Merel Slabbinck: 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.
Merel Slabbinck
Largest movements
- Tangible fixed assets +€23,162
new in 2025: €23,162
- Cash +€2,893
up €2,893 (+59.6%), from €4,852 to €7,745
mainly Debts after one year (+€17,091) and Net result for the year (+€6,315)
- Receivables within one year +€686
up €686 (+13.2%), from €5,203 to €5,889
- Debts after one year +€17,091
new in 2025: €17,091
- Reserves +€5,482
up €5,482 (+219%), from €2,504 to €7,986
- Current portion of long-term debt +€4,116
new in 2025: €4,116
- Trade debts +€1,811
new in 2025: €1,811
- Tax, wage and social debts -€1,496
down €1,496 (-24.4%), from €6,126 to €4,631
of which Remuneration and social security: -€4,002
- Gross operating margin +€7,442
up €7,442 (+186%), from €4,002 to €11,444
- Depreciation +€2,771
new in 2025: €2,771
- Taxes +€975
up €975 (+156%), from €626 to €1,601
- Other operating charges -€638
down €638 (-73.1%), from €872 to €234
- Financial charges +€522
new in 2025: €522
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 | €10,055 | €36,796 | +€26,741 | +266% |
| Fixed assets | 21/28 | - | €23,162 | +€23,162 | |
| Tangible fixed assets | 22/27 | - | €23,162 | +€23,162 | |
| Leasing and similar rights | 25 | - | €23,162 | +€23,162 | |
| Current assets | 29/58 | €10,055 | €13,634 | +€3,579 | +35.6% |
| Amounts receivable within one year | 40/41 | €5,203 | €5,889 | +€686 | +13.2% |
| Trade receivables | 40 | €5,203 | €5,889 | +€686 | +13.2% |
| Cash at bank and in hand | 54/58 | €4,852 | €7,745 | +€2,893 | +59.6% |
| Total equity and liabilities | 10/49 | €10,055 | €36,796 | +€26,741 | +266% |
| Equity | 10/15 | €2,604 | €8,086 | +€5,482 | +211% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Reserves | 13 | €2,504 | €7,986 | +€5,482 | +219% |
| Distributable reserves | 133 | €2,504 | €7,986 | +€5,482 | +219% |
| Amounts payable | 17/49 | €7,451 | €28,709 | +€21,258 | +285% |
| Amounts payable after more than one year | 17 | - | €17,091 | +€17,091 | |
| Financial debts | 170/4 | - | €17,091 | +€17,091 | |
| Amounts payable within one year | 42/48 | €7,451 | €11,619 | +€4,168 | +55.9% |
| Current portion of amounts payable after more than one year | 42 | - | €4,116 | +€4,116 | |
| Trade debts | 44 | - | €1,811 | +€1,811 | |
| Suppliers | 440/4 | - | €1,811 | +€1,811 | |
| Taxes, remuneration and social security | 45 | €6,126 | €4,631 | -€1,496 | -24.4% |
| Taxes | 450/3 | €2,124 | €4,631 | +€2,507 | +118% |
| Remuneration and social security | 454/9 | €4,002 | - | -€4,002 | |
| Other amounts payable | 47/48 | €1,325 | €1,061 | -€264 | -19.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €2,771 | +€2,771 | |
| Other operating charges | 640/8 | €872 | €234 | -€638 | -73.1% |
| Gross operating margin | 9900 | €4,002 | €11,444 | +€7,442 | +186% |
| Operating profit (loss) | 9901 | €3,130 | €8,439 | +€5,309 | +170% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | - | €522 | +€522 | |
| Recurring financial charges | 65 | - | €522 | +€522 | |
| Profit (loss) for the period before taxes | 9903 | €3,130 | €7,917 | +€4,787 | +153% |
| Income taxes | 67/77 | €626 | €1,601 | +€975 | +156% |
| Profit (loss) for the period | 9904 | €2,504 | €6,315 | +€3,811 | +152% |
| Profit (loss) for the period to be appropriated | 9905 | €2,504 | €6,315 | +€3,811 | +152% |
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.