M&R Projects: 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 Projects
Largest movements
- Receivables within one year +€11,059
up €11,059 (+410%), from €2,700 to €13,759
of which Trade receivables: +€9,208
- Stocks and contracts -€6,728
no longer reported in 2025 (was €6,728)
- Cash +€5,416
up €5,416 (+13.6%), from €39,848 to €45,264
mainly Net result for the year (+€16,111) and Stocks and contracts (+€6,728)
- Tangible fixed assets -€1,582
down €1,582 (-31.1%), from €5,081 to €3,499
of which Furniture and vehicles: -€944
- Deferred charges and accrued income +€1,366
up €1,366 (+56.6%), from €2,413 to €3,779
- Reserves +€11,052
up €11,052 (+31.0%), from €35,685 to €46,737
- Tax, wage and social debts -€2,047
down €2,047 (-46.3%), from €4,421 to €2,375
- Trade debts +€734
up €734 (+4.7%), from €15,559 to €16,293
- Gross operating margin +€14,557
up €14,557 (+135%), from €10,750 to €25,308
- Taxes +€3,796
up €3,796 (+212%), from €1,789 to €5,585
- Financial charges -€663
down €663 (-35.9%), from €1,851 to €1,187
- Depreciation -€603
down €603 (-27.6%), from €2,185 to €1,582
- Other operating charges -€328
down €328 (-28.0%), from €1,171 to €843
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 | €56,770 | €66,301 | +€9,531 | +16.8% |
| Fixed assets | 21/28 | €5,081 | €3,499 | -€1,582 | -31.1% |
| Tangible fixed assets | 22/27 | €5,081 | €3,499 | -€1,582 | -31.1% |
| Plant, machinery and equipment | 23 | €1,171 | €934 | -€236 | -20.2% |
| Furniture and vehicles | 24 | €3,266 | €2,322 | -€944 | -28.9% |
| Other tangible fixed assets | 26 | €644 | €243 | -€401 | -62.3% |
| Current assets | 29/58 | €51,690 | €62,802 | +€11,112 | +21.5% |
| Stocks and contracts in progress | 3 | €6,728 | - | -€6,728 | |
| Contracts in progress | 37 | €6,728 | - | -€6,728 | |
| Amounts receivable within one year | 40/41 | €2,700 | €13,759 | +€11,059 | +410% |
| Trade receivables | 40 | €144 | €9,352 | +€9,208 | +6,397% |
| Other amounts receivable | 41 | €2,557 | €4,407 | +€1,850 | +72.4% |
| Cash at bank and in hand | 54/58 | €39,848 | €45,264 | +€5,416 | +13.6% |
| Deferred charges and accrued income | 490/1 | €2,413 | €3,779 | +€1,366 | +56.6% |
| Total equity and liabilities | 10/49 | €56,770 | €66,301 | +€9,531 | +16.8% |
| Equity | 10/15 | €35,685 | €46,737 | +€11,052 | +31.0% |
| Reserves | 13 | €35,685 | €46,737 | +€11,052 | +31.0% |
| Distributable reserves | 133 | €35,685 | €46,737 | +€11,052 | +31.0% |
| Amounts payable | 17/49 | €21,085 | €19,564 | -€1,521 | -7.2% |
| Amounts payable within one year | 42/48 | €21,085 | €19,564 | -€1,521 | -7.2% |
| Trade debts | 44 | €15,559 | €16,293 | +€734 | +4.7% |
| Suppliers | 440/4 | €15,559 | €16,293 | +€734 | +4.7% |
| Taxes, remuneration and social security | 45 | €4,421 | €2,375 | -€2,047 | -46.3% |
| Taxes | 450/3 | €4,421 | €2,375 | -€2,047 | -46.3% |
| Other amounts payable | 47/48 | €1,104 | €896 | -€209 | -18.9% |
| Non-recurring operating income | 76A | - | €6,641 | +€6,641 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,185 | €1,582 | -€603 | -27.6% |
| Other operating charges | 640/8 | €1,171 | €843 | -€328 | -28.0% |
| Gross operating margin | 9900 | €10,750 | €25,308 | +€14,557 | +135% |
| Operating profit (loss) | 9901 | €7,394 | €22,883 | +€15,489 | +209% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €1,851 | €1,187 | -€663 | -35.9% |
| Recurring financial charges | 65 | €1,851 | €1,187 | -€663 | -35.9% |
| Profit (loss) for the period before taxes | 9903 | €5,544 | €21,696 | +€16,152 | +291% |
| Income taxes | 67/77 | €1,789 | €5,585 | +€3,796 | +212% |
| Profit (loss) for the period | 9904 | €3,754 | €16,111 | +€12,356 | +329% |
| Profit (loss) for the period to be appropriated | 9905 | €3,754 | €16,111 | +€12,356 | +329% |
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 25 October 2026 via checked.be.