MRL group: 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.
MRL group
Largest movements
- Tangible fixed assets +€127,322
up €127,322 (+18.1%), from €705,161 to €832,483
of which Land and buildings: +€132,288
- Receivables within one year +€121,222
up €121,222 (+424%), from €28,605 to €149,827
of which Trade receivables: +€120,341
- Cash -€50,818
down €50,818 (-57.4%), from €88,606 to €37,788
mainly Investment in fixed assets (net) (-€173,778) and Receivables within one year (-€121,222)
- Trade debts +€106,313
up €106,313 (+614%), from €17,324 to €123,637
- Debts after one year +€85,563
up €85,563 (+12.1%), from €707,456 to €793,019
- Gross operating margin -€14,695
down €14,695 (-19.8%), from €74,272 to €59,576
- Depreciation +€10,435
up €10,435 (+29.0%), from €36,021 to €46,456
- Financial charges +€3,143
up €3,143 (+21.6%), from €14,533 to €17,676
- Financial income -€1,445
down €1,445 (-82.3%), from €1,757 to €311
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 | €822,732 | €1,020,515 | +€197,783 | +24.0% |
| Fixed assets | 21/28 | €705,161 | €832,483 | +€127,322 | +18.1% |
| Tangible fixed assets | 22/27 | €705,161 | €832,483 | +€127,322 | +18.1% |
| Land and buildings | 22 | €662,635 | €794,923 | +€132,288 | +20.0% |
| Plant, machinery and equipment | 23 | €34,035 | €24,065 | -€9,970 | -29.3% |
| Furniture and vehicles | 24 | €8,491 | €13,495 | +€5,004 | +58.9% |
| Current assets | 29/58 | €117,571 | €188,032 | +€70,461 | +59.9% |
| Amounts receivable within one year | 40/41 | €28,605 | €149,827 | +€121,222 | +424% |
| Trade receivables | 40 | €28,605 | €148,947 | +€120,341 | +421% |
| Other amounts receivable | 41 | - | €880 | +€880 | |
| Cash at bank and in hand | 54/58 | €88,606 | €37,788 | -€50,818 | -57.4% |
| Deferred charges and accrued income | 490/1 | €360 | €417 | +€57 | +16.0% |
| Total equity and liabilities | 10/49 | €822,732 | €1,020,515 | +€197,783 | +24.0% |
| Equity | 10/15 | -€48,055 | -€51,220 | -€3,165 | -6.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €72,251 | €68,865 | -€3,386 | -4.7% |
| Tax-exempt reserves | 132 | €72,251 | €68,865 | -€3,386 | -4.7% |
| Profit (loss) carried forward | 14 | -€138,906 | -€138,685 | +€221 | +0.2% |
| Provisions and deferred taxes | 16 | €24,084 | €22,955 | -€1,129 | -4.7% |
| Deferred taxes | 168 | €24,084 | €22,955 | -€1,129 | -4.7% |
| Amounts payable | 17/49 | €846,704 | €1,048,781 | +€202,077 | +23.9% |
| Amounts payable after more than one year | 17 | €707,456 | €793,019 | +€85,563 | +12.1% |
| Financial debts | 170/4 | €707,456 | €793,019 | +€85,563 | +12.1% |
| Amounts payable within one year | 42/48 | €139,247 | €255,761 | +€116,514 | +83.7% |
| Current portion of amounts payable after more than one year | 42 | €49,996 | €55,956 | +€5,960 | +11.9% |
| Trade debts | 44 | €17,324 | €123,637 | +€106,313 | +614% |
| Suppliers | 440/4 | €17,324 | €123,637 | +€106,313 | +614% |
| Taxes, remuneration and social security | 45 | €3,193 | €7,168 | +€3,975 | +125% |
| Taxes | 450/3 | €3,193 | €7,168 | +€3,975 | +125% |
| Other amounts payable | 47/48 | €68,735 | €69,001 | +€266 | +0.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,021 | €46,456 | +€10,435 | +29.0% |
| Other operating charges | 640/8 | - | €50 | +€50 | |
| Gross operating margin | 9900 | €74,272 | €59,576 | -€14,695 | -19.8% |
| Operating profit (loss) | 9901 | €38,251 | €13,070 | -€25,180 | -65.8% |
| Financial income | 75/76B | €1,757 | €311 | -€1,445 | -82.3% |
| Recurring financial income | 75 | €1,757 | €311 | -€1,445 | -82.3% |
| Financial charges | 65/66B | €14,533 | €17,676 | +€3,143 | +21.6% |
| Recurring financial charges | 65 | €14,533 | €17,676 | +€3,143 | +21.6% |
| Profit (loss) for the period before taxes | 9903 | €25,474 | -€4,294 | -€29,768 | |
| Income taxes | 67/77 | €526 | - | -€526 | |
| Profit (loss) for the period | 9904 | €24,948 | -€4,294 | -€29,242 | |
| Transfer from tax-exempt reserves | 789 | €2,115 | €4,515 | +€2,400 | +113% |
| Profit (loss) for the period to be appropriated | 9905 | €27,063 | €221 | -€26,842 | -99.2% |
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 20 October 2026 via checked.be.