M€ROFIN: 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€ROFIN
Largest movements
- Receivables within one year -€11,116
down €11,116 (-30.7%), from €36,161 to €25,045
of which Trade receivables: -€12,473
- Cash +€8,782
up €8,782 (+36.7%), from €23,921 to €32,703
mainly Trade debts (+€12,879) and Receivables within one year (+€11,116)
- Current investments -€7,988
down €7,988 (-38.8%), from €20,591 to €12,603
- Tangible fixed assets -€7,980
down €7,980 (-7.0%), from €114,297 to €106,317
of which Furniture and vehicles: -€7,980
- Other debts -€14,269
down €14,269 (-24.8%), from €57,444 to €43,175
- Trade debts +€12,879
up €12,879 (+279%), from €4,621 to €17,500
- Reserves -€10,022
down €10,022 (-8.0%), from €125,733 to €115,710
of which Distributable reserves: -€10,022
- Tax, wage and social debts -€6,890
down €6,890 (-31.8%), from €21,673 to €14,783
- Gross operating margin -€17,532
down €17,532, from €2,961 to -€14,571
- Turnover -€16,013
down €16,013 (-7.2%), from €221,042 to €205,028
- Financial income +€13,098
up €13,098 (+204%), from €6,424 to €19,522
- Financial charges -€5,498
down €5,498 (-95.8%), from €5,736 to €238
- Other operating charges +€4,514
up €4,514 (+283%), from €1,598 to €6,112
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 | €228,020 | €209,718 | -€18,302 | -8.0% |
| Fixed assets | 21/28 | €147,348 | €139,368 | -€7,980 | -5.4% |
| Tangible fixed assets | 22/27 | €114,297 | €106,317 | -€7,980 | -7.0% |
| Furniture and vehicles | 24 | €13,100 | €5,120 | -€7,980 | -60.9% |
| Other tangible fixed assets | 26 | €1,420 | €1,420 | = | 0.0% |
| Assets under construction and advance payments | 27 | €99,777 | €99,777 | = | 0.0% |
| Financial fixed assets | 28 | €33,050 | €33,050 | = | 0.0% |
| Current assets | 29/58 | €80,673 | €70,350 | -€10,322 | -12.8% |
| Amounts receivable within one year | 40/41 | €36,161 | €25,045 | -€11,116 | -30.7% |
| Trade receivables | 40 | €34,304 | €21,832 | -€12,473 | -36.4% |
| Other amounts receivable | 41 | €1,857 | €3,213 | +€1,356 | +73.0% |
| Current investments | 50/53 | €20,591 | €12,603 | -€7,988 | -38.8% |
| Cash at bank and in hand | 54/58 | €23,921 | €32,703 | +€8,782 | +36.7% |
| Total equity and liabilities | 10/49 | €228,020 | €209,718 | -€18,302 | -8.0% |
| Equity | 10/15 | €144,283 | €134,260 | -€10,022 | -6.9% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Capital | 10 | €18,550 | €18,550 | = | 0.0% |
| Issued capital | 100 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €125,733 | €115,710 | -€10,022 | -8.0% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Legal reserve | 130 | €1,855 | €1,855 | = | 0.0% |
| Distributable reserves | 133 | €123,878 | €113,855 | -€10,022 | -8.1% |
| Amounts payable | 17/49 | €83,738 | €75,458 | -€8,280 | -9.9% |
| Amounts payable within one year | 42/48 | €83,738 | €75,458 | -€8,280 | -9.9% |
| Trade debts | 44 | €4,621 | €17,500 | +€12,879 | +279% |
| Suppliers | 440/4 | €4,621 | €17,500 | +€12,879 | +279% |
| Taxes, remuneration and social security | 45 | €21,673 | €14,783 | -€6,890 | -31.8% |
| Taxes | 450/3 | €21,673 | €14,783 | -€6,890 | -31.8% |
| Other amounts payable | 47/48 | €57,444 | €43,175 | -€14,269 | -24.8% |
| Turnover | 70 | €221,042 | €205,028 | -€16,013 | -7.2% |
| Goods, raw materials, services and sundry goods | 60/61 | €225,029 | €227,606 | +€2,577 | +1.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,182 | €7,980 | -€202 | -2.5% |
| Other operating charges | 640/8 | €1,598 | €6,112 | +€4,514 | +283% |
| Gross operating margin | 9900 | €2,961 | -€14,571 | -€17,532 | |
| Operating profit (loss) | 9901 | -€6,819 | -€28,663 | -€21,844 | -320% |
| Financial income | 75/76B | €6,424 | €19,522 | +€13,098 | +204% |
| Recurring financial income | 75 | €6,424 | €19,522 | +€13,098 | +204% |
| Financial charges | 65/66B | €5,736 | €238 | -€5,498 | -95.8% |
| Recurring financial charges | 65 | €5,736 | €238 | -€5,498 | -95.8% |
| Profit (loss) for the period before taxes | 9903 | -€6,131 | -€9,379 | -€3,248 | -53.0% |
| Income taxes | 67/77 | €451 | €643 | +€192 | +42.5% |
| Profit (loss) for the period | 9904 | -€6,582 | -€10,022 | -€3,440 | -52.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€6,582 | -€10,022 | -€3,440 | -52.3% |
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 21 October 2026 via checked.be.