MERA-CLAEYS: 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.
MERA-CLAEYS
Largest movements
- Tangible fixed assets +€443,788
up €443,788 (+31.6%), from €1.4m to €1.8m
of which Leasing and similar rights: +€500,499
- Receivables within one year +€145,819
up €145,819 (+33.1%), from €441,046 to €586,864
of which Trade receivables: +€176,407
- Cash -€100,168
down €100,168 (-28.8%), from €347,520 to €247,352
mainly Investment in fixed assets (net) (-€1.1m) and Receivables within one year (-€145,819)
- Stocks and contracts +€60,467
up €60,467 (+16.7%), from €361,219 to €421,685
- Debts after one year +€291,143
up €291,143 (+47.5%), from €613,029 to €904,172
- Other debts +€133,546
up €133,546 (+94.4%), from €141,513 to €275,059
- Current portion of long-term debt +€49,799
up €49,799 (+14.1%), from €352,146 to €401,944
- Gross operating margin +€471,286
up €471,286 (+53.4%), from €882,469 to €1.4m
- Staff costs +€184,944
up €184,944 (+63.2%), from €292,473 to €477,417
- Depreciation +€110,633
up €110,633 (+20.8%), from €532,147 to €642,781
- Taxes +€27,539
up €27,539, from €0 to €27,539
- Financial charges +€13,724
up €13,724 (+25.3%), from €54,297 to €68,020
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 | €2,768,424 | €3,323,315 | +€554,891 | +20.0% |
| Fixed assets | 21/28 | €1,431,607 | €1,872,796 | +€441,189 | +30.8% |
| Intangible fixed assets | 21 | €25,739 | €23,139 | -€2,599 | -10.1% |
| Tangible fixed assets | 22/27 | €1,405,868 | €1,849,656 | +€443,788 | +31.6% |
| Plant, machinery and equipment | 23 | €1,133,171 | €1,111,564 | -€21,607 | -1.9% |
| Furniture and vehicles | 24 | €138,911 | €107,599 | -€31,312 | -22.5% |
| Leasing and similar rights | 25 | €77,962 | €578,462 | +€500,499 | +642% |
| Other tangible fixed assets | 26 | €55,824 | €52,032 | -€3,792 | -6.8% |
| Current assets | 29/58 | €1,336,817 | €1,450,520 | +€113,702 | +8.5% |
| Stocks and contracts in progress | 3 | €361,219 | €421,685 | +€60,467 | +16.7% |
| Stocks | 30/36 | €361,219 | €421,685 | +€60,467 | +16.7% |
| Amounts receivable within one year | 40/41 | €441,046 | €586,864 | +€145,819 | +33.1% |
| Trade receivables | 40 | €274,901 | €451,307 | +€176,407 | +64.2% |
| Other amounts receivable | 41 | €166,145 | €135,557 | -€30,588 | -18.4% |
| Cash at bank and in hand | 54/58 | €347,520 | €247,352 | -€100,168 | -28.8% |
| Deferred charges and accrued income | 490/1 | €187,034 | €194,618 | +€7,585 | +4.1% |
| Total equity and liabilities | 10/49 | €2,768,424 | €3,323,315 | +€554,891 | +20.0% |
| Equity | 10/15 | €843,022 | €872,932 | +€29,910 | +3.5% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €818,022 | €847,932 | +€29,910 | +3.7% |
| Tax-exempt reserves | 132 | €8,959 | €6,032 | -€2,927 | -32.7% |
| Distributable reserves | 133 | €809,063 | €841,900 | +€32,837 | +4.1% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Provisions and deferred taxes | 16 | €2,986 | €2,011 | -€976 | -32.7% |
| Deferred taxes | 168 | €2,986 | €2,011 | -€976 | -32.7% |
| Amounts payable | 17/49 | €1,922,416 | €2,448,372 | +€525,956 | +27.4% |
| Amounts payable after more than one year | 17 | €613,029 | €904,172 | +€291,143 | +47.5% |
| Financial debts | 170/4 | €613,029 | €904,172 | +€291,143 | +47.5% |
| Amounts payable within one year | 42/48 | €1,302,008 | €1,537,054 | +€235,046 | +18.1% |
| Current portion of amounts payable after more than one year | 42 | €352,146 | €401,944 | +€49,799 | +14.1% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €743,749 | €762,406 | +€18,657 | +2.5% |
| Suppliers | 440/4 | €743,749 | €762,406 | +€18,657 | +2.5% |
| Taxes, remuneration and social security | 45 | €64,600 | €97,645 | +€33,045 | +51.2% |
| Taxes | 450/3 | €24,317 | €36,251 | +€11,935 | +49.1% |
| Remuneration and social security | 454/9 | €40,284 | €61,394 | +€21,110 | +52.4% |
| Other amounts payable | 47/48 | €141,513 | €275,059 | +€133,546 | +94.4% |
| Accrued charges and deferred income | 492/3 | €7,379 | €7,146 | -€233 | -3.2% |
| Remuneration, social security and pensions | 62 | €292,473 | €477,417 | +€184,944 | +63.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €532,147 | €642,781 | +€110,633 | +20.8% |
| Other operating charges | 640/8 | €10,652 | €4,363 | -€6,289 | -59.0% |
| Gross operating margin | 9900 | €882,469 | €1,353,755 | +€471,286 | +53.4% |
| Operating profit (loss) | 9901 | €47,197 | €229,195 | +€181,998 | +386% |
| Financial income | 75/76B | €3,268 | €2,251 | -€1,016 | -31.1% |
| Recurring financial income | 75 | €3,268 | €2,251 | -€1,016 | -31.1% |
| Financial charges | 65/66B | €54,297 | €68,020 | +€13,724 | +25.3% |
| Recurring financial charges | 65 | €54,297 | €68,020 | +€13,724 | +25.3% |
| Profit (loss) for the period before taxes | 9903 | -€3,832 | €163,426 | +€167,258 | |
| Transfer from deferred taxes | 780 | €976 | €976 | = | 0.0% |
| Transfer to deferred taxes | 680 | €0 | - | = | |
| Income taxes | 67/77 | €0 | €27,539 | +€27,539 | |
| Profit (loss) for the period | 9904 | -€2,857 | €136,862 | +€139,718 | |
| Transfer from tax-exempt reserves | 789 | €2,927 | €2,927 | = | 0.0% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €70 | €139,789 | +€139,718 | +199,001% |
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.