MERANO: 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.
MERANO
Largest movements
- Intangible fixed assets +€88,825
new in 2025: €88,825
- Cash +€83,268
up €83,268 (+61.1%), from €136,212 to €219,480
mainly Trade debts (+€151,933) and Depreciation (+€72,215)
- Tangible fixed assets +€38,168
up €38,168 (+13.3%), from €286,422 to €324,590
of which Furniture and vehicles: +€28,681
- Trade debts +€151,933
up €151,933 (+285%), from €53,249 to €205,182
of which Suppliers: +€173,505
- Profit (loss) carried forward +€43,483
up €43,483 (+56.9%), from €76,380 to €119,863
- Current portion of long-term debt +€37,321
up €37,321 (+124%), from €30,037 to €67,358
- Accrued charges and deferred income -€8,140
down €8,140 (-42.4%), from €19,206 to €11,066
- Debts after one year -€8,064
down €8,064 (-5.3%), from €152,890 to €144,826
- Gross operating margin +€116,483
up €116,483 (+39.6%), from €294,106 to €410,589
- Staff costs +€95,935
up €95,935 (+55.6%), from €172,416 to €268,351
- Depreciation +€17,481
up €17,481 (+31.9%), from €54,734 to €72,215
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 | €460,164 | €677,905 | +€217,741 | +47.3% |
| Fixed assets | 21/28 | €286,422 | €413,415 | +€126,993 | +44.3% |
| Intangible fixed assets | 21 | - | €88,825 | +€88,825 | |
| Tangible fixed assets | 22/27 | €286,422 | €324,590 | +€38,168 | +13.3% |
| Plant, machinery and equipment | 23 | €258,397 | €256,513 | -€1,884 | -0.7% |
| Furniture and vehicles | 24 | €1,513 | €30,194 | +€28,681 | +1,896% |
| Other tangible fixed assets | 26 | €26,512 | €37,883 | +€11,371 | +42.9% |
| Current assets | 29/58 | €173,742 | €264,490 | +€90,748 | +52.2% |
| Stocks and contracts in progress | 3 | €8,422 | €13,855 | +€5,433 | +64.5% |
| Stocks | 30/36 | €8,422 | €13,855 | +€5,433 | +64.5% |
| Amounts receivable within one year | 40/41 | €26,909 | €31,154 | +€4,245 | +15.8% |
| Trade receivables | 40 | €1,735 | €1,454 | -€281 | -16.2% |
| Other amounts receivable | 41 | €25,174 | €29,700 | +€4,526 | +18.0% |
| Cash at bank and in hand | 54/58 | €136,212 | €219,480 | +€83,268 | +61.1% |
| Deferred charges and accrued income | 490/1 | €2,199 | €1 | -€2,198 | -100.0% |
| Total equity and liabilities | 10/49 | €460,164 | €677,905 | +€217,741 | +47.3% |
| Equity | 10/15 | €94,980 | €138,463 | +€43,483 | +45.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €76,380 | €119,863 | +€43,483 | +56.9% |
| Amounts payable | 17/49 | €365,184 | €539,442 | +€174,258 | +47.7% |
| Amounts payable after more than one year | 17 | €152,890 | €144,826 | -€8,064 | -5.3% |
| Financial debts | 170/4 | €152,890 | €144,826 | -€8,064 | -5.3% |
| Amounts payable within one year | 42/48 | €193,088 | €383,550 | +€190,462 | +98.6% |
| Current portion of amounts payable after more than one year | 42 | €30,037 | €67,358 | +€37,321 | +124% |
| Financial debts | 43 | - | €1,350 | +€1,350 | |
| Other loans | 439 | - | €1,350 | +€1,350 | |
| Trade debts | 44 | €53,249 | €205,182 | +€151,933 | +285% |
| Suppliers | 440/4 | €5,579 | €179,084 | +€173,505 | +3,110% |
| Bills of exchange payable | 441 | €47,670 | €26,098 | -€21,572 | -45.3% |
| Taxes, remuneration and social security | 45 | €43,723 | €38,965 | -€4,758 | -10.9% |
| Taxes | 450/3 | €24,886 | €23,988 | -€898 | -3.6% |
| Remuneration and social security | 454/9 | €18,837 | €14,977 | -€3,860 | -20.5% |
| Other amounts payable | 47/48 | €66,079 | €70,695 | +€4,616 | +7.0% |
| Accrued charges and deferred income | 492/3 | €19,206 | €11,066 | -€8,140 | -42.4% |
| Remuneration, social security and pensions | 62 | €172,416 | €268,351 | +€95,935 | +55.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €54,734 | €72,215 | +€17,481 | +31.9% |
| Other operating charges | 640/8 | €8,577 | €7,264 | -€1,313 | -15.3% |
| Gross operating margin | 9900 | €294,106 | €410,589 | +€116,483 | +39.6% |
| Operating profit (loss) | 9901 | €58,379 | €62,759 | +€4,380 | +7.5% |
| Financial income | 75/76B | €1,659 | €4,062 | +€2,403 | +145% |
| Recurring financial income | 75 | €1,659 | €4,062 | +€2,403 | +145% |
| Financial charges | 65/66B | €9,895 | €12,173 | +€2,278 | +23.0% |
| Recurring financial charges | 65 | €9,895 | €12,173 | +€2,278 | +23.0% |
| Profit (loss) for the period before taxes | 9903 | €50,143 | €54,648 | +€4,505 | +9.0% |
| Income taxes | 67/77 | €14,638 | €11,165 | -€3,473 | -23.7% |
| Profit (loss) for the period | 9904 | €35,505 | €43,483 | +€7,978 | +22.5% |
| Profit (loss) for the period to be appropriated | 9905 | €35,505 | €43,483 | +€7,978 | +22.5% |
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 25 October 2026 via checked.be.