MFR Team: 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.
MFR Team
Largest movements
- Cash -€175,899
down €175,899 (-53.4%), from €329,616 to €153,718
mainly Other debts (-€155,074) and Contributions, distributions and other (-€122,653)
- Tangible fixed assets -€93,948
down €93,948 (-40.3%), from €233,278 to €139,330
of which Plant, machinery and equipment: -€52,476
- Stocks and contracts -€27,967
down €27,967 (-12.2%), from €230,156 to €202,189
- Receivables within one year -€19,618
down €19,618 (-18.3%), from €107,435 to €87,817
of which Other amounts receivable: -€35,445
- Other debts -€155,074
down €155,074 (-59.2%), from €261,893 to €106,818
- Trade debts -€74,329
down €74,329 (-17.6%), from €422,657 to €348,328
- Debts after one year -€66,649
down €66,649 (-93.2%), from €71,482 to €4,833
- Investment grants -€17,727
down €17,727 (-49.7%), from €35,635 to €17,908
- Gross operating margin +€36,926
up €36,926 (+6.0%), from €612,328 to €649,255
- Staff costs +€12,403
up €12,403 (+3.1%), from €397,684 to €410,087
- Taxes +€7,925
up €7,925 (+34.3%), from €23,094 to €31,020
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 | €910,577 | €592,669 | -€317,908 | -34.9% |
| Fixed assets | 21/28 | €233,278 | €139,330 | -€93,948 | -40.3% |
| Tangible fixed assets | 22/27 | €233,278 | €139,330 | -€93,948 | -40.3% |
| Plant, machinery and equipment | 23 | €142,939 | €90,463 | -€52,476 | -36.7% |
| Furniture and vehicles | 24 | €17,667 | €10,933 | -€6,733 | -38.1% |
| Other tangible fixed assets | 26 | €72,673 | €37,934 | -€34,739 | -47.8% |
| Current assets | 29/58 | €677,298 | €453,339 | -€223,959 | -33.1% |
| Stocks and contracts in progress | 3 | €230,156 | €202,189 | -€27,967 | -12.2% |
| Stocks | 30/36 | €230,156 | €202,189 | -€27,967 | -12.2% |
| Amounts receivable within one year | 40/41 | €107,435 | €87,817 | -€19,618 | -18.3% |
| Trade receivables | 40 | €27,523 | €43,350 | +€15,827 | +57.5% |
| Other amounts receivable | 41 | €79,912 | €44,467 | -€35,445 | -44.4% |
| Cash at bank and in hand | 54/58 | €329,616 | €153,718 | -€175,899 | -53.4% |
| Deferred charges and accrued income | 490/1 | €10,091 | €9,615 | -€475 | -4.7% |
| Total equity and liabilities | 10/49 | €910,577 | €592,669 | -€317,908 | -34.9% |
| Equity | 10/15 | €40,635 | €22,908 | -€17,727 | -43.6% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Investment grants | 15 | €35,635 | €17,908 | -€17,727 | -49.7% |
| Amounts payable | 17/49 | €869,941 | €569,761 | -€300,181 | -34.5% |
| Amounts payable after more than one year | 17 | €71,482 | €4,833 | -€66,649 | -93.2% |
| Financial debts | 170/4 | €71,482 | €4,833 | -€66,649 | -93.2% |
| Amounts payable within one year | 42/48 | €798,040 | €564,606 | -€233,434 | -29.3% |
| Current portion of amounts payable after more than one year | 42 | €75,222 | €79,792 | +€4,570 | +6.1% |
| Trade debts | 44 | €422,657 | €348,328 | -€74,329 | -17.6% |
| Suppliers | 440/4 | €422,657 | €348,328 | -€74,329 | -17.6% |
| Taxes, remuneration and social security | 45 | €38,268 | €29,668 | -€8,600 | -22.5% |
| Taxes | 450/3 | - | €0 | +€0 | |
| Remuneration and social security | 454/9 | €38,268 | €29,668 | -€8,600 | -22.5% |
| Other amounts payable | 47/48 | €261,893 | €106,818 | -€155,074 | -59.2% |
| Accrued charges and deferred income | 492/3 | €420 | €322 | -€98 | -23.4% |
| Remuneration, social security and pensions | 62 | €397,684 | €410,087 | +€12,403 | +3.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €96,446 | €97,459 | +€1,013 | +1.1% |
| Other operating charges | 640/8 | €2,479 | €2,180 | -€298 | -12.0% |
| Gross operating margin | 9900 | €612,328 | €649,255 | +€36,926 | +6.0% |
| Operating profit (loss) | 9901 | €115,720 | €139,529 | +€23,808 | +20.6% |
| Financial income | 75/76B | €18,829 | €24,254 | +€5,425 | +28.8% |
| Recurring financial income | 75 | €18,829 | €24,254 | +€5,425 | +28.8% |
| Financial charges | 65/66B | €29,552 | €27,837 | -€1,715 | -5.8% |
| Recurring financial charges | 65 | €29,552 | €27,837 | -€1,715 | -5.8% |
| Profit (loss) for the period before taxes | 9903 | €104,997 | €135,945 | +€30,948 | +29.5% |
| Income taxes | 67/77 | €23,094 | €31,020 | +€7,925 | +34.3% |
| Profit (loss) for the period | 9904 | €81,902 | €104,926 | +€23,023 | +28.1% |
| Profit (loss) for the period to be appropriated | 9905 | €81,902 | €104,926 | +€23,023 | +28.1% |
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 6 October 2026 via checked.be.