MR4D: 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.
MR4D
Largest movements
- Current investments +€65,172
up €65,172 (+39.5%), from €165,000 to €230,172
- Tangible fixed assets +€23,474
up €23,474 (+6.5%), from €363,382 to €386,856
of which Leasing and similar rights: +€32,688
- Cash -€14,958
down €14,958 (-15.6%), from €95,608 to €80,649
mainly Current investments (-€65,172) and Investment in fixed assets (net) (-€55,267)
- Reserves +€45,523
up €45,523 (+13.1%), from €346,549 to €392,071
of which Distributable reserves: +€45,523
- Debts after one year +€11,597
up €11,597 (+4.2%), from €277,500 to €289,097
- Current portion of long-term debt +€11,245
new in 2025: €11,245
- Gross operating margin +€24,316
up €24,316 (+28.3%), from €85,990 to €110,305
- Depreciation +€16,678
up €16,678 (+110.3%), from €15,116 to €31,793
- Taxes +€5,244
up €5,244 (+30.9%), from €16,950 to €22,194
- Financial charges +€1,523
up €1,523 (+20.7%), from €7,367 to €8,890
- Other operating charges -€1,282
down €1,282 (-38.2%), from €3,359 to €2,077
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 | €670,829 | €739,496 | +€68,667 | +10.2% |
| Fixed assets | 21/28 | €363,382 | €386,856 | +€23,474 | +6.5% |
| Tangible fixed assets | 22/27 | €363,382 | €386,856 | +€23,474 | +6.5% |
| Land and buildings | 22 | €348,056 | €337,183 | -€10,873 | -3.1% |
| Plant, machinery and equipment | 23 | €10,166 | €7,942 | -€2,224 | -21.9% |
| Furniture and vehicles | 24 | €5,159 | €9,043 | +€3,883 | +75.3% |
| Leasing and similar rights | 25 | - | €32,688 | +€32,688 | |
| Current assets | 29/58 | €307,447 | €352,640 | +€45,194 | +14.7% |
| Amounts receivable within one year | 40/41 | €44,242 | €39,333 | -€4,910 | -11.1% |
| Trade receivables | 40 | €40,689 | €38,974 | -€1,715 | -4.2% |
| Other amounts receivable | 41 | €3,553 | €358 | -€3,195 | -89.9% |
| Current investments | 50/53 | €165,000 | €230,172 | +€65,172 | +39.5% |
| Cash at bank and in hand | 54/58 | €95,608 | €80,649 | -€14,958 | -15.6% |
| Deferred charges and accrued income | 490/1 | €2,596 | €2,486 | -€110 | -4.3% |
| Total equity and liabilities | 10/49 | €670,829 | €739,496 | +€68,667 | +10.2% |
| Equity | 10/15 | €366,784 | €412,307 | +€45,523 | +12.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €346,549 | €392,071 | +€45,523 | +13.1% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €344,689 | €390,211 | +€45,523 | +13.2% |
| Profit (loss) carried forward | 14 | €14,036 | €14,036 | = | 0.0% |
| Amounts payable | 17/49 | €304,045 | €327,189 | +€23,144 | +7.6% |
| Amounts payable after more than one year | 17 | €277,500 | €289,097 | +€11,597 | +4.2% |
| Financial debts | 170/4 | €277,500 | €289,097 | +€11,597 | +4.2% |
| Amounts payable within one year | 42/48 | €25,705 | €37,672 | +€11,967 | +46.6% |
| Current portion of amounts payable after more than one year | 42 | - | €11,245 | +€11,245 | |
| Trade debts | 44 | €2,536 | €3,907 | +€1,370 | +54.0% |
| Suppliers | 440/4 | €2,536 | €3,907 | +€1,370 | +54.0% |
| Taxes, remuneration and social security | 45 | €15,035 | €14,455 | -€580 | -3.9% |
| Taxes | 450/3 | €15,035 | €14,455 | -€580 | -3.9% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €8,133 | €8,066 | -€68 | -0.8% |
| Accrued charges and deferred income | 492/3 | €840 | €420 | -€420 | -50.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,116 | €31,793 | +€16,678 | +110.3% |
| Other operating charges | 640/8 | €3,359 | €2,077 | -€1,282 | -38.2% |
| Gross operating margin | 9900 | €85,990 | €110,305 | +€24,316 | +28.3% |
| Operating profit (loss) | 9901 | €67,515 | €76,435 | +€8,920 | +13.2% |
| Financial income | 75/76B | €41 | €172 | +€132 | +323.8% |
| Recurring financial income | 75 | €41 | €172 | +€132 | +323.8% |
| Financial charges | 65/66B | €7,367 | €8,890 | +€1,523 | +20.7% |
| Recurring financial charges | 65 | €7,367 | €8,890 | +€1,523 | +20.7% |
| Profit (loss) for the period before taxes | 9903 | €60,188 | €67,717 | +€7,529 | +12.5% |
| Income taxes | 67/77 | €16,950 | €22,194 | +€5,244 | +30.9% |
| Profit (loss) for the period | 9904 | €43,238 | €45,523 | +€2,285 | +5.3% |
| Profit (loss) for the period to be appropriated | 9905 | €43,238 | €45,523 | +€2,285 | +5.3% |
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 7 October 2026 via checked.be.