MERK: 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.
MERK
Largest movements
- Deferred charges and accrued income +€431,192
up €431,192 (+91.5%), from €471,456 to €902,648
- Stocks and contracts +€338,267
up €338,267 (+21.1%), from €1.6m to €1.9m
- Receivables within one year +€222,781
up €222,781 (+36.5%), from €610,147 to €832,928
of which Trade receivables: +€223,207
- Cash +€140,400
up €140,400 (+63.6%), from €220,924 to €361,323
mainly Advances received (+€1.5m) and Trade debts (+€303,172)
- Advances received +€1.5m
up €1.5m (+1,182%), from €130,000 to €1.7m
- Short-term financial debts -€853,750
down €853,750 (-90.4%), from €944,000 to €90,250
- Trade debts +€303,172
up €303,172 (+126%), from €239,798 to €542,970
- Other debts +€123,976
up €123,976 (+15.8%), from €786,024 to €910,000
- Debts after one year -€104,800
down €104,800 (-31.2%), from €336,195 to €231,395
- Gross operating margin +€69,708
up €69,708 (+85.4%), from €81,603 to €151,311
- Financial charges +€21,042
up €21,042 (+108%), from €19,503 to €40,545
- Taxes +€10,352
up €10,352 (+286%), from €3,623 to €13,975
- Staff costs +€9,516
up €9,516 (+19.5%), from €48,695 to €58,212
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 | €2,921,488 | €4,048,965 | +€1.1m | +38.6% |
| Fixed assets | 21/28 | €16,882 | €11,719 | -€5,163 | -30.6% |
| Intangible fixed assets | 21 | €7,894 | €4,456 | -€3,438 | -43.6% |
| Tangible fixed assets | 22/27 | €2,989 | €1,264 | -€1,725 | -57.7% |
| Plant, machinery and equipment | 23 | €2,154 | €1,183 | -€971 | -45.1% |
| Furniture and vehicles | 24 | €835 | €81 | -€754 | -90.3% |
| Financial fixed assets | 28 | €6,000 | €6,000 | = | 0.0% |
| Current assets | 29/58 | €2,904,605 | €4,037,246 | +€1.1m | +39.0% |
| Stocks and contracts in progress | 3 | €1,602,079 | €1,940,347 | +€338,267 | +21.1% |
| Stocks | 30/36 | €1,602,079 | €1,940,347 | +€338,267 | +21.1% |
| Amounts receivable within one year | 40/41 | €610,147 | €832,928 | +€222,781 | +36.5% |
| Trade receivables | 40 | €582,250 | €805,457 | +€223,207 | +38.3% |
| Other amounts receivable | 41 | €27,897 | €27,471 | -€426 | -1.5% |
| Cash at bank and in hand | 54/58 | €220,924 | €361,323 | +€140,400 | +63.6% |
| Deferred charges and accrued income | 490/1 | €471,456 | €902,648 | +€431,192 | +91.5% |
| Total equity and liabilities | 10/49 | €2,921,488 | €4,048,965 | +€1.1m | +38.6% |
| Equity | 10/15 | €345,793 | €377,652 | +€31,859 | +9.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €327,193 | €359,052 | +€31,859 | +9.7% |
| Distributable reserves | 133 | €327,193 | €359,052 | +€31,859 | +9.7% |
| Amounts payable | 17/49 | €2,575,695 | €3,671,313 | +€1.1m | +42.5% |
| Amounts payable after more than one year | 17 | €336,195 | €231,395 | -€104,800 | -31.2% |
| Financial debts | 170/4 | €336,195 | €231,395 | -€104,800 | -31.2% |
| Amounts payable within one year | 42/48 | €2,183,876 | €3,348,441 | +€1.2m | +53.3% |
| Financial debts | 43 | €944,000 | €90,250 | -€853,750 | -90.4% |
| Credit institutions | 430/8 | €944,000 | €90,250 | -€853,750 | -90.4% |
| Trade debts | 44 | €239,798 | €542,970 | +€303,172 | +126% |
| Suppliers | 440/4 | €239,798 | €542,970 | +€303,172 | +126% |
| Advances received on contracts in progress | 46 | €130,000 | €1,666,262 | +€1.5m | +1,182% |
| Taxes, remuneration and social security | 45 | €84,054 | €138,959 | +€54,904 | +65.3% |
| Taxes | 450/3 | €80,440 | €128,164 | +€47,724 | +59.3% |
| Remuneration and social security | 454/9 | €3,614 | €10,794 | +€7,180 | +199% |
| Other amounts payable | 47/48 | €786,024 | €910,000 | +€123,976 | +15.8% |
| Accrued charges and deferred income | 492/3 | €55,623 | €91,476 | +€35,853 | +64.5% |
| Remuneration, social security and pensions | 62 | €48,695 | €58,212 | +€9,516 | +19.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,163 | €5,163 | = | 0.0% |
| Other operating charges | 640/8 | €1,879 | €1,605 | -€274 | -14.6% |
| Gross operating margin | 9900 | €81,603 | €151,311 | +€69,708 | +85.4% |
| Operating profit (loss) | 9901 | €25,865 | €86,331 | +€60,466 | +234% |
| Financial income | 75/76B | €302 | €48 | -€254 | -84.1% |
| Recurring financial income | 75 | €302 | €48 | -€254 | -84.1% |
| Financial charges | 65/66B | €19,503 | €40,545 | +€21,042 | +108% |
| Recurring financial charges | 65 | €19,503 | €40,545 | +€21,042 | +108% |
| Profit (loss) for the period before taxes | 9903 | €6,664 | €45,834 | +€39,170 | +588% |
| Income taxes | 67/77 | €3,623 | €13,975 | +€10,352 | +286% |
| Profit (loss) for the period | 9904 | €3,041 | €31,859 | +€28,818 | +948% |
| Profit (loss) for the period to be appropriated | 9905 | €3,041 | €31,859 | +€28,818 | +948% |
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 28 October 2026 via checked.be.