MRM: 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.
MRM
Largest movements
- Cash +€29,750
up €29,750 (+47.0%), from €63,292 to €93,041
mainly Net result for the year (+€46,839) and Depreciation (+€5,297)
- Tangible fixed assets +€9,451
up €9,451 (+7.7%), from €122,702 to €132,153
of which Land and buildings: +€7,873
- Profit (loss) carried forward +€30,676
no longer reported in 2025 (was -€30,676)
- Reserves +€16,162
up €16,162 (+27.8%), from €58,232 to €74,394
of which Distributable reserves: +€18,250
- Debts after one year -€8,243
down €8,243 (-11.1%), from €74,395 to €66,153
- Financial income +€25,212
up €25,212 (+10248.8%), from €246 to €25,458
- Gross operating margin +€10,626
up €10,626 (+45.9%), from €23,176 to €33,802
- Taxes +€1,825
new in 2025: €1,825
- Financial charges +€1,065
up €1,065 (+32.5%), from €3,279 to €4,344
- Depreciation +€930
up €930 (+21.3%), from €4,367 to €5,297
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 | €195,875 | €236,538 | +€40,663 | +20.8% |
| Fixed assets | 21/28 | €128,282 | €137,733 | +€9,451 | +7.4% |
| Tangible fixed assets | 22/27 | €122,702 | €132,153 | +€9,451 | +7.7% |
| Land and buildings | 22 | €121,931 | €129,804 | +€7,873 | +6.5% |
| Plant, machinery and equipment | 23 | - | €2,098 | +€2,098 | |
| Other tangible fixed assets | 26 | €771 | €251 | -€520 | -67.5% |
| Financial fixed assets | 28 | €5,580 | €5,580 | = | 0.0% |
| Current assets | 29/58 | €67,593 | €98,805 | +€31,212 | +46.2% |
| Amounts receivable within one year | 40/41 | €4,301 | €5,134 | +€833 | +19.4% |
| Trade receivables | 40 | €3,739 | €4,837 | +€1,098 | +29.4% |
| Other amounts receivable | 41 | €562 | €296 | -€266 | -47.3% |
| Cash at bank and in hand | 54/58 | €63,292 | €93,041 | +€29,750 | +47.0% |
| Deferred charges and accrued income | 490/1 | - | €630 | +€630 | |
| Total equity and liabilities | 10/49 | €195,875 | €236,538 | +€40,663 | +20.8% |
| Equity | 10/15 | €46,156 | €92,994 | +€46,839 | +101.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €58,232 | €74,394 | +€16,162 | +27.8% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €56,372 | €54,284 | -€2,088 | -3.7% |
| Distributable reserves | 133 | - | €18,250 | +€18,250 | |
| Profit (loss) carried forward | 14 | -€30,676 | - | +€30,676 | |
| Provisions and deferred taxes | 16 | €18,791 | €18,095 | -€696 | -3.7% |
| Deferred taxes | 168 | €18,791 | €18,095 | -€696 | -3.7% |
| Amounts payable | 17/49 | €130,928 | €125,449 | -€5,480 | -4.2% |
| Amounts payable after more than one year | 17 | €74,395 | €66,153 | -€8,243 | -11.1% |
| Financial debts | 170/4 | €74,395 | €66,153 | -€8,243 | -11.1% |
| Amounts payable within one year | 42/48 | €53,533 | €56,364 | +€2,831 | +5.3% |
| Current portion of amounts payable after more than one year | 42 | €8,091 | €8,243 | +€152 | +1.9% |
| Trade debts | 44 | €2,197 | €4,454 | +€2,256 | +102.7% |
| Suppliers | 440/4 | €2,197 | €4,454 | +€2,256 | +102.7% |
| Taxes, remuneration and social security | 45 | €2,890 | €4,548 | +€1,658 | +57.4% |
| Taxes | 450/3 | €2,890 | €4,548 | +€1,658 | +57.4% |
| Other amounts payable | 47/48 | €40,355 | €39,120 | -€1,235 | -3.1% |
| Accrued charges and deferred income | 492/3 | €3,000 | €2,932 | -€68 | -2.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,367 | €5,297 | +€930 | +21.3% |
| Other operating charges | 640/8 | €1,630 | €1,652 | +€21 | +1.3% |
| Gross operating margin | 9900 | €23,176 | €33,802 | +€10,626 | +45.9% |
| Operating profit (loss) | 9901 | €17,179 | €26,854 | +€9,675 | +56.3% |
| Financial income | 75/76B | €246 | €25,458 | +€25,212 | +10248.8% |
| Recurring financial income | 75 | €246 | €25,458 | +€25,212 | +10248.8% |
| Financial charges | 65/66B | €3,279 | €4,344 | +€1,065 | +32.5% |
| Recurring financial charges | 65 | €3,279 | €4,344 | +€1,065 | +32.5% |
| Profit (loss) for the period before taxes | 9903 | €14,146 | €47,968 | +€33,822 | +239.1% |
| Transfer from deferred taxes | 780 | €696 | €696 | = | 0.0% |
| Income taxes | 67/77 | - | €1,825 | +€1,825 | |
| Profit (loss) for the period | 9904 | €14,842 | €46,839 | +€31,997 | +215.6% |
| Transfer from tax-exempt reserves | 789 | €2,088 | €2,088 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €16,930 | €48,927 | +€31,997 | +189.0% |
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 6 October 2026 via checked.be.