M.E.R.E.L.: what changed
Two fiscal 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.
M.E.R.E.L.
Largest movements
- Tangible fixed assets -€12,580
down €12,580 (-8.7%), from €144,761 to €132,180
of which Land and buildings: -€10,149
- Receivables within one year -€7,464
down €7,464 (-44.1%), from €16,923 to €9,459
of which Trade receivables: -€4,885
- Cash +€3,228
up €3,228 (+29.6%), from €10,898 to €14,125
mainly Depreciation (+€12,580) and Other debts (+€9,995)
- Debts after one year -€12,801
down €12,801 (-10.3%), from €124,204 to €111,403
- Other debts +€9,995
up €9,995 (+99.6%), from €10,034 to €20,029
- Reserves -€6,725
down €6,725 (-20.7%), from €32,497 to €25,773
of which Distributable reserves: -€6,725
- Tax, wage and social debts -€6,016
down €6,016 (-81.6%), from €7,370 to €1,355
- Gross operating margin -€28,129
down €28,129 (-66.9%), from €42,029 to €13,900
- Depreciation -€7,200
down €7,200 (-36.4%), from €19,781 to €12,580
- Taxes -€3,000
down €3,000 (-50.0%), from €6,000 to €3,000
- Financial charges -€1,582
down €1,582 (-34.0%), from €4,652 to €3,070
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.
Cash bridge derived
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 | €199,456 | €182,640 | -€16,816 | -8.4% |
| Fixed assets | 21/28 | €145,886 | €133,305 | -€12,580 | -8.6% |
| Tangible fixed assets | 22/27 | €144,761 | €132,180 | -€12,580 | -8.7% |
| Land and buildings | 22 | €139,047 | €128,898 | -€10,149 | -7.3% |
| Plant, machinery and equipment | 23 | €4,713 | €3,282 | -€1,431 | -30.4% |
| Furniture and vehicles | 24 | €1,001 | €0 | -€1,001 | -100.0% |
| Financial fixed assets | 28 | €1,125 | €1,125 | = | 0.0% |
| Current assets | 29/58 | €53,570 | €49,334 | -€4,236 | -7.9% |
| Stocks and contracts in progress | 3 | €25,750 | €25,750 | = | 0.0% |
| Stocks | 30/36 | €25,750 | €25,750 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €16,923 | €9,459 | -€7,464 | -44.1% |
| Trade receivables | 40 | €8,689 | €3,804 | -€4,885 | -56.2% |
| Other amounts receivable | 41 | €8,233 | €5,655 | -€2,579 | -31.3% |
| Cash at bank and in hand | 54/58 | €10,898 | €14,125 | +€3,228 | +29.6% |
| Total equity and liabilities | 10/49 | €199,456 | €182,640 | -€16,816 | -8.4% |
| Equity | 10/15 | €38,697 | €31,973 | -€6,725 | -17.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €32,497 | €25,773 | -€6,725 | -20.7% |
| 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 | €30,637 | €23,913 | -€6,725 | -21.9% |
| Amounts payable | 17/49 | €160,759 | €150,667 | -€10,091 | -6.3% |
| Amounts payable after more than one year | 17 | €124,204 | €111,403 | -€12,801 | -10.3% |
| Financial debts | 170/4 | €124,204 | €111,403 | -€12,801 | -10.3% |
| Amounts payable within one year | 42/48 | €36,555 | €39,265 | +€2,710 | +7.4% |
| Current portion of amounts payable after more than one year | 42 | €13,790 | €12,801 | -€989 | -7.2% |
| Financial debts | 43 | €1,268 | €588 | -€680 | -53.6% |
| Credit institutions | 430/8 | €1,268 | €588 | -€680 | -53.6% |
| Trade debts | 44 | €4,092 | €4,492 | +€400 | +9.8% |
| Suppliers | 440/4 | €4,092 | €4,492 | +€400 | +9.8% |
| Taxes, remuneration and social security | 45 | €7,370 | €1,355 | -€6,016 | -81.6% |
| Taxes | 450/3 | €7,370 | €1,355 | -€6,016 | -81.6% |
| Other amounts payable | 47/48 | €10,034 | €20,029 | +€9,995 | +99.6% |
| Non-recurring operating income | 76A | €1,103 | €0 | -€1,103 | -100.0% |
| Remuneration, social security and pensions | 62 | - | €405 | +€405 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,781 | €12,580 | -€7,200 | -36.4% |
| Other operating charges | 640/8 | €1,800 | €1,695 | -€104 | -5.8% |
| Non-recurring operating charges | 66A | €9,656 | €0 | -€9,656 | -100.0% |
| Gross operating margin | 9900 | €42,029 | €13,900 | -€28,129 | -66.9% |
| Operating profit (loss) | 9901 | €10,793 | -€781 | -€11,574 | |
| Financial income | 75/76B | €102 | €126 | +€24 | +23.7% |
| Recurring financial income | 75 | €102 | €126 | +€24 | +23.7% |
| Financial charges | 65/66B | €4,652 | €3,070 | -€1,582 | -34.0% |
| Recurring financial charges | 65 | €4,652 | €3,070 | -€1,582 | -34.0% |
| Profit (loss) for the period before taxes | 9903 | €6,243 | -€3,725 | -€9,968 | |
| Income taxes | 67/77 | €6,000 | €3,000 | -€3,000 | -50.0% |
| Profit (loss) for the period | 9904 | €243 | -€6,725 | -€6,968 | |
| Profit (loss) for the period to be appropriated | 9905 | €243 | -€6,725 | -€6,968 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.