MR4OF: 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.
MR4OF
Largest movements
- Tangible fixed assets -€33,924
down €33,924 (-12.0%), from €282,230 to €248,305
of which Land and buildings: -€17,281
- Debts after one year -€14,670
down €14,670 (-8.0%), from €183,193 to €168,523
- Tax, wage and social debts -€7,735
down €7,735 (-50.0%), from €15,458 to €7,722
of which Remuneration and social security: -€5,678
- Other debts -€5,473
down €5,473 (-1.2%), from €440,745 to €435,271
- Short-term financial debts -€4,761
down €4,761 (-100%), from €4,761 to €0
- Staff costs -€21,037
down €21,037 (-55.4%), from €37,943 to €16,906
- Gross operating margin -€5,972
down €5,972 (-9.6%), from €62,330 to €56,358
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 | €445,386 | €410,403 | -€34,982 | -7.9% |
| Fixed assets | 21/28 | €282,230 | €248,305 | -€33,924 | -12.0% |
| Tangible fixed assets | 22/27 | €282,230 | €248,305 | -€33,924 | -12.0% |
| Land and buildings | 22 | €192,239 | €174,958 | -€17,281 | -9.0% |
| Plant, machinery and equipment | 23 | €81,819 | €68,828 | -€12,991 | -15.9% |
| Furniture and vehicles | 24 | €60 | €0 | -€60 | -100% |
| Other tangible fixed assets | 26 | €8,112 | €4,519 | -€3,592 | -44.3% |
| Current assets | 29/58 | €163,156 | €162,098 | -€1,058 | -0.6% |
| Stocks and contracts in progress | 3 | €156,965 | €155,690 | -€1,274 | -0.8% |
| Stocks | 30/36 | €156,965 | €155,690 | -€1,274 | -0.8% |
| Amounts receivable within one year | 40/41 | €2,930 | €2,577 | -€354 | -12.1% |
| Trade receivables | 40 | €2,930 | €2,577 | -€354 | -12.1% |
| Cash at bank and in hand | 54/58 | €2,353 | €2,870 | +€518 | +22.0% |
| Deferred charges and accrued income | 490/1 | €908 | €961 | +€53 | +5.8% |
| Total equity and liabilities | 10/49 | €445,386 | €410,403 | -€34,982 | -7.9% |
| Equity | 10/15 | -€219,670 | -€221,322 | -€1,652 | -0.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€238,270 | -€239,922 | -€1,652 | -0.7% |
| Amounts payable | 17/49 | €665,055 | €631,725 | -€33,330 | -5.0% |
| Amounts payable after more than one year | 17 | €183,193 | €168,523 | -€14,670 | -8.0% |
| Financial debts | 170/4 | €183,193 | €168,523 | -€14,670 | -8.0% |
| Amounts payable within one year | 42/48 | €481,862 | €461,524 | -€20,338 | -4.2% |
| Current portion of amounts payable after more than one year | 42 | €14,238 | €14,670 | +€432 | +3.0% |
| Financial debts | 43 | €4,761 | €0 | -€4,761 | -100% |
| Credit institutions | 430/8 | €4,761 | €0 | -€4,761 | -100% |
| Trade debts | 44 | €6,660 | €3,860 | -€2,800 | -42.0% |
| Suppliers | 440/4 | €6,660 | €3,860 | -€2,800 | -42.0% |
| Taxes, remuneration and social security | 45 | €15,458 | €7,722 | -€7,735 | -50.0% |
| Taxes | 450/3 | €6,554 | €4,497 | -€2,057 | -31.4% |
| Remuneration and social security | 454/9 | €8,903 | €3,225 | -€5,678 | -63.8% |
| Other amounts payable | 47/48 | €440,745 | €435,271 | -€5,473 | -1.2% |
| Accrued charges and deferred income | 492/3 | - | €1,678 | +€1,678 | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €37,943 | €16,906 | -€21,037 | -55.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,225 | €33,924 | -€301 | -0.9% |
| Other operating charges | 640/8 | €462 | €475 | +€12 | +2.7% |
| Gross operating margin | 9900 | €62,330 | €56,358 | -€5,972 | -9.6% |
| Operating profit (loss) | 9901 | -€10,301 | €5,053 | +€15,354 | |
| Financial income | 75/76B | €0 | €0 | -€0 | -10.5% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -10.5% |
| Financial charges | 65/66B | €7,224 | €6,705 | -€519 | -7.2% |
| Recurring financial charges | 65 | €7,224 | €6,705 | -€519 | -7.2% |
| Profit (loss) for the period before taxes | 9903 | -€17,524 | -€1,652 | +€15,872 | +90.6% |
| Profit (loss) for the period | 9904 | -€17,524 | -€1,652 | +€15,872 | +90.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€17,524 | -€1,652 | +€15,872 | +90.6% |
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 26 October 2026 via checked.be.