MERBRALAN: 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.
MERBRALAN
Largest movements
- Intangible fixed assets -€68,093
down €68,093 (-23.1%), from €294,186 to €226,093
- Receivables within one year -€60,774
down €60,774 (-20.2%), from €300,553 to €239,779
of which Trade receivables: -€60,694
- Other debts -€177,379
down €177,379 (-82.2%), from €215,734 to €38,355
- Tax, wage and social debts +€60,426
up €60,426 (+102%), from €59,405 to €119,831
of which Taxes: +€46,038
- Accrued charges and deferred income -€35,726
no longer reported in 2025 (was €35,726)
- Profit (loss) carried forward +€23,593
up €23,593, from -€4,879 to €18,713
- Trade debts +€6,703
up €6,703 (+2.1%), from €313,917 to €320,620
- Gross operating margin +€81,199
up €81,199 (+19.2%), from €422,456 to €503,655
- Financial charges +€18,343
up €18,343 (+217%), from €8,468 to €26,811
of which Non-recurring financial charges: +€23,365
- Taxes +€12,493
up €12,493 (+3,904%), from €320 to €12,813
- Staff costs +€8,980
up €8,980 (+2.4%), from €376,930 to €385,910
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €638,452 | €517,925 | -€120,528 | -18.9% |
| Fixed assets | 21/28 | €311,254 | €245,699 | -€65,555 | -21.1% |
| Intangible fixed assets | 21 | €294,186 | €226,093 | -€68,093 | -23.1% |
| Tangible fixed assets | 22/27 | €17,068 | €19,605 | +€2,538 | +14.9% |
| Plant, machinery and equipment | 23 | €14,638 | €17,611 | +€2,973 | +20.3% |
| Other tangible fixed assets | 26 | €2,429 | €1,994 | -€435 | -17.9% |
| Current assets | 29/58 | €327,198 | €272,226 | -€54,972 | -16.8% |
| Stocks and contracts in progress | 3 | €26,645 | €32,447 | +€5,802 | +21.8% |
| Stocks | 30/36 | €26,645 | €32,447 | +€5,802 | +21.8% |
| Amounts receivable within one year | 40/41 | €300,553 | €239,779 | -€60,774 | -20.2% |
| Trade receivables | 40 | €300,473 | €239,779 | -€60,694 | -20.2% |
| Other amounts receivable | 41 | €80 | - | -€80 | |
| Total equity and liabilities | 10/49 | €638,452 | €517,925 | -€120,528 | -18.9% |
| Equity | 10/15 | €13,671 | €39,118 | +€25,448 | +186% |
| Contributions | 10/11 | €18,550 | €20,405 | +€1,855 | +10.0% |
| Profit (loss) carried forward | 14 | -€4,879 | €18,713 | +€23,593 | |
| Amounts payable | 17/49 | €624,781 | €478,806 | -€145,975 | -23.4% |
| Amounts payable within one year | 42/48 | €589,056 | €478,806 | -€110,249 | -18.7% |
| Trade debts | 44 | €313,917 | €320,620 | +€6,703 | +2.1% |
| Suppliers | 440/4 | €313,917 | €320,620 | +€6,703 | +2.1% |
| Taxes, remuneration and social security | 45 | €59,405 | €119,831 | +€60,426 | +102% |
| Taxes | 450/3 | €1,477 | €47,515 | +€46,038 | +3,116% |
| Remuneration and social security | 454/9 | €57,928 | €72,316 | +€14,388 | +24.8% |
| Other amounts payable | 47/48 | €215,734 | €38,355 | -€177,379 | -82.2% |
| Accrued charges and deferred income | 492/3 | €35,726 | - | -€35,726 | |
| Non-recurring operating income | 76A | - | €1,750 | +€1,750 | |
| Remuneration, social security and pensions | 62 | €376,930 | €385,910 | +€8,980 | +2.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €57,161 | €52,265 | -€4,895 | -8.6% |
| Other operating charges | 640/8 | €699 | €408 | -€291 | -41.6% |
| Gross operating margin | 9900 | €422,456 | €503,655 | +€81,199 | +19.2% |
| Operating profit (loss) | 9901 | -€12,333 | €65,071 | +€77,405 | |
| Financial charges | 65/66B | €8,468 | €26,811 | +€18,343 | +217% |
| Recurring financial charges | 65 | €8,448 | €3,426 | -€5,022 | -59.4% |
| Non-recurring financial charges | 66B | €20 | €23,385 | +€23,365 | +116,826% |
| Profit (loss) for the period before taxes | 9903 | -€20,801 | €38,260 | +€59,062 | |
| Income taxes | 67/77 | €320 | €12,813 | +€12,493 | +3,904% |
| Profit (loss) for the period | 9904 | -€21,121 | €25,448 | +€46,569 | |
| Profit (loss) for the period to be appropriated | 9905 | -€21,121 | €25,448 | +€46,569 |
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 23 October 2026 via checked.be.