MERIT ADVICE: 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.
MERIT ADVICE
Largest movements
- Financial fixed assets +€250,708
up €250,708 (+5,014%), from €5,000 to €255,708
- Current investments -€100,000
down €100,000 (-30.8%), from €325,000 to €225,000
- Cash -€79,523
down €79,523 (-58.0%), from €137,143 to €57,619
mainly Investment in fixed assets (net) (-€259,820) and Other debts (-€20,243)
- Tangible fixed assets -€8,879
down €8,879 (-22.6%), from €39,224 to €30,345
of which Leasing and similar rights: -€6,726
- Reserves +€80,000
up €80,000 (+19.5%), from €410,723 to €490,723
of which Distributable reserves: +€80,000
- Other debts -€20,243
down €20,243 (-31.4%), from €64,458 to €44,215
- Staff costs +€20,884
new in 2025: €20,884
- Taxes -€6,627
down €6,627 (-13.7%), from €48,327 to €41,700
- Gross operating margin -€6,282
down €6,282 (-3.8%), from €166,086 to €159,804
- Financial income -€4,638
down €4,638 (-43.9%), from €10,557 to €5,919
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 | €523,306 | €587,772 | +€64,466 | +12.3% |
| Fixed assets | 21/28 | €44,224 | €286,053 | +€241,829 | +547% |
| Tangible fixed assets | 22/27 | €39,224 | €30,345 | -€8,879 | -22.6% |
| Plant, machinery and equipment | 23 | €31,862 | €30,345 | -€1,517 | -4.8% |
| Furniture and vehicles | 24 | €636 | - | -€636 | |
| Leasing and similar rights | 25 | €6,726 | - | -€6,726 | |
| Financial fixed assets | 28 | €5,000 | €255,708 | +€250,708 | +5,014% |
| Current assets | 29/58 | €479,083 | €301,720 | -€177,363 | -37.0% |
| Amounts receivable within one year | 40/41 | €16,940 | €19,101 | +€2,161 | +12.8% |
| Trade receivables | 40 | €16,940 | - | -€16,940 | |
| Other amounts receivable | 41 | - | €19,101 | +€19,101 | |
| Current investments | 50/53 | €325,000 | €225,000 | -€100,000 | -30.8% |
| Cash at bank and in hand | 54/58 | €137,143 | €57,619 | -€79,523 | -58.0% |
| Total equity and liabilities | 10/49 | €523,306 | €587,772 | +€64,466 | +12.3% |
| Equity | 10/15 | €431,224 | €513,830 | +€82,606 | +19.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €410,723 | €490,723 | +€80,000 | +19.5% |
| Tax-exempt reserves | 132 | €723 | €723 | = | 0.0% |
| Distributable reserves | 133 | €410,000 | €490,000 | +€80,000 | +19.5% |
| Profit (loss) carried forward | 14 | €1,901 | €4,508 | +€2,606 | +137% |
| Amounts payable | 17/49 | €92,083 | €73,942 | -€18,140 | -19.7% |
| Amounts payable within one year | 42/48 | €90,782 | €72,810 | -€17,972 | -19.8% |
| Trade debts | 44 | €5,039 | €4,818 | -€221 | -4.4% |
| Suppliers | 440/4 | €5,039 | €4,818 | -€221 | -4.4% |
| Taxes, remuneration and social security | 45 | €21,285 | €23,778 | +€2,492 | +11.7% |
| Taxes | 450/3 | €21,285 | €22,126 | +€841 | +4.0% |
| Remuneration and social security | 454/9 | - | €1,651 | +€1,651 | |
| Other amounts payable | 47/48 | €64,458 | €44,215 | -€20,243 | -31.4% |
| Accrued charges and deferred income | 492/3 | €1,301 | €1,132 | -€169 | -13.0% |
| Remuneration, social security and pensions | 62 | - | €20,884 | +€20,884 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,367 | €17,992 | +€625 | +3.6% |
| Other operating charges | 640/8 | €1,767 | €667 | -€1,101 | -62.3% |
| Gross operating margin | 9900 | €166,086 | €159,804 | -€6,282 | -3.8% |
| Operating profit (loss) | 9901 | €146,951 | €120,261 | -€26,690 | -18.2% |
| Financial income | 75/76B | €10,557 | €5,919 | -€4,638 | -43.9% |
| Recurring financial income | 75 | €10,557 | €5,919 | -€4,638 | -43.9% |
| Financial charges | 65/66B | €2,170 | €1,874 | -€296 | -13.7% |
| Recurring financial charges | 65 | €2,170 | €1,874 | -€296 | -13.7% |
| Profit (loss) for the period before taxes | 9903 | €155,338 | €124,306 | -€31,032 | -20.0% |
| Income taxes | 67/77 | €48,327 | €41,700 | -€6,627 | -13.7% |
| Profit (loss) for the period | 9904 | €107,011 | €82,606 | -€24,405 | -22.8% |
| Profit (loss) for the period to be appropriated | 9905 | €107,011 | €82,606 | -€24,405 | -22.8% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.