MERGAUX: 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.
MERGAUX
Largest movements
- Cash -€171,004
down €171,004 (-56.2%), from €304,333 to €133,329
mainly Investment in fixed assets (net) (-€148,997) and Receivables within one year (-€16,216)
- Tangible fixed assets +€148,500
up €148,500 (+24.7%), from €601,248 to €749,748
of which Assets under construction and advance payments: +€147,075
- Receivables within one year +€16,216
up €16,216 (+967%), from €1,677 to €17,893
No liability line moved by more than 1% of the balance sheet total.
- Gross operating margin +€3,586
up €3,586 (+35.0%), from -€10,231 to -€6,646
- Financial income +€2,396
up €2,396 (+23,080%), from €10 to €2,406
- Depreciation +€646
up €646 (+181%), from €356 to €1,003
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 | €909,432 | €902,638 | -€6,794 | -0.7% |
| Formation expenses | 20 | €2,174 | €1,668 | -€506 | -23.3% |
| Fixed assets | 21/28 | €601,248 | €749,748 | +€148,500 | +24.7% |
| Tangible fixed assets | 22/27 | €601,248 | €749,748 | +€148,500 | +24.7% |
| Plant, machinery and equipment | 23 | - | €1,425 | +€1,425 | |
| Assets under construction and advance payments | 27 | €601,248 | €748,323 | +€147,075 | +24.5% |
| Current assets | 29/58 | €306,010 | €151,222 | -€154,788 | -50.6% |
| Amounts receivable within one year | 40/41 | €1,677 | €17,893 | +€16,216 | +967% |
| Other amounts receivable | 41 | €1,677 | €17,893 | +€16,216 | +967% |
| Cash at bank and in hand | 54/58 | €304,333 | €133,329 | -€171,004 | -56.2% |
| Total equity and liabilities | 10/49 | €909,432 | €902,638 | -€6,794 | -0.7% |
| Equity | 10/15 | €7,513 | €401 | -€7,112 | -94.7% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€12,487 | -€19,599 | -€7,112 | -57.0% |
| Amounts payable | 17/49 | €901,919 | €902,237 | +€318 | 0.0% |
| Amounts payable after more than one year | 17 | €901,909 | €901,909 | = | 0.0% |
| Other amounts payable | 178/9 | €901,909 | €901,909 | = | 0.0% |
| Amounts payable within one year | 42/48 | €10 | €328 | +€318 | +3,176% |
| Trade debts | 44 | - | €318 | +€318 | |
| Suppliers | 440/4 | - | €318 | +€318 | |
| Other amounts payable | 47/48 | €10 | €10 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €356 | €1,003 | +€646 | +181% |
| Other operating charges | 640/8 | €1,812 | €1,738 | -€74 | -4.1% |
| Gross operating margin | 9900 | -€10,231 | -€6,646 | +€3,586 | +35.0% |
| Operating profit (loss) | 9901 | -€12,400 | -€9,387 | +€3,013 | +24.3% |
| Financial income | 75/76B | €10 | €2,406 | +€2,396 | +23,080% |
| Recurring financial income | 75 | €10 | €2,406 | +€2,396 | +23,080% |
| Financial charges | 65/66B | €95 | €131 | +€36 | +38.1% |
| Recurring financial charges | 65 | €95 | €131 | +€36 | +38.1% |
| Profit (loss) for the period before taxes | 9903 | -€12,484 | -€7,112 | +€5,373 | +43.0% |
| Income taxes | 67/77 | €3 | - | -€3 | |
| Profit (loss) for the period | 9904 | -€12,487 | -€7,112 | +€5,376 | +43.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€12,487 | -€7,112 | +€5,376 | +43.0% |
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 18 October 2026 via checked.be.