M.R.M.: 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.M.
Largest movements
- Financial fixed assets -€3.6m
down €3.6m (-78.1%), from €4.6m to €998,667
- Current investments +€1.6m
new in 2025: €1.6m
- Receivables after one year +€750,000
new in 2025: €750,000
- Receivables within one year +€433,524
up €433,524 (+291%), from €148,758 to €582,283
of which Other amounts receivable: +€444,436
- Cash +€150,328
up €150,328 (+564%), from €26,643 to €176,971
mainly Investment in fixed assets (net) (+€3.5m) and Net result for the year (+€247,845)
- Other debts -€291,770
down €291,770 (-96.4%), from €302,616 to €10,847
- Reserves -€263,194
down €263,194 (-11.2%), from €2.3m to €2.1m
of which Distributable reserves: -€260,686
- Financial income +€1.6m
up €1.6m (+39,405%), from €4,078 to €1.6m
- Financial charges +€1.3m
up €1.3m (+13,063%), from €10,077 to €1.3m
- Gross operating margin -€38,857
down €38,857 (-71.1%), from €54,647 to €15,790
- Taxes +€12,029
up €12,029 (+93.5%), from €12,860 to €24,890
- Other operating charges +€1,380
up €1,380 (+44.3%), from €3,114 to €4,494
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 | €5,449,929 | €4,875,906 | -€574,024 | -10.5% |
| Fixed assets | 21/28 | €5,271,805 | €1,785,708 | -€3.5m | -66.1% |
| Tangible fixed assets | 22/27 | €720,962 | €787,042 | +€66,079 | +9.2% |
| Land and buildings | 22 | €714,583 | €702,810 | -€11,773 | -1.6% |
| Plant, machinery and equipment | 23 | €6,379 | €7,565 | +€1,186 | +18.6% |
| Furniture and vehicles | 24 | - | €28,098 | +€28,098 | |
| Other tangible fixed assets | 26 | - | €48,569 | +€48,569 | |
| Financial fixed assets | 28 | €4,550,843 | €998,667 | -€3.6m | -78.1% |
| Current assets | 29/58 | €178,124 | €3,090,197 | +€2.9m | +1,635% |
| Amounts receivable after more than one year | 29 | - | €750,000 | +€750,000 | |
| Other amounts receivable | 291 | - | €750,000 | +€750,000 | |
| Amounts receivable within one year | 40/41 | €148,758 | €582,283 | +€433,524 | +291% |
| Trade receivables | 40 | €67,037 | €56,125 | -€10,912 | -16.3% |
| Other amounts receivable | 41 | €81,721 | €526,158 | +€444,436 | +544% |
| Current investments | 50/53 | - | €1,570,326 | +€1.6m | |
| Cash at bank and in hand | 54/58 | €26,643 | €176,971 | +€150,328 | +564% |
| Deferred charges and accrued income | 490/1 | €2,724 | €10,618 | +€7,894 | +290% |
| Total equity and liabilities | 10/49 | €5,449,929 | €4,875,906 | -€574,024 | -10.5% |
| Equity | 10/15 | €4,806,169 | €4,542,975 | -€263,194 | -5.5% |
| Contributions | 10/11 | €2,466,461 | €2,466,461 | = | 0.0% |
| Reserves | 13 | €2,339,709 | €2,076,515 | -€263,194 | -11.2% |
| Non-distributable reserves | 130/1 | €2,508 | €0 | -€2,508 | -100% |
| Reserves not available under the articles | 1311 | €2,508 | €0 | -€2,508 | -100% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €2,318,451 | €2,057,765 | -€260,686 | -11.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €643,760 | €332,930 | -€310,830 | -48.3% |
| Amounts payable after more than one year | 17 | €256,826 | €237,596 | -€19,230 | -7.5% |
| Financial debts | 170/4 | €256,826 | €237,596 | -€19,230 | -7.5% |
| Amounts payable within one year | 42/48 | €385,734 | €93,234 | -€292,500 | -75.8% |
| Current portion of amounts payable after more than one year | 42 | €35,758 | €39,289 | +€3,531 | +9.9% |
| Trade debts | 44 | €6,398 | €31,467 | +€25,069 | +392% |
| Suppliers | 440/4 | €6,398 | €31,467 | +€25,069 | +392% |
| Taxes, remuneration and social security | 45 | €40,961 | €11,630 | -€29,331 | -71.6% |
| Taxes | 450/3 | €40,961 | €11,630 | -€29,331 | -71.6% |
| Other amounts payable | 47/48 | €302,616 | €10,847 | -€291,770 | -96.4% |
| Accrued charges and deferred income | 492/3 | €1,200 | €2,100 | +€900 | +75.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,985 | €23,062 | +€1,076 | +4.9% |
| Other operating charges | 640/8 | €3,114 | €4,494 | +€1,380 | +44.3% |
| Gross operating margin | 9900 | €54,647 | €15,790 | -€38,857 | -71.1% |
| Operating profit (loss) | 9901 | €29,548 | -€11,766 | -€41,314 | |
| Financial income | 75/76B | €4,078 | €1,610,931 | +€1.6m | +39,405% |
| Recurring financial income | 75 | €4,078 | €1,610,931 | +€1.6m | +39,405% |
| Financial charges | 65/66B | €10,077 | €1,326,430 | +€1.3m | +13,063% |
| Recurring financial charges | 65 | €10,077 | €1,326,430 | +€1.3m | +13,063% |
| Profit (loss) for the period before taxes | 9903 | €23,548 | €272,735 | +€249,186 | +1,058% |
| Income taxes | 67/77 | €12,860 | €24,890 | +€12,029 | +93.5% |
| Profit (loss) for the period | 9904 | €10,688 | €247,845 | +€237,157 | +2,219% |
| Profit (loss) for the period to be appropriated | 9905 | €10,688 | €247,845 | +€237,157 | +2,219% |
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 28 October 2026 via checked.be.