MERITO: 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.
What changed
MERITO
NACE 70.200, Business and other management consultancy
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€34,652
2024 · €46,914-€12,262
Equity
€18,600
2024 · €240,458-€221,858
Cash
€38,107
2024 · €32,452+€5,655
Balance sheet total
€3.4m
2024 · €460,977+€3.0m
Largest movements
Assets
- Financial fixed assets +€2.9m
up €2.9m (+774.5%), from €380,000 to €3.3m
Equity and liabilities
- Debts after one year +€2.9m
up €2.9m (+19901.0%), from €14,749 to €3.0m
- Other debts +€256,510
new in 2025: €256,510
- Reserves -€221,858
no longer reported in 2025 (was €221,858)
Income statement
- Financial charges +€58,858
up €58,858 (+501.3%), from €11,741 to €70,599
- Gross operating margin +€43,706
up €43,706 (+52.8%), from €82,749 to €126,455
- Taxes -€4,428
down €4,428 (-24.9%), from €17,802 to €13,374
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.
Result 2024
€46,914
Gross operating margin
+€43,706
Staff costs
-€51
Depreciation
-€857
Other operating charges
-€292
Financial income
-€337
Financial charges
-€58,858
Taxes
+€4,428
Result 2025
€34,652
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.
From operations
+€298,073
Investment
-€3.0m
Financing
+€2.7m
Cash 2024
€32,452
From operations (derived)
+€298,073
Net result for the year
+€34,652
Depreciation
+€3,782
Smaller working-capital items
+€3,130
Other debts
+€256,510
Investment (derived)
-€3.0m
Investment in fixed assets (net)
-€3.0m
Financing
+€2.7m
Debts after one year
+€2.9m
Current portion of long-term debt
-€20,208
Contributions, distributions and other
-€256,510
Cash 2025
€38,107
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €460,977 | €3,414,819 | +€3.0m | +640.8% |
| Fixed assets | 21/28 | €384,866 | €3,332,036 | +€2.9m | +765.8% |
| Tangible fixed assets | 22/27 | €4,866 | €8,836 | +€3,970 | +81.6% |
| Furniture and vehicles | 24 | €4,866 | €6,928 | +€2,062 | +42.4% |
| Other tangible fixed assets | 26 | - | €1,908 | +€1,908 | |
| Financial fixed assets | 28 | €380,000 | €3,323,200 | +€2.9m | +774.5% |
| Current assets | 29/58 | €76,112 | €82,783 | +€6,671 | +8.8% |
| Amounts receivable within one year | 40/41 | €43,659 | €44,676 | +€1,016 | +2.3% |
| Trade receivables | 40 | €32,670 | €22,385 | -€10,285 | -31.5% |
| Other amounts receivable | 41 | €10,989 | €22,291 | +€11,301 | +102.8% |
| Cash at bank and in hand | 54/58 | €32,452 | €38,107 | +€5,655 | +17.4% |
| Total equity and liabilities | 10/49 | €460,977 | €3,414,819 | +€3.0m | +640.8% |
| Equity | 10/15 | €240,458 | €18,600 | -€221,858 | -92.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €221,858 | - | -€221,858 | |
| Distributable reserves | 133 | €221,858 | - | -€221,858 | |
| Provisions and deferred taxes | 16 | €155,269 | €157,039 | +€1,770 | +1.1% |
| Provisions for liabilities and charges | 160/5 | €155,269 | €157,039 | +€1,770 | +1.1% |
| Environmental obligations | 163 | - | €157,039 | +€157,039 | |
| Other liabilities and charges | 164/5 | €155,269 | - | -€155,269 | |
| Amounts payable | 17/49 | €65,251 | €3,239,180 | +€3.2m | +4864.2% |
| Amounts payable after more than one year | 17 | €14,749 | €2,950,000 | +€2.9m | +19901.0% |
| Financial debts | 170/4 | €14,749 | €2,950,000 | +€2.9m | +19901.0% |
| Amounts payable within one year | 42/48 | €50,501 | €289,180 | +€238,679 | +472.6% |
| Current portion of amounts payable after more than one year | 42 | €34,957 | €14,749 | -€20,208 | -57.8% |
| Trade debts | 44 | €2,123 | €1,691 | -€432 | -20.3% |
| Suppliers | 440/4 | €2,123 | €1,691 | -€432 | -20.3% |
| Taxes, remuneration and social security | 45 | €13,421 | €16,230 | +€2,808 | +20.9% |
| Taxes | 450/3 | €13,421 | €16,230 | +€2,808 | +20.9% |
| Other amounts payable | 47/48 | - | €256,510 | +€256,510 | |
| Remuneration, social security and pensions | 62 | €3,307 | €3,358 | +€51 | +1.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,925 | €3,782 | +€857 | +29.3% |
| Other operating charges | 640/8 | €387 | €680 | +€292 | +75.5% |
| Non-recurring operating charges | 66A | €10 | €11 | +€1 | +9.3% |
| Gross operating margin | 9900 | €82,749 | €126,455 | +€43,706 | +52.8% |
| Operating profit (loss) | 9901 | €76,120 | €118,625 | +€42,505 | +55.8% |
| Financial income | 75/76B | €337 | - | -€337 | |
| Recurring financial income | 75 | €337 | - | -€337 | |
| Financial charges | 65/66B | €11,741 | €70,599 | +€58,858 | +501.3% |
| Recurring financial charges | 65 | €11,741 | €70,599 | +€58,858 | +501.3% |
| Profit (loss) for the period before taxes | 9903 | €64,716 | €48,026 | -€16,690 | -25.8% |
| Income taxes | 67/77 | €17,802 | €13,374 | -€4,428 | -24.9% |
| Profit (loss) for the period | 9904 | €46,914 | €34,652 | -€12,262 | -26.1% |
| Profit (loss) for the period to be appropriated | 9905 | €46,914 | €34,652 | -€12,262 | -26.1% |
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 4 October 2026 via checked.be.