MRD Construct: 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.
MRD Construct
Largest movements
- Tangible fixed assets +€68,216
up €68,216 (+236.6%), from €28,834 to €97,050
of which Leasing and similar rights: +€57,927
- Receivables within one year +€8,937
up €8,937 (+309.4%), from €2,889 to €11,825
of which Other amounts receivable: +€5,490
- Stocks and contracts +€1,263
new in 2025: €1,263
- Debts after one year +€39,820
new in 2025: €39,820
- Reserves +€21,586
up €21,586 (+285.6%), from €7,558 to €29,145
- Other debts -€14,867
down €14,867 (-100.0%), from €14,867 to €0
- Trade debts +€11,054
up €11,054 (+1350.8%), from €818 to €11,872
- Current portion of long-term debt +€9,979
new in 2025: €9,979
- Gross operating margin +€24,188
up €24,188 (+224.7%), from €10,765 to €34,953
- Depreciation +€5,996
up €5,996 (+307.9%), from €1,947 to €7,943
- Taxes +€1,930
up €1,930 (+107.0%), from €1,803 to €3,733
- Financial charges +€854
up €854 (+782.6%), from €109 to €963
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 | €34,341 | €111,683 | +€77,342 | +225.2% |
| Formation expenses | 20 | €1,615 | €1,121 | -€495 | -30.6% |
| Fixed assets | 21/28 | €28,834 | €97,050 | +€68,216 | +236.6% |
| Tangible fixed assets | 22/27 | €28,834 | €97,050 | +€68,216 | +236.6% |
| Plant, machinery and equipment | 23 | €1,188 | €1,827 | +€640 | +53.9% |
| Leasing and similar rights | 25 | - | €57,927 | +€57,927 | |
| Other tangible fixed assets | 26 | €27,647 | €37,296 | +€9,649 | +34.9% |
| Current assets | 29/58 | €3,892 | €13,512 | +€9,621 | +247.2% |
| Stocks and contracts in progress | 3 | - | €1,263 | +€1,263 | |
| Stocks | 30/36 | - | €1,263 | +€1,263 | |
| Amounts receivable within one year | 40/41 | €2,889 | €11,825 | +€8,937 | +309.4% |
| Trade receivables | 40 | €676 | €4,123 | +€3,447 | +510.1% |
| Other amounts receivable | 41 | €2,213 | €7,703 | +€5,490 | +248.1% |
| Cash at bank and in hand | 54/58 | €594 | €0 | -€594 | -100.0% |
| Deferred charges and accrued income | 490/1 | €409 | €424 | +€15 | +3.7% |
| Total equity and liabilities | 10/49 | €34,341 | €111,683 | +€77,342 | +225.2% |
| Equity | 10/15 | €10,558 | €32,145 | +€21,586 | +204.4% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €7,558 | €29,145 | +€21,586 | +285.6% |
| Distributable reserves | 133 | €7,558 | €29,145 | +€21,586 | +285.6% |
| Amounts payable | 17/49 | €23,783 | €79,539 | +€55,756 | +234.4% |
| Amounts payable after more than one year | 17 | - | €39,820 | +€39,820 | |
| Financial debts | 170/4 | - | €39,820 | +€39,820 | |
| Amounts payable within one year | 42/48 | €23,783 | €39,569 | +€15,786 | +66.4% |
| Current portion of amounts payable after more than one year | 42 | - | €9,979 | +€9,979 | |
| Financial debts | 43 | - | €8,859 | +€8,859 | |
| Credit institutions | 430/8 | - | €8,859 | +€8,859 | |
| Trade debts | 44 | €818 | €11,872 | +€11,054 | +1350.8% |
| Suppliers | 440/4 | €818 | €11,872 | +€11,054 | +1350.8% |
| Advances received on contracts in progress | 46 | €5,573 | €0 | -€5,573 | -100.0% |
| Taxes, remuneration and social security | 45 | €2,524 | €8,858 | +€6,334 | +250.9% |
| Taxes | 450/3 | €2,524 | €6,358 | +€3,834 | +151.9% |
| Remuneration and social security | 454/9 | - | €2,500 | +€2,500 | |
| Other amounts payable | 47/48 | €14,867 | €0 | -€14,867 | -100.0% |
| Accrued charges and deferred income | 492/3 | €0 | €150 | +€150 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,947 | €7,943 | +€5,996 | +307.9% |
| Other operating charges | 640/8 | €623 | €728 | +€105 | +16.9% |
| Gross operating margin | 9900 | €10,765 | €34,953 | +€24,188 | +224.7% |
| Operating profit (loss) | 9901 | €8,195 | €26,282 | +€18,087 | +220.7% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €109 | €963 | +€854 | +782.6% |
| Recurring financial charges | 65 | €109 | €963 | +€854 | +782.6% |
| Profit (loss) for the period before taxes | 9903 | €8,086 | €25,320 | +€17,233 | +213.1% |
| Income taxes | 67/77 | €1,803 | €3,733 | +€1,930 | +107.0% |
| Profit (loss) for the period | 9904 | €6,283 | €21,586 | +€15,303 | +243.6% |
| Profit (loss) for the period to be appropriated | 9905 | €6,283 | €21,586 | +€15,303 | +243.6% |
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 11 October 2026 via checked.be.