MERFEZA: 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.
MERFEZA
Largest movements
- Cash +€26,822
up €26,822 (+45.0%), from €59,667 to €86,488
mainly Other debts (+€15,767) and Trade debts (+€7,716)
- Other debts +€15,767
up €15,767 (+7.4%), from €213,963 to €229,731
- Trade debts +€7,716
up €7,716 (+52.0%), from €14,847 to €22,563
- Gross operating margin -€10,129
down €10,129 (-67.6%), from €14,989 to €4,860
- Depreciation +€374
up €374 (+83.9%), from €446 to €820
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 | €190,047 | €216,685 | +€26,638 | +14.0% |
| Fixed assets | 21/28 | €5,418 | €6,459 | +€1,041 | +19.2% |
| Tangible fixed assets | 22/27 | €2,418 | €3,459 | +€1,041 | +43.0% |
| Plant, machinery and equipment | 23 | €2,418 | €2,427 | +€9 | +0.4% |
| Furniture and vehicles | 24 | - | €1,032 | +€1,032 | |
| Financial fixed assets | 28 | €3,000 | €3,000 | = | 0.0% |
| Current assets | 29/58 | €184,629 | €210,226 | +€25,597 | +13.9% |
| Stocks and contracts in progress | 3 | €599 | €621 | +€22 | +3.6% |
| Stocks | 30/36 | €599 | €621 | +€22 | +3.6% |
| Amounts receivable within one year | 40/41 | €124,226 | €122,979 | -€1,247 | -1.0% |
| Trade receivables | 40 | €73,775 | €60,330 | -€13,445 | -18.2% |
| Other amounts receivable | 41 | €50,451 | €62,649 | +€12,198 | +24.2% |
| Cash at bank and in hand | 54/58 | €59,667 | €86,488 | +€26,822 | +45.0% |
| Deferred charges and accrued income | 490/1 | €138 | €138 | +€1 | +0.5% |
| Total equity and liabilities | 10/49 | €190,047 | €216,685 | +€26,638 | +14.0% |
| Equity | 10/15 | -€49,842 | -€48,712 | +€1,130 | +2.3% |
| Contributions | 10/11 | €6,197 | €6,197 | = | 0.0% |
| Reserves | 13 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €1,859 | €1,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€57,898 | -€56,768 | +€1,130 | +2.0% |
| Amounts payable | 17/49 | €239,889 | €265,397 | +€25,508 | +10.6% |
| Amounts payable within one year | 42/48 | €239,889 | €265,397 | +€25,508 | +10.6% |
| Trade debts | 44 | €14,847 | €22,563 | +€7,716 | +52.0% |
| Suppliers | 440/4 | €14,847 | €22,563 | +€7,716 | +52.0% |
| Taxes, remuneration and social security | 45 | €11,079 | €13,103 | +€2,025 | +18.3% |
| Taxes | 450/3 | €11,079 | €13,103 | +€2,025 | +18.3% |
| Other amounts payable | 47/48 | €213,963 | €229,731 | +€15,767 | +7.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €446 | €820 | +€374 | +83.9% |
| Other operating charges | 640/8 | €516 | €532 | +€16 | +3.2% |
| Gross operating margin | 9900 | €14,989 | €4,860 | -€10,129 | -67.6% |
| Operating profit (loss) | 9901 | €14,027 | €3,507 | -€10,520 | -75.0% |
| Financial income | 75/76B | €72 | €68 | -€4 | -5.2% |
| Recurring financial income | 75 | €72 | €68 | -€4 | -5.2% |
| Financial charges | 65/66B | €2,313 | €2,445 | +€132 | +5.7% |
| Recurring financial charges | 65 | €2,313 | €2,445 | +€132 | +5.7% |
| Profit (loss) for the period before taxes | 9903 | €11,786 | €1,130 | -€10,655 | -90.4% |
| Profit (loss) for the period | 9904 | €11,786 | €1,130 | -€10,655 | -90.4% |
| Profit (loss) for the period to be appropriated | 9905 | €11,786 | €1,130 | -€10,655 | -90.4% |
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 18 October 2026 via checked.be.