MKR2: 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.
MKR2
Largest movements
- Cash +€627,166
up €627,166 (+146.3%), from €428,767 to €1.1m
mainly Debts after one year (+€638,100) and Net result for the year (+€635,613)
- Current investments -€389,976
down €389,976 (-37.1%), from €1.1m to €660,282
- Stocks and contracts +€74,264
up €74,264 (+11.1%), from €669,156 to €743,419
- Tangible fixed assets -€61,340
down €61,340 (-38.8%), from €157,957 to €96,618
of which Other tangible fixed assets: -€41,226
- Receivables within one year +€36,966
up €36,966 (+8.3%), from €444,102 to €481,068
of which Other amounts receivable: +€82,784
- Debts after one year +€638,100
up €638,100 (+129.3%), from €493,479 to €1.1m
- Trade debts -€247,546
down €247,546 (-39.7%), from €624,209 to €376,663
- Other debts -€83,253
down €83,253 (-11.0%), from €754,617 to €671,364
- Gross operating margin -€203,468
down €203,468 (-11.2%), from €1.8m to €1.6m
- Staff costs -€111,757
down €111,757 (-11.5%), from €974,235 to €862,478
- Financial income +€27,192
up €27,192 (+15.7%), from €173,621 to €200,813
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 | €2,769,334 | €3,063,422 | +€294,088 | +10.6% |
| Fixed assets | 21/28 | €158,552 | €97,213 | -€61,340 | -38.7% |
| Tangible fixed assets | 22/27 | €157,957 | €96,618 | -€61,340 | -38.8% |
| Plant, machinery and equipment | 23 | €79,402 | €60,779 | -€18,624 | -23.5% |
| Furniture and vehicles | 24 | €4,822 | €3,332 | -€1,490 | -30.9% |
| Other tangible fixed assets | 26 | €73,733 | €32,507 | -€41,226 | -55.9% |
| Financial fixed assets | 28 | €595 | €595 | = | 0.0% |
| Current assets | 29/58 | €2,610,781 | €2,966,209 | +€355,428 | +13.6% |
| Stocks and contracts in progress | 3 | €669,156 | €743,419 | +€74,264 | +11.1% |
| Stocks | 30/36 | €669,156 | €743,419 | +€74,264 | +11.1% |
| Amounts receivable within one year | 40/41 | €444,102 | €481,068 | +€36,966 | +8.3% |
| Trade receivables | 40 | €313,832 | €268,014 | -€45,818 | -14.6% |
| Other amounts receivable | 41 | €130,270 | €213,053 | +€82,784 | +63.5% |
| Current investments | 50/53 | €1,050,257 | €660,282 | -€389,976 | -37.1% |
| Cash at bank and in hand | 54/58 | €428,767 | €1,055,933 | +€627,166 | +146.3% |
| Deferred charges and accrued income | 490/1 | €18,499 | €25,508 | +€7,009 | +37.9% |
| Total equity and liabilities | 10/49 | €2,769,334 | €3,063,422 | +€294,088 | +10.6% |
| Equity | 10/15 | €579,231 | €579,844 | +€613 | +0.1% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €559,231 | €559,844 | +€613 | +0.1% |
| Distributable reserves | 133 | €559,231 | €559,844 | +€613 | +0.1% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €2,190,103 | €2,483,578 | +€293,476 | +13.4% |
| Amounts payable after more than one year | 17 | €493,479 | €1,131,579 | +€638,100 | +129.3% |
| Trade debts | 175 | €493,479 | €1,131,579 | +€638,100 | +129.3% |
| Amounts payable within one year | 42/48 | €1,696,624 | €1,351,999 | -€344,624 | -20.3% |
| Current portion of amounts payable after more than one year | 42 | €171,900 | €171,900 | = | 0.0% |
| Trade debts | 44 | €624,209 | €376,663 | -€247,546 | -39.7% |
| Suppliers | 440/4 | €624,209 | €376,663 | -€247,546 | -39.7% |
| Taxes, remuneration and social security | 45 | €145,898 | €132,072 | -€13,826 | -9.5% |
| Taxes | 450/3 | €12,920 | €0 | -€12,920 | -100.0% |
| Remuneration and social security | 454/9 | €132,978 | €132,072 | -€906 | -0.7% |
| Other amounts payable | 47/48 | €754,617 | €671,364 | -€83,253 | -11.0% |
| Remuneration, social security and pensions | 62 | €974,235 | €862,478 | -€111,757 | -11.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €66,746 | €61,320 | -€5,426 | -8.1% |
| Other operating charges | 640/8 | €3,796 | €6,204 | +€2,408 | +63.4% |
| Gross operating margin | 9900 | €1,821,584 | €1,618,117 | -€203,468 | -11.2% |
| Operating profit (loss) | 9901 | €776,807 | €688,115 | -€88,693 | -11.4% |
| Financial income | 75/76B | €173,621 | €200,813 | +€27,192 | +15.7% |
| Recurring financial income | 75 | €173,621 | €200,813 | +€27,192 | +15.7% |
| Financial charges | 65/66B | €41,354 | €38,760 | -€2,594 | -6.3% |
| Recurring financial charges | 65 | €41,354 | €38,760 | -€2,594 | -6.3% |
| Profit (loss) for the period before taxes | 9903 | €909,075 | €850,168 | -€58,907 | -6.5% |
| Income taxes | 67/77 | €232,051 | €214,555 | -€17,496 | -7.5% |
| Profit (loss) for the period | 9904 | €677,024 | €635,613 | -€41,411 | -6.1% |
| Profit (loss) for the period to be appropriated | 9905 | €677,024 | €635,613 | -€41,411 | -6.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.