MÉRAUD: 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.
MÉRAUD
Largest movements
- Stocks and contracts -€38,393
down €38,393 (-43.9%), from €87,418 to €49,025
- Cash -€33,175
down €33,175 (-73.8%), from €44,958 to €11,782
mainly Net result for the year (-€45,275) and Trade debts (-€35,626)
- Tangible fixed assets -€12,362
down €12,362 (-20.7%), from €59,842 to €47,480
of which Furniture and vehicles: -€13,055
- Receivables within one year +€11,476
up €11,476 (+97.0%), from €11,836 to €23,312
of which Trade receivables: +€7,885
- Other debts +€49,775
up €49,775 (+774%), from €6,433 to €56,208
- Profit (loss) carried forward -€45,275
down €45,275 (-60.0%), from €75,508 to €30,233
- Trade debts -€35,626
down €35,626 (-65.8%), from €54,155 to €18,529
- Tax, wage and social debts -€33,036
down €33,036 (-89.2%), from €37,020 to €3,984
of which Taxes: -€33,036
- Debts after one year -€14,178
down €14,178 (-75.8%), from €18,692 to €4,515
- Gross operating margin +€7,450
up €7,450 (+25.5%), from -€29,224 to -€21,774
- Financial income -€4,276
down €4,276 (-99.8%), from €4,284 to €7
- Financial charges -€1,694
down €1,694 (-24.1%), from €7,023 to €5,329
- Other operating charges -€1,546
down €1,546 (-46.4%), from €3,332 to €1,786
- Depreciation +€1,003
up €1,003 (+6.6%), from €15,089 to €16,092
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 | €213,047 | €139,164 | -€73,883 | -34.7% |
| Fixed assets | 21/28 | €68,835 | €55,044 | -€13,791 | -20.0% |
| Intangible fixed assets | 21 | €7,793 | €6,364 | -€1,429 | -18.3% |
| Tangible fixed assets | 22/27 | €59,842 | €47,480 | -€12,362 | -20.7% |
| Plant, machinery and equipment | 23 | €1,681 | €4,134 | +€2,452 | +146% |
| Furniture and vehicles | 24 | €49,228 | €36,173 | -€13,055 | -26.5% |
| Other tangible fixed assets | 26 | €8,933 | €7,173 | -€1,760 | -19.7% |
| Financial fixed assets | 28 | €1,200 | €1,200 | = | 0.0% |
| Current assets | 29/58 | €144,213 | €84,120 | -€60,093 | -41.7% |
| Stocks and contracts in progress | 3 | €87,418 | €49,025 | -€38,393 | -43.9% |
| Stocks | 30/36 | €87,418 | €49,025 | -€38,393 | -43.9% |
| Amounts receivable within one year | 40/41 | €11,836 | €23,312 | +€11,476 | +97.0% |
| Trade receivables | 40 | €0 | €7,885 | +€7,885 | |
| Other amounts receivable | 41 | €11,836 | €15,427 | +€3,591 | +30.3% |
| Cash at bank and in hand | 54/58 | €44,958 | €11,782 | -€33,175 | -73.8% |
| Deferred charges and accrued income | 490/1 | €0 | €0 | = | |
| Total equity and liabilities | 10/49 | €213,047 | €139,164 | -€73,883 | -34.7% |
| Equity | 10/15 | €85,508 | €40,233 | -€45,275 | -52.9% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €75,508 | €30,233 | -€45,275 | -60.0% |
| Amounts payable | 17/49 | €127,539 | €98,931 | -€28,608 | -22.4% |
| Amounts payable after more than one year | 17 | €18,692 | €4,515 | -€14,178 | -75.8% |
| Financial debts | 170/4 | €18,692 | €4,515 | -€14,178 | -75.8% |
| Amounts payable within one year | 42/48 | €108,847 | €94,403 | -€14,444 | -13.3% |
| Current portion of amounts payable after more than one year | 42 | €6,938 | €15,135 | +€8,196 | +118% |
| Financial debts | 43 | - | €548 | +€548 | |
| Credit institutions | 430/8 | - | €548 | +€548 | |
| Trade debts | 44 | €54,155 | €18,529 | -€35,626 | -65.8% |
| Suppliers | 440/4 | €54,155 | €18,529 | -€35,626 | -65.8% |
| Advances received on contracts in progress | 46 | €4,300 | €0 | -€4,300 | -100% |
| Taxes, remuneration and social security | 45 | €37,020 | €3,984 | -€33,036 | -89.2% |
| Taxes | 450/3 | €37,020 | €3,984 | -€33,036 | -89.2% |
| Remuneration and social security | 454/9 | - | €0 | = | |
| Other amounts payable | 47/48 | €6,433 | €56,208 | +€49,775 | +774% |
| Accrued charges and deferred income | 492/3 | - | €13 | +€13 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,089 | €16,092 | +€1,003 | +6.6% |
| Other operating charges | 640/8 | €3,332 | €1,786 | -€1,546 | -46.4% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | -€29,224 | -€21,774 | +€7,450 | +25.5% |
| Operating profit (loss) | 9901 | -€47,645 | -€39,653 | +€7,992 | +16.8% |
| Financial income | 75/76B | €4,284 | €7 | -€4,276 | -99.8% |
| Recurring financial income | 75 | €4,284 | €7 | -€4,276 | -99.8% |
| Financial charges | 65/66B | €7,023 | €5,329 | -€1,694 | -24.1% |
| Recurring financial charges | 65 | €7,023 | €5,329 | -€1,694 | -24.1% |
| Profit (loss) for the period before taxes | 9903 | -€50,385 | -€44,975 | +€5,410 | +10.7% |
| Income taxes | 67/77 | €115 | €300 | +€185 | +161% |
| Profit (loss) for the period | 9904 | -€50,500 | -€45,275 | +€5,225 | +10.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€50,500 | -€45,275 | +€5,225 | +10.3% |
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 19 October 2026 via checked.be.