CLAUDIO MEREU: 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.
CLAUDIO MEREU
Largest movements
- Receivables within one year +€637,613
new in 2025: €637,613
- Reserves +€586,800
up €586,800 (+13.1%), from €4.5m to €5.1m
of which Distributable reserves: +€586,800
- Gross operating margin -€49,839
down €49,839 (-6.1%), from €816,531 to €766,692
- Financial income -€40,853
down €40,853 (-29.2%), from €139,681 to €98,829
- Taxes -€26,317
down €26,317 (-8.8%), from €299,585 to €273,268
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 | €4,664,234 | €5,277,453 | +€613,219 | +13.1% |
| Fixed assets | 21/28 | €6,589 | €3,194 | -€3,395 | -51.5% |
| Tangible fixed assets | 22/27 | €6,589 | €3,194 | -€3,395 | -51.5% |
| Furniture and vehicles | 24 | €6,519 | €3,194 | -€3,325 | -51.0% |
| Other tangible fixed assets | 26 | €70 | - | -€70 | |
| Current assets | 29/58 | €4,657,645 | €5,274,259 | +€616,614 | +13.2% |
| Amounts receivable within one year | 40/41 | - | €637,613 | +€637,613 | |
| Trade receivables | 40 | - | €637,613 | +€637,613 | |
| Current investments | 50/53 | €4,400,000 | €4,400,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €257,645 | €236,037 | -€21,608 | -8.4% |
| Deferred charges and accrued income | 490/1 | - | €609 | +€609 | |
| Total equity and liabilities | 10/49 | €4,664,234 | €5,277,453 | +€613,219 | +13.1% |
| Equity | 10/15 | €4,538,919 | €5,125,772 | +€586,852 | +12.9% |
| Contributions | 10/11 | €55,800 | €55,800 | = | 0.0% |
| Reserves | 13 | €4,479,480 | €5,066,280 | +€586,800 | +13.1% |
| Non-distributable reserves | 130/1 | €5,580 | €5,580 | = | 0.0% |
| Reserves not available under the articles | 1311 | €5,580 | €5,580 | = | 0.0% |
| Distributable reserves | 133 | €4,473,900 | €5,060,700 | +€586,800 | +13.1% |
| Profit (loss) carried forward | 14 | €3,639 | €3,692 | +€52 | +1.4% |
| Amounts payable | 17/49 | €125,315 | €151,681 | +€26,367 | +21.0% |
| Amounts payable within one year | 42/48 | €125,315 | €151,681 | +€26,367 | +21.0% |
| Trade debts | 44 | €1,722 | €1,723 | +€1 | +0.1% |
| Suppliers | 440/4 | €1,722 | €1,723 | +€1 | +0.1% |
| Taxes, remuneration and social security | 45 | €104,180 | €101,340 | -€2,840 | -2.7% |
| Taxes | 450/3 | €101,680 | €98,840 | -€2,840 | -2.8% |
| Remuneration and social security | 454/9 | €2,500 | €2,500 | = | 0.0% |
| Other amounts payable | 47/48 | €19,413 | €48,619 | +€29,206 | +150% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,318 | €3,395 | -€1,923 | -36.2% |
| Other operating charges | 640/8 | €34 | €1,966 | +€1,932 | +5,638% |
| Gross operating margin | 9900 | €816,531 | €766,692 | -€49,839 | -6.1% |
| Operating profit (loss) | 9901 | €811,179 | €761,331 | -€49,847 | -6.1% |
| Financial income | 75/76B | €139,681 | €98,829 | -€40,853 | -29.2% |
| Recurring financial income | 75 | €139,681 | €98,829 | -€40,853 | -29.2% |
| Financial charges | 65/66B | €6 | €40 | +€34 | +561% |
| Recurring financial charges | 65 | €6 | €40 | +€34 | +561% |
| Profit (loss) for the period before taxes | 9903 | €950,854 | €860,120 | -€90,733 | -9.5% |
| Income taxes | 67/77 | €299,585 | €273,268 | -€26,317 | -8.8% |
| Profit (loss) for the period | 9904 | €651,269 | €586,852 | -€64,416 | -9.9% |
| Profit (loss) for the period to be appropriated | 9905 | €651,269 | €586,852 | -€64,416 | -9.9% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.