Merkkleding: 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.
Merkkleding
Largest movements
- Cash +€103,960
up €103,960 (+192%), from €54,248 to €158,208
mainly Short-term financial debts (+€250,000) and Trade debts (+€173,272)
- Tangible fixed assets +€53,512
up €53,512 (+10.8%), from €497,482 to €550,994
of which Furniture and vehicles: +€77,366
- Deferred charges and accrued income +€48,221
up €48,221 (+410%), from €11,769 to €59,990
- Receivables within one year +€35,983
up €35,983 (+6.3%), from €571,748 to €607,731
of which Trade receivables: +€29,983
- Short-term financial debts +€250,000
new in 2025: €250,000
- Trade debts +€173,272
up €173,272 (+186%), from €93,188 to €266,460
- Current portion of long-term debt -€146,171
down €146,171 (-100%), from €146,171 to €0
- Tax, wage and social debts +€74,282
up €74,282 (+137%), from €54,296 to €128,578
of which Remuneration and social security: +€58,806
- Accrued charges and deferred income -€65,495
down €65,495 (-100%), from €65,495 to €0
- Gross operating margin +€146,768
up €146,768 (+24.8%), from €590,686 to €737,455
- Staff costs +€107,534
up €107,534 (+26.2%), from €409,992 to €517,526
- Other operating charges +€43,896
up €43,896 (+168%), from €26,201 to €70,097
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 | €1,138,747 | €1,380,423 | +€241,676 | +21.2% |
| Fixed assets | 21/28 | €500,982 | €554,494 | +€53,512 | +10.7% |
| Tangible fixed assets | 22/27 | €497,482 | €550,994 | +€53,512 | +10.8% |
| Land and buildings | 22 | €203,818 | €169,158 | -€34,660 | -17.0% |
| Plant, machinery and equipment | 23 | €21,777 | €33,164 | +€11,387 | +52.3% |
| Furniture and vehicles | 24 | €88,910 | €166,276 | +€77,366 | +87.0% |
| Other tangible fixed assets | 26 | €182,977 | €182,396 | -€580 | -0.3% |
| Financial fixed assets | 28 | €3,500 | €3,500 | = | 0.0% |
| Current assets | 29/58 | €637,766 | €825,929 | +€188,164 | +29.5% |
| Amounts receivable within one year | 40/41 | €571,748 | €607,731 | +€35,983 | +6.3% |
| Trade receivables | 40 | €517,314 | €547,298 | +€29,983 | +5.8% |
| Other amounts receivable | 41 | €54,434 | €60,434 | +€6,000 | +11.0% |
| Cash at bank and in hand | 54/58 | €54,248 | €158,208 | +€103,960 | +192% |
| Deferred charges and accrued income | 490/1 | €11,769 | €59,990 | +€48,221 | +410% |
| Total equity and liabilities | 10/49 | €1,138,747 | €1,380,423 | +€241,676 | +21.2% |
| Equity | 10/15 | €720,384 | €720,476 | +€92 | 0.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €701,784 | €701,876 | +€92 | 0.0% |
| Distributable reserves | 133 | €701,784 | €701,876 | +€92 | 0.0% |
| Amounts payable | 17/49 | €418,363 | €659,947 | +€241,584 | +57.7% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €352,869 | €659,947 | +€307,078 | +87.0% |
| Current portion of amounts payable after more than one year | 42 | €146,171 | €0 | -€146,171 | -100% |
| Financial debts | 43 | - | €250,000 | +€250,000 | |
| Credit institutions | 430/8 | - | €250,000 | +€250,000 | |
| Trade debts | 44 | €93,188 | €266,460 | +€173,272 | +186% |
| Suppliers | 440/4 | €93,188 | €266,460 | +€173,272 | +186% |
| Taxes, remuneration and social security | 45 | €54,296 | €128,578 | +€74,282 | +137% |
| Taxes | 450/3 | €45,963 | €61,438 | +€15,475 | +33.7% |
| Remuneration and social security | 454/9 | €8,333 | €67,140 | +€58,806 | +706% |
| Other amounts payable | 47/48 | €59,213 | €14,909 | -€44,304 | -74.8% |
| Accrued charges and deferred income | 492/3 | €65,495 | €0 | -€65,495 | -100% |
| Non-recurring operating income | 76A | €6,953 | €0 | -€6,953 | -100% |
| Remuneration, social security and pensions | 62 | €409,992 | €517,526 | +€107,534 | +26.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €131,970 | €125,803 | -€6,168 | -4.7% |
| Other operating charges | 640/8 | €26,201 | €70,097 | +€43,896 | +168% |
| Non-recurring operating charges | 66A | - | €6,979 | +€6,979 | |
| Gross operating margin | 9900 | €590,686 | €737,455 | +€146,768 | +24.8% |
| Operating profit (loss) | 9901 | €22,524 | €17,050 | -€5,473 | -24.3% |
| Financial income | 75/76B | €1 | €0 | -€1 | -100% |
| Recurring financial income | 75 | €1 | €0 | -€1 | -100% |
| Financial charges | 65/66B | €18,720 | €15,184 | -€3,536 | -18.9% |
| Recurring financial charges | 65 | €18,720 | €15,184 | -€3,536 | -18.9% |
| Profit (loss) for the period before taxes | 9903 | €3,804 | €1,866 | -€1,938 | -50.9% |
| Income taxes | 67/77 | €1,656 | €1,774 | +€118 | +7.1% |
| Profit (loss) for the period | 9904 | €2,148 | €92 | -€2,056 | -95.7% |
| Profit (loss) for the period to be appropriated | 9905 | €2,148 | €92 | -€2,056 | -95.7% |
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 18 October 2026 via checked.be.