Merdivan: 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.
Merdivan
Largest movements
- Receivables within one year -€36,300
down €36,300 (-83.3%), from €43,560 to €7,260
- Debts after one year -€27,021
down €27,021 (-44.7%), from €60,483 to €33,462
- Tax, wage and social debts -€15,928
down €15,928 (-41.4%), from €38,460 to €22,532
of which Taxes: -€9,212
- Other debts +€8,213
up €8,213 (+7.0%), from €116,509 to €124,722
- Current portion of long-term debt +€5,211
up €5,211 (+19.9%), from €26,236 to €31,447
- Trade debts -€3,813
down €3,813 (-90.5%), from €4,211 to €399
- Gross operating margin -€12,105
down €12,105 (-91.5%), from €13,236 to €1,131
- Taxes -€2,274
no longer reported in 2025 (was €2,274)
- Other operating charges +€811
up €811 (+123%), from €660 to €1,471
- Financial charges +€215
up €215 (+7.7%), from €2,804 to €3,020
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 | €273,885 | €237,260 | -€36,625 | -13.4% |
| Fixed assets | 21/28 | €230,000 | €230,000 | = | 0.0% |
| Financial fixed assets | 28 | €230,000 | €230,000 | = | 0.0% |
| Current assets | 29/58 | €43,885 | €7,260 | -€36,625 | -83.5% |
| Amounts receivable within one year | 40/41 | €43,560 | €7,260 | -€36,300 | -83.3% |
| Trade receivables | 40 | €43,560 | €7,260 | -€36,300 | -83.3% |
| Cash at bank and in hand | 54/58 | €325 | - | -€325 | |
| Total equity and liabilities | 10/49 | €273,885 | €237,260 | -€36,625 | -13.4% |
| Equity | 10/15 | €27,986 | €24,627 | -€3,359 | -12.0% |
| Contributions | 10/11 | €3,500 | €3,500 | = | 0.0% |
| Reserves | 13 | €24,486 | €24,486 | = | 0.0% |
| Distributable reserves | 133 | €24,486 | €24,486 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€3,359 | -€3,359 | |
| Amounts payable | 17/49 | €245,899 | €212,633 | -€33,266 | -13.5% |
| Amounts payable after more than one year | 17 | €60,483 | €33,462 | -€27,021 | -44.7% |
| Financial debts | 170/4 | €60,483 | €33,462 | -€27,021 | -44.7% |
| Amounts payable within one year | 42/48 | €185,416 | €179,171 | -€6,245 | -3.4% |
| Current portion of amounts payable after more than one year | 42 | €26,236 | €31,447 | +€5,211 | +19.9% |
| Financial debts | 43 | - | €72 | +€72 | |
| Credit institutions | 430/8 | - | €72 | +€72 | |
| Trade debts | 44 | €4,211 | €399 | -€3,813 | -90.5% |
| Suppliers | 440/4 | €4,211 | €399 | -€3,813 | -90.5% |
| Taxes, remuneration and social security | 45 | €38,460 | €22,532 | -€15,928 | -41.4% |
| Taxes | 450/3 | €15,544 | €6,332 | -€9,212 | -59.3% |
| Remuneration and social security | 454/9 | €22,916 | €16,200 | -€6,716 | -29.3% |
| Other amounts payable | 47/48 | €116,509 | €124,722 | +€8,213 | +7.0% |
| Other operating charges | 640/8 | €660 | €1,471 | +€811 | +123% |
| Gross operating margin | 9900 | €13,236 | €1,131 | -€12,105 | -91.5% |
| Operating profit (loss) | 9901 | €12,576 | -€340 | -€12,916 | |
| Financial income | 75/76B | - | €1 | +€1 | |
| Recurring financial income | 75 | - | €1 | +€1 | |
| Financial charges | 65/66B | €2,804 | €3,020 | +€215 | +7.7% |
| Recurring financial charges | 65 | €2,804 | €3,020 | +€215 | +7.7% |
| Profit (loss) for the period before taxes | 9903 | €9,772 | -€3,359 | -€13,130 | |
| Income taxes | 67/77 | €2,274 | - | -€2,274 | |
| Profit (loss) for the period | 9904 | €7,498 | -€3,359 | -€10,856 | |
| Profit (loss) for the period to be appropriated | 9905 | €7,498 | -€3,359 | -€10,856 |
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 17 October 2026 via checked.be.