MERAD: 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.
MERAD
Largest movements
- Receivables within one year -€21,109
down €21,109 (-45.7%), from €46,220 to €25,110
of which Trade receivables: -€24,137
- Stocks and contracts +€16,734
new in 2024: €16,734
- Cash +€1,822
up €1,822 (+40.1%), from €4,541 to €6,363
mainly Receivables within one year (+€21,109) and Tax, wage and social debts (+€8,032)
- Formation expenses +€993
new in 2024: €993
- Trade debts -€12,573
down €12,573 (-65.0%), from €19,340 to €6,767
- Tax, wage and social debts +€8,032
up €8,032 (+54.0%), from €14,868 to €22,899
of which Remuneration and social security: +€4,828
- Profit (loss) carried forward +€2,899
up €2,899 (+86.6%), from €3,348 to €6,247
- Staff costs +€44,761
up €44,761 (+114%), from €39,106 to €83,868
- Gross operating margin +€38,450
up €38,450 (+71.5%), from €53,777 to €92,227
- Depreciation -€6,180
no longer reported in 2024 (was €6,180)
- Taxes +€2,466
up €2,466 (+71.5%), from €3,448 to €5,915
- Financial income +€1,318
up €1,318 (+13,528%), from €10 to €1,327
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €55,016 | €53,456 | -€1,560 | -2.8% |
| Formation expenses | 20 | - | €993 | +€993 | |
| Fixed assets | 21/28 | €4,255 | €4,255 | = | 0.0% |
| Tangible fixed assets | 22/27 | €4,081 | €4,081 | = | 0.0% |
| Furniture and vehicles | 24 | €4,081 | €4,081 | = | 0.0% |
| Financial fixed assets | 28 | €174 | €174 | = | 0.0% |
| Current assets | 29/58 | €50,761 | €48,208 | -€2,553 | -5.0% |
| Stocks and contracts in progress | 3 | - | €16,734 | +€16,734 | |
| Stocks | 30/36 | - | €16,734 | +€16,734 | |
| Amounts receivable within one year | 40/41 | €46,220 | €25,110 | -€21,109 | -45.7% |
| Trade receivables | 40 | €24,137 | - | -€24,137 | |
| Other amounts receivable | 41 | €22,083 | €25,110 | +€3,028 | +13.7% |
| Cash at bank and in hand | 54/58 | €4,541 | €6,363 | +€1,822 | +40.1% |
| Total equity and liabilities | 10/49 | €55,016 | €53,456 | -€1,560 | -2.8% |
| Equity | 10/15 | €20,808 | €23,707 | +€2,899 | +13.9% |
| Contributions | 10/11 | €15,600 | €15,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €3,348 | €6,247 | +€2,899 | +86.6% |
| Amounts payable | 17/49 | €34,208 | €29,749 | -€4,459 | -13.0% |
| Amounts payable within one year | 42/48 | €34,208 | €29,703 | -€4,505 | -13.2% |
| Financial debts | 43 | - | €36 | +€36 | |
| Credit institutions | 430/8 | - | €36 | +€36 | |
| Trade debts | 44 | €19,340 | €6,767 | -€12,573 | -65.0% |
| Suppliers | 440/4 | €19,340 | €6,767 | -€12,573 | -65.0% |
| Taxes, remuneration and social security | 45 | €14,868 | €22,899 | +€8,032 | +54.0% |
| Taxes | 450/3 | €11,485 | €14,689 | +€3,204 | +27.9% |
| Remuneration and social security | 454/9 | €3,382 | €8,210 | +€4,828 | +143% |
| Accrued charges and deferred income | 492/3 | - | €46 | +€46 | |
| Goods, raw materials, services and sundry goods | 60/61 | €177,790 | €178,947 | +€1,157 | +0.7% |
| Remuneration, social security and pensions | 62 | €39,106 | €83,868 | +€44,761 | +114% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,180 | - | -€6,180 | |
| Other operating charges | 640/8 | €737 | €144 | -€593 | -80.5% |
| Gross operating margin | 9900 | €53,777 | €92,227 | +€38,450 | +71.5% |
| Operating profit (loss) | 9901 | €7,754 | €8,216 | +€462 | +6.0% |
| Financial income | 75/76B | €10 | €1,327 | +€1,318 | +13,528% |
| Recurring financial income | 75 | €10 | €1,327 | +€1,318 | +13,528% |
| Financial charges | 65/66B | €284 | €547 | +€263 | +92.4% |
| Recurring financial charges | 65 | €284 | €547 | +€263 | +92.4% |
| Profit (loss) for the period before taxes | 9903 | €7,479 | €8,997 | +€1,517 | +20.3% |
| Income taxes | 67/77 | €3,448 | €5,915 | +€2,466 | +71.5% |
| Profit (loss) for the period | 9904 | €4,031 | €3,082 | -€949 | -23.5% |
| Profit (loss) for the period to be appropriated | 9905 | €4,031 | €3,082 | -€949 | -23.5% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 21 October 2026 via checked.be.