M.R.G.: 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.G.
Largest movements
- Tangible fixed assets -€22,769
down €22,769 (-8.0%), from €285,548 to €262,779
- Receivables within one year -€18,408
down €18,408 (-86.0%), from €21,408 to €3,000
- Cash +€10,255
up €10,255 (+9.9%), from €103,325 to €113,580
mainly Depreciation (+€22,769) and Receivables within one year (+€18,408)
- Other debts -€20,639
down €20,639 (-41.3%), from €49,963 to €29,324
- Profit (loss) carried forward -€10,068
down €10,068 (-9.5%), from -€105,804 to -€115,872
- Other operating charges +€18,646
up €18,646 (+343%), from €5,433 to €24,078
- Gross operating margin +€2,200
up €2,200 (+6.2%), from €35,487 to €37,687
- Financial charges -€759
down €759 (-45.5%), from €1,666 to €907
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 | €410,282 | €379,359 | -€30,922 | -7.5% |
| Fixed assets | 21/28 | €285,548 | €262,779 | -€22,769 | -8.0% |
| Tangible fixed assets | 22/27 | €285,548 | €262,779 | -€22,769 | -8.0% |
| Land and buildings | 22 | €285,548 | €262,779 | -€22,769 | -8.0% |
| Current assets | 29/58 | €124,734 | €116,580 | -€8,153 | -6.5% |
| Amounts receivable within one year | 40/41 | €21,408 | €3,000 | -€18,408 | -86.0% |
| Trade receivables | 40 | €21,408 | €3,000 | -€18,408 | -86.0% |
| Cash at bank and in hand | 54/58 | €103,325 | €113,580 | +€10,255 | +9.9% |
| Total equity and liabilities | 10/49 | €410,282 | €379,359 | -€30,922 | -7.5% |
| Equity | 10/15 | €354,796 | €344,728 | -€10,068 | -2.8% |
| Contributions | 10/11 | €460,600 | €460,600 | = | 0.0% |
| Capital | 10 | €460,600 | €460,600 | = | 0.0% |
| Issued capital | 100 | €460,600 | €460,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€105,804 | -€115,872 | -€10,068 | -9.5% |
| Amounts payable | 17/49 | €55,486 | €34,631 | -€20,855 | -37.6% |
| Amounts payable after more than one year | 17 | €2,770 | €2,770 | = | 0.0% |
| Other amounts payable | 178/9 | €2,770 | €2,770 | = | 0.0% |
| Amounts payable within one year | 42/48 | €51,435 | €30,580 | -€20,855 | -40.5% |
| Trade debts | 44 | €1,088 | €1,097 | +€9 | +0.8% |
| Suppliers | 440/4 | €1,088 | €1,097 | +€9 | +0.8% |
| Taxes, remuneration and social security | 45 | €384 | €159 | -€225 | -58.6% |
| Taxes | 450/3 | €384 | €159 | -€225 | -58.6% |
| Other amounts payable | 47/48 | €49,963 | €29,324 | -€20,639 | -41.3% |
| Accrued charges and deferred income | 492/3 | €1,282 | €1,282 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,769 | €22,769 | +€0 | 0.0% |
| Other operating charges | 640/8 | €5,433 | €24,078 | +€18,646 | +343% |
| Gross operating margin | 9900 | €35,487 | €37,687 | +€2,200 | +6.2% |
| Operating profit (loss) | 9901 | €7,285 | -€9,161 | -€16,446 | |
| Financial charges | 65/66B | €1,666 | €907 | -€759 | -45.5% |
| Recurring financial charges | 65 | €1,666 | €907 | -€759 | -45.5% |
| Profit (loss) for the period before taxes | 9903 | €5,620 | -€10,068 | -€15,687 | |
| Profit (loss) for the period | 9904 | €5,620 | -€10,068 | -€15,687 | |
| Profit (loss) for the period to be appropriated | 9905 | €5,620 | -€10,068 | -€15,687 |
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 23 October 2026 via checked.be.