Merites: 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.
Merites
Largest movements
- Cash -€24,672
down €24,672 (-42.9%), from €57,449 to €32,777
mainly Other debts (-€27,845) and Tax, wage and social debts (-€25,167)
- Tangible fixed assets -€19,387
down €19,387 (-22.2%), from €87,350 to €67,963
of which Furniture and vehicles: -€17,518
- Receivables within one year -€10,835
down €10,835 (-43.6%), from €24,859 to €14,024
of which Trade receivables: -€19,417
- Other debts -€27,845
down €27,845 (-93.1%), from €29,918 to €2,073
- Tax, wage and social debts -€25,167
down €25,167 (-91.6%), from €27,470 to €2,303
of which Taxes: -€23,971
- Trade debts -€5,509
down €5,509 (-45.4%), from €12,139 to €6,630
- Reserves +€3,280
up €3,280 (+1.7%), from €194,270 to €197,550
- Gross operating margin -€88,981
down €88,981 (-62.4%), from €142,598 to €53,617
- Taxes -€23,007
down €23,007 (-65.4%), from €35,167 to €12,160
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 | €270,483 | €214,762 | -€55,722 | -20.6% |
| Fixed assets | 21/28 | €87,350 | €67,963 | -€19,387 | -22.2% |
| Tangible fixed assets | 22/27 | €87,350 | €67,963 | -€19,387 | -22.2% |
| Plant, machinery and equipment | 23 | €5,162 | €3,929 | -€1,233 | -23.9% |
| Furniture and vehicles | 24 | €79,330 | €61,813 | -€17,518 | -22.1% |
| Other tangible fixed assets | 26 | €2,858 | €2,221 | -€637 | -22.3% |
| Current assets | 29/58 | €183,133 | €146,799 | -€36,334 | -19.8% |
| Amounts receivable after more than one year | 29 | €97,500 | €97,500 | = | 0.0% |
| Other amounts receivable | 291 | €97,500 | €97,500 | = | 0.0% |
| Stocks and contracts in progress | 3 | €1,408 | €1,362 | -€46 | -3.3% |
| Stocks | 30/36 | €1,408 | €1,362 | -€46 | -3.3% |
| Amounts receivable within one year | 40/41 | €24,859 | €14,024 | -€10,835 | -43.6% |
| Trade receivables | 40 | €24,810 | €5,393 | -€19,417 | -78.3% |
| Other amounts receivable | 41 | €49 | €8,631 | +€8,582 | +17446.0% |
| Cash at bank and in hand | 54/58 | €57,449 | €32,777 | -€24,672 | -42.9% |
| Deferred charges and accrued income | 490/1 | €1,917 | €1,137 | -€781 | -40.7% |
| Total equity and liabilities | 10/49 | €270,483 | €214,762 | -€55,722 | -20.6% |
| Equity | 10/15 | €200,471 | €203,756 | +€3,285 | +1.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €194,270 | €197,550 | +€3,280 | +1.7% |
| Distributable reserves | 133 | €194,270 | €197,550 | +€3,280 | +1.7% |
| Profit (loss) carried forward | 14 | €1 | €6 | +€5 | +338.0% |
| Amounts payable | 17/49 | €70,012 | €11,006 | -€59,006 | -84.3% |
| Amounts payable within one year | 42/48 | €70,012 | €11,006 | -€59,006 | -84.3% |
| Trade debts | 44 | €12,139 | €6,630 | -€5,509 | -45.4% |
| Suppliers | 440/4 | €12,139 | €6,630 | -€5,509 | -45.4% |
| Advances received on contracts in progress | 46 | €485 | - | -€485 | |
| Taxes, remuneration and social security | 45 | €27,470 | €2,303 | -€25,167 | -91.6% |
| Taxes | 450/3 | €23,971 | - | -€23,971 | |
| Remuneration and social security | 454/9 | €3,499 | €2,303 | -€1,196 | -34.2% |
| Other amounts payable | 47/48 | €29,918 | €2,073 | -€27,845 | -93.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,899 | €25,147 | +€248 | +1.0% |
| Other operating charges | 640/8 | €1,575 | €1,566 | -€9 | -0.6% |
| Gross operating margin | 9900 | €142,598 | €53,617 | -€88,981 | -62.4% |
| Operating profit (loss) | 9901 | €116,124 | €26,904 | -€89,219 | -76.8% |
| Financial income | 75/76B | €2,944 | €3,196 | +€252 | +8.6% |
| Recurring financial income | 75 | €2,944 | €3,196 | +€252 | +8.6% |
| Financial charges | 65/66B | €99 | €265 | +€166 | +167.6% |
| Recurring financial charges | 65 | €99 | €265 | +€166 | +167.6% |
| Profit (loss) for the period before taxes | 9903 | €118,969 | €29,835 | -€89,133 | -74.9% |
| Income taxes | 67/77 | €35,167 | €12,160 | -€23,007 | -65.4% |
| Profit (loss) for the period | 9904 | €83,801 | €17,675 | -€66,127 | -78.9% |
| Profit (loss) for the period to be appropriated | 9905 | €83,801 | €17,675 | -€66,127 | -78.9% |
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 9 October 2026 via checked.be.