MERHO: 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.
MERHO
Largest movements
- Tangible fixed assets -€39,797
down €39,797 (-7.6%), from €525,117 to €485,320
of which Land and buildings: -€23,355
- Cash +€28,444
up €28,444 (+14.7%), from €193,506 to €221,950
mainly Depreciation (+€39,797) and Debts after one year (+€27,027)
- Receivables within one year -€10,245
down €10,245 (-10.5%), from €97,533 to €87,288
of which Other amounts receivable: -€18,154
- Reserves -€35,165
down €35,165 (-11.4%), from €308,575 to €273,411
of which Distributable reserves: -€31,373
- Debts after one year +€27,027
up €27,027 (+4.3%), from €625,669 to €652,696
- Taxes -€4,796
down €4,796 (-48.0%), from €9,988 to €5,192
- Depreciation -€4,363
down €4,363 (-9.9%), from €44,159 to €39,797
- Gross operating margin -€2,111
down €2,111 (-2.7%), from €78,792 to €76,681
- Financial income -€948
down €948 (-13.8%), from €6,884 to €5,936
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 | €1,019,433 | €1,008,639 | -€10,794 | -1.1% |
| Fixed assets | 21/28 | €525,117 | €485,320 | -€39,797 | -7.6% |
| Tangible fixed assets | 22/27 | €525,117 | €485,320 | -€39,797 | -7.6% |
| Land and buildings | 22 | €490,902 | €467,547 | -€23,355 | -4.8% |
| Plant, machinery and equipment | 23 | €4,142 | €3,647 | -€494 | -11.9% |
| Furniture and vehicles | 24 | €30,073 | €14,126 | -€15,947 | -53.0% |
| Current assets | 29/58 | €494,315 | €523,318 | +€29,003 | +5.9% |
| Amounts receivable within one year | 40/41 | €97,533 | €87,288 | -€10,245 | -10.5% |
| Trade receivables | 40 | €62,790 | €70,699 | +€7,909 | +12.6% |
| Other amounts receivable | 41 | €34,743 | €16,589 | -€18,154 | -52.3% |
| Current investments | 50/53 | €201,601 | €202,508 | +€907 | +0.5% |
| Cash at bank and in hand | 54/58 | €193,506 | €221,950 | +€28,444 | +14.7% |
| Deferred charges and accrued income | 490/1 | €1,676 | €11,572 | +€9,896 | +590.6% |
| Total equity and liabilities | 10/49 | €1,019,433 | €1,008,639 | -€10,794 | -1.1% |
| Equity | 10/15 | €370,575 | €335,411 | -€35,165 | -9.5% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €308,575 | €273,411 | -€35,165 | -11.4% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €49,288 | €45,496 | -€3,791 | -7.7% |
| Distributable reserves | 133 | €253,088 | €221,714 | -€31,373 | -12.4% |
| Provisions and deferred taxes | 16 | €12,322 | €11,374 | -€948 | -7.7% |
| Deferred taxes | 168 | €12,322 | €11,374 | -€948 | -7.7% |
| Amounts payable | 17/49 | €636,535 | €661,854 | +€25,319 | +4.0% |
| Amounts payable after more than one year | 17 | €625,669 | €652,696 | +€27,027 | +4.3% |
| Other amounts payable | 178/9 | €625,669 | €652,696 | +€27,027 | +4.3% |
| Amounts payable within one year | 42/48 | €10,765 | €9,097 | -€1,668 | -15.5% |
| Trade debts | 44 | €6,719 | €5,168 | -€1,551 | -23.1% |
| Suppliers | 440/4 | €6,719 | €5,168 | -€1,551 | -23.1% |
| Taxes, remuneration and social security | 45 | €4,046 | €3,929 | -€117 | -2.9% |
| Taxes | 450/3 | €4,046 | €3,929 | -€117 | -2.9% |
| Accrued charges and deferred income | 492/3 | €101 | €60 | -€41 | -40.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,159 | €39,797 | -€4,363 | -9.9% |
| Other operating charges | 640/8 | €32,232 | €32,611 | +€380 | +1.2% |
| Gross operating margin | 9900 | €78,792 | €76,681 | -€2,111 | -2.7% |
| Operating profit (loss) | 9901 | €2,401 | €4,273 | +€1,872 | +78.0% |
| Financial income | 75/76B | €6,884 | €5,936 | -€948 | -13.8% |
| Recurring financial income | 75 | €6,884 | €5,936 | -€948 | -13.8% |
| Financial charges | 65/66B | €189 | €208 | +€19 | +10.2% |
| Recurring financial charges | 65 | €189 | €208 | +€19 | +10.2% |
| Profit (loss) for the period before taxes | 9903 | €9,096 | €10,000 | +€904 | +9.9% |
| Transfer from deferred taxes | 780 | €948 | €948 | = | 0.0% |
| Income taxes | 67/77 | €9,988 | €5,192 | -€4,796 | -48.0% |
| Profit (loss) for the period | 9904 | €55 | €5,756 | +€5,700 | +10302.5% |
| Transfer from tax-exempt reserves | 789 | €3,791 | €3,791 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €3,847 | €9,547 | +€5,700 | +148.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.