Merkholtz: what changed
What changed
Merkholtz
filed annual accounts (NBB)
Net result for the year
€3,671
2024 · €12,536-€8,865
Equity
€100,198
2024 · €96,527+€3,671
Cash
€47,202
2024 · €39,253+€7,949
Balance sheet total
€339,647
2024 · €349,445-€9,798
Largest movements
Assets
- Tangible fixed assets -€17,887
down €17,887 (-5.8%), from €309,138 to €291,251
of which Land and buildings: -€9,016
- Cash +€7,949
up €7,949 (+20.3%), from €39,253 to €47,202
mainly Depreciation (+€17,887) and Net result for the year (+€3,671)
Equity and liabilities
- Debts after one year -€10,176
down €10,176 (-10.2%), from €99,722 to €89,546
of which Financial debts: -€10,176
- Profit (loss) carried forward +€3,671
up €3,671 (+12.9%), from €28,356 to €32,027
Income statement
- Gross operating margin -€5,358
down €5,358 (-16.5%), from €32,426 to €27,068
- Taxes +€3,200
new in 2025: €3,200
- Depreciation +€429
up €429 (+2.5%), from €17,459 to €17,887
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€12,536
Gross operating margin
-€5,358
Depreciation
-€429
Other operating charges
-€12
Financial charges
+€134
Taxes
-€3,200
Result 2025
€3,671
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€17,966
Investment
€0
Financing
-€10,017
Cash 2024
€39,253
From operations (derived)
+€17,966
Net result for the year
+€3,671
Depreciation
+€17,887
Deferred charges and accrued income
-€141
Trade debts
+€641
Other debts
-€2,063
Accrued charges and deferred income
-€2,030
Financing
-€10,017
Debts after one year
-€10,176
Current portion of long-term debt
+€159
Cash 2025
€47,202
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €349,445 | €339,647 | -€9,798 | -2.8% |
| Fixed assets | 21/28 | €309,138 | €291,251 | -€17,887 | -5.8% |
| Tangible fixed assets | 22/27 | €309,138 | €291,251 | -€17,887 | -5.8% |
| Land and buildings | 22 | €174,241 | €165,225 | -€9,016 | -5.2% |
| Plant, machinery and equipment | 23 | €134,897 | €126,027 | -€8,871 | -6.6% |
| Current assets | 29/58 | €40,307 | €48,396 | +€8,090 | +20.1% |
| Cash at bank and in hand | 54/58 | €39,253 | €47,202 | +€7,949 | +20.3% |
| Deferred charges and accrued income | 490/1 | €1,054 | €1,194 | +€141 | +13.3% |
| Total equity and liabilities | 10/49 | €349,445 | €339,647 | -€9,798 | -2.8% |
| Equity | 10/15 | €96,527 | €100,198 | +€3,671 | +3.8% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | - | -€61,973 | |
| Issued capital | 100 | €61,973 | - | -€61,973 | |
| Contributions outside capital | 11 | - | €61,973 | +€61,973 | |
| Other | 1109/19 | - | €61,973 | +€61,973 | |
| Reserves | 13 | €6,197 | €6,197 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,197 | €6,197 | = | 0.0% |
| Legal reserve | 130 | €6,197 | €6,197 | = | 0.0% |
| Profit (loss) carried forward | 14 | €28,356 | €32,027 | +€3,671 | +12.9% |
| Amounts payable | 17/49 | €252,918 | €239,450 | -€13,468 | -5.3% |
| Amounts payable after more than one year | 17 | €99,722 | €89,546 | -€10,176 | -10.2% |
| Financial debts | 170/4 | €95,662 | €85,486 | -€10,176 | -10.6% |
| Other amounts payable | 178/9 | €4,060 | €4,060 | = | 0.0% |
| Amounts payable within one year | 42/48 | €151,166 | €149,904 | -€1,263 | -0.8% |
| Current portion of amounts payable after more than one year | 42 | €10,017 | €10,176 | +€159 | +1.6% |
| Trade debts | 44 | €3,000 | €3,641 | +€641 | +21.4% |
| Suppliers | 440/4 | €3,000 | €3,641 | +€641 | +21.4% |
| Other amounts payable | 47/48 | €138,149 | €136,087 | -€2,063 | -1.5% |
| Accrued charges and deferred income | 492/3 | €2,030 | - | -€2,030 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,459 | €17,887 | +€429 | +2.5% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €32,426 | €27,068 | -€5,358 | -16.5% |
| Operating profit (loss) | 9901 | €14,580 | €8,781 | -€5,799 | -39.8% |
| Financial charges | 65/66B | €2,044 | €1,910 | -€134 | -6.6% |
| Recurring financial charges | 65 | €2,044 | €1,910 | -€134 | -6.6% |
| Profit (loss) for the period before taxes | 9903 | €12,536 | €6,871 | -€5,665 | -45.2% |
| Income taxes | 67/77 | - | €3,200 | +€3,200 | |
| Profit (loss) for the period | 9904 | €12,536 | €3,671 | -€8,865 | -70.7% |
| Profit (loss) for the period to be appropriated | 9905 | €12,536 | €3,671 | -€8,865 | -70.7% |
Next steps
Work out how much credit to give this customer and on what payment terms.Credit check Check what to know before you do business with this company.Supplier due diligence Check whether you can accept this company as a client under the anti-money-laundering law.AML client file Compare this company with its sector.Sector benchmark
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.