Merit Select: 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.
Merit Select
Largest movements
- Tangible fixed assets -€10,395
down €10,395 (-5.7%), from €180,945 to €170,549
of which Land and buildings: -€6,520
- Cash -€8,825
down €8,825 (-83.0%), from €10,636 to €1,811
mainly Net result for the year (-€22,864) and Debts after one year (-€8,334)
- Profit (loss) carried forward -€22,864
down €22,864 (-59.8%), from €38,259 to €15,395
- Other debts +€15,003
up €15,003 (+30.3%), from €49,560 to €64,563
- Debts after one year -€8,334
down €8,334 (-100.0%), from €8,334 to €0
- Depreciation -€7,405
down €7,405 (-41.6%), from €17,800 to €10,395
- Financial income +€1,284
up €1,284 (+12841300.0%), from €0 to €1,284
- Financial charges -€480
down €480 (-40.9%), from €1,175 to €694
- Other operating charges +€179
up €179 (+3.1%), from €5,706 to €5,886
- Gross operating margin +€158
up €158 (+2.1%), from -€7,330 to -€7,172
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 | €194,964 | €176,177 | -€18,787 | -9.6% |
| Fixed assets | 21/28 | €180,945 | €170,549 | -€10,395 | -5.7% |
| Tangible fixed assets | 22/27 | €180,945 | €170,549 | -€10,395 | -5.7% |
| Land and buildings | 22 | €109,696 | €103,177 | -€6,520 | -5.9% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €1,515 | €1,500 | -€15 | -1.0% |
| Other tangible fixed assets | 26 | €69,734 | €65,872 | -€3,861 | -5.5% |
| Current assets | 29/58 | €14,019 | €5,628 | -€8,392 | -59.9% |
| Amounts receivable within one year | 40/41 | €2,397 | €2,797 | +€400 | +16.7% |
| Other amounts receivable | 41 | €2,397 | €2,797 | +€400 | +16.7% |
| Cash at bank and in hand | 54/58 | €10,636 | €1,811 | -€8,825 | -83.0% |
| Deferred charges and accrued income | 490/1 | €987 | €1,020 | +€33 | +3.4% |
| Total equity and liabilities | 10/49 | €194,964 | €176,177 | -€18,787 | -9.6% |
| Equity | 10/15 | €119,759 | €96,896 | -€22,864 | -19.1% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €19,500 | €19,500 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Reserves not available under the articles | 1311 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €13,300 | €13,300 | = | 0.0% |
| Profit (loss) carried forward | 14 | €38,259 | €15,395 | -€22,864 | -59.8% |
| Amounts payable | 17/49 | €75,205 | €79,281 | +€4,077 | +5.4% |
| Amounts payable after more than one year | 17 | €8,334 | €0 | -€8,334 | -100.0% |
| Financial debts | 170/4 | €8,334 | €0 | -€8,334 | -100.0% |
| Amounts payable within one year | 42/48 | €64,671 | €77,081 | +€12,410 | +19.2% |
| Current portion of amounts payable after more than one year | 42 | €10,000 | €8,334 | -€1,666 | -16.7% |
| Trade debts | 44 | €5,088 | €4,184 | -€904 | -17.8% |
| Suppliers | 440/4 | €5,088 | €4,184 | -€904 | -17.8% |
| Taxes, remuneration and social security | 45 | €22 | €0 | -€22 | -100.0% |
| Taxes | 450/3 | €22 | €0 | -€22 | -100.0% |
| Other amounts payable | 47/48 | €49,560 | €64,563 | +€15,003 | +30.3% |
| Accrued charges and deferred income | 492/3 | €2,200 | €2,200 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,800 | €10,395 | -€7,405 | -41.6% |
| Other operating charges | 640/8 | €5,706 | €5,886 | +€179 | +3.1% |
| Gross operating margin | 9900 | -€7,330 | -€7,172 | +€158 | +2.1% |
| Operating profit (loss) | 9901 | -€30,836 | -€23,453 | +€7,383 | +23.9% |
| Financial income | 75/76B | €0 | €1,284 | +€1,284 | +12841300.0% |
| Recurring financial income | 75 | €0 | €1,284 | +€1,284 | +12841300.0% |
| Financial charges | 65/66B | €1,175 | €694 | -€480 | -40.9% |
| Recurring financial charges | 65 | €1,175 | €694 | -€480 | -40.9% |
| Profit (loss) for the period before taxes | 9903 | -€32,011 | -€22,864 | +€9,148 | +28.6% |
| Income taxes | 67/77 | €21 | €0 | -€21 | -100.0% |
| Profit (loss) for the period | 9904 | -€32,033 | -€22,864 | +€9,169 | +28.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€32,033 | -€22,864 | +€9,169 | +28.6% |
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 30 September 2026 via checked.be.