merddin: 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.
merddin
Largest movements
- Tangible fixed assets -€40,058
down €40,058 (-75.3%), from €53,182 to €13,124
of which Furniture and vehicles: -€38,969
- Cash -€18,474
down €18,474 (-60.4%), from €30,594 to €12,120
mainly Net result for the year (-€38,520) and Trade debts (-€14,628)
- Receivables within one year +€5,343
up €5,343 (+29.7%), from €17,993 to €23,336
of which Other amounts receivable: +€3,950
- Profit (loss) carried forward -€38,520
down €38,520 (-64.7%), from €59,565 to €21,045
- Trade debts -€14,628
down €14,628 (-56.4%), from €25,946 to €11,318
- Gross operating margin -€15,865
down €15,865 (-48.9%), from €32,470 to €16,605
- Taxes -€5,801
down €5,801 (-46.4%), from €12,494 to €6,692
- Depreciation -€703
down €703 (-1.5%), from €45,773 to €45,070
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 | €105,659 | €52,511 | -€53,148 | -50.3% |
| Fixed assets | 21/28 | €53,182 | €13,124 | -€40,058 | -75.3% |
| Tangible fixed assets | 22/27 | €53,182 | €13,124 | -€40,058 | -75.3% |
| Furniture and vehicles | 24 | €49,139 | €10,171 | -€38,969 | -79.3% |
| Other tangible fixed assets | 26 | €4,043 | €2,954 | -€1,089 | -26.9% |
| Current assets | 29/58 | €52,477 | €39,386 | -€13,090 | -24.9% |
| Amounts receivable within one year | 40/41 | €17,993 | €23,336 | +€5,343 | +29.7% |
| Trade receivables | 40 | €14,963 | €16,355 | +€1,393 | +9.3% |
| Other amounts receivable | 41 | €3,030 | €6,980 | +€3,950 | +130% |
| Cash at bank and in hand | 54/58 | €30,594 | €12,120 | -€18,474 | -60.4% |
| Deferred charges and accrued income | 490/1 | €3,890 | €3,930 | +€41 | +1.0% |
| Total equity and liabilities | 10/49 | €105,659 | €52,511 | -€53,148 | -50.3% |
| Equity | 10/15 | €79,713 | €41,193 | -€38,520 | -48.3% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €148 | €148 | = | 0.0% |
| Distributable reserves | 133 | €148 | €148 | = | 0.0% |
| Profit (loss) carried forward | 14 | €59,565 | €21,045 | -€38,520 | -64.7% |
| Amounts payable | 17/49 | €25,946 | €11,318 | -€14,628 | -56.4% |
| Amounts payable within one year | 42/48 | €25,946 | €11,318 | -€14,628 | -56.4% |
| Trade debts | 44 | €25,946 | €11,318 | -€14,628 | -56.4% |
| Suppliers | 440/4 | €25,946 | €11,318 | -€14,628 | -56.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,773 | €45,070 | -€703 | -1.5% |
| Other operating charges | 640/8 | €3,187 | €3,292 | +€105 | +3.3% |
| Gross operating margin | 9900 | €32,470 | €16,605 | -€15,865 | -48.9% |
| Operating profit (loss) | 9901 | -€16,490 | -€31,757 | -€15,267 | -92.6% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €69 | €70 | +€1 | +2.0% |
| Recurring financial charges | 65 | €69 | €70 | +€1 | +2.0% |
| Profit (loss) for the period before taxes | 9903 | -€16,559 | -€31,827 | -€15,268 | -92.2% |
| Income taxes | 67/77 | €12,494 | €6,692 | -€5,801 | -46.4% |
| Profit (loss) for the period | 9904 | -€29,053 | -€38,520 | -€9,467 | -32.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€29,053 | -€38,520 | -€9,467 | -32.6% |
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.