E - MERGE: 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.
E - MERGE
Largest movements
- Current investments -€3.0m
down €3.0m (-81.6%), from €3.7m to €678,931
- Cash -€685,561
down €685,561 (-77.0%), from €890,725 to €205,164
mainly Net result for the year (-€2.6m) and Contributions, distributions and other (-€1.4m)
- Financial fixed assets -€583,569
down €583,569 (-3.5%), from €16.7m to €16.1m
- Profit (loss) carried forward -€4.1m
down €4.1m (-24.3%), from €16.8m to €12.7m
- Financial income -€1.4m
down €1.4m (-27.5%), from €5.2m to €3.7m
of which Financial income: -€3.8m
- Financial charges -€1.4m
down €1.4m (-55.3%), from €2.6m to €1.1m
of which Non-recurring financial charges: -€1.6m
- Gross operating margin -€438,904
down €438,904 (-24.6%), from -€1.8m to -€2.2m
- Taxes -€95,282
down €95,282 (-100.0%), from €95,282 to €0
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 | €21,373,499 | €17,113,265 | -€4.3m | -19.9% |
| Fixed assets | 21/28 | €16,773,606 | €16,226,915 | -€546,691 | -3.3% |
| Tangible fixed assets | 22/27 | €59,683 | €96,561 | +€36,878 | +61.8% |
| Furniture and vehicles | 24 | €6,036 | €51,255 | +€45,218 | +749% |
| Other tangible fixed assets | 26 | €53,647 | €45,306 | -€8,341 | -15.5% |
| Financial fixed assets | 28 | €16,713,923 | €16,130,354 | -€583,569 | -3.5% |
| Current assets | 29/58 | €4,599,893 | €886,350 | -€3.7m | -80.7% |
| Amounts receivable within one year | 40/41 | €9,936 | €2,255 | -€7,681 | -77.3% |
| Trade receivables | 40 | €9,936 | €0 | -€9,936 | -100% |
| Other amounts receivable | 41 | - | €2,255 | +€2,255 | |
| Current investments | 50/53 | €3,690,781 | €678,931 | -€3.0m | -81.6% |
| Cash at bank and in hand | 54/58 | €890,725 | €205,164 | -€685,561 | -77.0% |
| Deferred charges and accrued income | 490/1 | €8,451 | €0 | -€8,451 | -100% |
| Total equity and liabilities | 10/49 | €21,373,499 | €17,113,265 | -€4.3m | -19.9% |
| Equity | 10/15 | €21,117,827 | €17,041,209 | -€4.1m | -19.3% |
| Contributions | 10/11 | €3,928,949 | €3,928,949 | = | 0.0% |
| Capital | 10 | €3,900,000 | €3,900,000 | = | 0.0% |
| Issued capital | 100 | €3,900,000 | €3,900,000 | = | 0.0% |
| Contributions outside capital | 11 | €28,949 | €28,949 | = | 0.0% |
| Share premium | 1100/10 | €28,949 | €28,949 | = | 0.0% |
| Reserves | 13 | €390,000 | €390,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €390,000 | €390,000 | = | 0.0% |
| Legal reserve | 130 | €390,000 | €390,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €16,798,878 | €12,722,261 | -€4.1m | -24.3% |
| Amounts payable | 17/49 | €255,672 | €72,056 | -€183,617 | -71.8% |
| Amounts payable within one year | 42/48 | €255,672 | €72,056 | -€183,617 | -71.8% |
| Trade debts | 44 | €147,329 | €47,103 | -€100,226 | -68.0% |
| Suppliers | 440/4 | €147,329 | €47,103 | -€100,226 | -68.0% |
| Taxes, remuneration and social security | 45 | €108,344 | €2,728 | -€105,615 | -97.5% |
| Taxes | 450/3 | €108,344 | €2,728 | -€105,615 | -97.5% |
| Other amounts payable | 47/48 | - | €22,224 | +€22,224 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,329 | €17,387 | +€5,058 | +41.0% |
| Other operating charges | 640/8 | €8,331 | €10,272 | +€1,940 | +23.3% |
| Non-recurring operating charges | 66A | - | €3,000,063 | +€3.0m | |
| Gross operating margin | 9900 | -€1,782,187 | -€2,221,091 | -€438,904 | -24.6% |
| Operating profit (loss) | 9901 | -€1,802,847 | -€5,248,812 | -€3.4m | -191% |
| Financial income | 75/76B | €5,166,949 | €3,745,561 | -€1.4m | -27.5% |
| Recurring financial income | 75 | €4,452,616 | €686,661 | -€3.8m | -84.6% |
| Non-recurring financial income | 76B | €714,333 | €3,058,900 | +€2.3m | +328% |
| Financial charges | 65/66B | €2,563,756 | €1,144,795 | -€1.4m | -55.3% |
| Recurring financial charges | 65 | €36,207 | €236,226 | +€200,019 | +552% |
| Non-recurring financial charges | 66B | €2,527,549 | €908,569 | -€1.6m | -64.1% |
| Profit (loss) for the period before taxes | 9903 | €800,346 | -€2,648,046 | -€3.4m | |
| Income taxes | 67/77 | €95,282 | €0 | -€95,282 | -100.0% |
| Profit (loss) for the period | 9904 | €705,064 | -€2,648,046 | -€3.4m | |
| Profit (loss) for the period to be appropriated | 9905 | €705,064 | -€2,648,046 | -€3.4m |
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.