MERAT: 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.
MERAT
Largest movements
- Stocks and contracts +€207,687
up €207,687 (+110%), from €188,727 to €396,414
- Cash -€4,299
down €4,299 (-35.2%), from €12,215 to €7,916
mainly Stocks and contracts (-€207,687) and Investment in fixed assets (net) (-€3,635)
- Trade debts +€64,530
up €64,530 (+438%), from €14,747 to €79,278
- Reserves +€58,732
up €58,732 (+78.1%), from €75,231 to €133,963
- Debts after one year +€50,000
new in 2025: €50,000
- Other debts +€29,383
up €29,383 (+27.9%), from €105,402 to €134,785
- Other operating charges -€30,139
down €30,139 (-94.4%), from €31,929 to €1,789
- Gross operating margin +€19,598
up €19,598 (+44.2%), from €44,373 to €63,971
- Financial charges -€10,254
down €10,254 (-96.9%), from €10,585 to €332
- Taxes -€3,619
no longer reported in 2025 (was €3,619)
- Depreciation +€877
up €877 (+364%), from €241 to €1,117
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 | €206,318 | €411,589 | +€205,271 | +99.5% |
| Fixed assets | 21/28 | €241 | €2,758 | +€2,518 | +1,046% |
| Tangible fixed assets | 22/27 | €241 | €2,758 | +€2,518 | +1,046% |
| Plant, machinery and equipment | 23 | €241 | €2,758 | +€2,518 | +1,046% |
| Current assets | 29/58 | €206,077 | €408,831 | +€202,754 | +98.4% |
| Stocks and contracts in progress | 3 | €188,727 | €396,414 | +€207,687 | +110% |
| Stocks | 30/36 | €188,727 | €396,414 | +€207,687 | +110% |
| Amounts receivable within one year | 40/41 | €5,135 | €4,500 | -€635 | -12.4% |
| Trade receivables | 40 | - | €4,500 | +€4,500 | |
| Other amounts receivable | 41 | €5,135 | - | -€5,135 | |
| Cash at bank and in hand | 54/58 | €12,215 | €7,916 | -€4,299 | -35.2% |
| Total equity and liabilities | 10/49 | €206,318 | €411,589 | +€205,271 | +99.5% |
| Equity | 10/15 | €83,230 | €143,963 | +€60,733 | +73.0% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Capital | 10 | €10,000 | €10,000 | = | 0.0% |
| Issued capital | 100 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €75,231 | €133,963 | +€58,732 | +78.1% |
| Distributable reserves | 133 | €75,231 | €133,963 | +€58,732 | +78.1% |
| Profit (loss) carried forward | 14 | -€2,001 | - | +€2,001 | |
| Amounts payable | 17/49 | €123,088 | €267,626 | +€144,538 | +117% |
| Amounts payable after more than one year | 17 | - | €50,000 | +€50,000 | |
| Financial debts | 170/4 | - | €50,000 | +€50,000 | |
| Amounts payable within one year | 42/48 | €121,838 | €217,626 | +€95,788 | +78.6% |
| Trade debts | 44 | €14,747 | €79,278 | +€64,530 | +438% |
| Suppliers | 440/4 | €14,747 | €79,278 | +€64,530 | +438% |
| Taxes, remuneration and social security | 45 | €1,688 | €3,563 | +€1,875 | +111% |
| Taxes | 450/3 | - | €1,868 | +€1,868 | |
| Remuneration and social security | 454/9 | €1,688 | €1,695 | +€8 | +0.4% |
| Other amounts payable | 47/48 | €105,402 | €134,785 | +€29,383 | +27.9% |
| Accrued charges and deferred income | 492/3 | €1,250 | - | -€1,250 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €241 | €1,117 | +€877 | +364% |
| Other operating charges | 640/8 | €31,929 | €1,789 | -€30,139 | -94.4% |
| Gross operating margin | 9900 | €44,373 | €63,971 | +€19,598 | +44.2% |
| Operating profit (loss) | 9901 | €12,204 | €61,065 | +€48,861 | +400% |
| Financial charges | 65/66B | €10,585 | €332 | -€10,254 | -96.9% |
| Recurring financial charges | 65 | €10,585 | €332 | -€10,254 | -96.9% |
| Profit (loss) for the period before taxes | 9903 | €1,618 | €60,733 | +€59,114 | +3,653% |
| Income taxes | 67/77 | €3,619 | - | -€3,619 | |
| Profit (loss) for the period | 9904 | -€2,001 | €60,733 | +€62,734 | |
| Profit (loss) for the period to be appropriated | 9905 | -€2,001 | €60,733 | +€62,734 |
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 15 October 2026 via checked.be.