MERABOUW: 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.
MERABOUW
Largest movements
- Receivables within one year -€36,361
down €36,361 (-43.4%), from €83,734 to €47,373
of which Trade receivables: -€49,346
- Cash -€17,394
down €17,394 (-69.5%), from €25,043 to €7,649
mainly Advances received (-€43,386) and Stocks and contracts (-€13,389)
- Stocks and contracts +€13,389
new in 2025: €13,389
- Tangible fixed assets -€2,454
down €2,454 (-36.8%), from €6,663 to €4,208
of which Furniture and vehicles: -€1,800
- Deferred charges and accrued income -€2,364
down €2,364 (-72.3%), from €3,271 to €906
- Advances received -€43,386
no longer reported in 2025 (was €43,386)
- Reserves -€8,000
down €8,000 (-51.6%), from €15,500 to €7,500
- Other debts +€8,000
new in 2025: €8,000
- Tax, wage and social debts -€4,991
down €4,991 (-34.4%), from €14,519 to €9,527
of which Taxes: -€5,431
- Trade debts +€2,129
up €2,129 (+7.8%), from €27,201 to €29,330
- Gross operating margin -€18,168
down €18,168 (-12.5%), from €145,618 to €127,450
- Staff costs -€9,716
down €9,716 (-7.5%), from €130,307 to €120,591
- Taxes -€1,974
down €1,974 (-59.6%), from €3,309 to €1,335
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 | €118,711 | €73,526 | -€45,185 | -38.1% |
| Fixed assets | 21/28 | €6,663 | €4,208 | -€2,454 | -36.8% |
| Tangible fixed assets | 22/27 | €6,663 | €4,208 | -€2,454 | -36.8% |
| Plant, machinery and equipment | 23 | €1,879 | €1,225 | -€654 | -34.8% |
| Furniture and vehicles | 24 | €4,784 | €2,984 | -€1,800 | -37.6% |
| Current assets | 29/58 | €112,048 | €69,318 | -€42,731 | -38.1% |
| Stocks and contracts in progress | 3 | - | €13,389 | +€13,389 | |
| Stocks | 30/36 | - | €13,389 | +€13,389 | |
| Amounts receivable within one year | 40/41 | €83,734 | €47,373 | -€36,361 | -43.4% |
| Trade receivables | 40 | €83,506 | €34,159 | -€49,346 | -59.1% |
| Other amounts receivable | 41 | €229 | €13,214 | +€12,985 | +5,675% |
| Cash at bank and in hand | 54/58 | €25,043 | €7,649 | -€17,394 | -69.5% |
| Deferred charges and accrued income | 490/1 | €3,271 | €906 | -€2,364 | -72.3% |
| Total equity and liabilities | 10/49 | €118,711 | €73,526 | -€45,185 | -38.1% |
| Equity | 10/15 | €33,605 | €26,668 | -€6,937 | -20.6% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €15,500 | €7,500 | -€8,000 | -51.6% |
| Distributable reserves | 133 | €15,500 | €7,500 | -€8,000 | -51.6% |
| Profit (loss) carried forward | 14 | €16,105 | €17,168 | +€1,063 | +6.6% |
| Amounts payable | 17/49 | €85,106 | €46,857 | -€38,248 | -44.9% |
| Amounts payable within one year | 42/48 | €85,106 | €46,857 | -€38,248 | -44.9% |
| Trade debts | 44 | €27,201 | €29,330 | +€2,129 | +7.8% |
| Suppliers | 440/4 | €27,201 | €29,330 | +€2,129 | +7.8% |
| Advances received on contracts in progress | 46 | €43,386 | - | -€43,386 | |
| Taxes, remuneration and social security | 45 | €14,519 | €9,527 | -€4,991 | -34.4% |
| Taxes | 450/3 | €11,642 | €6,211 | -€5,431 | -46.7% |
| Remuneration and social security | 454/9 | €2,876 | €3,316 | +€440 | +15.3% |
| Other amounts payable | 47/48 | - | €8,000 | +€8,000 | |
| Remuneration, social security and pensions | 62 | €130,307 | €120,591 | -€9,716 | -7.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,264 | €2,454 | +€190 | +8.4% |
| Other operating charges | 640/8 | €1,715 | €1,600 | -€115 | -6.7% |
| Gross operating margin | 9900 | €145,618 | €127,450 | -€18,168 | -12.5% |
| Operating profit (loss) | 9901 | €11,332 | €2,805 | -€8,528 | -75.3% |
| Financial income | 75/76B | €4 | €403 | +€398 | +9,093% |
| Recurring financial income | 75 | €4 | €403 | +€398 | +9,093% |
| Financial charges | 65/66B | €883 | €809 | -€75 | -8.4% |
| Recurring financial charges | 65 | €883 | €809 | -€75 | -8.4% |
| Profit (loss) for the period before taxes | 9903 | €10,453 | €2,398 | -€8,055 | -77.1% |
| Income taxes | 67/77 | €3,309 | €1,335 | -€1,974 | -59.6% |
| Profit (loss) for the period | 9904 | €7,144 | €1,063 | -€6,081 | -85.1% |
| Profit (loss) for the period to be appropriated | 9905 | €7,144 | €1,063 | -€6,081 | -85.1% |
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 28 October 2026 via checked.be.