MerBaey: 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.
MerBaey
Largest movements
- Current investments -€13,535
down €13,535 (-35.1%), from €38,535 to €25,000
- Cash -€8,292
down €8,292 (-18.3%), from €45,282 to €36,990
mainly Other debts (-€14,025) and Receivables within one year (-€4,569)
- Receivables within one year +€4,569
up €4,569 (+175742.7%), from €3 to €4,572
of which Trade receivables: +€2,295
- Deferred charges and accrued income +€2,675
up €2,675 (+23.7%), from €11,281 to €13,956
- Tangible fixed assets -€1,553
down €1,553 (-57.4%), from €2,705 to €1,152
of which Furniture and vehicles: -€2,705
- Other debts -€14,025
no longer reported in 2025 (was €14,025)
- Reserves +€3,754
up €3,754 (+56.9%), from €6,599 to €10,353
- Tax, wage and social debts -€3,289
down €3,289 (-8.6%), from €38,320 to €35,031
of which Taxes: -€2,486
- Current portion of long-term debt -€3,273
no longer reported in 2025 (was €3,273)
- Staff costs -€49,432
down €49,432 (-14.2%), from €348,227 to €298,795
- Gross operating margin -€46,622
down €46,622 (-13.2%), from €354,517 to €307,895
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 | €97,805 | €81,670 | -€16,136 | -16.5% |
| Fixed assets | 21/28 | €2,705 | €1,152 | -€1,553 | -57.4% |
| Tangible fixed assets | 22/27 | €2,705 | €1,152 | -€1,553 | -57.4% |
| Plant, machinery and equipment | 23 | - | €1,152 | +€1,152 | |
| Furniture and vehicles | 24 | €2,705 | - | -€2,705 | |
| Current assets | 29/58 | €95,100 | €80,518 | -€14,582 | -15.3% |
| Amounts receivable within one year | 40/41 | €3 | €4,572 | +€4,569 | +175742.7% |
| Trade receivables | 40 | - | €2,295 | +€2,295 | |
| Other amounts receivable | 41 | €3 | €2,277 | +€2,274 | +87469.6% |
| Current investments | 50/53 | €38,535 | €25,000 | -€13,535 | -35.1% |
| Cash at bank and in hand | 54/58 | €45,282 | €36,990 | -€8,292 | -18.3% |
| Deferred charges and accrued income | 490/1 | €11,281 | €13,956 | +€2,675 | +23.7% |
| Total equity and liabilities | 10/49 | €97,805 | €81,670 | -€16,136 | -16.5% |
| Equity | 10/15 | €8,935 | €13,353 | +€4,418 | +49.4% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €6,599 | €10,353 | +€3,754 | +56.9% |
| Distributable reserves | 133 | €6,599 | €10,353 | +€3,754 | +56.9% |
| Profit (loss) carried forward | 14 | -€664 | - | +€664 | |
| Amounts payable | 17/49 | €88,870 | €68,316 | -€20,554 | -23.1% |
| Amounts payable after more than one year | 17 | €25,000 | €25,000 | = | 0.0% |
| Financial debts | 170/4 | €25,000 | €25,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €63,870 | €43,195 | -€20,675 | -32.4% |
| Current portion of amounts payable after more than one year | 42 | €3,273 | - | -€3,273 | |
| Trade debts | 44 | €8,252 | €8,164 | -€88 | -1.1% |
| Suppliers | 440/4 | €8,252 | €8,164 | -€88 | -1.1% |
| Taxes, remuneration and social security | 45 | €38,320 | €35,031 | -€3,289 | -8.6% |
| Taxes | 450/3 | €2,492 | €6 | -€2,486 | -99.8% |
| Remuneration and social security | 454/9 | €35,828 | €35,025 | -€803 | -2.2% |
| Other amounts payable | 47/48 | €14,025 | - | -€14,025 | |
| Accrued charges and deferred income | 492/3 | - | €121 | +€121 | |
| Remuneration, social security and pensions | 62 | €348,227 | €298,795 | -€49,432 | -14.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,199 | €2,902 | -€297 | -9.3% |
| Other operating charges | 640/8 | €1,717 | €1,857 | +€140 | +8.2% |
| Gross operating margin | 9900 | €354,517 | €307,895 | -€46,622 | -13.2% |
| Operating profit (loss) | 9901 | €1,374 | €4,340 | +€2,966 | +215.9% |
| Financial income | 75/76B | €1,031 | €2,981 | +€1,950 | +189.1% |
| Recurring financial income | 75 | €1,031 | €2,981 | +€1,950 | +189.1% |
| Financial charges | 65/66B | €572 | €1,160 | +€588 | +102.9% |
| Recurring financial charges | 65 | €572 | €1,160 | +€588 | +102.9% |
| Profit (loss) for the period before taxes | 9903 | €1,833 | €6,161 | +€4,328 | +236.1% |
| Income taxes | 67/77 | €2,497 | €1,743 | -€754 | -30.2% |
| Profit (loss) for the period | 9904 | -€664 | €4,418 | +€5,082 | |
| Profit (loss) for the period to be appropriated | 9905 | -€664 | €4,418 | +€5,082 |
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 9 October 2026 via checked.be.