MRSHL: 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.
MRSHL
Largest movements
- Receivables within one year -€107,540
down €107,540 (-48.4%), from €221,977 to €114,437
- Cash +€15,148
up €15,148 (+15.3%), from €99,230 to €114,378
mainly Receivables within one year (+€107,540) and Net result for the year (+€23,585)
- Other debts -€98,601
down €98,601 (-96.2%), from €102,532 to €3,931
- Reserves +€30,437
up €30,437 (+26.5%), from €115,000 to €145,437
- Tax, wage and social debts -€12,565
down €12,565 (-20.7%), from €60,771 to €48,205
of which Taxes: -€26,195
- Profit (loss) carried forward -€6,853
no longer reported in 2025 (was €6,853)
- Trade debts -€5,331
down €5,331 (-14.2%), from €37,637 to €32,306
- Gross operating margin -€69,634
down €69,634 (-22.6%), from €308,274 to €238,640
- Staff costs +€34,336
up €34,336 (+20.4%), from €168,534 to €202,871
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 | €325,428 | €231,880 | -€93,548 | -28.7% |
| Fixed assets | 21/28 | €4,221 | €3,065 | -€1,156 | -27.4% |
| Tangible fixed assets | 22/27 | €4,221 | €3,065 | -€1,156 | -27.4% |
| Furniture and vehicles | 24 | €4,221 | €3,065 | -€1,156 | -27.4% |
| Current assets | 29/58 | €321,207 | €228,815 | -€92,392 | -28.8% |
| Amounts receivable within one year | 40/41 | €221,977 | €114,437 | -€107,540 | -48.4% |
| Trade receivables | 40 | €221,977 | €114,437 | -€107,540 | -48.4% |
| Cash at bank and in hand | 54/58 | €99,230 | €114,378 | +€15,148 | +15.3% |
| Total equity and liabilities | 10/49 | €325,428 | €231,880 | -€93,548 | -28.7% |
| Equity | 10/15 | €123,853 | €147,437 | +€23,585 | +19.0% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €115,000 | €145,437 | +€30,437 | +26.5% |
| Distributable reserves | 133 | €115,000 | €145,437 | +€30,437 | +26.5% |
| Profit (loss) carried forward | 14 | €6,853 | - | -€6,853 | |
| Amounts payable | 17/49 | €201,575 | €84,443 | -€117,132 | -58.1% |
| Amounts payable within one year | 42/48 | €200,940 | €84,443 | -€116,497 | -58.0% |
| Trade debts | 44 | €37,637 | €32,306 | -€5,331 | -14.2% |
| Suppliers | 440/4 | €37,637 | €32,306 | -€5,331 | -14.2% |
| Taxes, remuneration and social security | 45 | €60,771 | €48,205 | -€12,565 | -20.7% |
| Taxes | 450/3 | €42,464 | €16,269 | -€26,195 | -61.7% |
| Remuneration and social security | 454/9 | €18,307 | €31,937 | +€13,629 | +74.4% |
| Other amounts payable | 47/48 | €102,532 | €3,931 | -€98,601 | -96.2% |
| Accrued charges and deferred income | 492/3 | €635 | - | -€635 | |
| Remuneration, social security and pensions | 62 | €168,534 | €202,871 | +€34,336 | +20.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,827 | €2,208 | +€381 | +20.9% |
| Other operating charges | 640/8 | €384 | €872 | +€488 | +127% |
| Gross operating margin | 9900 | €308,274 | €238,640 | -€69,634 | -22.6% |
| Operating profit (loss) | 9901 | €137,528 | €32,689 | -€104,839 | -76.2% |
| Financial income | 75/76B | €4 | €712 | +€708 | +18,429% |
| Recurring financial income | 75 | €4 | €712 | +€708 | +18,429% |
| Financial charges | 65/66B | €248 | €303 | +€56 | +22.5% |
| Recurring financial charges | 65 | €248 | €303 | +€56 | +22.5% |
| Profit (loss) for the period before taxes | 9903 | €137,285 | €33,097 | -€104,187 | -75.9% |
| Income taxes | 67/77 | €10,256 | €9,512 | -€743 | -7.2% |
| Profit (loss) for the period | 9904 | €127,029 | €23,585 | -€103,444 | -81.4% |
| Profit (loss) for the period to be appropriated | 9905 | €127,029 | €23,585 | -€103,444 | -81.4% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.