MRAD: 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.
MRAD
Largest movements
- Receivables within one year -€111,991
down €111,991 (-91.7%), from €122,162 to €10,171
of which Other amounts receivable: -€113,491
- Deferred charges and accrued income -€29,347
down €29,347 (-70.4%), from €41,672 to €12,325
- Cash +€12,985
up €12,985 (+404.2%), from €3,212 to €16,197
mainly Receivables within one year (+€111,991) and Net result for the year (+€41,371)
- Tangible fixed assets -€3,376
down €3,376 (-29.5%), from €11,440 to €8,064
of which Furniture and vehicles: -€9,458
- Profit (loss) carried forward -€127,629
down €127,629 (-75.5%), from €169,084 to €41,455
- Other debts -€2,000
no longer reported in 2025 (was €2,000)
- Gross operating margin +€10,896
up €10,896 (+25.0%), from €43,505 to €54,401
- Other operating charges +€2,232
up €2,232 (+256.4%), from €871 to €3,103
- Financial income -€2,061
down €2,061 (-41.9%), from €4,921 to €2,860
- Taxes +€1,494
up €1,494 (+15.9%), from €9,389 to €10,883
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 | €178,666 | €46,937 | -€131,729 | -73.7% |
| Fixed assets | 21/28 | €11,620 | €8,244 | -€3,376 | -29.1% |
| Tangible fixed assets | 22/27 | €11,440 | €8,064 | -€3,376 | -29.5% |
| Furniture and vehicles | 24 | €11,440 | €1,982 | -€9,458 | -82.7% |
| Other tangible fixed assets | 26 | - | €6,082 | +€6,082 | |
| Financial fixed assets | 28 | €180 | €180 | = | 0.0% |
| Current assets | 29/58 | €167,046 | €38,693 | -€128,353 | -76.8% |
| Amounts receivable within one year | 40/41 | €122,162 | €10,171 | -€111,991 | -91.7% |
| Trade receivables | 40 | - | €1,500 | +€1,500 | |
| Other amounts receivable | 41 | €122,162 | €8,671 | -€113,491 | -92.9% |
| Cash at bank and in hand | 54/58 | €3,212 | €16,197 | +€12,985 | +404.2% |
| Deferred charges and accrued income | 490/1 | €41,672 | €12,325 | -€29,347 | -70.4% |
| Total equity and liabilities | 10/49 | €178,666 | €46,937 | -€131,729 | -73.7% |
| Equity | 10/15 | €171,484 | €43,855 | -€127,629 | -74.4% |
| Contributions | 10/11 | €2,400 | €2,400 | = | 0.0% |
| Profit (loss) carried forward | 14 | €169,084 | €41,455 | -€127,629 | -75.5% |
| Amounts payable | 17/49 | €7,183 | €3,082 | -€4,101 | -57.1% |
| Amounts payable within one year | 42/48 | €7,183 | €3,082 | -€4,101 | -57.1% |
| Trade debts | 44 | €3,152 | €2,220 | -€932 | -29.6% |
| Suppliers | 440/4 | €3,152 | €2,220 | -€932 | -29.6% |
| Taxes, remuneration and social security | 45 | €2,031 | €862 | -€1,169 | -57.6% |
| Taxes | 450/3 | - | €862 | +€862 | |
| Remuneration and social security | 454/9 | €2,031 | - | -€2,031 | |
| Other amounts payable | 47/48 | €2,000 | - | -€2,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,747 | €1,748 | +€2 | +0.1% |
| Other operating charges | 640/8 | €871 | €3,103 | +€2,232 | +256.4% |
| Gross operating margin | 9900 | €43,505 | €54,401 | +€10,896 | +25.0% |
| Operating profit (loss) | 9901 | €40,887 | €49,549 | +€8,662 | +21.2% |
| Financial income | 75/76B | €4,921 | €2,860 | -€2,061 | -41.9% |
| Recurring financial income | 75 | €4,921 | €2,860 | -€2,061 | -41.9% |
| Financial charges | 65/66B | €423 | €155 | -€267 | -63.3% |
| Recurring financial charges | 65 | €423 | €155 | -€267 | -63.3% |
| Profit (loss) for the period before taxes | 9903 | €45,386 | €52,254 | +€6,869 | +15.1% |
| Income taxes | 67/77 | €9,389 | €10,883 | +€1,494 | +15.9% |
| Profit (loss) for the period | 9904 | €35,997 | €41,371 | +€5,375 | +14.9% |
| Profit (loss) for the period to be appropriated | 9905 | €35,997 | €41,371 | +€5,375 | +14.9% |
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 29 September 2026 via checked.be.