MERGELHOF: 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
MERGELHOF
NACE 93.110, Operation of sports facilities
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€44,021
2024 · €51,573-€7,553
Equity
€1.1m
2024 · €1.1m+€44,021
Cash
€33,235
2024 · €44,370-€11,135
Balance sheet total
€1.4m
2024 · €1.4m-€17,943
Largest movements
Assets
No asset line moved by more than 1% of the balance sheet total.
Equity and liabilities
- Debts after one year -€108,949
down €108,949 (-66.7%), from €163,346 to €54,397
of which Other amounts payable: -€125,000
- Profit (loss) carried forward +€44,021
up €44,021 (+12.2%), from €361,918 to €405,939
- Current portion of long-term debt +€29,600
up €29,600 (+55.5%), from €53,306 to €82,906
- Trade debts +€15,895
up €15,895 (+42.3%), from €37,613 to €53,508
Income statement
- Turnover +€1.2m
new in 2025: €1.2m
- Purchases and services +€496,223
new in 2025: €496,223
- Gross operating margin +€158,108
up €158,108 (+27.9%), from €567,284 to €725,392
- Staff costs +€149,197
up €149,197 (+36.0%), from €414,243 to €563,440
- Financial income -€15,357
down €15,357 (-95.7%), from €16,053 to €696
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
€51,573
Gross operating margin
+€158,108
Staff costs
-€149,197
Depreciation
+€2,537
Write-downs
+€1,939
Other operating charges
-€4,760
Financial income
-€15,357
Financial charges
-€1,304
Taxes
+€480
Result 2025
€44,021
raises the resultlowers the result
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.
From operations
+€132,424
Investment
-€64,209
Financing
-€79,349
Cash 2024
€44,370
From operations (derived)
+€132,424
Net result for the year
+€44,021
Depreciation
+€59,294
Receivables after one year
+€6,000
Stocks and contracts
+€95
Receivables within one year
+€9,791
Deferred charges and accrued income
-€4,163
Trade debts
+€15,895
Tax, wage and social debts
+€898
Accrued charges and deferred income
+€593
Investment (derived)
-€64,209
Investment in fixed assets (net)
-€64,209
Financing
-€79,349
Debts after one year
-€108,949
Current portion of long-term debt
+€29,600
Cash 2025
€33,235
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,409,170 | €1,391,227 | -€17,943 | -1.3% |
| Fixed assets | 21/28 | €1,232,402 | €1,237,317 | +€4,915 | +0.4% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €233,402 | €238,317 | +€4,915 | +2.1% |
| Land and buildings | 22 | €92,290 | €140,547 | +€48,257 | +52.3% |
| Plant, machinery and equipment | 23 | €133,560 | €92,520 | -€41,040 | -30.7% |
| Furniture and vehicles | 24 | €7,551 | €5,250 | -€2,301 | -30.5% |
| Financial fixed assets | 28 | €999,000 | €999,000 | = | 0.0% |
| Current assets | 29/58 | €176,769 | €153,911 | -€22,858 | -12.9% |
| Amounts receivable after more than one year | 29 | €17,700 | €11,700 | -€6,000 | -33.9% |
| Trade receivables | 290 | €17,700 | €11,700 | -€6,000 | -33.9% |
| Stocks and contracts in progress | 3 | €55,882 | €55,787 | -€95 | -0.2% |
| Stocks | 30/36 | €55,882 | €55,787 | -€95 | -0.2% |
| Amounts receivable within one year | 40/41 | €57,475 | €47,684 | -€9,791 | -17.0% |
| Trade receivables | 40 | €6,370 | €5,581 | -€789 | -12.4% |
| Other amounts receivable | 41 | €51,105 | €42,103 | -€9,002 | -17.6% |
| Cash at bank and in hand | 54/58 | €44,370 | €33,235 | -€11,135 | -25.1% |
| Deferred charges and accrued income | 490/1 | €1,342 | €5,505 | +€4,163 | +310% |
| Total equity and liabilities | 10/49 | €1,409,170 | €1,391,227 | -€17,943 | -1.3% |
| Equity | 10/15 | €1,088,891 | €1,132,911 | +€44,021 | +4.0% |
| Contributions | 10/11 | €660,884 | €660,884 | = | 0.0% |
| Capital | 10 | €660,884 | €660,884 | = | 0.0% |
| Issued capital | 100 | €660,884 | €660,884 | = | 0.0% |
| Reserves | 13 | €66,088 | €66,088 | = | 0.0% |
| Non-distributable reserves | 130/1 | €66,088 | €66,088 | = | 0.0% |
| Legal reserve | 130 | €66,088 | €66,088 | = | 0.0% |
| Profit (loss) carried forward | 14 | €361,918 | €405,939 | +€44,021 | +12.2% |
| Amounts payable | 17/49 | €320,280 | €258,316 | -€61,964 | -19.3% |
| Amounts payable after more than one year | 17 | €163,346 | €54,397 | -€108,949 | -66.7% |
| Financial debts | 170/4 | - | €38,756 | +€38,756 | |
| Trade debts | 175 | €38,346 | €15,641 | -€22,706 | -59.2% |
| Other amounts payable | 178/9 | €125,000 | - | -€125,000 | |
| Amounts payable within one year | 42/48 | €156,670 | €203,063 | +€46,393 | +29.6% |
| Current portion of amounts payable after more than one year | 42 | €53,306 | €82,906 | +€29,600 | +55.5% |
| Trade debts | 44 | €37,613 | €53,508 | +€15,895 | +42.3% |
| Suppliers | 440/4 | €37,613 | €53,508 | +€15,895 | +42.3% |
| Taxes, remuneration and social security | 45 | €65,752 | €66,649 | +€898 | +1.4% |
| Taxes | 450/3 | €12,510 | €13,425 | +€915 | +7.3% |
| Remuneration and social security | 454/9 | €53,241 | €53,224 | -€18 | 0.0% |
| Accrued charges and deferred income | 492/3 | €263 | €856 | +€593 | +225% |
| Turnover | 70 | - | €1,213,938 | +€1.2m | |
| Non-recurring operating income | 76A | - | €413 | +€413 | |
| Goods, raw materials, services and sundry goods | 60/61 | - | €496,223 | +€496,223 | |
| Remuneration, social security and pensions | 62 | €414,243 | €563,440 | +€149,197 | +36.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €61,832 | €59,294 | -€2,537 | -4.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,939 | - | -€1,939 | |
| Other operating charges | 640/8 | €24,222 | €28,982 | +€4,760 | +19.7% |
| Gross operating margin | 9900 | €567,284 | €725,392 | +€158,108 | +27.9% |
| Operating profit (loss) | 9901 | €65,048 | €73,676 | +€8,628 | +13.3% |
| Financial income | 75/76B | €16,053 | €696 | -€15,357 | -95.7% |
| Recurring financial income | 75 | €16,053 | €696 | -€15,357 | -95.7% |
| Financial charges | 65/66B | €14,589 | €15,893 | +€1,304 | +8.9% |
| Recurring financial charges | 65 | €14,589 | €15,893 | +€1,304 | +8.9% |
| Profit (loss) for the period before taxes | 9903 | €66,511 | €58,479 | -€8,033 | -12.1% |
| Income taxes | 67/77 | €14,938 | €14,458 | -€480 | -3.2% |
| Profit (loss) for the period | 9904 | €51,573 | €44,021 | -€7,553 | -14.6% |
| Profit (loss) for the period to be appropriated | 9905 | €51,573 | €44,021 | -€7,553 | -14.6% |
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 25 October 2026 via checked.be.