MERGAN: 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.
What changed
MERGAN
NACE 86.951, Physiotherapy
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€42,697
2024 · €30,129+€12,569
Equity
€100,417
2024 · €57,720+€42,697
Cash
-
2024 · €0
Balance sheet total
€642,270
2024 · €645,989-€3,719
Largest movements
Assets
- Tangible fixed assets -€9,175
down €9,175 (-1.5%), from €622,466 to €613,291
of which Land and buildings: -€13,694
Equity and liabilities
- Debts after one year -€52,808
down €52,808 (-17.0%), from €310,531 to €257,723
- Reserves +€42,697
up €42,697 (+109.1%), from €39,128 to €81,825
of which Distributable reserves: +€43,215
- Tax, wage and social debts +€13,084
up €13,084 (+70.3%), from €18,617 to €31,701
- Trade debts -€9,724
down €9,724 (-43.5%), from €22,369 to €12,645
Income statement
- Gross operating margin +€14,915
up €14,915 (+17.2%), from €86,778 to €101,694
- Taxes +€3,734
up €3,734 (+26.6%), from €14,017 to €17,751
- Depreciation +€1,987
up €1,987 (+8.7%), from €22,754 to €24,741
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.
Result 2024
€30,129
Gross operating margin
+€14,915
Staff costs
-€109
Depreciation
-€1,987
Other operating charges
+€387
Other operating items
+€2,309
Financial income
-€0
Financial charges
+€787
Taxes
-€3,734
Result 2025
€42,697
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.
From operations
+€66,386
Investment
-€15,566
Financing
-€50,820
Cash 2024
€0
From operations (derived)
+€66,386
Net result for the year
+€42,697
Depreciation
+€24,741
Receivables within one year
-€3,267
Deferred charges and accrued income
-€2,190
Provisions
-€172
Trade debts
-€9,724
Tax, wage and social debts
+€13,084
Other debts
+€1,216
Investment (derived)
-€15,566
Investment in fixed assets (net)
-€15,566
Financing
-€50,820
Debts after one year
-€52,808
Current portion of long-term debt
-€1,765
Short-term financial debts
+€3,753
Cash 2025
€0
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €645,989 | €642,270 | -€3,719 | -0.6% |
| Fixed assets | 21/28 | €631,066 | €621,891 | -€9,175 | -1.5% |
| Tangible fixed assets | 22/27 | €622,466 | €613,291 | -€9,175 | -1.5% |
| Land and buildings | 22 | €593,359 | €579,665 | -€13,694 | -2.3% |
| Plant, machinery and equipment | 23 | €1,247 | €10,471 | +€9,224 | +740.0% |
| Furniture and vehicles | 24 | €931 | €3,383 | +€2,452 | +263.5% |
| Leasing and similar rights | 25 | €26,299 | €19,261 | -€7,037 | -26.8% |
| Other tangible fixed assets | 26 | €631 | €511 | -€120 | -19.0% |
| Financial fixed assets | 28 | €8,601 | €8,601 | = | 0.0% |
| Current assets | 29/58 | €14,922 | €20,378 | +€5,456 | +36.6% |
| Amounts receivable within one year | 40/41 | €5,836 | €9,103 | +€3,267 | +56.0% |
| Trade receivables | 40 | €4,089 | €7,143 | +€3,054 | +74.7% |
| Other amounts receivable | 41 | €1,747 | €1,960 | +€213 | +12.2% |
| Cash at bank and in hand | 54/58 | €0 | - | = | |
| Deferred charges and accrued income | 490/1 | €9,086 | €11,275 | +€2,190 | +24.1% |
| Total equity and liabilities | 10/49 | €645,989 | €642,270 | -€3,719 | -0.6% |
| Equity | 10/15 | €57,720 | €100,417 | +€42,697 | +74.0% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €39,128 | €81,825 | +€42,697 | +109.1% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Tax-exempt reserves | 132 | €7,748 | €7,231 | -€517 | -6.7% |
| Distributable reserves | 133 | €29,520 | €72,735 | +€43,215 | +146.4% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Provisions and deferred taxes | 16 | €2,583 | €2,410 | -€172 | -6.7% |
| Deferred taxes | 168 | €2,583 | €2,410 | -€172 | -6.7% |
| Amounts payable | 17/49 | €585,686 | €539,442 | -€46,244 | -7.9% |
| Amounts payable after more than one year | 17 | €310,531 | €257,723 | -€52,808 | -17.0% |
| Financial debts | 170/4 | €310,531 | €257,723 | -€52,808 | -17.0% |
| Amounts payable within one year | 42/48 | €274,420 | €280,984 | +€6,564 | +2.4% |
| Current portion of amounts payable after more than one year | 42 | €67,262 | €65,496 | -€1,765 | -2.6% |
| Financial debts | 43 | €11,191 | €14,943 | +€3,753 | +33.5% |
| Credit institutions | 430/8 | €11,191 | €14,943 | +€3,753 | +33.5% |
| Trade debts | 44 | €22,369 | €12,645 | -€9,724 | -43.5% |
| Suppliers | 440/4 | €22,369 | €12,645 | -€9,724 | -43.5% |
| Taxes, remuneration and social security | 45 | €18,617 | €31,701 | +€13,084 | +70.3% |
| Taxes | 450/3 | €18,617 | €31,701 | +€13,084 | +70.3% |
| Other amounts payable | 47/48 | €154,982 | €156,199 | +€1,216 | +0.8% |
| Accrued charges and deferred income | 492/3 | €735 | €735 | = | 0.0% |
| Remuneration, social security and pensions | 62 | -€109 | €0 | +€109 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,754 | €24,741 | +€1,987 | +8.7% |
| Other operating charges | 640/8 | €5,164 | €4,778 | -€387 | -7.5% |
| Non-recurring operating charges | 66A | €2,309 | €0 | -€2,309 | -100.0% |
| Gross operating margin | 9900 | €86,778 | €101,694 | +€14,915 | +17.2% |
| Operating profit (loss) | 9901 | €56,659 | €72,175 | +€15,516 | +27.4% |
| Financial income | 75/76B | €0 | €0 | -€0 | -100.0% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100.0% |
| Financial charges | 65/66B | €12,687 | €11,899 | -€787 | -6.2% |
| Recurring financial charges | 65 | €12,687 | €11,899 | -€787 | -6.2% |
| Profit (loss) for the period before taxes | 9903 | €43,973 | €60,276 | +€16,303 | +37.1% |
| Transfer from deferred taxes | 780 | €172 | €172 | = | 0.0% |
| Income taxes | 67/77 | €14,017 | €17,751 | +€3,734 | +26.6% |
| Profit (loss) for the period | 9904 | €30,129 | €42,697 | +€12,569 | +41.7% |
| Transfer from tax-exempt reserves | 789 | €517 | €517 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €30,646 | €43,215 | +€12,569 | +41.0% |
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 12 October 2026 via checked.be.