MERINVEST: what changed
MERINVEST
Largest movements
- Tangible fixed assets -€37,269
down €37,269 (-7.9%), from €470,558 to €433,289
of which Land and buildings: -€39,566
- Cash +€11,365
up €11,365 (+26.6%), from €42,792 to €54,157
mainly Depreciation (+€44,180) and Trade debts (+€8,300)
- Other debts -€17,611
down €17,611 (-20.6%), from €85,512 to €67,901
- Reserves -€11,001
down €11,001 (-3.3%), from €338,019 to €327,018
of which Distributable reserves: -€11,001
- Trade debts +€8,300
up €8,300 (+199%), from €4,163 to €12,463
- Gross operating margin -€32,295
down €32,295 (-28.6%), from €112,734 to €80,439
- Other operating charges +€8,255
up €8,255 (+23.4%), from €35,280 to €43,536
- Financial charges -€7,459
down €7,459 (-66.7%), from €11,184 to €3,725
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €551,604 | €529,755 | -€21,849 | -4.0% |
| Fixed assets | 21/28 | €470,558 | €433,289 | -€37,269 | -7.9% |
| Tangible fixed assets | 22/27 | €470,558 | €433,289 | -€37,269 | -7.9% |
| Land and buildings | 22 | €458,685 | €419,119 | -€39,566 | -8.6% |
| Plant, machinery and equipment | 23 | €11,873 | €14,170 | +€2,298 | +19.4% |
| Current assets | 29/58 | €81,046 | €96,466 | +€15,420 | +19.0% |
| Amounts receivable within one year | 40/41 | €35,971 | €39,983 | +€4,012 | +11.2% |
| Trade receivables | 40 | €35,971 | €39,983 | +€4,012 | +11.2% |
| Cash at bank and in hand | 54/58 | €42,792 | €54,157 | +€11,365 | +26.6% |
| Deferred charges and accrued income | 490/1 | €2,283 | €2,326 | +€43 | +1.9% |
| Total equity and liabilities | 10/49 | €551,604 | €529,755 | -€21,849 | -4.0% |
| Equity | 10/15 | €413,599 | €402,598 | -€11,001 | -2.7% |
| Contributions | 10/11 | €75,580 | €75,580 | = | 0.0% |
| Capital | 10 | €75,580 | €75,580 | = | 0.0% |
| Issued capital | 100 | €75,580 | €75,580 | = | 0.0% |
| Reserves | 13 | €338,019 | €327,018 | -€11,001 | -3.3% |
| Non-distributable reserves | 130/1 | €22,758 | €22,758 | = | 0.0% |
| Legal reserve | 130 | €22,758 | €22,758 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,536 | €1,536 | = | 0.0% |
| Distributable reserves | 133 | €313,724 | €302,723 | -€11,001 | -3.5% |
| Amounts payable | 17/49 | €138,005 | €127,157 | -€10,848 | -7.9% |
| Amounts payable within one year | 42/48 | €138,005 | €127,157 | -€10,848 | -7.9% |
| Trade debts | 44 | €4,163 | €12,463 | +€8,300 | +199% |
| Suppliers | 440/4 | €4,163 | €12,463 | +€8,300 | +199% |
| Advances received on contracts in progress | 46 | €37,200 | €37,200 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €11,130 | €9,593 | -€1,537 | -13.8% |
| Taxes | 450/3 | €11,130 | €9,593 | -€1,537 | -13.8% |
| Other amounts payable | 47/48 | €85,512 | €67,901 | -€17,611 | -20.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,186 | €44,180 | -€6 | 0.0% |
| Other operating charges | 640/8 | €35,280 | €43,536 | +€8,255 | +23.4% |
| Gross operating margin | 9900 | €112,734 | €80,439 | -€32,295 | -28.6% |
| Operating profit (loss) | 9901 | €33,268 | -€7,276 | -€40,545 | |
| Financial income | 75/76B | €0 | €0 | +€0 | +300% |
| Recurring financial income | 75 | €0 | €0 | +€0 | +300% |
| Financial charges | 65/66B | €11,184 | €3,725 | -€7,459 | -66.7% |
| Recurring financial charges | 65 | €11,184 | €3,725 | -€7,459 | -66.7% |
| Profit (loss) for the period before taxes | 9903 | €22,084 | -€11,001 | -€33,085 | |
| Income taxes | 67/77 | €568 | €0 | -€568 | -100.0% |
| Profit (loss) for the period | 9904 | €21,516 | -€11,001 | -€32,517 | |
| Profit (loss) for the period to be appropriated | 9905 | €21,516 | -€11,001 | -€32,517 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.