MERELLE-LAMY: 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.
MERELLE-LAMY
Largest movements
- Tangible fixed assets -€84,603
down €84,603 (-15.1%), from €561,303 to €476,700
of which Assets under construction and advance payments: -€191,784
- Debts after one year -€56,361
down €56,361 (-28.0%), from €201,609 to €145,247
- Other debts -€24,456
down €24,456 (-45.1%), from €54,186 to €29,730
- Current portion of long-term debt -€14,051
down €14,051 (-63.5%), from €22,135 to €8,084
- Gross operating margin +€22,151
up €22,151 (+56.1%), from €39,488 to €61,639
- Financial income -€12,594
down €12,594 (-100.0%), from €12,594 to €0
- Depreciation +€2,544
up €2,544 (+7.8%), from €32,619 to €35,162
- Financial charges -€2,159
down €2,159 (-15.4%), from €14,004 to €11,845
- Taxes +€1,583
up €1,583 (+285%), from €556 to €2,139
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 | €933,387 | €846,131 | -€87,257 | -9.3% |
| Fixed assets | 21/28 | €887,989 | €803,386 | -€84,603 | -9.5% |
| Tangible fixed assets | 22/27 | €561,303 | €476,700 | -€84,603 | -15.1% |
| Land and buildings | 22 | €287,207 | €457,171 | +€169,964 | +59.2% |
| Plant, machinery and equipment | 23 | €17,289 | €16,905 | -€384 | -2.2% |
| Furniture and vehicles | 24 | €65,023 | €2,624 | -€62,398 | -96.0% |
| Assets under construction and advance payments | 27 | €191,784 | €0 | -€191,784 | -100% |
| Financial fixed assets | 28 | €326,686 | €326,686 | = | 0.0% |
| Current assets | 29/58 | €45,399 | €42,745 | -€2,654 | -5.8% |
| Amounts receivable within one year | 40/41 | €43,413 | €35,079 | -€8,334 | -19.2% |
| Trade receivables | 40 | €40,212 | €32,041 | -€8,170 | -20.3% |
| Other amounts receivable | 41 | €3,201 | €3,037 | -€164 | -5.1% |
| Cash at bank and in hand | 54/58 | €962 | €1,714 | +€752 | +78.1% |
| Deferred charges and accrued income | 490/1 | €1,023 | €5,952 | +€4,928 | +482% |
| Total equity and liabilities | 10/49 | €933,387 | €846,131 | -€87,257 | -9.3% |
| Equity | 10/15 | €647,190 | €655,988 | +€8,798 | +1.4% |
| Contributions | 10/11 | €351,525 | €351,525 | = | 0.0% |
| Reserves | 13 | €295,442 | €304,240 | +€8,798 | +3.0% |
| Distributable reserves | 133 | €295,442 | €304,240 | +€8,798 | +3.0% |
| Profit (loss) carried forward | 14 | €223 | €223 | = | 0.0% |
| Amounts payable | 17/49 | €286,197 | €190,143 | -€96,055 | -33.6% |
| Amounts payable after more than one year | 17 | €201,609 | €145,247 | -€56,361 | -28.0% |
| Financial debts | 170/4 | €201,609 | €145,247 | -€56,361 | -28.0% |
| Amounts payable within one year | 42/48 | €84,589 | €44,895 | -€39,693 | -46.9% |
| Current portion of amounts payable after more than one year | 42 | €22,135 | €8,084 | -€14,051 | -63.5% |
| Trade debts | 44 | €6,773 | €3,000 | -€3,773 | -55.7% |
| Suppliers | 440/4 | €6,773 | €3,000 | -€3,773 | -55.7% |
| Taxes, remuneration and social security | 45 | €1,495 | €4,081 | +€2,586 | +173% |
| Taxes | 450/3 | €1,495 | €4,081 | +€2,586 | +173% |
| Other amounts payable | 47/48 | €54,186 | €29,730 | -€24,456 | -45.1% |
| Non-recurring operating income | 76A | - | €565 | +€565 | |
| Remuneration, social security and pensions | 62 | - | €14 | +€14 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,619 | €35,162 | +€2,544 | +7.8% |
| Other operating charges | 640/8 | €4,899 | €3,361 | -€1,538 | -31.4% |
| Non-recurring operating charges | 66A | €0 | €320 | +€320 | |
| Gross operating margin | 9900 | €39,488 | €61,639 | +€22,151 | +56.1% |
| Operating profit (loss) | 9901 | €1,971 | €22,782 | +€20,811 | +1,056% |
| Financial income | 75/76B | €12,594 | €0 | -€12,594 | -100.0% |
| Recurring financial income | 75 | €12,594 | €0 | -€12,594 | -100.0% |
| Financial charges | 65/66B | €14,004 | €11,845 | -€2,159 | -15.4% |
| Recurring financial charges | 65 | €14,004 | €11,845 | -€2,159 | -15.4% |
| Profit (loss) for the period before taxes | 9903 | €561 | €10,937 | +€10,376 | +1,850% |
| Income taxes | 67/77 | €556 | €2,139 | +€1,583 | +285% |
| Profit (loss) for the period | 9904 | €5 | €8,798 | +€8,793 | +171,401% |
| Profit (loss) for the period to be appropriated | 9905 | €5 | €8,798 | +€8,793 | +171,401% |
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 15 October 2026 via checked.be.