MERICAM: 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.
MERICAM
Largest movements
- Receivables within one year -€55,976
down €55,976 (-68.4%), from €81,808 to €25,832
of which Other amounts receivable: -€69,196
- Cash +€27,738
up €27,738 (+25.0%), from €111,066 to €138,803
mainly Receivables within one year (+€55,976) and Other debts (+€35,715)
- Financial fixed assets -€24,474
down €24,474 (-37.4%), from €65,479 to €41,005
- Reserves -€117,247
down €117,247 (-61.1%), from €191,808 to €74,561
- Other debts +€35,715
up €35,715 (+96.6%), from €36,964 to €72,679
- Trade debts +€26,367
up €26,367 (+113.6%), from €23,217 to €49,584
- Gross operating margin +€18,076
up €18,076, from -€479 to €17,597
- Taxes +€5,329
up €5,329 (+8652.4%), from €62 to €5,391
- Financial charges +€711
up €711 (+69.2%), from €1,027 to €1,738
- Financial income -€635
down €635 (-17.6%), from €3,607 to €2,972
- Depreciation -€450
down €450 (-20.3%), from €2,220 to €1,770
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 | €265,367 | €209,332 | -€56,035 | -21.1% |
| Fixed assets | 21/28 | €67,899 | €41,656 | -€26,244 | -38.7% |
| Tangible fixed assets | 22/27 | €2,421 | €651 | -€1,770 | -73.1% |
| Furniture and vehicles | 24 | €2,421 | €651 | -€1,770 | -73.1% |
| Financial fixed assets | 28 | €65,479 | €41,005 | -€24,474 | -37.4% |
| Current assets | 29/58 | €197,468 | €167,676 | -€29,791 | -15.1% |
| Amounts receivable within one year | 40/41 | €81,808 | €25,832 | -€55,976 | -68.4% |
| Trade receivables | 40 | €2,200 | €15,420 | +€13,220 | +600.9% |
| Other amounts receivable | 41 | €79,608 | €10,412 | -€69,196 | -86.9% |
| Cash at bank and in hand | 54/58 | €111,066 | €138,803 | +€27,738 | +25.0% |
| Deferred charges and accrued income | 490/1 | €4,594 | €3,041 | -€1,553 | -33.8% |
| Total equity and liabilities | 10/49 | €265,367 | €209,332 | -€56,035 | -21.1% |
| Equity | 10/15 | €204,208 | €86,961 | -€117,247 | -57.4% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €191,808 | €74,561 | -€117,247 | -61.1% |
| Distributable reserves | 133 | €191,808 | €74,561 | -€117,247 | -61.1% |
| Amounts payable | 17/49 | €61,159 | €122,371 | +€61,213 | +100.1% |
| Amounts payable within one year | 42/48 | €60,279 | €122,297 | +€62,018 | +102.9% |
| Financial debts | 43 | €97 | €34 | -€63 | -65.2% |
| Credit institutions | 430/8 | €97 | €34 | -€63 | -65.2% |
| Trade debts | 44 | €23,217 | €49,584 | +€26,367 | +113.6% |
| Suppliers | 440/4 | €23,217 | €49,584 | +€26,367 | +113.6% |
| Other amounts payable | 47/48 | €36,964 | €72,679 | +€35,715 | +96.6% |
| Accrued charges and deferred income | 492/3 | €880 | €74 | -€806 | -91.6% |
| Non-recurring operating income | 76A | €2,500 | - | -€2,500 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,220 | €1,770 | -€450 | -20.3% |
| Other operating charges | 640/8 | €162 | €120 | -€42 | -26.1% |
| Gross operating margin | 9900 | -€479 | €17,597 | +€18,076 | |
| Operating profit (loss) | 9901 | -€2,861 | €15,708 | +€18,568 | |
| Financial income | 75/76B | €3,607 | €2,972 | -€635 | -17.6% |
| Recurring financial income | 75 | €3,607 | €2,972 | -€635 | -17.6% |
| Financial charges | 65/66B | €1,027 | €1,738 | +€711 | +69.2% |
| Recurring financial charges | 65 | €1,027 | €1,738 | +€711 | +69.2% |
| Profit (loss) for the period before taxes | 9903 | -€281 | €16,942 | +€17,222 | |
| Income taxes | 67/77 | €62 | €5,391 | +€5,329 | +8652.4% |
| Profit (loss) for the period | 9904 | -€342 | €11,551 | +€11,893 | |
| Profit (loss) for the period to be appropriated | 9905 | -€342 | €11,551 | +€11,893 |
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.