Merkle3: 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.
Merkle3
Largest movements
- Cash +€159,636
up €159,636 (+184%), from €86,779 to €246,416
mainly Current investments (+€135,621) and Net result for the year (+€105,286)
- Current investments -€135,621
down €135,621 (-99.9%), from €135,711 to €90
- Tangible fixed assets +€2,817
up €2,817 (+50,295%), from €6 to €2,822
- Other debts +€105,115
up €105,115 (+12,237%), from €859 to €105,974
- Reserves -€81,736
down €81,736 (-35.1%), from €233,011 to €151,275
- Financial income +€93,341
up €93,341 (+1,321%), from €7,065 to €100,406
- Financial charges +€85,146
up €85,146 (+4,416%), from €1,928 to €87,075
- Gross operating margin +€22,377
up €22,377 (+22.4%), from €99,977 to €122,354
- Taxes +€7,687
up €7,687 (+35.5%), from €21,649 to €29,337
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 | €236,882 | €262,753 | +€25,871 | +10.9% |
| Fixed assets | 21/28 | €6 | €2,822 | +€2,817 | +50,295% |
| Tangible fixed assets | 22/27 | €6 | €2,822 | +€2,817 | +50,295% |
| Furniture and vehicles | 24 | €6 | €2,822 | +€2,817 | +50,295% |
| Current assets | 29/58 | €236,876 | €259,931 | +€23,055 | +9.7% |
| Amounts receivable within one year | 40/41 | €13,208 | €12,245 | -€962 | -7.3% |
| Trade receivables | 40 | €11,376 | €5,082 | -€6,294 | -55.3% |
| Other amounts receivable | 41 | €1,832 | €7,163 | +€5,332 | +291% |
| Current investments | 50/53 | €135,711 | €90 | -€135,621 | -99.9% |
| Cash at bank and in hand | 54/58 | €86,779 | €246,416 | +€159,636 | +184% |
| Deferred charges and accrued income | 490/1 | €1,179 | €1,180 | +€2 | +0.2% |
| Total equity and liabilities | 10/49 | €236,882 | €262,753 | +€25,871 | +10.9% |
| Equity | 10/15 | €235,511 | €153,775 | -€81,736 | -34.7% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €233,011 | €151,275 | -€81,736 | -35.1% |
| Distributable reserves | 133 | €233,011 | €151,275 | -€81,736 | -35.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,371 | €108,979 | +€107,607 | +7,847% |
| Amounts payable within one year | 42/48 | €1,371 | €108,979 | +€107,607 | +7,847% |
| Trade debts | 44 | €512 | €1,237 | +€725 | +141% |
| Suppliers | 440/4 | €512 | €1,237 | +€725 | +141% |
| Taxes, remuneration and social security | 45 | €0 | €1,768 | +€1,768 | |
| Taxes | 450/3 | €0 | €1,768 | +€1,768 | |
| Other amounts payable | 47/48 | €859 | €105,974 | +€105,115 | +12,237% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €341 | €519 | +€178 | +52.1% |
| Other operating charges | 640/8 | €528 | €544 | +€16 | +3.0% |
| Gross operating margin | 9900 | €99,977 | €122,354 | +€22,377 | +22.4% |
| Operating profit (loss) | 9901 | €99,108 | €121,291 | +€22,184 | +22.4% |
| Financial income | 75/76B | €7,065 | €100,406 | +€93,341 | +1,321% |
| Recurring financial income | 75 | €7,065 | €100,406 | +€93,341 | +1,321% |
| Financial charges | 65/66B | €1,928 | €87,075 | +€85,146 | +4,416% |
| Recurring financial charges | 65 | €1,928 | €87,075 | +€85,146 | +4,416% |
| Profit (loss) for the period before taxes | 9903 | €104,245 | €134,623 | +€30,379 | +29.1% |
| Income taxes | 67/77 | €21,649 | €29,337 | +€7,687 | +35.5% |
| Profit (loss) for the period | 9904 | €82,595 | €105,286 | +€22,691 | +27.5% |
| Profit (loss) for the period to be appropriated | 9905 | €82,595 | €105,286 | +€22,691 | +27.5% |
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.