MERGROUP: 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.
MERGROUP
Largest movements
- Intangible fixed assets -€88,341
down €88,341 (-32.8%), from €269,402 to €181,061
- Receivables within one year +€56,158
up €56,158 (+19.8%), from €283,407 to €339,565
of which Other amounts receivable: +€62,196
- Cash -€32,999
down €32,999 (-54.9%), from €60,141 to €27,141
mainly Current portion of long-term debt (-€130,346) and Net result for the year (-€80,937)
- Stocks and contracts -€20,811
down €20,811 (-16.1%), from €129,137 to €108,326
- Current portion of long-term debt -€130,346
down €130,346 (-76.4%), from €170,548 to €40,202
- Debts after one year +€75,596
up €75,596 (+41.4%), from €182,457 to €258,053
- Profit (loss) carried forward -€47,070
no longer reported in 2024 (was €47,070)
- Reserves -€33,868
down €33,868 (-47.7%), from €70,939 to €37,071
of which Distributable reserves: -€33,868
- Trade debts +€29,986
up €29,986 (+27.8%), from €108,015 to €138,001
- Gross operating margin -€229,311
down €229,311 (-78.2%), from €293,287 to €63,977
- Staff costs -€31,345
no longer reported in 2024 (was €31,345)
- Depreciation -€29,997
down €29,997 (-23.0%), from €130,357 to €100,360
- Financial charges -€28,970
down €28,970 (-50.9%), from €56,924 to €27,954
- Taxes -€14,894
down €14,894 (-92.1%), from €16,174 to €1,280
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,204,732 | €1,110,143 | -€94,589 | -7.9% |
| Fixed assets | 21/28 | €640,759 | €540,399 | -€100,360 | -15.7% |
| Intangible fixed assets | 21 | €269,402 | €181,061 | -€88,341 | -32.8% |
| Tangible fixed assets | 22/27 | €328,951 | €316,932 | -€12,019 | -3.7% |
| Land and buildings | 22 | €328,891 | €316,932 | -€11,959 | -3.6% |
| Furniture and vehicles | 24 | €60 | - | -€60 | |
| Financial fixed assets | 28 | €42,405 | €42,405 | = | 0.0% |
| Current assets | 29/58 | €563,973 | €569,744 | +€5,771 | +1.0% |
| Amounts receivable after more than one year | 29 | €85,864 | €94,712 | +€8,848 | +10.3% |
| Other amounts receivable | 291 | €85,864 | €94,712 | +€8,848 | +10.3% |
| Stocks and contracts in progress | 3 | €129,137 | €108,326 | -€20,811 | -16.1% |
| Stocks | 30/36 | €129,137 | €108,326 | -€20,811 | -16.1% |
| Amounts receivable within one year | 40/41 | €283,407 | €339,565 | +€56,158 | +19.8% |
| Trade receivables | 40 | €211,352 | €205,314 | -€6,038 | -2.9% |
| Other amounts receivable | 41 | €72,055 | €134,251 | +€62,196 | +86.3% |
| Cash at bank and in hand | 54/58 | €60,141 | €27,141 | -€32,999 | -54.9% |
| Deferred charges and accrued income | 490/1 | €5,425 | - | -€5,425 | |
| Total equity and liabilities | 10/49 | €1,204,732 | €1,110,143 | -€94,589 | -7.9% |
| Equity | 10/15 | €518,009 | €437,071 | -€80,937 | -15.6% |
| Contributions | 10/11 | €400,000 | €400,000 | = | 0.0% |
| Capital | 10 | €400,000 | €400,000 | = | 0.0% |
| Issued capital | 100 | €400,000 | €400,000 | = | 0.0% |
| Reserves | 13 | €70,939 | €37,071 | -€33,868 | -47.7% |
| Non-distributable reserves | 130/1 | €21,000 | €21,000 | = | 0.0% |
| Legal reserve | 130 | €21,000 | €21,000 | = | 0.0% |
| Distributable reserves | 133 | €49,939 | €16,071 | -€33,868 | -67.8% |
| Profit (loss) carried forward | 14 | €47,070 | - | -€47,070 | |
| Amounts payable | 17/49 | €686,723 | €673,072 | -€13,652 | -2.0% |
| Amounts payable after more than one year | 17 | €182,457 | €258,053 | +€75,596 | +41.4% |
| Financial debts | 170/4 | €182,457 | €258,053 | +€75,596 | +41.4% |
| Amounts payable within one year | 42/48 | €455,646 | €339,595 | -€116,051 | -25.5% |
| Current portion of amounts payable after more than one year | 42 | €170,548 | €40,202 | -€130,346 | -76.4% |
| Financial debts | 43 | €125,000 | €125,000 | = | 0.0% |
| Credit institutions | 430/8 | €125,000 | €125,000 | = | 0.0% |
| Trade debts | 44 | €108,015 | €138,001 | +€29,986 | +27.8% |
| Suppliers | 440/4 | €108,015 | €138,001 | +€29,986 | +27.8% |
| Taxes, remuneration and social security | 45 | €52,084 | €31,674 | -€20,410 | -39.2% |
| Taxes | 450/3 | €51,446 | €31,578 | -€19,868 | -38.6% |
| Remuneration and social security | 454/9 | €638 | €96 | -€542 | -85.0% |
| Other amounts payable | 47/48 | - | €4,719 | +€4,719 | |
| Accrued charges and deferred income | 492/3 | €48,620 | €75,424 | +€26,804 | +55.1% |
| Non-recurring operating income | 76A | - | €6,198 | +€6,198 | |
| Remuneration, social security and pensions | 62 | €31,345 | - | -€31,345 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €130,357 | €100,360 | -€29,997 | -23.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €3,348 | €8,184 | +€4,836 | +144% |
| Other operating charges | 640/8 | €16,670 | €8,261 | -€8,409 | -50.4% |
| Non-recurring operating charges | 66A | €31,324 | €11,150 | -€20,174 | -64.4% |
| Gross operating margin | 9900 | €293,287 | €63,977 | -€229,311 | -78.2% |
| Operating profit (loss) | 9901 | €80,244 | -€63,977 | -€144,221 | |
| Financial income | 75/76B | €4,985 | €12,275 | +€7,290 | +146% |
| Recurring financial income | 75 | €4,985 | €12,275 | +€7,290 | +146% |
| Financial charges | 65/66B | €56,924 | €27,954 | -€28,970 | -50.9% |
| Recurring financial charges | 65 | €56,924 | €27,954 | -€28,970 | -50.9% |
| Profit (loss) for the period before taxes | 9903 | €28,304 | -€79,657 | -€107,961 | |
| Income taxes | 67/77 | €16,174 | €1,280 | -€14,894 | -92.1% |
| Profit (loss) for the period | 9904 | €12,130 | -€80,937 | -€93,068 | |
| Profit (loss) for the period to be appropriated | 9905 | €12,130 | -€80,937 | -€93,068 |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.