Merbraine I: what changed
Merbraine I
Largest movements
- Stocks and contracts -€3.6m
no longer reported in 2025 (was €3.6m)
- Cash +€80,650
up €80,650 (+547%), from €14,732 to €95,382
mainly Stocks and contracts (+€3.6m)
- Other debts -€2.2m
down €2.2m (-40.8%), from €5.5m to €3.2m
- Profit (loss) carried forward -€791,978
down €791,978 (-32.8%), from -€2.4m to -€3.2m
- Short-term financial debts -€510,591
no longer reported in 2025 (was €510,591)
- Gross operating margin -€611,160
down €611,160 (-948%), from -€64,472 to -€675,632
- Financial charges -€245,760
down €245,760 (-66.1%), from €371,996 to €126,236
- Financial income -€140,110
down €140,110 (-93.4%), from €150,000 to €9,890
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,656,146 | €117,841 | -€3.5m | -96.8% |
| Current assets | 29/58 | €3,656,146 | €117,841 | -€3.5m | -96.8% |
| Stocks and contracts in progress | 3 | €3,636,414 | - | -€3.6m | |
| Stocks | 30/36 | €3,636,414 | - | -€3.6m | |
| Amounts receivable within one year | 40/41 | €5,000 | €22,459 | +€17,459 | +349% |
| Trade receivables | 40 | €5,000 | €22,459 | +€17,459 | +349% |
| Cash at bank and in hand | 54/58 | €14,732 | €95,382 | +€80,650 | +547% |
| Total equity and liabilities | 10/49 | €3,656,146 | €117,841 | -€3.5m | -96.8% |
| Equity | 10/15 | -€2,348,866 | -€3,140,844 | -€791,978 | -33.7% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €3,099 | €3,099 | = | 0.0% |
| Non-distributable reserves | 130/1 | €3,099 | €3,099 | = | 0.0% |
| Legal reserve | 130 | €3,099 | €3,099 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,413,938 | -€3,205,916 | -€791,978 | -32.8% |
| Amounts payable | 17/49 | €6,005,012 | €3,258,685 | -€2.7m | -45.7% |
| Amounts payable within one year | 42/48 | €6,005,012 | €3,258,685 | -€2.7m | -45.7% |
| Financial debts | 43 | €510,591 | - | -€510,591 | |
| Credit institutions | 430/8 | €510,591 | - | -€510,591 | |
| Trade debts | 44 | €18,816 | €17,848 | -€968 | -5.1% |
| Suppliers | 440/4 | €18,816 | €17,848 | -€968 | -5.1% |
| Other amounts payable | 47/48 | €5,475,605 | €3,240,837 | -€2.2m | -40.8% |
| Other operating charges | 640/8 | €3,175 | - | -€3,175 | |
| Gross operating margin | 9900 | -€64,472 | -€675,632 | -€611,160 | -948% |
| Operating profit (loss) | 9901 | -€67,647 | -€675,632 | -€607,985 | -899% |
| Financial income | 75/76B | €150,000 | €9,890 | -€140,110 | -93.4% |
| Recurring financial income | 75 | €150,000 | €9,890 | -€140,110 | -93.4% |
| Financial charges | 65/66B | €371,996 | €126,236 | -€245,760 | -66.1% |
| Recurring financial charges | 65 | €371,996 | €126,236 | -€245,760 | -66.1% |
| Profit (loss) for the period before taxes | 9903 | -€289,643 | -€791,978 | -€502,335 | -173% |
| Profit (loss) for the period | 9904 | -€289,643 | -€791,978 | -€502,335 | -173% |
| Profit (loss) for the period to be appropriated | 9905 | -€289,643 | -€791,978 | -€502,335 | -173% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.