MERAM PNEUS: what changed
MERAM PNEUS
Largest movements
- Tangible fixed assets -€57,583
down €57,583 (-23.0%), from €250,591 to €193,008
of which Furniture and vehicles: -€49,836
- Stocks and contracts +€22,165
up €22,165 (+19.5%), from €113,814 to €135,979
- Receivables within one year +€7,572
up €7,572 (+30.0%), from €25,265 to €32,837
of which Trade receivables: +€17,183
- Deferred charges and accrued income -€7,180
down €7,180 (-86.2%), from €8,332 to €1,152
- Cash +€5,080
up €5,080 (+25.8%), from €19,671 to €24,751
mainly Depreciation (+€59,981) and Tax, wage and social debts (+€14,065)
- Debts after one year -€38,971
down €38,971 (-33.1%), from €117,693 to €78,722
- Tax, wage and social debts +€14,065
up €14,065 (+107%), from €13,145 to €27,210
of which Taxes: +€18,461
- Trade debts -€10,829
down €10,829 (-67.3%), from €16,087 to €5,258
- Reserves +€7,000
up €7,000 (+376%), from €1,860 to €8,860
of which Distributable reserves: +€7,000
- Staff costs -€15,024
down €15,024 (-15.6%), from €96,153 to €81,129
- Gross operating margin -€7,563
down €7,563 (-4.2%), from €178,092 to €170,529
- Depreciation +€4,870
up €4,870 (+8.8%), from €55,111 to €59,981
- Taxes +€2,362
up €2,362 (+89.0%), from €2,654 to €5,016
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €418,535 | €388,589 | -€29,946 | -7.2% |
| Fixed assets | 21/28 | €251,452 | €193,869 | -€57,583 | -22.9% |
| Tangible fixed assets | 22/27 | €250,591 | €193,008 | -€57,583 | -23.0% |
| Plant, machinery and equipment | 23 | €53,408 | €45,660 | -€7,747 | -14.5% |
| Furniture and vehicles | 24 | €197,184 | €147,348 | -€49,836 | -25.3% |
| Financial fixed assets | 28 | €861 | €861 | = | 0.0% |
| Current assets | 29/58 | €167,083 | €194,720 | +€27,637 | +16.5% |
| Stocks and contracts in progress | 3 | €113,814 | €135,979 | +€22,165 | +19.5% |
| Stocks | 30/36 | €113,814 | €135,979 | +€22,165 | +19.5% |
| Amounts receivable within one year | 40/41 | €25,265 | €32,837 | +€7,572 | +30.0% |
| Trade receivables | 40 | €13,404 | €30,587 | +€17,183 | +128% |
| Other amounts receivable | 41 | €11,861 | €2,250 | -€9,611 | -81.0% |
| Cash at bank and in hand | 54/58 | €19,671 | €24,751 | +€5,080 | +25.8% |
| Deferred charges and accrued income | 490/1 | €8,332 | €1,152 | -€7,180 | -86.2% |
| Total equity and liabilities | 10/49 | €418,535 | €388,589 | -€29,946 | -7.2% |
| Equity | 10/15 | €224,220 | €231,979 | +€7,760 | +3.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €8,860 | +€7,000 | +376% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | - | €7,000 | +€7,000 | |
| Profit (loss) carried forward | 14 | €203,760 | €204,519 | +€760 | +0.4% |
| Amounts payable | 17/49 | €194,316 | €156,610 | -€37,706 | -19.4% |
| Amounts payable after more than one year | 17 | €117,693 | €78,722 | -€38,971 | -33.1% |
| Financial debts | 170/4 | €117,693 | €78,722 | -€38,971 | -33.1% |
| Amounts payable within one year | 42/48 | €76,623 | €77,888 | +€1,265 | +1.7% |
| Current portion of amounts payable after more than one year | 42 | €37,351 | €38,971 | +€1,620 | +4.3% |
| Trade debts | 44 | €16,087 | €5,258 | -€10,829 | -67.3% |
| Suppliers | 440/4 | €16,087 | €5,258 | -€10,829 | -67.3% |
| Taxes, remuneration and social security | 45 | €13,145 | €27,210 | +€14,065 | +107% |
| Taxes | 450/3 | €2,601 | €21,062 | +€18,461 | +710% |
| Remuneration and social security | 454/9 | €10,544 | €6,148 | -€4,396 | -41.7% |
| Other amounts payable | 47/48 | €10,040 | €6,448 | -€3,592 | -35.8% |
| Non-recurring operating income | 76A | €1,368 | €994 | -€375 | -27.4% |
| Remuneration, social security and pensions | 62 | €96,153 | €81,129 | -€15,024 | -15.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €55,111 | €59,981 | +€4,870 | +8.8% |
| Other operating charges | 640/8 | €4,063 | €3,199 | -€864 | -21.3% |
| Non-recurring operating charges | 66A | - | €423 | +€423 | |
| Gross operating margin | 9900 | €178,092 | €170,529 | -€7,563 | -4.2% |
| Operating profit (loss) | 9901 | €22,765 | €25,796 | +€3,031 | +13.3% |
| Financial income | 75/76B | €467 | €26 | -€442 | -94.5% |
| Recurring financial income | 75 | €467 | €26 | -€442 | -94.5% |
| Financial charges | 65/66B | €12,838 | €13,046 | +€208 | +1.6% |
| Recurring financial charges | 65 | €12,838 | €13,046 | +€208 | +1.6% |
| Profit (loss) for the period before taxes | 9903 | €10,394 | €12,776 | +€2,381 | +22.9% |
| Income taxes | 67/77 | €2,654 | €5,016 | +€2,362 | +89.0% |
| Profit (loss) for the period | 9904 | €7,740 | €7,760 | +€20 | +0.3% |
| Profit (loss) for the period to be appropriated | 9905 | €7,740 | €7,760 | +€20 | +0.3% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.