DE MERENHOEVE: 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.
DE MERENHOEVE
Largest movements
- Tangible fixed assets -€20,252
down €20,252 (-4.9%), from €413,103 to €392,851
of which Land and buildings: -€24,115
- Cash -€15,448
down €15,448 (-11.3%), from €136,998 to €121,551
mainly Contributions, distributions and other (-€32,498) and Trade debts (-€28,783)
- Receivables within one year -€12,456
down €12,456 (-34.5%), from €36,090 to €23,634
of which Other amounts receivable: -€12,549
- Trade debts -€28,783
down €28,783 (-85.3%), from €33,756 to €4,974
- Debts after one year -€27,776
down €27,776 (-9.0%), from €307,816 to €280,040
- Reserves +€7,549
up €7,549 (+6.0%), from €126,775 to €134,324
- Depreciation +€7,305
up €7,305 (+18.0%), from €40,665 to €47,969
- Gross operating margin +€4,836
up €4,836 (+4.5%), from €108,132 to €112,968
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 | €595,600 | €542,654 | -€52,946 | -8.9% |
| Fixed assets | 21/28 | €413,103 | €392,851 | -€20,252 | -4.9% |
| Tangible fixed assets | 22/27 | €413,103 | €392,851 | -€20,252 | -4.9% |
| Land and buildings | 22 | €352,191 | €328,076 | -€24,115 | -6.8% |
| Plant, machinery and equipment | 23 | €47,549 | €58,933 | +€11,384 | +23.9% |
| Furniture and vehicles | 24 | €13,363 | €5,842 | -€7,521 | -56.3% |
| Leasing and similar rights | 25 | €0 | - | = | |
| Current assets | 29/58 | €182,497 | €149,803 | -€32,694 | -17.9% |
| Amounts receivable within one year | 40/41 | €36,090 | €23,634 | -€12,456 | -34.5% |
| Trade receivables | 40 | €20,833 | €20,926 | +€92 | +0.4% |
| Other amounts receivable | 41 | €15,257 | €2,708 | -€12,549 | -82.3% |
| Cash at bank and in hand | 54/58 | €136,998 | €121,551 | -€15,448 | -11.3% |
| Deferred charges and accrued income | 490/1 | €9,409 | €4,619 | -€4,790 | -50.9% |
| Total equity and liabilities | 10/49 | €595,600 | €542,654 | -€52,946 | -8.9% |
| Equity | 10/15 | €188,251 | €194,525 | +€6,274 | +3.3% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €126,775 | €134,324 | +€7,549 | +6.0% |
| Distributable reserves | 133 | €126,775 | €134,324 | +€7,549 | +6.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Investment grants | 15 | €11,476 | €10,201 | -€1,275 | -11.1% |
| Provisions and deferred taxes | 16 | €604 | €537 | -€67 | -11.1% |
| Deferred taxes | 168 | €604 | €537 | -€67 | -11.1% |
| Amounts payable | 17/49 | €406,745 | €347,592 | -€59,152 | -14.5% |
| Amounts payable after more than one year | 17 | €307,816 | €280,040 | -€27,776 | -9.0% |
| Financial debts | 170/4 | €307,816 | €280,040 | -€27,776 | -9.0% |
| Amounts payable within one year | 42/48 | €98,929 | €66,549 | -€32,380 | -32.7% |
| Current portion of amounts payable after more than one year | 42 | €53,147 | €51,703 | -€1,443 | -2.7% |
| Trade debts | 44 | €33,756 | €4,974 | -€28,783 | -85.3% |
| Suppliers | 440/4 | €33,756 | €4,974 | -€28,783 | -85.3% |
| Taxes, remuneration and social security | 45 | €12,026 | €9,872 | -€2,154 | -17.9% |
| Taxes | 450/3 | €12,026 | €9,872 | -€2,154 | -17.9% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | - | €1,003 | +€1,003 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,665 | €47,969 | +€7,305 | +18.0% |
| Other operating charges | 640/8 | €4,009 | €4,401 | +€392 | +9.8% |
| Gross operating margin | 9900 | €108,132 | €112,968 | +€4,836 | +4.5% |
| Operating profit (loss) | 9901 | €63,459 | €60,598 | -€2,861 | -4.5% |
| Financial income | 75/76B | €2,034 | €1,368 | -€665 | -32.7% |
| Recurring financial income | 75 | €2,034 | €1,368 | -€665 | -32.7% |
| Financial charges | 65/66B | €8,773 | €8,805 | +€32 | +0.4% |
| Recurring financial charges | 65 | €8,773 | €8,805 | +€32 | +0.4% |
| Profit (loss) for the period before taxes | 9903 | €56,720 | €53,161 | -€3,558 | -6.3% |
| Transfer from deferred taxes | 780 | €67 | €67 | = | 0.0% |
| Income taxes | 67/77 | €14,189 | €14,457 | +€268 | +1.9% |
| Profit (loss) for the period | 9904 | €42,598 | €38,771 | -€3,827 | -9.0% |
| Profit (loss) for the period to be appropriated | 9905 | €42,598 | €38,771 | -€3,827 | -9.0% |
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 17 October 2026 via checked.be.