Instituut Merel: what changed
What changed
Instituut Merel
NACE 96.220, Beauty care and other beauty treatments
filed annual accounts (NBB)
Net result for the year
€1,690
2024 · €10,618-€8,928
Equity
€162,510
2024 · €160,820+€1,690
Cash
€5,885
2024 · €19,461-€13,576
Balance sheet total
€620,309
2024 · €498,809+€121,500
Largest movements
Assets
- Receivables within one year +€117,074
up €117,074 (+621%), from €18,860 to €135,934
of which Trade receivables: +€117,074
- Deferred charges and accrued income +€71,733
new in 2025: €71,733
- Tangible fixed assets -€38,050
down €38,050 (-9.8%), from €389,414 to €351,363
of which Plant, machinery and equipment: -€26,710
- Stocks and contracts -€15,681
down €15,681 (-22.9%), from €68,424 to €52,743
- Cash -€13,576
down €13,576 (-69.8%), from €19,461 to €5,885
mainly Receivables within one year (-€117,074) and Deferred charges and accrued income (-€71,733)
Equity and liabilities
- Advances received +€85,851
new in 2025: €85,851
- Trade debts +€53,348
up €53,348 (+237%), from €22,515 to €75,863
- Debts after one year -€25,833
down €25,833 (-13.4%), from €192,639 to €166,806
- Current portion of long-term debt -€19,680
down €19,680 (-49.1%), from €40,114 to €20,434
- Other debts +€17,185
up €17,185 (+33.0%), from €52,116 to €69,302
Income statement
- Gross operating margin -€10,500
down €10,500 (-5.9%), from €177,450 to €166,950
- Taxes -€3,899
down €3,899 (-91.8%), from €4,246 to €347
- Financial charges +€2,534
up €2,534 (+47.3%), from €5,360 to €7,895
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€10,618
Gross operating margin
-€10,500
Staff costs
+€1,063
Depreciation
-€428
Other operating charges
-€217
Financial income
-€211
Financial charges
-€2,534
Taxes
+€3,899
Result 2025
€1,690
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€66,949
Investment
-€35,018
Financing
-€45,507
Cash 2024
€19,461
From operations (derived)
+€66,949
Net result for the year
+€1,690
Depreciation
+€73,069
Stocks and contracts
+€15,681
Receivables within one year
-€117,074
Deferred charges and accrued income
-€71,733
Trade debts
+€53,348
Tax, wage and social debts
+€8,586
Advances received
+€85,851
Other debts
+€17,185
Accrued charges and deferred income
+€347
Investment (derived)
-€35,018
Investment in fixed assets (net)
-€35,018
Financing
-€45,507
Debts after one year
-€25,833
Current portion of long-term debt
-€19,680
Short-term financial debts
+€6
Cash 2025
€5,885
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €498,809 | €620,309 | +€121,500 | +24.4% |
| Fixed assets | 21/28 | €392,064 | €354,013 | -€38,050 | -9.7% |
| Tangible fixed assets | 22/27 | €389,414 | €351,363 | -€38,050 | -9.8% |
| Land and buildings | 22 | €268,248 | €266,689 | -€1,559 | -0.6% |
| Plant, machinery and equipment | 23 | €101,172 | €74,461 | -€26,710 | -26.4% |
| Furniture and vehicles | 24 | €3,603 | €5,213 | +€1,611 | +44.7% |
| Leasing and similar rights | 25 | €11,392 | €0 | -€11,392 | -100% |
| Assets under construction and advance payments | 27 | €5,000 | €5,000 | = | 0.0% |
| Financial fixed assets | 28 | €2,650 | €2,650 | = | 0.0% |
| Current assets | 29/58 | €106,745 | €266,296 | +€159,551 | +149% |
| Stocks and contracts in progress | 3 | €68,424 | €52,743 | -€15,681 | -22.9% |
| Stocks | 30/36 | €68,424 | €52,743 | -€15,681 | -22.9% |
| Amounts receivable within one year | 40/41 | €18,860 | €135,934 | +€117,074 | +621% |
| Trade receivables | 40 | €18,860 | €135,934 | +€117,074 | +621% |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €19,461 | €5,885 | -€13,576 | -69.8% |
| Deferred charges and accrued income | 490/1 | - | €71,733 | +€71,733 | |
| Total equity and liabilities | 10/49 | €498,809 | €620,309 | +€121,500 | +24.4% |
| Equity | 10/15 | €160,820 | €162,510 | +€1,690 | +1.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €148,420 | €150,110 | +€1,690 | +1.1% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €146,560 | €148,250 | +€1,690 | +1.2% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €337,989 | €457,800 | +€119,810 | +35.4% |
| Amounts payable after more than one year | 17 | €192,639 | €166,806 | -€25,833 | -13.4% |
| Financial debts | 170/4 | €192,639 | €166,806 | -€25,833 | -13.4% |
| Amounts payable within one year | 42/48 | €145,351 | €290,647 | +€145,296 | +100.0% |
| Current portion of amounts payable after more than one year | 42 | €40,114 | €20,434 | -€19,680 | -49.1% |
| Financial debts | 43 | - | €6 | +€6 | |
| Credit institutions | 430/8 | - | €6 | +€6 | |
| Trade debts | 44 | €22,515 | €75,863 | +€53,348 | +237% |
| Suppliers | 440/4 | €22,515 | €75,863 | +€53,348 | +237% |
| Advances received on contracts in progress | 46 | - | €85,851 | +€85,851 | |
| Taxes, remuneration and social security | 45 | €30,606 | €39,191 | +€8,586 | +28.1% |
| Taxes | 450/3 | €21,480 | €25,394 | +€3,915 | +18.2% |
| Remuneration and social security | 454/9 | €9,126 | €13,797 | +€4,671 | +51.2% |
| Other amounts payable | 47/48 | €52,116 | €69,302 | +€17,185 | +33.0% |
| Accrued charges and deferred income | 492/3 | - | €347 | +€347 | |
| Non-recurring operating income | 76A | - | €13,028 | +€13,028 | |
| Remuneration, social security and pensions | 62 | €82,083 | €81,020 | -€1,063 | -1.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €72,641 | €73,069 | +€428 | +0.6% |
| Other operating charges | 640/8 | €2,720 | €2,936 | +€217 | +8.0% |
| Gross operating margin | 9900 | €177,450 | €166,950 | -€10,500 | -5.9% |
| Operating profit (loss) | 9901 | €20,007 | €9,925 | -€10,082 | -50.4% |
| Financial income | 75/76B | €217 | €6 | -€211 | -97.1% |
| Recurring financial income | 75 | €217 | €6 | -€211 | -97.1% |
| Financial charges | 65/66B | €5,360 | €7,895 | +€2,534 | +47.3% |
| Recurring financial charges | 65 | €5,360 | €7,895 | +€2,534 | +47.3% |
| Profit (loss) for the period before taxes | 9903 | €14,864 | €2,037 | -€12,827 | -86.3% |
| Income taxes | 67/77 | €4,246 | €347 | -€3,899 | -91.8% |
| Profit (loss) for the period | 9904 | €10,618 | €1,690 | -€8,928 | -84.1% |
| Profit (loss) for the period to be appropriated | 9905 | €10,618 | €1,690 | -€8,928 | -84.1% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.