MRH: 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.
MRH
Largest movements
- Stocks and contracts +€32,297
up €32,297 (+64.9%), from €49,734 to €82,030
- Tangible fixed assets +€18,511
up €18,511 (+136%), from €13,562 to €32,072
of which Furniture and vehicles: +€21,295
- Receivables within one year +€5,241
up €5,241 (+3,032%), from €173 to €5,414
of which Trade receivables: +€4,920
- Trade debts +€17,312
up €17,312 (+463%), from €3,740 to €21,052
- Debts after one year +€14,126
up €14,126 (+8,292%), from €170 to €14,297
- Profit (loss) carried forward +€9,619
up €9,619 (+27.3%), from €35,180 to €44,799
- Other debts +€9,471
up €9,471 (+42.8%), from €22,105 to €31,576
- Tax, wage and social debts +€4,011
up €4,011 (+182%), from €2,200 to €6,211
of which Remuneration and social security: +€2,770
- Gross operating margin +€9,558
up €9,558 (+59.8%), from €15,993 to €25,551
- Depreciation +€5,090
up €5,090 (+68.4%), from €7,437 to €12,526
- Other operating charges -€1,168
down €1,168 (-35.8%), from €3,259 to €2,091
- Taxes +€277
new in 2025: €277
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 | €71,630 | €128,592 | +€56,962 | +79.5% |
| Fixed assets | 21/28 | €13,562 | €32,072 | +€18,511 | +136% |
| Tangible fixed assets | 22/27 | €13,562 | €32,072 | +€18,511 | +136% |
| Land and buildings | 22 | €4,862 | €4,066 | -€796 | -16.4% |
| Plant, machinery and equipment | 23 | €4,045 | €2,056 | -€1,989 | -49.2% |
| Furniture and vehicles | 24 | €4,654 | €25,950 | +€21,295 | +458% |
| Current assets | 29/58 | €58,068 | €96,520 | +€38,451 | +66.2% |
| Stocks and contracts in progress | 3 | €49,734 | €82,030 | +€32,297 | +64.9% |
| Stocks | 30/36 | €49,734 | €82,030 | +€32,297 | +64.9% |
| Amounts receivable within one year | 40/41 | €173 | €5,414 | +€5,241 | +3,032% |
| Trade receivables | 40 | €106 | €5,026 | +€4,920 | +4,664% |
| Other amounts receivable | 41 | €67 | €388 | +€321 | +476% |
| Cash at bank and in hand | 54/58 | €8,149 | €8,420 | +€271 | +3.3% |
| Deferred charges and accrued income | 490/1 | €13 | €656 | +€643 | +4,916% |
| Total equity and liabilities | 10/49 | €71,630 | €128,592 | +€56,962 | +79.5% |
| Equity | 10/15 | €41,380 | €50,999 | +€9,619 | +23.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €35,180 | €44,799 | +€9,619 | +27.3% |
| Amounts payable | 17/49 | €30,251 | €77,594 | +€47,343 | +157% |
| Amounts payable after more than one year | 17 | €170 | €14,297 | +€14,126 | +8,292% |
| Financial debts | 170/4 | €170 | €14,297 | +€14,126 | +8,292% |
| Amounts payable within one year | 42/48 | €30,080 | €62,163 | +€32,083 | +107% |
| Current portion of amounts payable after more than one year | 42 | €2,035 | €3,323 | +€1,289 | +63.3% |
| Trade debts | 44 | €3,740 | €21,052 | +€17,312 | +463% |
| Suppliers | 440/4 | €3,740 | €21,052 | +€17,312 | +463% |
| Taxes, remuneration and social security | 45 | €2,200 | €6,211 | +€4,011 | +182% |
| Taxes | 450/3 | - | €1,241 | +€1,241 | |
| Remuneration and social security | 454/9 | €2,200 | €4,970 | +€2,770 | +126% |
| Other amounts payable | 47/48 | €22,105 | €31,576 | +€9,471 | +42.8% |
| Accrued charges and deferred income | 492/3 | - | €1,134 | +€1,134 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,437 | €12,526 | +€5,090 | +68.4% |
| Other operating charges | 640/8 | €3,259 | €2,091 | -€1,168 | -35.8% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €15,993 | €25,551 | +€9,558 | +59.8% |
| Operating profit (loss) | 9901 | €5,297 | €10,934 | +€5,636 | +106% |
| Financial income | 75/76B | €1 | €2 | +€1 | +159% |
| Recurring financial income | 75 | €1 | €2 | +€1 | +159% |
| Financial charges | 65/66B | €917 | €1,040 | +€123 | +13.5% |
| Recurring financial charges | 65 | €917 | €1,040 | +€123 | +13.5% |
| Profit (loss) for the period before taxes | 9903 | €4,381 | €9,896 | +€5,514 | +126% |
| Income taxes | 67/77 | - | €277 | +€277 | |
| Profit (loss) for the period | 9904 | €4,381 | €9,619 | +€5,238 | +120% |
| Profit (loss) for the period to be appropriated | 9905 | €4,381 | €9,619 | +€5,238 | +120% |
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 19 October 2026 via checked.be.