M-RAY: 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.
M-RAY
Largest movements
- Current investments +€463,094
up €463,094 (+98.5%), from €470,000 to €933,094
- Cash -€22,838
down €22,838 (-11.4%), from €201,010 to €178,172
mainly Current investments (-€463,094) and Deferred charges and accrued income (-€18,010)
- Deferred charges and accrued income +€18,010
up €18,010 (+39.4%), from €45,730 to €63,740
- Reserves +€416,414
up €416,414 (+63.7%), from €654,133 to €1.1m
of which Distributable reserves: +€269,064
- Other debts +€13,570
up €13,570 (+41.8%), from €32,448 to €46,018
- Gross operating margin +€295,504
up €295,504 (+96.7%), from €305,515 to €601,019
- Taxes +€89,214
up €89,214 (+100.9%), from €88,439 to €177,653
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 | €773,089 | €1,217,107 | +€444,018 | +57.4% |
| Fixed assets | 21/28 | €48,603 | €41,687 | -€6,916 | -14.2% |
| Tangible fixed assets | 22/27 | €48,603 | €41,687 | -€6,916 | -14.2% |
| Plant, machinery and equipment | 23 | €3,249 | €4,328 | +€1,079 | +33.2% |
| Furniture and vehicles | 24 | €29,394 | €21,399 | -€7,995 | -27.2% |
| Other tangible fixed assets | 26 | €15,960 | €15,960 | = | 0.0% |
| Current assets | 29/58 | €724,486 | €1,175,420 | +€450,934 | +62.2% |
| Amounts receivable within one year | 40/41 | €7,746 | €414 | -€7,332 | -94.7% |
| Trade receivables | 40 | €414 | €414 | = | 0.0% |
| Other amounts receivable | 41 | €7,332 | - | -€7,332 | |
| Current investments | 50/53 | €470,000 | €933,094 | +€463,094 | +98.5% |
| Cash at bank and in hand | 54/58 | €201,010 | €178,172 | -€22,838 | -11.4% |
| Deferred charges and accrued income | 490/1 | €45,730 | €63,740 | +€18,010 | +39.4% |
| Total equity and liabilities | 10/49 | €773,089 | €1,217,107 | +€444,018 | +57.4% |
| Equity | 10/15 | €654,133 | €1,070,546 | +€416,414 | +63.7% |
| Reserves | 13 | €654,133 | €1,070,546 | +€416,414 | +63.7% |
| Tax-exempt reserves | 132 | €75,359 | €222,709 | +€147,350 | +195.5% |
| Distributable reserves | 133 | €578,774 | €847,837 | +€269,064 | +46.5% |
| Provisions and deferred taxes | 16 | €84,175 | €82,296 | -€1,879 | -2.2% |
| Provisions for liabilities and charges | 160/5 | €84,175 | €82,296 | -€1,879 | -2.2% |
| Other liabilities and charges | 164/5 | €84,175 | €82,296 | -€1,879 | -2.2% |
| Amounts payable | 17/49 | €34,781 | €64,265 | +€29,483 | +84.8% |
| Amounts payable within one year | 42/48 | €34,781 | €64,265 | +€29,483 | +84.8% |
| Trade debts | 44 | €2,333 | €8,493 | +€6,160 | +264.0% |
| Suppliers | 440/4 | €2,333 | €8,493 | +€6,160 | +264.0% |
| Taxes, remuneration and social security | 45 | - | €9,754 | +€9,754 | |
| Taxes | 450/3 | - | €9,754 | +€9,754 | |
| Other amounts payable | 47/48 | €32,448 | €46,018 | +€13,570 | +41.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,274 | €12,016 | +€3,742 | +45.2% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€1,751 | -€1,879 | -€128 | -7.3% |
| Other operating charges | 640/8 | €988 | €1,119 | +€131 | +13.3% |
| Gross operating margin | 9900 | €305,515 | €601,019 | +€295,504 | +96.7% |
| Operating profit (loss) | 9901 | €298,003 | €589,762 | +€291,759 | +97.9% |
| Financial income | 75/76B | €10,481 | €13,472 | +€2,990 | +28.5% |
| Recurring financial income | 75 | €10,481 | €13,472 | +€2,990 | +28.5% |
| Financial charges | 65/66B | €8,932 | €9,168 | +€236 | +2.6% |
| Recurring financial charges | 65 | €8,932 | €9,168 | +€236 | +2.6% |
| Profit (loss) for the period before taxes | 9903 | €299,552 | €594,066 | +€294,514 | +98.3% |
| Income taxes | 67/77 | €88,439 | €177,653 | +€89,214 | +100.9% |
| Profit (loss) for the period | 9904 | €211,114 | €416,414 | +€205,300 | +97.2% |
| Transfer to tax-exempt reserves | 689 | €75,359 | €147,350 | +€71,991 | +95.5% |
| Profit (loss) for the period to be appropriated | 9905 | €135,755 | €269,064 | +€133,309 | +98.2% |
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 28 September 2026 via checked.be.