Merino: 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.
Merino
Largest movements
- Cash -€55,910
down €55,910 (-28.2%), from €198,021 to €142,111
mainly Current investments (-€35,000) and Accrued charges and deferred income (-€12,492)
- Current investments +€35,000
up €35,000 (+35.0%), from €99,963 to €134,963
- Accrued charges and deferred income -€12,492
down €12,492 (-100%), from €12,492 to €0
- Other debts -€5,000
down €5,000 (-100%), from €5,000 to €0
- Profit (loss) carried forward -€3,646
down €3,646 (-1.8%), from €202,584 to €198,938
- Gross operating margin -€297,690
down €297,690, from €294,856 to -€2,834
- Taxes -€60,768
down €60,768 (-100%), from €60,768 to €0
- Other operating charges -€19,233
down €19,233 (-100%), from €19,233 to €0
- Financial charges -€11,504
down €11,504 (-99.0%), from €11,615 to €110
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 | €301,575 | €279,838 | -€21,737 | -7.2% |
| Fixed assets | 21/28 | €2,813 | €2,111 | -€702 | -24.9% |
| Intangible fixed assets | 21 | €2,813 | €2,111 | -€702 | -24.9% |
| Current assets | 29/58 | €298,762 | €277,727 | -€21,035 | -7.0% |
| Amounts receivable within one year | 40/41 | €778 | €653 | -€125 | -16.0% |
| Trade receivables | 40 | €778 | €653 | -€125 | -16.0% |
| Current investments | 50/53 | €99,963 | €134,963 | +€35,000 | +35.0% |
| Cash at bank and in hand | 54/58 | €198,021 | €142,111 | -€55,910 | -28.2% |
| Total equity and liabilities | 10/49 | €301,575 | €279,838 | -€21,737 | -7.2% |
| Equity | 10/15 | €222,584 | €218,938 | -€3,646 | -1.6% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €202,584 | €198,938 | -€3,646 | -1.8% |
| Amounts payable | 17/49 | €78,991 | €60,900 | -€18,091 | -22.9% |
| Amounts payable within one year | 42/48 | €66,498 | €60,900 | -€5,598 | -8.4% |
| Trade debts | 44 | €72 | €0 | -€72 | -100% |
| Suppliers | 440/4 | €72 | €0 | -€72 | -100% |
| Taxes, remuneration and social security | 45 | €61,427 | €60,900 | -€527 | -0.9% |
| Taxes | 450/3 | €61,427 | €60,900 | -€527 | -0.9% |
| Other amounts payable | 47/48 | €5,000 | €0 | -€5,000 | -100% |
| Accrued charges and deferred income | 492/3 | €12,492 | €0 | -€12,492 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €696 | €702 | +€6 | +0.8% |
| Other operating charges | 640/8 | €19,233 | €0 | -€19,233 | -100% |
| Gross operating margin | 9900 | €294,856 | -€2,834 | -€297,690 | |
| Operating profit (loss) | 9901 | €274,927 | -€3,536 | -€278,462 | |
| Financial income | 75/76B | €40 | €0 | -€40 | -100% |
| Recurring financial income | 75 | €40 | €0 | -€40 | -100% |
| Financial charges | 65/66B | €11,615 | €110 | -€11,504 | -99.0% |
| Recurring financial charges | 65 | €11,615 | €110 | -€11,504 | -99.0% |
| Profit (loss) for the period before taxes | 9903 | €263,352 | -€3,646 | -€266,998 | |
| Income taxes | 67/77 | €60,768 | €0 | -€60,768 | -100% |
| Profit (loss) for the period | 9904 | €202,584 | -€3,646 | -€206,231 | |
| Profit (loss) for the period to be appropriated | 9905 | €202,584 | -€3,646 | -€206,231 |
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 24 October 2026 via checked.be.