MBR: 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.
MBR
Largest movements
- Cash +€14,111
up €14,111 (+581%), from €2,428 to €16,539
mainly Net result for the year (+€14,241) and Short-term financial debts (+€6,989)
- Tangible fixed assets +€1,473
up €1,473 (+36.1%), from €4,083 to €5,556
- Stocks and contracts +€1,355
up €1,355 (+1.9%), from €71,145 to €72,499
- Receivables within one year -€1,153
down €1,153 (-8.1%), from €14,267 to €13,114
of which Other amounts receivable: -€6,430
- Profit (loss) carried forward +€14,241
up €14,241 (+34.5%), from €41,299 to €55,540
- Short-term financial debts +€6,989
up €6,989 (+6,705%), from €104 to €7,093
- Trade debts -€4,526
down €4,526 (-23.9%), from €18,910 to €14,385
- Other debts +€2,606
up €2,606 (+74.5%), from €3,499 to €6,105
- Current portion of long-term debt -€2,199
down €2,199 (-50.1%), from €4,387 to €2,188
- Gross operating margin +€10,846
up €10,846 (+71.3%), from €15,205 to €26,052
- Financial charges -€4,139
down €4,139 (-48.7%), from €8,501 to €4,362
of which Non-recurring financial charges: -€5,872
- Depreciation -€1,949
down €1,949 (-53.9%), from €3,615 to €1,666
- Taxes +€1,862
up €1,862 (+86.6%), from €2,151 to €4,012
- Other operating charges -€442
down €442 (-25.8%), from €1,716 to €1,274
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 | €92,607 | €108,187 | +€15,580 | +16.8% |
| Fixed assets | 21/28 | €4,083 | €5,556 | +€1,473 | +36.1% |
| Tangible fixed assets | 22/27 | €4,083 | €5,556 | +€1,473 | +36.1% |
| Furniture and vehicles | 24 | €4,083 | €5,556 | +€1,473 | +36.1% |
| Current assets | 29/58 | €88,524 | €102,631 | +€14,107 | +15.9% |
| Stocks and contracts in progress | 3 | €71,145 | €72,499 | +€1,355 | +1.9% |
| Stocks | 30/36 | €71,145 | €72,499 | +€1,355 | +1.9% |
| Amounts receivable within one year | 40/41 | €14,267 | €13,114 | -€1,153 | -8.1% |
| Trade receivables | 40 | - | €5,277 | +€5,277 | |
| Other amounts receivable | 41 | €14,267 | €7,837 | -€6,430 | -45.1% |
| Cash at bank and in hand | 54/58 | €2,428 | €16,539 | +€14,111 | +581% |
| Deferred charges and accrued income | 490/1 | €685 | €479 | -€206 | -30.0% |
| Total equity and liabilities | 10/49 | €92,607 | €108,187 | +€15,580 | +16.8% |
| Equity | 10/15 | €61,759 | €76,000 | +€14,241 | +23.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €41,299 | €55,540 | +€14,241 | +34.5% |
| Amounts payable | 17/49 | €30,848 | €32,187 | +€1,340 | +4.3% |
| Amounts payable within one year | 42/48 | €30,848 | €32,183 | +€1,336 | +4.3% |
| Current portion of amounts payable after more than one year | 42 | €4,387 | €2,188 | -€2,199 | -50.1% |
| Financial debts | 43 | €104 | €7,093 | +€6,989 | +6,705% |
| Credit institutions | 430/8 | €104 | €7,093 | +€6,989 | +6,705% |
| Trade debts | 44 | €18,910 | €14,385 | -€4,526 | -23.9% |
| Suppliers | 440/4 | €18,910 | €14,385 | -€4,526 | -23.9% |
| Taxes, remuneration and social security | 45 | €3,947 | €2,412 | -€1,535 | -38.9% |
| Taxes | 450/3 | €3,947 | €2,412 | -€1,535 | -38.9% |
| Other amounts payable | 47/48 | €3,499 | €6,105 | +€2,606 | +74.5% |
| Accrued charges and deferred income | 492/3 | - | €4 | +€4 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,615 | €1,666 | -€1,949 | -53.9% |
| Other operating charges | 640/8 | €1,716 | €1,274 | -€442 | -25.8% |
| Non-recurring operating charges | 66A | - | €561 | +€561 | |
| Gross operating margin | 9900 | €15,205 | €26,052 | +€10,846 | +71.3% |
| Operating profit (loss) | 9901 | €9,874 | €22,551 | +€12,677 | +128% |
| Financial income | 75/76B | €379 | €65 | -€315 | -83.0% |
| Recurring financial income | 75 | €379 | €65 | -€315 | -83.0% |
| Financial charges | 65/66B | €8,501 | €4,362 | -€4,139 | -48.7% |
| Recurring financial charges | 65 | €1,140 | €2,873 | +€1,733 | +152% |
| Non-recurring financial charges | 66B | €7,361 | €1,489 | -€5,872 | -79.8% |
| Profit (loss) for the period before taxes | 9903 | €1,752 | €18,253 | +€16,502 | +942% |
| Income taxes | 67/77 | €2,151 | €4,012 | +€1,862 | +86.6% |
| Profit (loss) for the period | 9904 | -€399 | €14,241 | +€14,640 | |
| Profit (loss) for the period to be appropriated | 9905 | -€399 | €14,241 | +€14,640 |
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 27 October 2026 via checked.be.