MRL: 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.
MRL
Largest movements
- Cash +€27,539
up €27,539 (+48.7%), from €56,508 to €84,047
mainly Net result for the year (+€107,036) and Accrued charges and deferred income (+€4,057)
- Reserves +€107,036
up €107,036 (+34.0%), from €314,602 to €421,638
- Debts after one year -€82,844
down €82,844 (-17.8%), from €464,875 to €382,031
- Taxes -€4,116
down €4,116 (-9.6%), from €42,732 to €38,617
- Gross operating margin -€1,906
down €1,906 (-1.2%), from €160,813 to €158,907
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 | €897,078 | €921,341 | +€24,263 | +2.7% |
| Fixed assets | 21/28 | €811,146 | €809,646 | -€1,500 | -0.2% |
| Tangible fixed assets | 22/27 | €5,051 | €3,551 | -€1,500 | -29.7% |
| Furniture and vehicles | 24 | €5,051 | €3,551 | -€1,500 | -29.7% |
| Financial fixed assets | 28 | €806,095 | €806,095 | = | 0.0% |
| Current assets | 29/58 | €85,932 | €111,696 | +€25,763 | +30.0% |
| Amounts receivable within one year | 40/41 | €20,899 | €21,145 | +€246 | +1.2% |
| Trade receivables | 40 | €20,899 | €21,145 | +€246 | +1.2% |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €56,508 | €84,047 | +€27,539 | +48.7% |
| Deferred charges and accrued income | 490/1 | €8,525 | €6,503 | -€2,022 | -23.7% |
| Total equity and liabilities | 10/49 | €897,078 | €921,341 | +€24,263 | +2.7% |
| Equity | 10/15 | €333,202 | €440,238 | +€107,036 | +32.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €314,602 | €421,638 | +€107,036 | +34.0% |
| Distributable reserves | 133 | €314,602 | €421,638 | +€107,036 | +34.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €563,876 | €481,103 | -€82,773 | -14.7% |
| Amounts payable after more than one year | 17 | €464,875 | €382,031 | -€82,844 | -17.8% |
| Financial debts | 170/4 | €464,875 | €382,031 | -€82,844 | -17.8% |
| Amounts payable within one year | 42/48 | €87,880 | €83,893 | -€3,986 | -4.5% |
| Current portion of amounts payable after more than one year | 42 | €56,971 | €57,844 | +€873 | +1.5% |
| Trade debts | 44 | €120 | €2,218 | +€2,098 | +1750.1% |
| Suppliers | 440/4 | €120 | €2,218 | +€2,098 | +1750.1% |
| Taxes, remuneration and social security | 45 | €15,521 | €11,744 | -€3,777 | -24.3% |
| Taxes | 450/3 | €15,521 | €11,744 | -€3,777 | -24.3% |
| Other amounts payable | 47/48 | €15,268 | €12,088 | -€3,180 | -20.8% |
| Accrued charges and deferred income | 492/3 | €11,121 | €15,178 | +€4,057 | +36.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,500 | €1,500 | = | 0.0% |
| Other operating charges | 640/8 | €3,148 | €2,063 | -€1,085 | -34.5% |
| Gross operating margin | 9900 | €160,813 | €158,907 | -€1,906 | -1.2% |
| Operating profit (loss) | 9901 | €156,165 | €155,344 | -€822 | -0.5% |
| Financial income | 75/76B | €0 | €0 | +€0 | |
| Recurring financial income | 75 | €0 | €0 | +€0 | |
| Financial charges | 65/66B | €11,028 | €9,691 | -€1,337 | -12.1% |
| Recurring financial charges | 65 | €11,028 | €9,691 | -€1,337 | -12.1% |
| Profit (loss) for the period before taxes | 9903 | €145,137 | €145,653 | +€516 | +0.4% |
| Income taxes | 67/77 | €42,732 | €38,617 | -€4,116 | -9.6% |
| Profit (loss) for the period | 9904 | €102,405 | €107,036 | +€4,632 | +4.5% |
| Profit (loss) for the period to be appropriated | 9905 | €102,405 | €107,036 | +€4,632 | +4.5% |
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 2 October 2026 via checked.be.