Done. I've drafted the December 2025 MBR commentary in `output/mbr-narrative.md`. 

**Key takeaways:**

- **December**: Revenue slightly beat budget ($827K vs $824K), but operating income fell short at $8K vs $13K as gross margins compressed (26.1% vs 26.8%).
- **Year to date**: Revenue came in 3.1% below budget ($362K shortfall), cutting operating income by a third to $388K against a $583K target. Cost of goods sold ran $196K favorable, but couldn't offset the revenue miss and $38K salary overages.
- **Top line pressures**: Other operating costs spiked $6K in December, while COGS ran $6K over. Gross margin deteriorated 0.9 points for the year.
- **Four KPIs slipped**: Days sales outstanding rose to 51.2 days (6.2 days above target for 3 months), on-time delivery fell to 93.3% (off for 3 months), active customers declined to 40 (off for 2 months), and inventory turns dropped to 5.33 (off this month after good earlier performance).

The narrative file is ready at `output/mbr-narrative.md`.