049
From operations (derived)
+€345,650
Net result for the year
-€101,930
Depreciation
+€103,441
Receivables after one year
+€32,980
Receivables within one year
+€10,887
Deferred charges and accrued income
-€1,612
Provisions
-€6,362
Trade debts
+€2,188
Smaller working-capital items
-€492
Other debts
+€306,549
Investment (derived)
-€239,516
Investment in fixed assets (net)
-€239,516
Financing
-€103,085
Debts after one year
-€588,437
Current portion of long-term debt
+€483,663
Short-term financial debts
+€1,689
Contributions, distributions and other
-€0
Cash 2025
€13,098
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,230,961 | €3,327,830 | +€96,868 | +3.0% |
| Fixed assets | 21/28 | €2,681,924 | €2,817,998 | +€136,074 | +5.1% |
| Tangible fixed assets | 22/27 | €2,681,899 | €2,817,973 | +€136,074 | +5.1% |
| Land and buildings | 22 | €2,072,784 | €2,208,051 | +€135,267 | +6.5% |
| Furniture and vehicles | 24 | €2,246 | €1,239 | -€1,008 | -44.9% |
| Other tangible fixed assets | 26 | €606,868 | €608,683 | +€1,815 | +0.3% |
| Financial fixed assets | 28 | €25 | €25 | = | 0.0% |
| Current assets | 29/58 | €549,038 | €509,832 | -€39,206 | -7.1% |
| Amounts receivable after more than one year | 29 | €487,454 | €454,474 | -€32,980 | -6.8% |
| Other amounts receivable | 291 | €487,454 | €454,474 | -€32,980 | -6.8% |
| Amounts receivable within one year | 40/41 | €44,863 | €33,976 | -€10,887 | -24.3% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €44,863 | €33,976 | -€10,887 | -24.3% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €10,049 | €13,098 | +€3,049 | +30.3% |
| Deferred charges and accrued income | 490/1 | €6,671 | €8,283 | +€1,612 | +24.2% |
| Total equity and liabilities | 10/49 | €3,230,961 | €3,327,830 | +€96,868 | +3.0% |
| Equity | 10/15 | €319,249 | €217,320 | -€101,930 | -31.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €501,394 | €482,308 | -€19,086 | -3.8% |
| Non-distributable reserves | 130/1 | €7,159 | €7,159 | = | 0.0% |
| Reserves not available under the articles | 1311 | €7,159 | €7,159 | = | 0.0% |
| Tax-exempt reserves | 132 | €484,236 | €465,150 | -€19,086 | -3.9% |
| Distributable reserves | 133 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€200,745 | -€283,588 | -€82,844 | -41.3% |
| Provisions and deferred taxes | 16 | €161,412 | €155,050 | -€6,362 | -3.9% |
| Deferred taxes | 168 | €161,412 | €155,050 | -€6,362 | -3.9% |
| Amounts payable | 17/49 | €2,750,300 | €2,955,460 | +€205,160 | +7.5% |
| Amounts payable after more than one year | 17 | €1,976,935 | €1,388,498 | -€588,437 | -29.8% |
| Financial debts | 170/4 | €1,975,318 | €1,386,881 | -€588,437 | -29.8% |
| Other amounts payable | 178/9 | €1,616 | €1,616 | = | 0.0% |
| Amounts payable within one year | 42/48 | €768,301 | €1,562,392 | +€794,090 | +103.4% |
| Current portion of amounts payable after more than one year | 42 | €110,936 | €594,599 | +€483,663 | +436.0% |
| Financial debts | 43 | €0 | €1,689 | +€1,689 | |
| Credit institutions | 430/8 | €0 | €1,689 | +€1,689 | |
| Trade debts | 44 | €18,624 | €20,812 | +€2,188 | +11.7% |
| Suppliers | 440/4 | €18,624 | €20,812 | +€2,188 | +11.7% |
| Taxes, remuneration and social security | 45 | €174 | €176 | +€2 | +1.0% |
| Taxes | 450/3 | €174 | €176 | +€2 | +1.0% |
| Other amounts payable | 47/48 | €638,567 | €945,116 | +€306,549 | +48.0% |
| Accrued charges and deferred income | 492/3 | €5,064 | €4,571 | -€494 | -9.7% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €94,659 | €103,441 | +€8,782 | +9.3% |
| Other operating charges | 640/8 | €81,058 | €30,848 | -€50,210 | -61.9% |
| Non-recurring operating charges | 66A | €4,225 | €0 | -€4,225 | -100.0% |
| Gross operating margin | 9900 | €81,373 | €87,865 | +€6,492 | +8.0% |
| Operating profit (loss) | 9901 | -€98,570 | -€46,425 | +€52,145 | +52.9% |
| Financial income | 75/76B | €0 | €0 | +€0 | +100.0% |
| Recurring financial income | 75 | €0 | €0 | +€0 | +100.0% |
| Financial charges | 65/66B | €60,701 | €61,691 | +€990 | +1.6% |
| Recurring financial charges | 65 | €60,701 | €61,691 | +€990 | +1.6% |
| Profit (loss) for the period before taxes | 9903 | -€159,271 | -€108,116 | +€51,155 | +32.1% |
| Transfer from deferred taxes | 780 | €6,152 | €6,362 | +€210 | +3.4% |
| Income taxes | 67/77 | €174 | €176 | +€2 | +1.0% |
| Profit (loss) for the period | 9904 | -€153,293 | -€101,930 | +€51,363 | +33.5% |
| Transfer from tax-exempt reserves | 789 | €18,456 | €19,086 | +€630 | +3.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€134,837 | -€82,844 | +€51,994 | +38.6% |
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 4 October 2026 via checked.be.