Merelbeke Farma: what changed
What changed
Merelbeke Farma
NACE 47.730, Retail sale of pharmaceutical products
filed annual accounts (NBB)
Net result for the year
€32,140
2024 · €17,516+€14,624
Equity
€160,723
2024 · €139,416+€21,307
Cash
€93,063
2024 · €75,860+€17,203
Balance sheet total
€670,499
2024 · €703,105-€32,605
Largest movements
Assets
- Tangible fixed assets -€53,365
down €53,365 (-13.6%), from €391,785 to €338,420
- Cash +€17,203
up €17,203 (+22.7%), from €75,860 to €93,063
mainly Depreciation (+€55,039) and Net result for the year (+€32,140)
Equity and liabilities
- Debts after one year -€64,353
down €64,353 (-18.0%), from €357,206 to €292,853
- Profit (loss) carried forward +€23,636
no longer reported in 2025 (was -€23,636)
- Tax, wage and social debts +€7,837
up €7,837 (+87.6%), from €8,945 to €16,782
of which Taxes: +€4,062
- Other debts +€7,809
up €7,809 (+88.6%), from €8,812 to €16,621
Income statement
- Gross operating margin +€34,041
up €34,041 (+19.1%), from €178,510 to €212,551
- Staff costs +€20,623
up €20,623 (+24.9%), from €82,833 to €103,456
- Financial charges -€3,808
down €3,808 (-26.3%), from €14,471 to €10,662
- Taxes +€3,779
up €3,779 (+91.1%), from €4,148 to €7,927
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€17,516
Gross operating margin
+€34,041
Staff costs
-€20,623
Depreciation
+€571
Write-downs
+€942
Other operating charges
+€370
Financial income
-€706
Financial charges
+€3,808
Taxes
-€3,779
Result 2025
€32,140
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€96,528
Investment
-€5,061
Financing
-€74,264
Cash 2024
€75,860
From operations (derived)
+€96,528
Net result for the year
+€32,140
Depreciation
+€55,039
Stocks and contracts
+€1,880
Receivables within one year
+€4,006
Deferred charges and accrued income
-€6,056
Trade debts
-€4,944
Tax, wage and social debts
+€7,837
Other debts
+€7,809
Accrued charges and deferred income
-€1,184
Investment (derived)
-€5,061
Investment in fixed assets (net)
-€5,061
Financing
-€74,264
Debts after one year
-€64,353
Current portion of long-term debt
+€922
Contributions, distributions and other
-€10,833
Cash 2025
€93,063
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €703,105 | €670,499 | -€32,605 | -4.6% |
| Fixed assets | 21/28 | €391,785 | €341,807 | -€49,978 | -12.8% |
| Intangible fixed assets | 21 | - | €3,387 | +€3,387 | |
| Tangible fixed assets | 22/27 | €391,785 | €338,420 | -€53,365 | -13.6% |
| Land and buildings | 22 | €138,379 | €124,904 | -€13,474 | -9.7% |
| Plant, machinery and equipment | 23 | €46,173 | €38,815 | -€7,357 | -15.9% |
| Furniture and vehicles | 24 | €34,236 | €20,677 | -€13,558 | -39.6% |
| Other tangible fixed assets | 26 | €172,998 | €154,023 | -€18,975 | -11.0% |
| Current assets | 29/58 | €311,319 | €328,692 | +€17,373 | +5.6% |
| Stocks and contracts in progress | 3 | €164,292 | €162,412 | -€1,880 | -1.1% |
| Stocks | 30/36 | €164,292 | €162,412 | -€1,880 | -1.1% |
| Amounts receivable within one year | 40/41 | €62,175 | €58,169 | -€4,006 | -6.4% |
| Trade receivables | 40 | €49,266 | €53,669 | +€4,402 | +8.9% |
| Other amounts receivable | 41 | €12,908 | €4,500 | -€8,408 | -65.1% |
| Current investments | 50/53 | €2,500 | €2,500 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €75,860 | €93,063 | +€17,203 | +22.7% |
| Deferred charges and accrued income | 490/1 | €6,493 | €12,549 | +€6,056 | +93.3% |
| Total equity and liabilities | 10/49 | €703,105 | €670,499 | -€32,605 | -4.6% |
| Equity | 10/15 | €139,416 | €160,723 | +€21,307 | +15.3% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €113,052 | €110,723 | -€2,329 | -2.1% |
| Tax-exempt reserves | 132 | €306 | €306 | = | 0.0% |
| Distributable reserves | 133 | €112,746 | €110,417 | -€2,329 | -2.1% |
| Profit (loss) carried forward | 14 | -€23,636 | - | +€23,636 | |
| Amounts payable | 17/49 | €563,689 | €509,777 | -€53,912 | -9.6% |
| Amounts payable after more than one year | 17 | €357,206 | €292,853 | -€64,353 | -18.0% |
| Financial debts | 170/4 | €357,206 | €292,853 | -€64,353 | -18.0% |
| Amounts payable within one year | 42/48 | €203,004 | €214,628 | +€11,625 | +5.7% |
| Current portion of amounts payable after more than one year | 42 | €63,431 | €64,353 | +€922 | +1.5% |
| Financial debts | 43 | €50,000 | €50,000 | = | 0.0% |
| Credit institutions | 430/8 | €50,000 | €50,000 | = | 0.0% |
| Trade debts | 44 | €71,816 | €66,873 | -€4,944 | -6.9% |
| Suppliers | 440/4 | €71,816 | €66,873 | -€4,944 | -6.9% |
| Taxes, remuneration and social security | 45 | €8,945 | €16,782 | +€7,837 | +87.6% |
| Taxes | 450/3 | - | €4,062 | +€4,062 | |
| Remuneration and social security | 454/9 | €8,945 | €12,720 | +€3,775 | +42.2% |
| Other amounts payable | 47/48 | €8,812 | €16,621 | +€7,809 | +88.6% |
| Accrued charges and deferred income | 492/3 | €3,479 | €2,296 | -€1,184 | -34.0% |
| Remuneration, social security and pensions | 62 | €82,833 | €103,456 | +€20,623 | +24.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €55,610 | €55,039 | -€571 | -1.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €942 | - | -€942 | |
| Other operating charges | 640/8 | €4,879 | €4,509 | -€370 | -7.6% |
| Gross operating margin | 9900 | €178,510 | €212,551 | +€34,041 | +19.1% |
| Operating profit (loss) | 9901 | €34,246 | €49,546 | +€15,300 | +44.7% |
| Financial income | 75/76B | €1,889 | €1,183 | -€706 | -37.4% |
| Recurring financial income | 75 | €1,889 | €1,183 | -€706 | -37.4% |
| Financial charges | 65/66B | €14,471 | €10,662 | -€3,808 | -26.3% |
| Recurring financial charges | 65 | €14,471 | €10,662 | -€3,808 | -26.3% |
| Profit (loss) for the period before taxes | 9903 | €21,664 | €40,067 | +€18,403 | +84.9% |
| Income taxes | 67/77 | €4,148 | €7,927 | +€3,779 | +91.1% |
| Profit (loss) for the period | 9904 | €17,516 | €32,140 | +€14,624 | +83.5% |
| Profit (loss) for the period to be appropriated | 9905 | €17,516 | €32,140 | +€14,624 | +83.5% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.