MERELS HOLDING: 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.
MERELS HOLDING
Largest movements
- Current investments -€1.8m
down €1.8m (-89.3%), from €2.0m to €210,903
- Receivables within one year -€113,587
down €113,587 (-98.5%), from €115,363 to €1,776
of which Other amounts receivable: -€111,576
- Cash -€62,421
down €62,421 (-58.1%), from €107,420 to €44,999
mainly Other debts (-€1.9m) and Tax, wage and social debts (-€83,968)
- Other debts -€1.9m
down €1.9m (-94.2%), from €2.0m to €114,217
- Tax, wage and social debts -€83,968
down €83,968 (-97.8%), from €85,892 to €1,924
of which Taxes: -€83,968
- Financial charges +€100,664
up €100,664, from -€28,269 to €72,395
- Gross operating margin -€33,661
down €33,661 (-167.2%), from -€20,131 to -€53,792
- Financial income +€11,583
up €11,583 (+7.6%), from €152,947 to €164,529
- Taxes +€5,871
up €5,871 (+37.1%), from €15,812 to €21,683
- Staff costs -€4,261
down €4,261 (-96.5%), from €4,418 to €156
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 | €3,566,101 | €1,597,868 | -€2.0m | -55.2% |
| Fixed assets | 21/28 | €1,375,729 | €1,340,189 | -€35,540 | -2.6% |
| Tangible fixed assets | 22/27 | €530,360 | €494,820 | -€35,540 | -6.7% |
| Land and buildings | 22 | €530,360 | €494,820 | -€35,540 | -6.7% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Financial fixed assets | 28 | €845,369 | €845,369 | = | 0.0% |
| Current assets | 29/58 | €2,190,371 | €257,678 | -€1.9m | -88.2% |
| Amounts receivable within one year | 40/41 | €115,363 | €1,776 | -€113,587 | -98.5% |
| Trade receivables | 40 | €2,011 | €0 | -€2,011 | -100.0% |
| Other amounts receivable | 41 | €113,352 | €1,776 | -€111,576 | -98.4% |
| Current investments | 50/53 | €1,967,589 | €210,903 | -€1.8m | -89.3% |
| Cash at bank and in hand | 54/58 | €107,420 | €44,999 | -€62,421 | -58.1% |
| Total equity and liabilities | 10/49 | €3,566,101 | €1,597,868 | -€2.0m | -55.2% |
| Equity | 10/15 | €1,498,525 | €1,472,769 | -€25,756 | -1.7% |
| Contributions | 10/11 | €75,000 | €75,000 | = | 0.0% |
| Capital | 10 | €75,000 | €75,000 | = | 0.0% |
| Issued capital | 100 | €75,000 | €75,000 | = | 0.0% |
| Reserves | 13 | €1,156,623 | €1,156,623 | = | 0.0% |
| Non-distributable reserves | 130/1 | €7,500 | €7,500 | = | 0.0% |
| Legal reserve | 130 | €7,500 | €7,500 | = | 0.0% |
| Distributable reserves | 133 | €1,149,123 | €1,149,123 | = | 0.0% |
| Profit (loss) carried forward | 14 | €266,902 | €241,147 | -€25,756 | -9.6% |
| Amounts payable | 17/49 | €2,067,576 | €125,098 | -€1.9m | -93.9% |
| Amounts payable within one year | 42/48 | €2,067,576 | €125,098 | -€1.9m | -93.9% |
| Trade debts | 44 | €8,665 | €8,957 | +€293 | +3.4% |
| Suppliers | 440/4 | €8,665 | €8,957 | +€293 | +3.4% |
| Taxes, remuneration and social security | 45 | €85,892 | €1,924 | -€83,968 | -97.8% |
| Taxes | 450/3 | €85,752 | €1,783 | -€83,968 | -97.9% |
| Remuneration and social security | 454/9 | €141 | €141 | = | 0.0% |
| Other amounts payable | 47/48 | €1,973,019 | €114,217 | -€1.9m | -94.2% |
| Remuneration, social security and pensions | 62 | €4,418 | €156 | -€4,261 | -96.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,522 | €35,540 | +€18 | +0.1% |
| Other operating charges | 640/8 | €6,336 | €6,719 | +€382 | +6.0% |
| Gross operating margin | 9900 | -€20,131 | -€53,792 | -€33,661 | -167.2% |
| Operating profit (loss) | 9901 | -€66,407 | -€96,207 | -€29,800 | -44.9% |
| Financial income | 75/76B | €152,947 | €164,529 | +€11,583 | +7.6% |
| Recurring financial income | 75 | €152,947 | €164,529 | +€11,583 | +7.6% |
| Financial charges | 65/66B | -€28,269 | €72,395 | +€100,664 | |
| Recurring financial charges | 65 | -€28,269 | €72,395 | +€100,664 | |
| Profit (loss) for the period before taxes | 9903 | €114,809 | -€4,073 | -€118,882 | |
| Income taxes | 67/77 | €15,812 | €21,683 | +€5,871 | +37.1% |
| Profit (loss) for the period | 9904 | €98,997 | -€25,756 | -€124,753 | |
| Profit (loss) for the period to be appropriated | 9905 | €98,997 | -€25,756 | -€124,753 |
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 1 October 2026 via checked.be.