DE MERGPIJP: 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 MERGPIJP
Largest movements
- Cash +€243,441
up €243,441 (+79.2%), from €307,530 to €550,971
mainly Net result for the year (+€256,619) and Depreciation (+€70,946)
- Tangible fixed assets -€70,946
down €70,946 (-4.0%), from €1.8m to €1.7m
- Reserves +€256,619
up €256,619 (+73.1%), from €351,044 to €607,663
of which Distributable reserves: +€256,619
- Debts after one year -€98,287
down €98,287 (-6.6%), from €1.5m to €1.4m
- Tax, wage and social debts -€24,036
down €24,036 (-82.4%), from €29,159 to €5,123
- Financial income +€250,514
up €250,514 (+2,971%), from €8,433 to €258,947
- Gross operating margin -€88,715
down €88,715 (-39.6%), from €224,116 to €135,401
- Depreciation -€59,143
down €59,143 (-45.5%), from €130,089 to €70,946
- Financial charges +€12,294
up €12,294 (+28.2%), from €43,643 to €55,937
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 | €2,209,690 | €2,347,256 | +€137,566 | +6.2% |
| Fixed assets | 21/28 | €1,827,641 | €1,737,824 | -€89,817 | -4.9% |
| Tangible fixed assets | 22/27 | €1,789,839 | €1,718,893 | -€70,946 | -4.0% |
| Land and buildings | 22 | €1,789,839 | €1,718,893 | -€70,946 | -4.0% |
| Financial fixed assets | 28 | €37,803 | €18,931 | -€18,871 | -49.9% |
| Current assets | 29/58 | €382,048 | €609,431 | +€227,383 | +59.5% |
| Amounts receivable after more than one year | 29 | €54,499 | €55,482 | +€982 | +1.8% |
| Other amounts receivable | 291 | €54,499 | €55,482 | +€982 | +1.8% |
| Amounts receivable within one year | 40/41 | €13,982 | €249 | -€13,734 | -98.2% |
| Trade receivables | 40 | €8,942 | €0 | -€8,942 | -100% |
| Other amounts receivable | 41 | €5,040 | €249 | -€4,792 | -95.1% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €307,530 | €550,971 | +€243,441 | +79.2% |
| Deferred charges and accrued income | 490/1 | €6,036 | €2,730 | -€3,306 | -54.8% |
| Total equity and liabilities | 10/49 | €2,209,690 | €2,347,256 | +€137,566 | +6.2% |
| Equity | 10/15 | €601,923 | €858,542 | +€256,619 | +42.6% |
| Contributions | 10/11 | €250,879 | €250,879 | = | 0.0% |
| Reserves | 13 | €351,044 | €607,663 | +€256,619 | +73.1% |
| Tax-exempt reserves | 132 | €9,309 | €9,309 | = | 0.0% |
| Distributable reserves | 133 | €341,735 | €598,354 | +€256,619 | +75.1% |
| Amounts payable | 17/49 | €1,607,766 | €1,488,714 | -€119,052 | -7.4% |
| Amounts payable after more than one year | 17 | €1,481,061 | €1,382,774 | -€98,287 | -6.6% |
| Financial debts | 170/4 | €1,481,061 | €1,382,774 | -€98,287 | -6.6% |
| Amounts payable within one year | 42/48 | €126,705 | €105,940 | -€20,765 | -16.4% |
| Current portion of amounts payable after more than one year | 42 | €94,870 | €98,287 | +€3,417 | +3.6% |
| Trade debts | 44 | €2,677 | €2,285 | -€391 | -14.6% |
| Suppliers | 440/4 | €2,677 | €2,285 | -€391 | -14.6% |
| Taxes, remuneration and social security | 45 | €29,159 | €5,123 | -€24,036 | -82.4% |
| Taxes | 450/3 | €29,159 | €5,123 | -€24,036 | -82.4% |
| Other amounts payable | 47/48 | - | €245 | +€245 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €130,089 | €70,946 | -€59,143 | -45.5% |
| Other operating charges | 640/8 | €8,764 | €10,847 | +€2,083 | +23.8% |
| Gross operating margin | 9900 | €224,116 | €135,401 | -€88,715 | -39.6% |
| Operating profit (loss) | 9901 | €85,264 | €53,608 | -€31,655 | -37.1% |
| Financial income | 75/76B | €8,433 | €258,947 | +€250,514 | +2,971% |
| Recurring financial income | 75 | €8,433 | €258,947 | +€250,514 | +2,971% |
| Financial charges | 65/66B | €43,643 | €55,937 | +€12,294 | +28.2% |
| Recurring financial charges | 65 | €43,643 | €55,937 | +€12,294 | +28.2% |
| Profit (loss) for the period before taxes | 9903 | €50,053 | €256,619 | +€206,565 | +413% |
| Profit (loss) for the period | 9904 | €50,053 | €256,619 | +€206,565 | +413% |
| Profit (loss) for the period to be appropriated | 9905 | €50,053 | €256,619 | +€206,565 | +413% |
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 23 October 2026 via checked.be.