Merites Management: 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 Management
Largest movements
- Cash -€19,060
down €19,060 (-58.2%), from €32,743 to €13,683
mainly Other debts (-€16,397) and Contributions, distributions and other (-€15,500)
- Receivables within one year +€2,901
up €2,901 (+21.8%), from €13,310 to €16,211
of which Other amounts receivable: +€3,273
- Tangible fixed assets +€1,776
up €1,776 (+88.4%), from €2,010 to €3,785
of which Furniture and vehicles: +€2,002
- Deferred charges and accrued income +€1,121
up €1,121 (+91.0%), from €1,233 to €2,354
- Other debts -€16,397
down €16,397 (-43.1%), from €38,043 to €21,646
- Short-term financial debts +€3,363
up €3,363, from €0 to €3,363
- Trade debts +€629
up €629 (+15.9%), from €3,964 to €4,593
- Gross operating margin -€20,494
down €20,494 (-45.5%), from €44,995 to €24,501
- Taxes -€3,413
down €3,413 (-36.0%), from €9,484 to €6,071
- Financial charges +€1,777
up €1,777 (+420%), from €423 to €2,200
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 | €49,295 | €36,034 | -€13,262 | -26.9% |
| Fixed assets | 21/28 | €2,010 | €3,785 | +€1,776 | +88.4% |
| Tangible fixed assets | 22/27 | €2,010 | €3,785 | +€1,776 | +88.4% |
| Furniture and vehicles | 24 | €769 | €2,771 | +€2,002 | +260% |
| Other tangible fixed assets | 26 | €1,240 | €1,015 | -€226 | -18.2% |
| Current assets | 29/58 | €47,286 | €32,248 | -€15,038 | -31.8% |
| Amounts receivable within one year | 40/41 | €13,310 | €16,211 | +€2,901 | +21.8% |
| Trade receivables | 40 | €10,654 | €10,283 | -€371 | -3.5% |
| Other amounts receivable | 41 | €2,656 | €5,929 | +€3,273 | +123% |
| Cash at bank and in hand | 54/58 | €32,743 | €13,683 | -€19,060 | -58.2% |
| Deferred charges and accrued income | 490/1 | €1,233 | €2,354 | +€1,121 | +91.0% |
| Total equity and liabilities | 10/49 | €49,295 | €36,034 | -€13,262 | -26.9% |
| Equity | 10/15 | €1,014 | €611 | -€403 | -39.7% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Reserves | 13 | €914 | €511 | -€403 | -44.1% |
| Distributable reserves | 133 | €914 | €511 | -€403 | -44.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €48,281 | €35,423 | -€12,859 | -26.6% |
| Amounts payable within one year | 42/48 | €48,281 | €35,423 | -€12,859 | -26.6% |
| Financial debts | 43 | €0 | €3,363 | +€3,363 | |
| Credit institutions | 430/8 | €0 | €3,363 | +€3,363 | |
| Trade debts | 44 | €3,964 | €4,593 | +€629 | +15.9% |
| Suppliers | 440/4 | €3,964 | €4,593 | +€629 | +15.9% |
| Taxes, remuneration and social security | 45 | €6,275 | €5,820 | -€455 | -7.2% |
| Taxes | 450/3 | €6,275 | €5,820 | -€455 | -7.2% |
| Other amounts payable | 47/48 | €38,043 | €21,646 | -€16,397 | -43.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €593 | €799 | +€206 | +34.8% |
| Other operating charges | 640/8 | €818 | €634 | -€184 | -22.5% |
| Gross operating margin | 9900 | €44,995 | €24,501 | -€20,494 | -45.5% |
| Operating profit (loss) | 9901 | €43,585 | €23,068 | -€20,517 | -47.1% |
| Financial income | 75/76B | €1 | €300 | +€299 | +49,900% |
| Recurring financial income | 75 | €1 | €300 | +€299 | +49,900% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €423 | €2,200 | +€1,777 | +420% |
| Recurring financial charges | 65 | €423 | €2,200 | +€1,777 | +420% |
| Profit (loss) for the period before taxes | 9903 | €43,162 | €21,168 | -€21,994 | -51.0% |
| Income taxes | 67/77 | €9,484 | €6,071 | -€3,413 | -36.0% |
| Profit (loss) for the period | 9904 | €33,678 | €15,097 | -€18,581 | -55.2% |
| Profit (loss) for the period to be appropriated | 9905 | €33,678 | €15,097 | -€18,581 | -55.2% |
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 19 October 2026 via checked.be.