MERAL: what changed
Two fiscal 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.
MERAL
Largest movements
- Receivables within one year +€11,109
up €11,109 (+196.0%), from €5,668 to €16,777
of which Other amounts receivable: +€8,051
- Cash -€3,916
down €3,916 (-2.5%), from €155,274 to €151,359
mainly Receivables within one year (-€11,109) and Advances received (-€5,460)
- Stocks and contracts -€3,704
down €3,704 (-49.8%), from €7,434 to €3,729
- Trade debts +€7,901
up €7,901 (+1118.3%), from €707 to €8,608
- Reserves +€7,600
up €7,600 (+5.2%), from €145,432 to €153,032
of which Distributable reserves: +€7,600
- Advances received -€5,460
no longer reported in 2025 (was €5,460)
- Tax, wage and social debts -€4,902
down €4,902 (-58.4%), from €8,392 to €3,491
of which Remuneration and social security: -€3,338
- Gross operating margin -€12,582
down €12,582 (-50.1%), from €25,102 to €12,520
- Depreciation -€3,631
down €3,631 (-70.3%), from €5,169 to €1,538
- Taxes -€3,148
down €3,148 (-46.9%), from €6,715 to €3,568
- Financial charges +€474
up €474 (+152.5%), from €311 to €784
- Other operating charges +€356
up €356 (+40.6%), from €879 to €1,235
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.
Cash bridge derived
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 | €174,614 | €179,801 | +€5,187 | +3.0% |
| Fixed assets | 21/28 | €5,993 | €6,393 | +€400 | +6.7% |
| Tangible fixed assets | 22/27 | €5,993 | €6,393 | +€400 | +6.7% |
| Furniture and vehicles | 24 | €590 | €1,838 | +€1,247 | +211.2% |
| Other tangible fixed assets | 26 | €5,402 | €4,555 | -€847 | -15.7% |
| Current assets | 29/58 | €168,621 | €173,408 | +€4,787 | +2.8% |
| Stocks and contracts in progress | 3 | €7,434 | €3,729 | -€3,704 | -49.8% |
| Stocks | 30/36 | €7,434 | €3,729 | -€3,704 | -49.8% |
| Amounts receivable within one year | 40/41 | €5,668 | €16,777 | +€11,109 | +196.0% |
| Trade receivables | 40 | €2,883 | €5,941 | +€3,058 | +106.1% |
| Other amounts receivable | 41 | €2,785 | €10,836 | +€8,051 | +289.1% |
| Cash at bank and in hand | 54/58 | €155,274 | €151,359 | -€3,916 | -2.5% |
| Deferred charges and accrued income | 490/1 | €245 | €1,542 | +€1,298 | +529.9% |
| Total equity and liabilities | 10/49 | €174,614 | €179,801 | +€5,187 | +3.0% |
| Equity | 10/15 | €157,396 | €164,996 | +€7,600 | +4.8% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €145,432 | €153,032 | +€7,600 | +5.2% |
| Non-distributable reserves | 130/1 | €1,878 | €1,878 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,878 | €1,878 | = | 0.0% |
| Distributable reserves | 133 | €143,554 | €151,154 | +€7,600 | +5.3% |
| Profit (loss) carried forward | 14 | -€436 | -€436 | = | 0.0% |
| Amounts payable | 17/49 | €17,217 | €14,805 | -€2,412 | -14.0% |
| Amounts payable within one year | 42/48 | €16,870 | €14,458 | -€2,412 | -14.3% |
| Trade debts | 44 | €707 | €8,608 | +€7,901 | +1118.3% |
| Suppliers | 440/4 | €707 | €8,608 | +€7,901 | +1118.3% |
| Advances received on contracts in progress | 46 | €5,460 | - | -€5,460 | |
| Taxes, remuneration and social security | 45 | €8,392 | €3,491 | -€4,902 | -58.4% |
| Taxes | 450/3 | €5,054 | €3,491 | -€1,564 | -30.9% |
| Remuneration and social security | 454/9 | €3,338 | - | -€3,338 | |
| Other amounts payable | 47/48 | €2,311 | €2,359 | +€48 | +2.1% |
| Accrued charges and deferred income | 492/3 | €348 | €348 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,169 | €1,538 | -€3,631 | -70.3% |
| Other operating charges | 640/8 | €879 | €1,235 | +€356 | +40.6% |
| Non-recurring operating charges | 66A | - | €30 | +€30 | |
| Gross operating margin | 9900 | €25,102 | €12,520 | -€12,582 | -50.1% |
| Operating profit (loss) | 9901 | €19,055 | €9,718 | -€9,337 | -49.0% |
| Financial income | 75/76B | €2,587 | €2,234 | -€353 | -13.6% |
| Recurring financial income | 75 | €2,587 | €2,234 | -€353 | -13.6% |
| Financial charges | 65/66B | €311 | €784 | +€474 | +152.5% |
| Recurring financial charges | 65 | €311 | €784 | +€474 | +152.5% |
| Profit (loss) for the period before taxes | 9903 | €21,331 | €11,167 | -€10,164 | -47.6% |
| Income taxes | 67/77 | €6,715 | €3,568 | -€3,148 | -46.9% |
| Profit (loss) for the period | 9904 | €14,616 | €7,600 | -€7,016 | -48.0% |
| Profit (loss) for the period to be appropriated | 9905 | €14,616 | €7,600 | -€7,016 | -48.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.