MRN: 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.
MRN
Largest movements
- Tangible fixed assets +€113,950
up €113,950 (+150.7%), from €75,602 to €189,552
of which Land and buildings: +€130,049
- Cash +€20,258
up €20,258 (+70.0%), from €28,924 to €49,182
mainly Debts after one year (+€73,518) and Net result for the year (+€33,296)
- Receivables within one year +€12,546
up €12,546 (+41.7%), from €30,069 to €42,615
of which Trade receivables: +€12,809
- Stocks and contracts -€5,263
down €5,263 (-26.1%), from €20,199 to €14,937
- Debts after one year +€73,518
up €73,518 (+138.8%), from €52,980 to €126,498
- Reserves +€33,296
up €33,296 (+63.0%), from €52,828 to €86,124
- Other debts +€25,128
up €25,128 (+209.4%), from €12,001 to €37,129
- Current portion of long-term debt +€10,409
up €10,409 (+64.8%), from €16,073 to €26,482
- Tax, wage and social debts -€3,018
down €3,018 (-20.0%), from €15,057 to €12,039
- Gross operating margin +€30,638
up €30,638 (+84.8%), from €36,115 to €66,753
- Depreciation +€4,869
up €4,869 (+31.0%), from €15,726 to €20,596
- Taxes +€4,735
up €4,735 (+88.3%), from €5,363 to €10,097
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 | €155,590 | €297,163 | +€141,574 | +91.0% |
| Fixed assets | 21/28 | €75,602 | €189,552 | +€113,950 | +150.7% |
| Tangible fixed assets | 22/27 | €75,602 | €189,552 | +€113,950 | +150.7% |
| Land and buildings | 22 | €18,330 | €148,379 | +€130,049 | +709.5% |
| Plant, machinery and equipment | 23 | €4,265 | €3,000 | -€1,265 | -29.7% |
| Furniture and vehicles | 24 | €53,006 | €38,173 | -€14,834 | -28.0% |
| Current assets | 29/58 | €79,988 | €107,611 | +€27,623 | +34.5% |
| Stocks and contracts in progress | 3 | €20,199 | €14,937 | -€5,263 | -26.1% |
| Stocks | 30/36 | €20,199 | €14,937 | -€5,263 | -26.1% |
| Amounts receivable within one year | 40/41 | €30,069 | €42,615 | +€12,546 | +41.7% |
| Trade receivables | 40 | €29,076 | €41,885 | +€12,809 | +44.1% |
| Other amounts receivable | 41 | €993 | €730 | -€263 | -26.5% |
| Cash at bank and in hand | 54/58 | €28,924 | €49,182 | +€20,258 | +70.0% |
| Deferred charges and accrued income | 490/1 | €796 | €878 | +€82 | +10.3% |
| Total equity and liabilities | 10/49 | €155,590 | €297,163 | +€141,574 | +91.0% |
| Equity | 10/15 | €59,028 | €92,324 | +€33,296 | +56.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €52,828 | €86,124 | +€33,296 | +63.0% |
| Distributable reserves | 133 | €52,828 | €86,124 | +€33,296 | +63.0% |
| Amounts payable | 17/49 | €96,562 | €204,839 | +€108,278 | +112.1% |
| Amounts payable after more than one year | 17 | €52,980 | €126,498 | +€73,518 | +138.8% |
| Financial debts | 170/4 | €52,980 | €126,498 | +€73,518 | +138.8% |
| Amounts payable within one year | 42/48 | €43,581 | €78,341 | +€34,760 | +79.8% |
| Current portion of amounts payable after more than one year | 42 | €16,073 | €26,482 | +€10,409 | +64.8% |
| Trade debts | 44 | €450 | €2,691 | +€2,241 | +497.9% |
| Suppliers | 440/4 | €450 | €2,691 | +€2,241 | +497.9% |
| Taxes, remuneration and social security | 45 | €15,057 | €12,039 | -€3,018 | -20.0% |
| Taxes | 450/3 | €15,057 | €12,039 | -€3,018 | -20.0% |
| Other amounts payable | 47/48 | €12,001 | €37,129 | +€25,128 | +209.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,726 | €20,596 | +€4,869 | +31.0% |
| Other operating charges | 640/8 | €1,057 | €1,472 | +€415 | +39.2% |
| Gross operating margin | 9900 | €36,115 | €66,753 | +€30,638 | +84.8% |
| Operating profit (loss) | 9901 | €19,332 | €44,686 | +€25,354 | +131.2% |
| Financial income | 75/76B | €60 | €2 | -€57 | -96.3% |
| Recurring financial income | 75 | €60 | €2 | -€57 | -96.3% |
| Financial charges | 65/66B | €1,801 | €1,295 | -€507 | -28.1% |
| Recurring financial charges | 65 | €1,801 | €1,295 | -€507 | -28.1% |
| Profit (loss) for the period before taxes | 9903 | €17,590 | €43,393 | +€25,804 | +146.7% |
| Income taxes | 67/77 | €5,363 | €10,097 | +€4,735 | +88.3% |
| Profit (loss) for the period | 9904 | €12,227 | €33,296 | +€21,069 | +172.3% |
| Profit (loss) for the period to be appropriated | 9905 | €12,227 | €33,296 | +€21,069 | +172.3% |
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 7 October 2026 via checked.be.