MERE: what changed
Two fiscal 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.
MERE
Largest movements
- Current investments -€629,471
down €629,471 (-28.3%), from €2.2m to €1.6m
- Tangible fixed assets +€323,185
up €323,185 (+95.5%), from €338,364 to €661,549
of which Land and buildings: +€322,629
- Cash +€234,568
up €234,568 (+284.2%), from €82,545 to €317,114
- Reserves +€228,697
up €228,697 (+13.5%), from €1.7m to €1.9m
of which Distributable reserves: +€228,697
- Debts after one year -€201,308
down €201,308 (-29.3%), from €686,707 to €485,399
- Other debts -€100,523
down €100,523 (-97.2%), from €103,409 to €2,886
- Gross operating margin +€253,036
up €253,036 (+873.9%), from €28,956 to €281,992
- Financial charges -€115,449
down €115,449 (-84.3%), from €137,009 to €21,560
- Other operating charges +€29,712
up €29,712 (+230.1%), from €12,911 to €42,622
- Staff costs -€22,771
down €22,771 (-100.0%), from €22,771 to €0
- Depreciation +€20,775
up €20,775 (+104.6%), from €19,853 to €40,628
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.
Cash bridge derived
A cash bridge needs two consecutive fiscal years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,669,984 | €2,601,904 | -€68,080 | -2.5% |
| Fixed assets | 21/28 | €338,364 | €661,549 | +€323,185 | +95.5% |
| Tangible fixed assets | 22/27 | €338,364 | €661,549 | +€323,185 | +95.5% |
| Land and buildings | 22 | €336,352 | €658,981 | +€322,629 | +95.9% |
| Plant, machinery and equipment | 23 | €2,012 | €1,636 | -€376 | -18.7% |
| Furniture and vehicles | 24 | - | €932 | +€932 | |
| Current assets | 29/58 | €2,331,620 | €1,940,355 | -€391,265 | -16.8% |
| Amounts receivable within one year | 40/41 | €24,661 | €25,248 | +€587 | +2.4% |
| Trade receivables | 40 | €19,130 | €24,918 | +€5,789 | +30.3% |
| Other amounts receivable | 41 | €5,531 | €330 | -€5,201 | -94.0% |
| Current investments | 50/53 | €2,222,256 | €1,592,785 | -€629,471 | -28.3% |
| Cash at bank and in hand | 54/58 | €82,545 | €317,114 | +€234,568 | +284.2% |
| Deferred charges and accrued income | 490/1 | €2,159 | €5,208 | +€3,050 | +141.3% |
| Total equity and liabilities | 10/49 | €2,669,984 | €2,601,904 | -€68,080 | -2.5% |
| Equity | 10/15 | €1,761,459 | €1,990,156 | +€228,697 | +13.0% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €1,699,959 | €1,928,656 | +€228,697 | +13.5% |
| Non-distributable reserves | 130/1 | €18,595 | €18,595 | = | 0.0% |
| Legal reserve | 130 | €18,595 | €18,595 | = | 0.0% |
| Tax-exempt reserves | 132 | €57,552 | €57,552 | = | 0.0% |
| Distributable reserves | 133 | €1,623,812 | €1,852,509 | +€228,697 | +14.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €908,525 | €611,748 | -€296,777 | -32.7% |
| Amounts payable after more than one year | 17 | €686,707 | €485,399 | -€201,308 | -29.3% |
| Financial debts | 170/4 | €686,707 | €485,399 | -€201,308 | -29.3% |
| Amounts payable within one year | 42/48 | €220,437 | €126,252 | -€94,184 | -42.7% |
| Current portion of amounts payable after more than one year | 42 | €112,767 | €115,656 | +€2,890 | +2.6% |
| Trade debts | 44 | €4,261 | €7,710 | +€3,449 | +80.9% |
| Suppliers | 440/4 | €4,261 | €7,710 | +€3,449 | +80.9% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €103,409 | €2,886 | -€100,523 | -97.2% |
| Accrued charges and deferred income | 492/3 | €1,382 | €97 | -€1,285 | -93.0% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €22,771 | €0 | -€22,771 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,853 | €40,628 | +€20,775 | +104.6% |
| Other operating charges | 640/8 | €12,911 | €42,622 | +€29,712 | +230.1% |
| Non-recurring operating charges | 66A | €42,238 | €0 | -€42,238 | -100.0% |
| Gross operating margin | 9900 | €28,956 | €281,992 | +€253,036 | +873.9% |
| Operating profit (loss) | 9901 | -€68,817 | €198,742 | +€267,558 | |
| Financial income | 75/76B | €70,103 | €60,350 | -€9,753 | -13.9% |
| Recurring financial income | 75 | €70,103 | €60,350 | -€9,753 | -13.9% |
| Financial charges | 65/66B | €137,009 | €21,560 | -€115,449 | -84.3% |
| Recurring financial charges | 65 | €137,009 | €21,560 | -€115,449 | -84.3% |
| Profit (loss) for the period before taxes | 9903 | -€135,723 | €237,532 | +€373,255 | |
| Income taxes | 67/77 | €308 | €8,835 | +€8,527 | +2769.5% |
| Profit (loss) for the period | 9904 | -€136,031 | €228,697 | +€364,728 | |
| Profit (loss) for the period to be appropriated | 9905 | -€136,031 | €228,697 | +€364,728 |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.