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Line	Code	2024	2025	Change	%
Total assets	20/58	€1,522,483	€1,466,582	-€55,901	-3.7%
Fixed assets	21/28	€633,921	€662,189	+€28,268	+4.5%
Tangible fixed assets	22/27	€512,042	€457,542	-€54,500	-10.6%
Land and buildings	22	€431,284	€419,359	-€11,925	-2.8%
Plant, machinery and equipment	23	€8,065	€5,705	-€2,360	-29.3%
Furniture and vehicles	24	€71,347	€31,579	-€39,768	-55.7%
Other tangible fixed assets	26	€1,345	€899	-€446	-33.1%
Financial fixed assets	28	€121,879	€204,647	+€82,768	+67.9%
Current assets	29/58	€888,562	€804,392	-€84,170	-9.5%
Amounts receivable within one year	40/41	€20,098	€34,862	+€14,764	+73.5%
Trade receivables	40	€0	-	=
Other amounts receivable	41	€20,098	€34,862	+€14,764	+73.5%
Current investments	50/53	€858,547	€753,982	-€104,566	-12.2%
Cash at bank and in hand	54/58	€6,244	€12,220	+€5,976	+95.7%
Deferred charges and accrued income	490/1	€3,673	€3,328	-€345	-9.4%
Total equity and liabilities	10/49	€1,522,483	€1,466,582	-€55,901	-3.7%
Equity	10/15	€905,383	€863,180	-€42,203	-4.7%
Contributions	10/11	€267,725	€267,725	=	0.0%
Capital	10	€267,725	€267,725	=	0.0%
Issued capital	100	€267,725	€267,725	=	0.0%
Reserves	13	€637,658	€595,455	-€42,203	-6.6%
Non-distributable reserves	130/1	€26,773	€26,773	=	0.0%
Legal reserve	130	€26,773	€26,773	=	0.0%
Tax-exempt reserves	132	€26,491	€20,833	-€5,658	-21.4%
Distributable reserves	133	€584,395	€547,850	-€36,545	-6.3%
Profit (loss) carried forward	14	€0	€0	=
Provisions and deferred taxes	16	€8,750	€6,864	-€1,886	-21.6%
Deferred taxes	168	€8,750	€6,864	-€1,886	-21.6%
Amounts payable	17/49	€608,350	€596,538	-€11,812	-1.9%
Amounts payable after more than one year	17	€150,000	€150,000	=	0.0%
Financial debts	170/4	€150,000	€150,000	=	0.0%
Amounts payable within one year	42/48	€458,350	€446,538	-€11,812	-2.6%
Trade debts	44	€2,443	€610	-€1,833	-75.0%
Suppliers	440/4	€2,443	€610	-€1,833	-75.0%
Taxes, remuneration and social security	45	€0	€2,270	+€2,270
Taxes	450/3	€0	€2,270	+€2,270
Other amounts payable	47/48	€455,908	€443,658	-€12,250	-2.7%
Accrued charges and deferred income	492/3	€0	-	=
Non-recurring operating income	76A	€83,500	€21,700	-€61,800	-74.0%
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets	630	€55,990	€54,500	-€1,491	-2.7%
Other operating charges	640/8	€8,285	€5,977	-€2,308	-27.9%
Gross operating margin	9900	€53,488	-€6,579	-€60,066
Operating profit (loss)	9901	-€10,788	-€67,055	-€56,267	-522%
Financial income	75/76B	€16,027	€23,664	+€7,636	+47.6%
Recurring financial income	75	€16,027	€23,664	+€7,636	+47.6%
Financial charges	65/66B	€1,439	-€1,107	-€2,546
Recurring financial charges	65	€1,439	-€1,107	-€2,546
Profit (loss) for the period before taxes	9903	€3,800	-€42,285	-€46,084
Transfer from deferred taxes	780	€1,886	€1,886	=	0.0%
Transfer to deferred taxes	680	€0	-	=
Income taxes	67/77	€2,247	€205	-€2,042	-90.9%
Profit (loss) for the period	9904	€3,439	-€40,603	-€44,042
Transfer from tax-exempt reserves	789	€5,658	€5,658	=	0.0%
Transfer to tax-exempt reserves	689	€0	-	=
Profit (loss) for the period to be appropriated	9905	€9,097	-€34,945	-€44,042

MERECK: value indication

MERECK: value indication

Position among the sector peers

What moved between 2024 and 2025

Largest movements

Change in the result, 2024 to 2025

Derived cash bridge

Value

Indicative value of the equity

Adjusted equity

Capitalised earnings

Your EBITDA multiple

Limits of the indication

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