MEREBELLE: 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.
MEREBELLE
Largest movements
- Receivables within one year +€25,820
up €25,820 (+1638.1%), from €1,576 to €27,397
of which Trade receivables: +€17,016
- Tangible fixed assets +€22,985
up €22,985 (+28.6%), from €80,369 to €103,354
of which Plant, machinery and equipment: +€23,205
- Cash +€8,760
up €8,760 (+53.9%), from €16,263 to €25,024
mainly Accrued charges and deferred income (+€26,637) and Depreciation (+€13,555)
- Accrued charges and deferred income +€26,637
up €26,637 (+103.5%), from €25,747 to €52,384
- Current portion of long-term debt +€12,817
up €12,817 (+118.3%), from €10,836 to €23,653
- Tax, wage and social debts +€12,547
up €12,547 (+58.8%), from €21,332 to €33,879
of which Remuneration and social security: +€9,549
- Other debts +€10,455
up €10,455 (+80.6%), from €12,979 to €23,435
- Trade debts -€4,602
down €4,602 (-17.2%), from €26,778 to €22,175
- Gross operating margin +€98,811
up €98,811 (+1472.3%), from €6,712 to €105,522
- Staff costs +€42,404
up €42,404 (+98.4%), from €43,108 to €85,512
- Depreciation +€5,223
up €5,223 (+62.7%), from €8,331 to €13,555
- Other operating charges -€1,936
down €1,936 (-68.8%), from €2,816 to €879
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
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 | €121,450 | €180,425 | +€58,974 | +48.6% |
| Fixed assets | 21/28 | €84,810 | €106,733 | +€21,923 | +25.8% |
| Intangible fixed assets | 21 | €4,442 | €3,380 | -€1,062 | -23.9% |
| Tangible fixed assets | 22/27 | €80,369 | €103,354 | +€22,985 | +28.6% |
| Plant, machinery and equipment | 23 | €79,288 | €102,492 | +€23,205 | +29.3% |
| Furniture and vehicles | 24 | €1,081 | €861 | -€220 | -20.3% |
| Current assets | 29/58 | €36,640 | €73,691 | +€37,051 | +101.1% |
| Stocks and contracts in progress | 3 | €17,503 | €18,630 | +€1,127 | +6.4% |
| Stocks | 30/36 | €17,503 | €18,630 | +€1,127 | +6.4% |
| Amounts receivable within one year | 40/41 | €1,576 | €27,397 | +€25,820 | +1638.1% |
| Trade receivables | 40 | €1,441 | €18,456 | +€17,016 | +1181.1% |
| Other amounts receivable | 41 | €136 | €8,940 | +€8,805 | +6498.1% |
| Cash at bank and in hand | 54/58 | €16,263 | €25,024 | +€8,760 | +53.9% |
| Deferred charges and accrued income | 490/1 | €1,297 | €2,640 | +€1,343 | +103.6% |
| Total equity and liabilities | 10/49 | €121,450 | €180,425 | +€58,974 | +48.6% |
| Equity | 10/15 | -€41,392 | -€39,667 | +€1,725 | +4.2% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€51,392 | -€49,667 | +€1,725 | +3.4% |
| Amounts payable | 17/49 | €162,842 | €220,092 | +€57,250 | +35.2% |
| Amounts payable after more than one year | 17 | €65,171 | €64,518 | -€653 | -1.0% |
| Financial debts | 170/4 | €65,171 | €64,518 | -€653 | -1.0% |
| Amounts payable within one year | 42/48 | €71,925 | €103,191 | +€31,266 | +43.5% |
| Current portion of amounts payable after more than one year | 42 | €10,836 | €23,653 | +€12,817 | +118.3% |
| Trade debts | 44 | €26,778 | €22,175 | -€4,602 | -17.2% |
| Suppliers | 440/4 | €26,778 | €22,175 | -€4,602 | -17.2% |
| Advances received on contracts in progress | 46 | - | €49 | +€49 | |
| Taxes, remuneration and social security | 45 | €21,332 | €33,879 | +€12,547 | +58.8% |
| Taxes | 450/3 | €15,745 | €18,743 | +€2,998 | +19.0% |
| Remuneration and social security | 454/9 | €5,587 | €15,136 | +€9,549 | +170.9% |
| Other amounts payable | 47/48 | €12,979 | €23,435 | +€10,455 | +80.6% |
| Accrued charges and deferred income | 492/3 | €25,747 | €52,384 | +€26,637 | +103.5% |
| Non-recurring operating income | 76A | - | €1,111 | +€1,111 | |
| Remuneration, social security and pensions | 62 | €43,108 | €85,512 | +€42,404 | +98.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,331 | €13,555 | +€5,223 | +62.7% |
| Other operating charges | 640/8 | €2,816 | €879 | -€1,936 | -68.8% |
| Gross operating margin | 9900 | €6,712 | €105,522 | +€98,811 | +1472.3% |
| Operating profit (loss) | 9901 | -€47,543 | €5,576 | +€53,120 | |
| Financial income | 75/76B | €161 | €29 | -€132 | -81.9% |
| Recurring financial income | 75 | €161 | €29 | -€132 | -81.9% |
| Financial charges | 65/66B | €3,840 | €3,684 | -€155 | -4.0% |
| Recurring financial charges | 65 | €3,840 | €3,684 | -€155 | -4.0% |
| Profit (loss) for the period before taxes | 9903 | -€51,223 | €1,921 | +€53,143 | |
| Income taxes | 67/77 | €169 | €196 | +€27 | +15.9% |
| Profit (loss) for the period | 9904 | -€51,392 | €1,725 | +€53,116 | |
| Profit (loss) for the period to be appropriated | 9905 | -€51,392 | €1,725 | +€53,116 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.