MFR: 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.
MFR
Largest movements
- Cash -€54,444
down €54,444 (-92.6%), from €58,769 to €4,325
mainly Investment in fixed assets (net) (-€64,933) and Receivables within one year (-€37,218)
- Tangible fixed assets +€50,198
up €50,198 (+110%), from €45,566 to €95,763
of which Plant, machinery and equipment: +€50,346
- Receivables within one year +€37,218
up €37,218 (+196%), from €18,947 to €56,165
of which Other amounts receivable: +€36,481
- Deferred charges and accrued income -€1,844
down €1,844 (-45.6%), from €4,043 to €2,199
- Debts after one year +€33,916
up €33,916 (+107%), from €31,800 to €65,716
- Current portion of long-term debt +€10,103
up €10,103 (+127%), from €7,981 to €18,084
- Other debts -€8,857
down €8,857 (-35.7%), from €24,815 to €15,958
- Tax, wage and social debts -€8,691
down €8,691 (-53.2%), from €16,335 to €7,644
of which Remuneration and social security: -€7,850
- Profit (loss) carried forward +€2,295
up €2,295 (+5.2%), from €43,920 to €46,215
- Gross operating margin -€34,168
down €34,168 (-61.2%), from €55,815 to €21,646
- Taxes -€10,725
down €10,725 (-91.8%), from €11,685 to €960
- Depreciation +€8,196
up €8,196 (+125%), from €6,539 to €14,735
- Financial charges +€796
up €796 (+72.2%), from €1,103 to €1,900
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 | €127,325 | €158,453 | +€31,127 | +24.4% |
| Fixed assets | 21/28 | €45,566 | €95,763 | +€50,198 | +110% |
| Tangible fixed assets | 22/27 | €45,566 | €95,763 | +€50,198 | +110% |
| Plant, machinery and equipment | 23 | €3,333 | €53,679 | +€50,346 | +1,511% |
| Furniture and vehicles | 24 | €42,233 | €42,084 | -€149 | -0.4% |
| Current assets | 29/58 | €81,759 | €62,689 | -€19,070 | -23.3% |
| Amounts receivable within one year | 40/41 | €18,947 | €56,165 | +€37,218 | +196% |
| Trade receivables | 40 | €4,793 | €5,530 | +€737 | +15.4% |
| Other amounts receivable | 41 | €14,154 | €50,635 | +€36,481 | +258% |
| Cash at bank and in hand | 54/58 | €58,769 | €4,325 | -€54,444 | -92.6% |
| Deferred charges and accrued income | 490/1 | €4,043 | €2,199 | -€1,844 | -45.6% |
| Total equity and liabilities | 10/49 | €127,325 | €158,453 | +€31,127 | +24.4% |
| Equity | 10/15 | €44,670 | €46,965 | +€2,295 | +5.1% |
| Contributions | 10/11 | €750 | €750 | = | 0.0% |
| Profit (loss) carried forward | 14 | €43,920 | €46,215 | +€2,295 | +5.2% |
| Amounts payable | 17/49 | €82,655 | €111,487 | +€28,833 | +34.9% |
| Amounts payable after more than one year | 17 | €31,800 | €65,716 | +€33,916 | +107% |
| Financial debts | 170/4 | €31,800 | €65,716 | +€33,916 | +107% |
| Amounts payable within one year | 42/48 | €50,058 | €45,472 | -€4,586 | -9.2% |
| Current portion of amounts payable after more than one year | 42 | €7,981 | €18,084 | +€10,103 | +127% |
| Trade debts | 44 | €927 | €2,186 | +€1,259 | +136% |
| Suppliers | 440/4 | €927 | €2,186 | +€1,259 | +136% |
| Advances received on contracts in progress | 46 | - | €1,600 | +€1,600 | |
| Taxes, remuneration and social security | 45 | €16,335 | €7,644 | -€8,691 | -53.2% |
| Taxes | 450/3 | €8,485 | €7,644 | -€841 | -9.9% |
| Remuneration and social security | 454/9 | €7,850 | - | -€7,850 | |
| Other amounts payable | 47/48 | €24,815 | €15,958 | -€8,857 | -35.7% |
| Accrued charges and deferred income | 492/3 | €797 | €299 | -€498 | -62.4% |
| Non-recurring operating income | 76A | - | €3,403 | +€3,403 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,539 | €14,735 | +€8,196 | +125% |
| Other operating charges | 640/8 | €1,721 | €1,824 | +€104 | +6.0% |
| Gross operating margin | 9900 | €55,815 | €21,646 | -€34,168 | -61.2% |
| Operating profit (loss) | 9901 | €47,555 | €5,087 | -€42,468 | -89.3% |
| Financial income | 75/76B | €60 | €67 | +€6 | +10.7% |
| Recurring financial income | 75 | €60 | €67 | +€6 | +10.7% |
| Financial charges | 65/66B | €1,103 | €1,900 | +€796 | +72.2% |
| Recurring financial charges | 65 | €1,103 | €1,900 | +€796 | +72.2% |
| Profit (loss) for the period before taxes | 9903 | €46,512 | €3,254 | -€43,258 | -93.0% |
| Income taxes | 67/77 | €11,685 | €960 | -€10,725 | -91.8% |
| Profit (loss) for the period | 9904 | €34,827 | €2,295 | -€32,533 | -93.4% |
| Profit (loss) for the period to be appropriated | 9905 | €34,827 | €2,295 | -€32,533 | -93.4% |
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 14 October 2026 via checked.be.