M.R.W: 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.W
Largest movements
- Tangible fixed assets +€55,842
up €55,842 (+41.7%), from €133,812 to €189,654
of which Land and buildings: +€58,493
- Profit (loss) carried forward +€36,051
up €36,051 (+38.3%), from -€94,163 to -€58,112
- Trade debts +€33,200
up €33,200 (+6785.2%), from €489 to €33,690
- Other debts -€15,300
no longer reported in 2025 (was €15,300)
- Gross operating margin +€10,305
up €10,305 (+35.4%), from €29,069 to €39,374
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €191,329 | €245,280 | +€53,951 | +28.2% |
| Fixed assets | 21/28 | €133,949 | €189,790 | +€55,842 | +41.7% |
| Tangible fixed assets | 22/27 | €133,812 | €189,654 | +€55,842 | +41.7% |
| Land and buildings | 22 | €127,347 | €185,840 | +€58,493 | +45.9% |
| Plant, machinery and equipment | 23 | €6,466 | €3,814 | -€2,652 | -41.0% |
| Financial fixed assets | 28 | €136 | €136 | = | 0.0% |
| Current assets | 29/58 | €57,380 | €55,490 | -€1,891 | -3.3% |
| Amounts receivable within one year | 40/41 | €50,497 | €50,208 | -€290 | -0.6% |
| Other amounts receivable | 41 | €50,497 | €50,208 | -€290 | -0.6% |
| Cash at bank and in hand | 54/58 | €6,883 | €5,282 | -€1,601 | -23.3% |
| Total equity and liabilities | 10/49 | €191,329 | €245,280 | +€53,951 | +28.2% |
| Equity | 10/15 | €175,540 | €211,590 | +€36,051 | +20.5% |
| Contributions | 10/11 | €207,000 | €207,000 | = | 0.0% |
| Capital | 10 | €207,000 | €207,000 | = | 0.0% |
| Issued capital | 100 | €207,000 | €207,000 | = | 0.0% |
| Reserves | 13 | €62,703 | €62,703 | = | 0.0% |
| Non-distributable reserves | 130/1 | €10,000 | €10,000 | = | 0.0% |
| Legal reserve | 130 | €10,000 | €10,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €52,703 | €52,703 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€94,163 | -€58,112 | +€36,051 | +38.3% |
| Amounts payable | 17/49 | €15,789 | €33,690 | +€17,900 | +113.4% |
| Amounts payable within one year | 42/48 | €15,789 | €33,690 | +€17,900 | +113.4% |
| Trade debts | 44 | €489 | €33,690 | +€33,200 | +6785.2% |
| Suppliers | 440/4 | €489 | €33,690 | +€33,200 | +6785.2% |
| Other amounts payable | 47/48 | €15,300 | - | -€15,300 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,081 | €2,787 | -€294 | -9.6% |
| Other operating charges | 640/8 | €449 | €462 | +€12 | +2.8% |
| Gross operating margin | 9900 | €29,069 | €39,374 | +€10,305 | +35.4% |
| Operating profit (loss) | 9901 | €25,539 | €36,126 | +€10,587 | +41.5% |
| Financial charges | 65/66B | €52 | €75 | +€23 | +44.5% |
| Recurring financial charges | 65 | €52 | €75 | +€23 | +44.5% |
| Profit (loss) for the period before taxes | 9903 | €25,487 | €36,051 | +€10,564 | +41.4% |
| Profit (loss) for the period | 9904 | €25,487 | €36,051 | +€10,564 | +41.4% |
| Profit (loss) for the period to be appropriated | 9905 | €25,487 | €36,051 | +€10,564 | +41.4% |
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 11 October 2026 via checked.be.