MBRE Management: 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.
MBRE Management
Largest movements
- Cash +€47,551
up €47,551 (+108.9%), from €43,651 to €91,203
mainly Net result for the year (+€31,958) and Current investments (+€24,000)
- Financial fixed assets +€36,000
up €36,000 (+1636.4%), from €2,200 to €38,200
- Current investments -€24,000
no longer reported in 2025 (was €24,000)
- Receivables within one year -€13,239
down €13,239 (-41.3%), from €32,025 to €18,785
of which Other amounts receivable: -€16,665
- Tangible fixed assets -€7,507
down €7,507 (-3.4%), from €223,781 to €216,274
of which Land and buildings: -€8,691
- Debts after one year +€21,409
up €21,409 (+13.6%), from €157,739 to €179,148
- Accrued charges and deferred income +€11,912
new in 2025: €11,912
- Reserves +€8,428
up €8,428 (+7.5%), from €112,306 to €120,734
- Trade debts -€4,839
down €4,839 (-45.8%), from €10,568 to €5,729
- Financial income -€16,087
down €16,087 (-76.6%), from €20,994 to €4,907
- Gross operating margin -€4,387
down €4,387 (-7.3%), from €60,245 to €55,858
- Depreciation +€1,175
up €1,175 (+13.1%), from €8,944 to €10,119
- Taxes -€775
down €775 (-6.4%), from €12,114 to €11,339
- Financial charges -€687
down €687 (-13.5%), from €5,106 to €4,419
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 | €325,657 | €364,462 | +€38,805 | +11.9% |
| Fixed assets | 21/28 | €225,981 | €254,474 | +€28,493 | +12.6% |
| Tangible fixed assets | 22/27 | €223,781 | €216,274 | -€7,507 | -3.4% |
| Land and buildings | 22 | €220,015 | €211,324 | -€8,691 | -4.0% |
| Furniture and vehicles | 24 | €3,766 | €4,951 | +€1,184 | +31.4% |
| Financial fixed assets | 28 | €2,200 | €38,200 | +€36,000 | +1636.4% |
| Current assets | 29/58 | €99,676 | €109,988 | +€10,312 | +10.3% |
| Amounts receivable within one year | 40/41 | €32,025 | €18,785 | -€13,239 | -41.3% |
| Trade receivables | 40 | €12,117 | €15,542 | +€3,425 | +28.3% |
| Other amounts receivable | 41 | €19,908 | €3,243 | -€16,665 | -83.7% |
| Current investments | 50/53 | €24,000 | - | -€24,000 | |
| Cash at bank and in hand | 54/58 | €43,651 | €91,203 | +€47,551 | +108.9% |
| Total equity and liabilities | 10/49 | €325,657 | €364,462 | +€38,805 | +11.9% |
| Equity | 10/15 | €130,906 | €139,334 | +€8,428 | +6.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €112,306 | €120,734 | +€8,428 | +7.5% |
| Distributable reserves | 133 | €112,306 | €120,734 | +€8,428 | +7.5% |
| Amounts payable | 17/49 | €194,751 | €225,128 | +€30,377 | +15.6% |
| Amounts payable after more than one year | 17 | €157,739 | €179,148 | +€21,409 | +13.6% |
| Financial debts | 170/4 | €157,739 | €179,148 | +€21,409 | +13.6% |
| Amounts payable within one year | 42/48 | €37,012 | €34,068 | -€2,944 | -8.0% |
| Current portion of amounts payable after more than one year | 42 | €18,421 | €18,591 | +€170 | +0.9% |
| Trade debts | 44 | €10,568 | €5,729 | -€4,839 | -45.8% |
| Suppliers | 440/4 | €10,568 | €5,729 | -€4,839 | -45.8% |
| Taxes, remuneration and social security | 45 | €8,023 | €9,749 | +€1,725 | +21.5% |
| Taxes | 450/3 | €5,973 | €9,749 | +€3,775 | +63.2% |
| Remuneration and social security | 454/9 | €2,050 | - | -€2,050 | |
| Accrued charges and deferred income | 492/3 | - | €11,912 | +€11,912 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,944 | €10,119 | +€1,175 | +13.1% |
| Other operating charges | 640/8 | €2,909 | €2,931 | +€21 | +0.7% |
| Gross operating margin | 9900 | €60,245 | €55,858 | -€4,387 | -7.3% |
| Operating profit (loss) | 9901 | €48,391 | €42,808 | -€5,583 | -11.5% |
| Financial income | 75/76B | €20,994 | €4,907 | -€16,087 | -76.6% |
| Recurring financial income | 75 | €20,994 | €4,907 | -€16,087 | -76.6% |
| Financial charges | 65/66B | €5,106 | €4,419 | -€687 | -13.5% |
| Recurring financial charges | 65 | €5,106 | €4,419 | -€687 | -13.5% |
| Profit (loss) for the period before taxes | 9903 | €64,279 | €43,297 | -€20,983 | -32.6% |
| Income taxes | 67/77 | €12,114 | €11,339 | -€775 | -6.4% |
| Profit (loss) for the period | 9904 | €52,165 | €31,958 | -€20,208 | -38.7% |
| Profit (loss) for the period to be appropriated | 9905 | €52,165 | €31,958 | -€20,208 | -38.7% |
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 12 October 2026 via checked.be.