MERAPI: 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.
MERAPI
Largest movements
- Tangible fixed assets -€31,793
down €31,793 (-4.0%), from €802,703 to €770,910
of which Land and buildings: -€31,386
- Debts after one year -€68,498
down €68,498 (-14.4%), from €475,820 to €407,321
of which Financial debts: -€68,498
- Other debts +€62,379
up €62,379 (+30.6%), from €203,977 to €266,356
- Profit (loss) carried forward -€36,953
down €36,953 (-390.5%), from -€9,464 to -€46,418
- Gross operating margin -€15,030
down €15,030 (-60.5%), from €24,837 to €9,807
- Other operating charges +€1,385
up €1,385 (+71.3%), from €1,942 to €3,328
- Financial charges +€481
up €481 (+4.3%), from €11,158 to €11,639
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 | €828,672 | €792,320 | -€36,352 | -4.4% |
| Fixed assets | 21/28 | €820,353 | €788,560 | -€31,793 | -3.9% |
| Tangible fixed assets | 22/27 | €802,703 | €770,910 | -€31,793 | -4.0% |
| Land and buildings | 22 | €802,091 | €770,705 | -€31,386 | -3.9% |
| Furniture and vehicles | 24 | €613 | €205 | -€407 | -66.5% |
| Financial fixed assets | 28 | €17,650 | €17,650 | = | 0.0% |
| Current assets | 29/58 | €8,319 | €3,760 | -€4,559 | -54.8% |
| Amounts receivable within one year | 40/41 | €204 | - | -€204 | |
| Other amounts receivable | 41 | €204 | - | -€204 | |
| Cash at bank and in hand | 54/58 | €8,115 | €3,760 | -€4,354 | -53.7% |
| Total equity and liabilities | 10/49 | €828,672 | €792,320 | -€36,352 | -4.4% |
| Equity | 10/15 | €77,796 | €40,842 | -€36,953 | -47.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €68,660 | €68,660 | = | 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% |
| Distributable reserves | 133 | €66,800 | €66,800 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€9,464 | -€46,418 | -€36,953 | -390.5% |
| Amounts payable | 17/49 | €750,876 | €751,478 | +€601 | +0.1% |
| Amounts payable after more than one year | 17 | €475,820 | €407,321 | -€68,498 | -14.4% |
| Financial debts | 170/4 | €473,820 | €405,321 | -€68,498 | -14.5% |
| Other amounts payable | 178/9 | €2,000 | €2,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €272,112 | €335,675 | +€63,563 | +23.4% |
| Current portion of amounts payable after more than one year | 42 | €67,560 | €68,498 | +€938 | +1.4% |
| Trade debts | 44 | €575 | €821 | +€246 | +42.7% |
| Suppliers | 440/4 | €575 | €821 | +€246 | +42.7% |
| Other amounts payable | 47/48 | €203,977 | €266,356 | +€62,379 | +30.6% |
| Accrued charges and deferred income | 492/3 | €2,945 | €8,482 | +€5,537 | +188.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,793 | €31,793 | +€0 | 0.0% |
| Other operating charges | 640/8 | €1,942 | €3,328 | +€1,385 | +71.3% |
| Gross operating margin | 9900 | €24,837 | €9,807 | -€15,030 | -60.5% |
| Operating profit (loss) | 9901 | -€8,898 | -€25,314 | -€16,416 | -184.5% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €11,158 | €11,639 | +€481 | +4.3% |
| Recurring financial charges | 65 | €11,158 | €11,639 | +€481 | +4.3% |
| Profit (loss) for the period before taxes | 9903 | -€20,056 | -€36,953 | -€16,897 | -84.2% |
| Profit (loss) for the period | 9904 | -€20,056 | -€36,953 | -€16,897 | -84.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€20,056 | -€36,953 | -€16,897 | -84.2% |
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 4 October 2026 via checked.be.