MRTNS Projects: what changed
MRTNS Projects
Largest movements
- Cash +€52,892
up €52,892 (+53.5%), from €98,887 to €151,779
mainly Net result for the year (+€62,815) and Receivables within one year (+€7,887)
- Current investments +€20,000
new in 2025: €20,000
- Receivables within one year -€7,887
down €7,887 (-40.2%), from €19,632 to €11,745
of which Trade receivables: -€14,625
- Tangible fixed assets -€5,924
down €5,924 (-50.1%), from €11,823 to €5,899
- Deferred charges and accrued income -€2,873
no longer reported in 2025 (was €2,873)
- Reserves +€52,815
up €52,815 (+47.6%), from €110,869 to €163,684
- Tax, wage and social debts +€3,209
up €3,209 (+16.6%), from €19,382 to €22,591
of which Taxes: +€3,362
- Gross operating margin +€8,499
up €8,499 (+11.4%), from €74,782 to €83,281
- Taxes +€1,455
up €1,455 (+9.7%), from €14,991 to €16,447
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €133,215 | €189,423 | +€56,208 | +42.2% |
| Fixed assets | 21/28 | €11,823 | €5,899 | -€5,924 | -50.1% |
| Tangible fixed assets | 22/27 | €11,823 | €5,899 | -€5,924 | -50.1% |
| Furniture and vehicles | 24 | €11,823 | €5,899 | -€5,924 | -50.1% |
| Current assets | 29/58 | €121,392 | €183,524 | +€62,132 | +51.2% |
| Amounts receivable within one year | 40/41 | €19,632 | €11,745 | -€7,887 | -40.2% |
| Trade receivables | 40 | €14,625 | - | -€14,625 | |
| Other amounts receivable | 41 | €5,007 | €11,745 | +€6,738 | +135% |
| Current investments | 50/53 | - | €20,000 | +€20,000 | |
| Cash at bank and in hand | 54/58 | €98,887 | €151,779 | +€52,892 | +53.5% |
| Deferred charges and accrued income | 490/1 | €2,873 | - | -€2,873 | |
| Total equity and liabilities | 10/49 | €133,215 | €189,423 | +€56,208 | +42.2% |
| Equity | 10/15 | €112,370 | €165,185 | +€52,815 | +47.0% |
| Contributions | 10/11 | €1,501 | €1,501 | = | 0.0% |
| Reserves | 13 | €110,869 | €163,684 | +€52,815 | +47.6% |
| Distributable reserves | 133 | €110,869 | €163,684 | +€52,815 | +47.6% |
| Amounts payable | 17/49 | €20,845 | €24,238 | +€3,393 | +16.3% |
| Amounts payable within one year | 42/48 | €20,845 | €24,238 | +€3,393 | +16.3% |
| Trade debts | 44 | €1,463 | €1,647 | +€184 | +12.6% |
| Suppliers | 440/4 | €1,463 | €1,647 | +€184 | +12.6% |
| Taxes, remuneration and social security | 45 | €19,382 | €22,591 | +€3,209 | +16.6% |
| Taxes | 450/3 | €19,229 | €22,591 | +€3,362 | +17.5% |
| Remuneration and social security | 454/9 | €153 | - | -€153 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,795 | €2,354 | +€559 | +31.1% |
| Other operating charges | 640/8 | €377 | €749 | +€372 | +98.9% |
| Gross operating margin | 9900 | €74,782 | €83,281 | +€8,499 | +11.4% |
| Operating profit (loss) | 9901 | €72,610 | €80,178 | +€7,568 | +10.4% |
| Financial income | 75/76B | €140 | €460 | +€320 | +228% |
| Recurring financial income | 75 | €140 | €460 | +€320 | +228% |
| Financial charges | 65/66B | €1,584 | €1,376 | -€208 | -13.1% |
| Recurring financial charges | 65 | €1,584 | €1,376 | -€208 | -13.1% |
| Profit (loss) for the period before taxes | 9903 | €71,167 | €79,262 | +€8,095 | +11.4% |
| Income taxes | 67/77 | €14,991 | €16,447 | +€1,455 | +9.7% |
| Profit (loss) for the period | 9904 | €56,175 | €62,815 | +€6,640 | +11.8% |
| Profit (loss) for the period to be appropriated | 9905 | €56,175 | €62,815 | +€6,640 | +11.8% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.