M-ER GROEP: 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.
M-ER GROEP
Largest movements
- Tangible fixed assets +€69,434
up €69,434 (+621%), from €11,178 to €80,612
- Receivables within one year +€62,988
up €62,988 (+37.4%), from €168,262 to €231,251
of which Other amounts receivable: +€31,564
- Cash +€54,764
up €54,764 (+494,707%), from €11 to €54,775
mainly Trade debts (+€113,273) and Net result for the year (+€45,238)
- Trade debts +€113,273
up €113,273 (+761%), from €14,887 to €128,160
- Reserves +€45,000
new in 2025: €45,000
- Tax, wage and social debts +€30,240
up €30,240 (+85.4%), from €35,391 to €65,631
of which Taxes: +€18,987
- Staff costs +€58,059
new in 2025: €58,059
- Gross operating margin -€22,576
down €22,576 (-13.7%), from €164,472 to €141,896
- Depreciation +€17,508
up €17,508 (+620%), from €2,822 to €20,331
- Taxes -€16,404
down €16,404 (-46.4%), from €35,391 to €18,987
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 | €179,451 | €368,202 | +€188,751 | +105% |
| Fixed assets | 21/28 | €11,178 | €80,612 | +€69,434 | +621% |
| Tangible fixed assets | 22/27 | €11,178 | €80,612 | +€69,434 | +621% |
| Furniture and vehicles | 24 | €11,178 | €80,612 | +€69,434 | +621% |
| Current assets | 29/58 | €168,274 | €287,590 | +€119,317 | +70.9% |
| Amounts receivable within one year | 40/41 | €168,262 | €231,251 | +€62,988 | +37.4% |
| Trade receivables | 40 | €117,741 | €149,166 | +€31,425 | +26.7% |
| Other amounts receivable | 41 | €50,521 | €82,085 | +€31,564 | +62.5% |
| Cash at bank and in hand | 54/58 | €11 | €54,775 | +€54,764 | +494,707% |
| Deferred charges and accrued income | 490/1 | - | €1,564 | +€1,564 | |
| Total equity and liabilities | 10/49 | €179,451 | €368,202 | +€188,751 | +105% |
| Equity | 10/15 | €129,173 | €174,411 | +€45,238 | +35.0% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | - | €45,000 | +€45,000 | |
| Distributable reserves | 133 | - | €45,000 | +€45,000 | |
| Profit (loss) carried forward | 14 | €126,173 | €126,411 | +€238 | +0.2% |
| Amounts payable | 17/49 | €50,278 | €193,791 | +€143,513 | +285% |
| Amounts payable within one year | 42/48 | €50,278 | €193,791 | +€143,513 | +285% |
| Trade debts | 44 | €14,887 | €128,160 | +€113,273 | +761% |
| Suppliers | 440/4 | €14,887 | €128,160 | +€113,273 | +761% |
| Taxes, remuneration and social security | 45 | €35,391 | €65,631 | +€30,240 | +85.4% |
| Taxes | 450/3 | €35,391 | €54,378 | +€18,987 | +53.6% |
| Remuneration and social security | 454/9 | - | €11,253 | +€11,253 | |
| Remuneration, social security and pensions | 62 | - | €58,059 | +€58,059 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,822 | €20,331 | +€17,508 | +620% |
| Other operating charges | 640/8 | €1,328 | €2,077 | +€749 | +56.4% |
| Gross operating margin | 9900 | €164,472 | €141,896 | -€22,576 | -13.7% |
| Operating profit (loss) | 9901 | €160,321 | €61,429 | -€98,892 | -61.7% |
| Financial income | 75/76B | €1,374 | €2,972 | +€1,599 | +116% |
| Recurring financial income | 75 | €1,374 | €2,972 | +€1,599 | +116% |
| Financial charges | 65/66B | €131 | €177 | +€45 | +34.6% |
| Recurring financial charges | 65 | €131 | €177 | +€45 | +34.6% |
| Profit (loss) for the period before taxes | 9903 | €161,564 | €64,225 | -€97,339 | -60.2% |
| Income taxes | 67/77 | €35,391 | €18,987 | -€16,404 | -46.4% |
| Profit (loss) for the period | 9904 | €126,173 | €45,238 | -€80,935 | -64.1% |
| Profit (loss) for the period to be appropriated | 9905 | €126,173 | €45,238 | -€80,935 | -64.1% |
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 29 October 2026 via checked.be.