Het Merelhof: 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.
Het Merelhof
Largest movements
- Cash -€79,700
down €79,700 (-51.0%), from €156,313 to €76,613
mainly Debts after one year (-€73,356) and Investment in fixed assets (net) (-€68,972)
- Stocks and contracts +€65,751
up €65,751 (+180%), from €36,485 to €102,235
- Tangible fixed assets -€32,376
down €32,376 (-2.2%), from €1.5m to €1.4m
of which Land and buildings: -€59,520
- Debts after one year -€73,356
down €73,356 (-5.9%), from €1.2m to €1.2m
- Gross operating margin -€46,039
down €46,039 (-10.9%), from €423,300 to €377,261
- Staff costs +€36,187
up €36,187 (+19.3%), from €187,273 to €223,460
- Depreciation -€8,986
down €8,986 (-8.1%), from €110,334 to €101,348
- Taxes -€7,262
down €7,262 (-81.4%), from €8,922 to €1,660
- Financial charges -€6,480
down €6,480 (-13.4%), from €48,230 to €41,750
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 | €1,704,978 | €1,656,477 | -€48,501 | -2.8% |
| Fixed assets | 21/28 | €1,464,549 | €1,432,174 | -€32,376 | -2.2% |
| Tangible fixed assets | 22/27 | €1,464,549 | €1,432,174 | -€32,376 | -2.2% |
| Land and buildings | 22 | €1,179,726 | €1,120,206 | -€59,520 | -5.0% |
| Plant, machinery and equipment | 23 | €191,816 | €214,376 | +€22,560 | +11.8% |
| Furniture and vehicles | 24 | €3,389 | €11,627 | +€8,238 | +243% |
| Leasing and similar rights | 25 | €6,567 | €4,905 | -€1,662 | -25.3% |
| Other tangible fixed assets | 26 | €83,051 | €81,060 | -€1,991 | -2.4% |
| Current assets | 29/58 | €240,428 | €224,303 | -€16,125 | -6.7% |
| Stocks and contracts in progress | 3 | €36,485 | €102,235 | +€65,751 | +180% |
| Stocks | 30/36 | €36,485 | €102,235 | +€65,751 | +180% |
| Amounts receivable within one year | 40/41 | €23,930 | €37,474 | +€13,544 | +56.6% |
| Trade receivables | 40 | €10,078 | €20,126 | +€10,048 | +99.7% |
| Other amounts receivable | 41 | €13,851 | €17,348 | +€3,497 | +25.2% |
| Cash at bank and in hand | 54/58 | €156,313 | €76,613 | -€79,700 | -51.0% |
| Deferred charges and accrued income | 490/1 | €23,701 | €7,981 | -€15,721 | -66.3% |
| Total equity and liabilities | 10/49 | €1,704,978 | €1,656,477 | -€48,501 | -2.8% |
| Equity | 10/15 | €219,312 | €223,568 | +€4,255 | +1.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €182,735 | €182,735 | = | 0.0% |
| Distributable reserves | 133 | €182,735 | €182,735 | = | 0.0% |
| Profit (loss) carried forward | 14 | €17,977 | €22,233 | +€4,255 | +23.7% |
| Amounts payable | 17/49 | €1,485,665 | €1,432,909 | -€52,756 | -3.6% |
| Amounts payable after more than one year | 17 | €1,239,004 | €1,165,649 | -€73,356 | -5.9% |
| Financial debts | 170/4 | €1,239,004 | €1,165,649 | -€73,356 | -5.9% |
| Amounts payable within one year | 42/48 | €241,680 | €262,722 | +€21,042 | +8.7% |
| Current portion of amounts payable after more than one year | 42 | €71,123 | €73,356 | +€2,233 | +3.1% |
| Trade debts | 44 | €75,079 | €81,420 | +€6,341 | +8.4% |
| Suppliers | 440/4 | €75,079 | €81,420 | +€6,341 | +8.4% |
| Taxes, remuneration and social security | 45 | €31,527 | €34,323 | +€2,796 | +8.9% |
| Taxes | 450/3 | €4,150 | €3,600 | -€550 | -13.3% |
| Remuneration and social security | 454/9 | €27,377 | €30,723 | +€3,346 | +12.2% |
| Other amounts payable | 47/48 | €63,952 | €73,623 | +€9,671 | +15.1% |
| Accrued charges and deferred income | 492/3 | €4,981 | €4,538 | -€442 | -8.9% |
| Remuneration, social security and pensions | 62 | €187,273 | €223,460 | +€36,187 | +19.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €110,334 | €101,348 | -€8,986 | -8.1% |
| Other operating charges | 640/8 | €2,881 | €4,355 | +€1,474 | +51.2% |
| Gross operating margin | 9900 | €423,300 | €377,261 | -€46,039 | -10.9% |
| Operating profit (loss) | 9901 | €122,812 | €48,097 | -€74,714 | -60.8% |
| Financial income | 75/76B | €1,496 | €1,234 | -€262 | -17.5% |
| Recurring financial income | 75 | €1,496 | €1,234 | -€262 | -17.5% |
| Financial charges | 65/66B | €48,230 | €41,750 | -€6,480 | -13.4% |
| Recurring financial charges | 65 | €48,230 | €41,750 | -€6,480 | -13.4% |
| Profit (loss) for the period before taxes | 9903 | €76,078 | €7,581 | -€68,497 | -90.0% |
| Income taxes | 67/77 | €8,922 | €1,660 | -€7,262 | -81.4% |
| Profit (loss) for the period | 9904 | €67,156 | €5,921 | -€61,235 | -91.2% |
| Profit (loss) for the period to be appropriated | 9905 | €67,156 | €5,921 | -€61,235 | -91.2% |
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 27 October 2026 via checked.be.