MEREL V: 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.
MEREL V
Largest movements
- Tangible fixed assets +€364,805
up €364,805 (+88.0%), from €414,725 to €779,530
- Other debts +€336,025
up €336,025 (+132.5%), from €253,608 to €589,633
- Debts after one year +€17,382
up €17,382 (+22.4%), from €77,505 to €94,887
of which Financial debts: +€17,382
- Depreciation +€10,821
up €10,821 (+42.6%), from €25,374 to €36,195
- Gross operating margin +€3,117
up €3,117 (+7.0%), from €44,836 to €47,953
- Taxes -€2,560
down €2,560 (-97.6%), from €2,623 to €63
- Financial charges +€2,068
up €2,068 (+35.5%), from €5,819 to €7,887
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 | €447,841 | €807,530 | +€359,689 | +80.3% |
| Fixed assets | 21/28 | €414,725 | €779,530 | +€364,805 | +88.0% |
| Tangible fixed assets | 22/27 | €414,725 | €779,530 | +€364,805 | +88.0% |
| Land and buildings | 22 | €414,725 | €779,530 | +€364,805 | +88.0% |
| Current assets | 29/58 | €33,117 | €28,000 | -€5,116 | -15.4% |
| Amounts receivable within one year | 40/41 | €22,291 | €14,362 | -€7,929 | -35.6% |
| Trade receivables | 40 | €18,000 | €8,200 | -€9,800 | -54.4% |
| Other amounts receivable | 41 | €4,291 | €6,162 | +€1,871 | +43.6% |
| Cash at bank and in hand | 54/58 | €9,078 | €11,916 | +€2,838 | +31.3% |
| Deferred charges and accrued income | 490/1 | €1,748 | €1,722 | -€25 | -1.5% |
| Total equity and liabilities | 10/49 | €447,841 | €807,530 | +€359,689 | +80.3% |
| Equity | 10/15 | €65,852 | €66,041 | +€188 | +0.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €47,252 | €47,441 | +€188 | +0.4% |
| Amounts payable | 17/49 | €381,989 | €741,489 | +€359,500 | +94.1% |
| Amounts payable after more than one year | 17 | €77,505 | €94,887 | +€17,382 | +22.4% |
| Financial debts | 170/4 | €72,296 | €89,678 | +€17,382 | +24.0% |
| Other amounts payable | 178/9 | €5,210 | €5,210 | = | 0.0% |
| Amounts payable within one year | 42/48 | €285,539 | €623,734 | +€338,194 | +118.4% |
| Current portion of amounts payable after more than one year | 42 | €15,997 | €20,067 | +€4,070 | +25.4% |
| Trade debts | 44 | €15,811 | €13,911 | -€1,901 | -12.0% |
| Suppliers | 440/4 | €15,811 | €13,911 | -€1,901 | -12.0% |
| Taxes, remuneration and social security | 45 | €123 | €123 | = | 0.0% |
| Taxes | 450/3 | €123 | €123 | = | 0.0% |
| Other amounts payable | 47/48 | €253,608 | €589,633 | +€336,025 | +132.5% |
| Accrued charges and deferred income | 492/3 | €18,944 | €22,868 | +€3,924 | +20.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,374 | €36,195 | +€10,821 | +42.6% |
| Other operating charges | 640/8 | €3,150 | €3,619 | +€469 | +14.9% |
| Gross operating margin | 9900 | €44,836 | €47,953 | +€3,117 | +7.0% |
| Operating profit (loss) | 9901 | €16,311 | €8,138 | -€8,173 | -50.1% |
| Financial charges | 65/66B | €5,819 | €7,887 | +€2,068 | +35.5% |
| Recurring financial charges | 65 | €5,819 | €7,887 | +€2,068 | +35.5% |
| Profit (loss) for the period before taxes | 9903 | €10,492 | €251 | -€10,241 | -97.6% |
| Income taxes | 67/77 | €2,623 | €63 | -€2,560 | -97.6% |
| Profit (loss) for the period | 9904 | €7,869 | €188 | -€7,681 | -97.6% |
| Profit (loss) for the period to be appropriated | 9905 | €7,869 | €188 | -€7,681 | -97.6% |
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 3 October 2026 via checked.be.