MERJAN: 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.
MERJAN
Largest movements
- Cash -€82,371
down €82,371 (-91.3%), from €90,265 to €7,894
mainly Other debts (-€69,309) and Debts after one year (-€51,468)
- Tangible fixed assets -€45,445
down €45,445 (-12.0%), from €378,852 to €333,407
of which Land and buildings: -€33,770
- Other debts -€69,309
down €69,309 (-34.3%), from €202,122 to €132,813
- Debts after one year -€51,468
down €51,468 (-17.3%), from €296,788 to €245,320
- Profit (loss) carried forward +€19,284
up €19,284 (+18.0%), from -€107,384 to -€88,100
- Short-term financial debts -€12,000
down €12,000 (-14.0%), from €86,000 to €74,000
of which Credit institutions: -€86,000
- Tax, wage and social debts -€6,808
down €6,808 (-74.4%), from €9,157 to €2,349
- Purchases and services +€120,832
new in 2025: €120,832
- Gross operating margin -€3,252
down €3,252 (-3.6%), from €89,764 to €86,513
- Financial income +€2,919
up €2,919 (+6659.1%), from €44 to €2,963
- Financial charges -€1,317
down €1,317 (-6.1%), from €21,740 to €20,423
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 | €617,157 | €499,964 | -€117,193 | -19.0% |
| Fixed assets | 21/28 | €379,545 | €334,100 | -€45,445 | -12.0% |
| Tangible fixed assets | 22/27 | €378,852 | €333,407 | -€45,445 | -12.0% |
| Land and buildings | 22 | €347,384 | €313,614 | -€33,770 | -9.7% |
| Plant, machinery and equipment | 23 | €31,468 | €19,793 | -€11,675 | -37.1% |
| Financial fixed assets | 28 | €693 | €693 | = | 0.0% |
| Current assets | 29/58 | €237,612 | €165,864 | -€71,748 | -30.2% |
| Stocks and contracts in progress | 3 | €6,252 | €6,252 | = | 0.0% |
| Stocks | 30/36 | €6,252 | €6,252 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €139,240 | €145,363 | +€6,122 | +4.4% |
| Trade receivables | 40 | €11,628 | €15,471 | +€3,843 | +33.1% |
| Other amounts receivable | 41 | €127,613 | €129,892 | +€2,279 | +1.8% |
| Cash at bank and in hand | 54/58 | €90,265 | €7,894 | -€82,371 | -91.3% |
| Deferred charges and accrued income | 490/1 | €1,854 | €6,355 | +€4,501 | +242.7% |
| Total equity and liabilities | 10/49 | €617,157 | €499,964 | -€117,193 | -19.0% |
| Equity | 10/15 | -€42,381 | -€23,097 | +€19,284 | +45.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €46,403 | €46,403 | = | 0.0% |
| Tax-exempt reserves | 132 | €4,903 | €4,903 | = | 0.0% |
| Distributable reserves | 133 | €41,500 | €41,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€107,384 | -€88,100 | +€19,284 | +18.0% |
| Amounts payable | 17/49 | €659,538 | €523,061 | -€136,477 | -20.7% |
| Amounts payable after more than one year | 17 | €296,788 | €245,320 | -€51,468 | -17.3% |
| Financial debts | 170/4 | €296,788 | €245,320 | -€51,468 | -17.3% |
| Amounts payable within one year | 42/48 | €362,750 | €277,741 | -€85,009 | -23.4% |
| Current portion of amounts payable after more than one year | 42 | €47,104 | €51,468 | +€4,364 | +9.3% |
| Financial debts | 43 | €86,000 | €74,000 | -€12,000 | -14.0% |
| Credit institutions | 430/8 | €86,000 | - | -€86,000 | |
| Other loans | 439 | - | €74,000 | +€74,000 | |
| Trade debts | 44 | €18,367 | €17,112 | -€1,256 | -6.8% |
| Suppliers | 440/4 | €18,367 | €17,112 | -€1,256 | -6.8% |
| Taxes, remuneration and social security | 45 | €9,157 | €2,349 | -€6,808 | -74.4% |
| Taxes | 450/3 | €9,157 | €2,349 | -€6,808 | -74.4% |
| Other amounts payable | 47/48 | €202,122 | €132,813 | -€69,309 | -34.3% |
| Goods, raw materials, services and sundry goods | 60/61 | - | €120,832 | +€120,832 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,402 | €45,445 | +€43 | +0.1% |
| Other operating charges | 640/8 | €4,097 | €4,145 | +€48 | +1.2% |
| Gross operating margin | 9900 | €89,764 | €86,513 | -€3,252 | -3.6% |
| Operating profit (loss) | 9901 | €40,265 | €36,922 | -€3,343 | -8.3% |
| Financial income | 75/76B | €44 | €2,963 | +€2,919 | +6659.1% |
| Recurring financial income | 75 | €44 | €2,963 | +€2,919 | +6659.1% |
| Financial charges | 65/66B | €21,740 | €20,423 | -€1,317 | -6.1% |
| Recurring financial charges | 65 | €21,740 | €20,423 | -€1,317 | -6.1% |
| Profit (loss) for the period before taxes | 9903 | €18,569 | €19,462 | +€893 | +4.8% |
| Income taxes | 67/77 | €185 | €178 | -€6 | -3.4% |
| Profit (loss) for the period | 9904 | €18,385 | €19,284 | +€899 | +4.9% |
| Profit (loss) for the period to be appropriated | 9905 | €18,385 | €19,284 | +€899 | +4.9% |
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.