MERGAERT: 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.
MERGAERT
Largest movements
- Current investments +€18,544
up €18,544 (+1.6%), from €1.1m to €1.2m
- Reserves +€17,869
up €17,869 (+1.6%), from €1.1m to €1.1m
of which Distributable reserves: +€17,870
- Financial income -€5,968
down €5,968 (-15.6%), from €38,278 to €32,310
- Gross operating margin +€3,801
up €3,801 (+49.9%), from -€7,615 to -€3,814
- Taxes -€813
down €813 (-8.9%), from €9,152 to €8,339
- Other operating charges +€293
up €293 (+15.3%), from €1,913 to €2,206
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 | €1,187,841 | €1,204,693 | +€16,852 | +1.4% |
| Fixed assets | 21/28 | €20,823 | €20,823 | = | 0.0% |
| Tangible fixed assets | 22/27 | €20,823 | €20,823 | = | 0.0% |
| Land and buildings | 22 | €20,823 | €20,823 | = | 0.0% |
| Current assets | 29/58 | €1,167,018 | €1,183,870 | +€16,852 | +1.4% |
| Amounts receivable within one year | 40/41 | €2,320 | €1,352 | -€968 | -41.7% |
| Other amounts receivable | 41 | €2,320 | €1,352 | -€968 | -41.7% |
| Current investments | 50/53 | €1,142,130 | €1,160,674 | +€18,544 | +1.6% |
| Cash at bank and in hand | 54/58 | €8,170 | €10,863 | +€2,693 | +33.0% |
| Deferred charges and accrued income | 490/1 | €14,398 | €10,981 | -€3,417 | -23.7% |
| Total equity and liabilities | 10/49 | €1,187,841 | €1,204,693 | +€16,852 | +1.4% |
| Equity | 10/15 | €1,183,626 | €1,201,495 | +€17,869 | +1.5% |
| 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 | €1,122,126 | €1,139,995 | +€17,869 | +1.6% |
| Non-distributable reserves | 130/1 | €31,738 | €31,737 | -€1 | 0.0% |
| Legal reserve | 130 | €31,738 | €31,737 | -€1 | 0.0% |
| Distributable reserves | 133 | €1,090,388 | €1,108,258 | +€17,870 | +1.6% |
| Amounts payable | 17/49 | €4,215 | €3,198 | -€1,017 | -24.1% |
| Amounts payable within one year | 42/48 | €125 | €146 | +€21 | +16.8% |
| Trade debts | 44 | €125 | €146 | +€21 | +16.8% |
| Suppliers | 440/4 | €125 | €146 | +€21 | +16.8% |
| Accrued charges and deferred income | 492/3 | €4,090 | €3,052 | -€1,038 | -25.4% |
| Other operating charges | 640/8 | €1,913 | €2,206 | +€293 | +15.3% |
| Gross operating margin | 9900 | -€7,615 | -€3,814 | +€3,801 | +49.9% |
| Operating profit (loss) | 9901 | -€9,528 | -€6,020 | +€3,508 | +36.8% |
| Financial income | 75/76B | €38,278 | €32,310 | -€5,968 | -15.6% |
| Recurring financial income | 75 | €38,278 | €32,310 | -€5,968 | -15.6% |
| Financial charges | 65/66B | €65 | €82 | +€17 | +26.2% |
| Recurring financial charges | 65 | €65 | €82 | +€17 | +26.2% |
| Profit (loss) for the period before taxes | 9903 | €28,685 | €26,208 | -€2,477 | -8.6% |
| Income taxes | 67/77 | €9,152 | €8,339 | -€813 | -8.9% |
| Profit (loss) for the period | 9904 | €19,533 | €17,869 | -€1,664 | -8.5% |
| Profit (loss) for the period to be appropriated | 9905 | €19,533 | €17,869 | -€1,664 | -8.5% |
Source: filed annual accounts (NBB), fiscal years ended 30 November 2024 and 30 November 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.