MERELHOF: 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.
MERELHOF
Largest movements
- Current investments +€3.0m
new in 2025: €3.0m
- Tangible fixed assets -€1.6m
down €1.6m (-95.8%), from €1.7m to €71,634
of which Land and buildings: -€1.5m
- Receivables within one year -€338,654
down €338,654 (-28.6%), from €1.2m to €846,604
of which Other amounts receivable: -€317,983
- Cash +€156,975
up €156,975 (+47.3%), from €332,044 to €489,018
mainly Net result for the year (+€2.3m) and Investment in fixed assets (net) (+€1.6m)
- Stocks and contracts -€91,086
down €91,086 (-97.6%), from €93,334 to €2,248
- Reserves +€2.3m
up €2.3m (+150%), from €1.5m to €3.8m
of which Distributable reserves: +€2.3m
- Other debts -€1.2m
down €1.2m (-71.0%), from €1.6m to €477,580
- Gross operating margin +€4.5m
up €4.5m (+413%), from €1.1m to €5.6m
- Taxes +€718,212
up €718,212 (+1,505%), from €47,720 to €765,932
- Other operating charges +€445,849
up €445,849 (+99.7%), from €446,990 to €892,838
- Depreciation -€283,228
down €283,228 (-88.6%), from €319,687 to €36,459
- Financial charges -€62,751
down €62,751 (-91.6%), from €68,469 to €5,718
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 | €3,327,220 | €4,409,504 | +€1.1m | +32.5% |
| Fixed assets | 21/28 | €1,706,663 | €71,634 | -€1.6m | -95.8% |
| Tangible fixed assets | 22/27 | €1,704,906 | €71,634 | -€1.6m | -95.8% |
| Land and buildings | 22 | €1,493,250 | €10,000 | -€1.5m | -99.3% |
| Plant, machinery and equipment | 23 | €118,563 | €0 | -€118,563 | -100% |
| Furniture and vehicles | 24 | €93,093 | €61,634 | -€31,459 | -33.8% |
| Financial fixed assets | 28 | €1,757 | €0 | -€1,757 | -100% |
| Current assets | 29/58 | €1,620,557 | €4,337,870 | +€2.7m | +168% |
| Stocks and contracts in progress | 3 | €93,334 | €2,248 | -€91,086 | -97.6% |
| Stocks | 30/36 | €93,334 | €2,248 | -€91,086 | -97.6% |
| Amounts receivable within one year | 40/41 | €1,185,258 | €846,604 | -€338,654 | -28.6% |
| Trade receivables | 40 | €52,609 | €31,938 | -€20,671 | -39.3% |
| Other amounts receivable | 41 | €1,132,649 | €814,666 | -€317,983 | -28.1% |
| Current investments | 50/53 | - | €3,000,000 | +€3.0m | |
| Cash at bank and in hand | 54/58 | €332,044 | €489,018 | +€156,975 | +47.3% |
| Deferred charges and accrued income | 490/1 | €9,920 | €0 | -€9,920 | -100% |
| Total equity and liabilities | 10/49 | €3,327,220 | €4,409,504 | +€1.1m | +32.5% |
| Equity | 10/15 | €1,589,815 | €3,883,528 | +€2.3m | +144% |
| 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 | €1,528,315 | €3,822,028 | +€2.3m | +150% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Tax-exempt reserves | 132 | €196 | €0 | -€196 | -100% |
| Distributable reserves | 133 | €1,521,969 | €3,815,878 | +€2.3m | +151% |
| Amounts payable | 17/49 | €1,737,405 | €525,976 | -€1.2m | -69.7% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €1,671,767 | €493,519 | -€1.2m | -70.5% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Financial debts | 43 | €1 | €0 | -€1 | -100% |
| Credit institutions | 430/8 | €1 | €0 | -€1 | -100% |
| Trade debts | 44 | €19,943 | €11,835 | -€8,108 | -40.7% |
| Suppliers | 440/4 | €19,943 | €11,835 | -€8,108 | -40.7% |
| Bills of exchange payable | 441 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €5,048 | €4,104 | -€944 | -18.7% |
| Taxes | 450/3 | €2,720 | €4,104 | +€1,384 | +50.9% |
| Remuneration and social security | 454/9 | €2,328 | €0 | -€2,328 | -100% |
| Other amounts payable | 47/48 | €1,646,776 | €477,580 | -€1.2m | -71.0% |
| Accrued charges and deferred income | 492/3 | €65,638 | €32,457 | -€33,180 | -50.6% |
| Non-recurring operating income | 76A | €0 | €243,248 | +€243,248 | |
| Remuneration, social security and pensions | 62 | €87,407 | €62,105 | -€25,302 | -28.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €319,687 | €36,459 | -€283,228 | -88.6% |
| Other operating charges | 640/8 | €446,990 | €892,838 | +€445,849 | +99.7% |
| Non-recurring operating charges | 66A | - | €1,596,866 | +€1.6m | |
| Gross operating margin | 9900 | €1,094,507 | €5,620,095 | +€4.5m | +413% |
| Operating profit (loss) | 9901 | €240,424 | €3,031,828 | +€2.8m | +1,161% |
| Financial income | 75/76B | €15,647 | €33,535 | +€17,888 | +114% |
| Recurring financial income | 75 | €15,647 | €33,535 | +€17,888 | +114% |
| Financial charges | 65/66B | €68,469 | €5,718 | -€62,751 | -91.6% |
| Recurring financial charges | 65 | €68,469 | €5,718 | -€62,751 | -91.6% |
| Profit (loss) for the period before taxes | 9903 | €187,603 | €3,059,645 | +€2.9m | +1,531% |
| Income taxes | 67/77 | €47,720 | €765,932 | +€718,212 | +1,505% |
| Profit (loss) for the period | 9904 | €139,882 | €2,293,713 | +€2.2m | +1,540% |
| Profit (loss) for the period to be appropriated | 9905 | €139,882 | €2,293,713 | +€2.2m | +1,540% |
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 19 October 2026 via checked.be.