MRF TRACT: 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.
MRF TRACT
Largest movements
- Tangible fixed assets +€43,949
up €43,949 (+127%), from €34,601 to €78,550
of which Furniture and vehicles: +€43,090
- Cash +€23,945
up €23,945 (+3,478%), from €689 to €24,634
mainly Debts after one year (+€42,456) and Depreciation (+€18,295)
- Receivables within one year +€5,761
up €5,761 (+8.4%), from €68,208 to €73,969
- Debts after one year +€42,456
new in 2025: €42,456
- Profit (loss) carried forward +€12,180
up €12,180 (+294%), from €4,144 to €16,324
- Tax, wage and social debts +€11,241
up €11,241 (+63.1%), from €17,827 to €29,068
of which Remuneration and social security: +€8,738
- Current portion of long-term debt +€10,095
new in 2025: €10,095
- Other debts -€3,134
down €3,134 (-5.7%), from €55,001 to €51,867
- Gross operating margin +€37,751
up €37,751 (+63.5%), from €59,486 to €97,238
- Staff costs +€21,491
up €21,491 (+57.2%), from €37,603 to €59,094
- Depreciation +€6,863
up €6,863 (+60.0%), from €11,432 to €18,295
- Taxes +€1,714
up €1,714 (+128%), from €1,343 to €3,056
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 | €104,247 | €177,902 | +€73,655 | +70.7% |
| Fixed assets | 21/28 | €35,351 | €79,300 | +€43,949 | +124% |
| Tangible fixed assets | 22/27 | €34,601 | €78,550 | +€43,949 | +127% |
| Plant, machinery and equipment | 23 | - | €859 | +€859 | |
| Furniture and vehicles | 24 | €34,601 | €77,691 | +€43,090 | +125% |
| Financial fixed assets | 28 | €750 | €750 | = | 0.0% |
| Current assets | 29/58 | €68,896 | €98,602 | +€29,706 | +43.1% |
| Amounts receivable within one year | 40/41 | €68,208 | €73,969 | +€5,761 | +8.4% |
| Trade receivables | 40 | €68,208 | €73,969 | +€5,761 | +8.4% |
| Cash at bank and in hand | 54/58 | €689 | €24,634 | +€23,945 | +3,478% |
| Total equity and liabilities | 10/49 | €104,247 | €177,902 | +€73,655 | +70.7% |
| Equity | 10/15 | €14,144 | €26,324 | +€12,180 | +86.1% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €4,144 | €16,324 | +€12,180 | +294% |
| Amounts payable | 17/49 | €90,103 | €151,578 | +€61,475 | +68.2% |
| Amounts payable after more than one year | 17 | - | €42,456 | +€42,456 | |
| Financial debts | 170/4 | - | €42,456 | +€42,456 | |
| Amounts payable within one year | 42/48 | €90,103 | €109,122 | +€19,020 | +21.1% |
| Current portion of amounts payable after more than one year | 42 | - | €10,095 | +€10,095 | |
| Trade debts | 44 | €17,275 | €18,093 | +€818 | +4.7% |
| Suppliers | 440/4 | €17,275 | €18,093 | +€818 | +4.7% |
| Taxes, remuneration and social security | 45 | €17,827 | €29,068 | +€11,241 | +63.1% |
| Taxes | 450/3 | €8,124 | €10,627 | +€2,503 | +30.8% |
| Remuneration and social security | 454/9 | €9,702 | €18,441 | +€8,738 | +90.1% |
| Other amounts payable | 47/48 | €55,001 | €51,867 | -€3,134 | -5.7% |
| Remuneration, social security and pensions | 62 | €37,603 | €59,094 | +€21,491 | +57.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,432 | €18,295 | +€6,863 | +60.0% |
| Other operating charges | 640/8 | €2,653 | €3,373 | +€720 | +27.1% |
| Gross operating margin | 9900 | €59,486 | €97,238 | +€37,751 | +63.5% |
| Operating profit (loss) | 9901 | €7,798 | €16,476 | +€8,677 | +111% |
| Financial charges | 65/66B | €382 | €1,239 | +€857 | +224% |
| Recurring financial charges | 65 | €382 | €1,239 | +€857 | +224% |
| Profit (loss) for the period before taxes | 9903 | €7,416 | €15,236 | +€7,820 | +105% |
| Income taxes | 67/77 | €1,343 | €3,056 | +€1,714 | +128% |
| Profit (loss) for the period | 9904 | €6,074 | €12,180 | +€6,106 | +101% |
| Profit (loss) for the period to be appropriated | 9905 | €6,074 | €12,180 | +€6,106 | +101% |
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 13 October 2026 via checked.be.