MERKBEL: 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.
MERKBEL
Largest movements
No asset line moved by more than 1% of the balance sheet total.
- Short-term financial debts -€145,223
down €145,223 (-7.6%), from €1.9m to €1.8m
of which Credit institutions: -€155,817
- Other debts +€91,938
up €91,938 (+13.4%), from €686,720 to €778,658
- Profit (loss) carried forward +€43,355
up €43,355 (+18.4%), from -€236,038 to -€192,683
- Financial charges -€29,622
down €29,622 (-21.3%), from €139,166 to €109,544
- Gross operating margin -€20,211
down €20,211 (-11.6%), from €174,249 to €154,038
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,222,225 | €4,222,843 | +€618 | 0.0% |
| Fixed assets | 21/28 | €4,203,349 | €4,203,349 | = | 0.0% |
| Tangible fixed assets | 22/27 | €4,203,349 | €4,203,349 | = | 0.0% |
| Land and buildings | 22 | €4,203,349 | €4,203,349 | = | 0.0% |
| Current assets | 29/58 | €18,876 | €19,494 | +€618 | +3.3% |
| Amounts receivable within one year | 40/41 | €18,876 | €19,494 | +€618 | +3.3% |
| Trade receivables | 40 | €18,876 | €19,494 | +€618 | +3.3% |
| Total equity and liabilities | 10/49 | €4,222,225 | €4,222,843 | +€618 | 0.0% |
| Equity | 10/15 | -€215,712 | -€172,357 | +€43,355 | +20.1% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €326 | €326 | = | 0.0% |
| Distributable reserves | 133 | €326 | €326 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€236,038 | -€192,683 | +€43,355 | +18.4% |
| Amounts payable | 17/49 | €4,437,937 | €4,395,200 | -€42,737 | -1.0% |
| Amounts payable after more than one year | 17 | €1,825,000 | €1,825,000 | = | 0.0% |
| Financial debts | 170/4 | €1,825,000 | €1,825,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €2,602,537 | €2,554,217 | -€48,320 | -1.9% |
| Financial debts | 43 | €1,915,817 | €1,770,594 | -€145,223 | -7.6% |
| Credit institutions | 430/8 | €1,915,817 | €1,760,000 | -€155,817 | -8.1% |
| Other loans | 439 | - | €10,594 | +€10,594 | |
| Taxes, remuneration and social security | 45 | - | €4,965 | +€4,965 | |
| Taxes | 450/3 | - | €4,965 | +€4,965 | |
| Other amounts payable | 47/48 | €686,720 | €778,658 | +€91,938 | +13.4% |
| Accrued charges and deferred income | 492/3 | €10,400 | €15,983 | +€5,583 | +53.7% |
| Other operating charges | 640/8 | €1,105 | €1,139 | +€34 | +3.1% |
| Gross operating margin | 9900 | €174,249 | €154,038 | -€20,211 | -11.6% |
| Operating profit (loss) | 9901 | €173,144 | €152,899 | -€20,245 | -11.7% |
| Financial charges | 65/66B | €139,166 | €109,544 | -€29,622 | -21.3% |
| Recurring financial charges | 65 | €139,166 | €109,544 | -€29,622 | -21.3% |
| Profit (loss) for the period before taxes | 9903 | €33,978 | €43,355 | +€9,377 | +27.6% |
| Profit (loss) for the period | 9904 | €33,978 | €43,355 | +€9,377 | +27.6% |
| Profit (loss) for the period to be appropriated | 9905 | €33,978 | €43,355 | +€9,377 | +27.6% |
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 24 October 2026 via checked.be.