MERCHIE: 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.
MERCHIE
Largest movements
- Tangible fixed assets -€18,155
down €18,155 (-9.8%), from €185,432 to €167,276
- Receivables within one year +€8,464
up €8,464 (+34.8%), from €24,288 to €32,752
- Cash +€4,785
up €4,785 (+228%), from €2,095 to €6,880
mainly Depreciation (+€18,155) and Trade debts (+€8,405)
- Debts after one year -€22,854
down €22,854 (-17.0%), from €134,128 to €111,274
- Trade debts +€8,405
up €8,405 (+4.6%), from €183,801 to €192,205
- Profit (loss) carried forward +€5,634
up €5,634 (+3.0%), from -€190,344 to -€184,710
- Gross operating margin -€5,142
down €5,142 (-12.9%), from €39,742 to €34,601
- Financial charges -€1,031
down €1,031 (-10.5%), from €9,816 to €8,785
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 | €294,930 | €288,377 | -€6,553 | -2.2% |
| Fixed assets | 21/28 | €185,432 | €167,276 | -€18,155 | -9.8% |
| Tangible fixed assets | 22/27 | €185,432 | €167,276 | -€18,155 | -9.8% |
| Land and buildings | 22 | €185,432 | €167,276 | -€18,155 | -9.8% |
| Current assets | 29/58 | €109,498 | €121,101 | +€11,602 | +10.6% |
| Stocks and contracts in progress | 3 | €81,125 | €79,385 | -€1,740 | -2.1% |
| Stocks | 30/36 | €81,125 | €79,385 | -€1,740 | -2.1% |
| Amounts receivable within one year | 40/41 | €24,288 | €32,752 | +€8,464 | +34.8% |
| Trade receivables | 40 | €24,288 | €32,752 | +€8,464 | +34.8% |
| Cash at bank and in hand | 54/58 | €2,095 | €6,880 | +€4,785 | +228% |
| Deferred charges and accrued income | 490/1 | €1,991 | €2,084 | +€94 | +4.7% |
| Total equity and liabilities | 10/49 | €294,930 | €288,377 | -€6,553 | -2.2% |
| Equity | 10/15 | -€177,944 | -€172,310 | +€5,634 | +3.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€190,344 | -€184,710 | +€5,634 | +3.0% |
| Amounts payable | 17/49 | €472,874 | €460,687 | -€12,187 | -2.6% |
| Amounts payable after more than one year | 17 | €134,128 | €111,274 | -€22,854 | -17.0% |
| Financial debts | 170/4 | €134,128 | €111,274 | -€22,854 | -17.0% |
| Amounts payable within one year | 42/48 | €338,745 | €349,412 | +€10,667 | +3.1% |
| Current portion of amounts payable after more than one year | 42 | €21,887 | €22,854 | +€967 | +4.4% |
| Financial debts | 43 | €14,985 | €12,159 | -€2,826 | -18.9% |
| Credit institutions | 430/8 | €14,985 | €12,159 | -€2,826 | -18.9% |
| Trade debts | 44 | €183,801 | €192,205 | +€8,405 | +4.6% |
| Suppliers | 440/4 | €183,801 | €192,205 | +€8,405 | +4.6% |
| Taxes, remuneration and social security | 45 | €1,493 | €3,046 | +€1,553 | +104% |
| Taxes | 450/3 | €1,493 | €3,046 | +€1,553 | +104% |
| Other amounts payable | 47/48 | €116,579 | €119,148 | +€2,569 | +2.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,973 | €18,155 | +€183 | +1.0% |
| Other operating charges | 640/8 | €2,064 | €2,244 | +€180 | +8.7% |
| Gross operating margin | 9900 | €39,742 | €34,601 | -€5,142 | -12.9% |
| Operating profit (loss) | 9901 | €19,706 | €14,202 | -€5,504 | -27.9% |
| Financial income | 75/76B | €210 | €218 | +€8 | +3.7% |
| Recurring financial income | 75 | €210 | €218 | +€8 | +3.7% |
| Financial charges | 65/66B | €9,816 | €8,785 | -€1,031 | -10.5% |
| Recurring financial charges | 65 | €9,816 | €8,785 | -€1,031 | -10.5% |
| Profit (loss) for the period before taxes | 9903 | €10,100 | €5,634 | -€4,465 | -44.2% |
| Profit (loss) for the period | 9904 | €10,100 | €5,634 | -€4,465 | -44.2% |
| Profit (loss) for the period to be appropriated | 9905 | €10,100 | €5,634 | -€4,465 | -44.2% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.