MERLET: 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.
What changed
MERLET
NACE 14.240, Manufacture of wearing apparel
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€5,268
2024 · €816+€4,452
Equity
€139,187
2024 · €133,919+€5,268
Cash
€44,047
2024 · €42,360+€1,687
Balance sheet total
€540,176
2024 · €546,698-€6,522
Largest movements
Assets
- Tangible fixed assets -€22,240
down €22,240 (-10.1%), from €219,544 to €197,304
of which Furniture and vehicles: -€11,182
- Deferred charges and accrued income +€16,601
up €16,601 (+794.2%), from €2,090 to €18,692
Equity and liabilities
- Trade debts +€33,004
up €33,004 (+22.7%), from €145,487 to €178,491
- Debts after one year -€29,640
down €29,640 (-37.6%), from €78,834 to €49,194
- Other debts -€19,734
down €19,734 (-20.5%), from €96,125 to €76,391
- Tax, wage and social debts +€13,064
up €13,064 (+26.7%), from €49,006 to €62,070
of which Taxes: +€9,056
- Current portion of long-term debt -€8,444
down €8,444 (-22.2%), from €38,084 to €29,640
Income statement
- Staff costs +€12,356
up €12,356 (+5.4%), from €226,752 to €239,107
- Gross operating margin +€10,774
up €10,774 (+4.0%), from €270,713 to €281,487
- Financial income +€6,531
up €6,531 (+720.9%), from €906 to €7,436
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.
Result 2024
€816
Gross operating margin
+€10,774
Staff costs
-€12,356
Depreciation
+€795
Other operating charges
-€46
Financial income
+€6,531
Financial charges
-€1,613
Taxes
+€367
Result 2025
€5,268
Cash bridge derived
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.
From operations
+€52,259
Investment
-€12,448
Financing
-€38,124
Cash 2024
€42,360
From operations (derived)
+€52,259
Net result for the year
+€5,268
Depreciation
+€35,388
Stocks and contracts
+€4,181
Receivables within one year
-€2,311
Deferred charges and accrued income
-€16,601
Trade debts
+€33,004
Tax, wage and social debts
+€13,064
Other debts
-€19,734
Investment (derived)
-€12,448
Investment in fixed assets (net)
-€12,448
Financing
-€38,124
Debts after one year
-€29,640
Current portion of long-term debt
-€8,444
Short-term financial debts
-€40
Cash 2025
€44,047
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €546,698 | €540,176 | -€6,522 | -1.2% |
| Fixed assets | 21/28 | €223,501 | €200,561 | -€22,940 | -10.3% |
| Intangible fixed assets | 21 | €3,674 | €2,974 | -€700 | -19.1% |
| Tangible fixed assets | 22/27 | €219,544 | €197,304 | -€22,240 | -10.1% |
| Land and buildings | 22 | €13,980 | €10,436 | -€3,544 | -25.3% |
| Plant, machinery and equipment | 23 | €187,485 | €181,323 | -€6,162 | -3.3% |
| Furniture and vehicles | 24 | €11,707 | €524 | -€11,182 | -95.5% |
| Other tangible fixed assets | 26 | €6,372 | €5,020 | -€1,352 | -21.2% |
| Financial fixed assets | 28 | €283 | €283 | = | 0.0% |
| Current assets | 29/58 | €323,197 | €339,615 | +€16,418 | +5.1% |
| Stocks and contracts in progress | 3 | €96,439 | €92,258 | -€4,181 | -4.3% |
| Stocks | 30/36 | €96,439 | €92,258 | -€4,181 | -4.3% |
| Amounts receivable within one year | 40/41 | €182,307 | €184,618 | +€2,311 | +1.3% |
| Trade receivables | 40 | €182,082 | €184,385 | +€2,304 | +1.3% |
| Other amounts receivable | 41 | €226 | €233 | +€7 | +3.1% |
| Cash at bank and in hand | 54/58 | €42,360 | €44,047 | +€1,687 | +4.0% |
| Deferred charges and accrued income | 490/1 | €2,090 | €18,692 | +€16,601 | +794.2% |
| Total equity and liabilities | 10/49 | €546,698 | €540,176 | -€6,522 | -1.2% |
| Equity | 10/15 | €133,919 | €139,187 | +€5,268 | +3.9% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €87,693 | €87,693 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €81,493 | €81,493 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€15,774 | -€10,506 | +€5,268 | +33.4% |
| Amounts payable | 17/49 | €412,779 | €400,989 | -€11,790 | -2.9% |
| Amounts payable after more than one year | 17 | €78,834 | €49,194 | -€29,640 | -37.6% |
| Financial debts | 170/4 | €78,834 | €49,194 | -€29,640 | -37.6% |
| Amounts payable within one year | 42/48 | €333,945 | €351,795 | +€17,850 | +5.3% |
| Current portion of amounts payable after more than one year | 42 | €38,084 | €29,640 | -€8,444 | -22.2% |
| Financial debts | 43 | €5,243 | €5,203 | -€40 | -0.8% |
| Credit institutions | 430/8 | €5,243 | €5,203 | -€40 | -0.8% |
| Trade debts | 44 | €145,487 | €178,491 | +€33,004 | +22.7% |
| Suppliers | 440/4 | €145,487 | €178,491 | +€33,004 | +22.7% |
| Taxes, remuneration and social security | 45 | €49,006 | €62,070 | +€13,064 | +26.7% |
| Taxes | 450/3 | €19,238 | €28,294 | +€9,056 | +47.1% |
| Remuneration and social security | 454/9 | €29,769 | €33,776 | +€4,008 | +13.5% |
| Other amounts payable | 47/48 | €96,125 | €76,391 | -€19,734 | -20.5% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €226,752 | €239,107 | +€12,356 | +5.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,183 | €35,388 | -€795 | -2.2% |
| Other operating charges | 640/8 | €1,545 | €1,591 | +€46 | +3.0% |
| Gross operating margin | 9900 | €270,713 | €281,487 | +€10,774 | +4.0% |
| Operating profit (loss) | 9901 | €6,233 | €5,401 | -€832 | -13.4% |
| Financial income | 75/76B | €906 | €7,436 | +€6,531 | +720.9% |
| Recurring financial income | 75 | €906 | €7,436 | +€6,531 | +720.9% |
| Financial charges | 65/66B | €5,957 | €7,569 | +€1,613 | +27.1% |
| Recurring financial charges | 65 | €5,957 | €7,569 | +€1,613 | +27.1% |
| Profit (loss) for the period before taxes | 9903 | €1,182 | €5,268 | +€4,086 | +345.5% |
| Income taxes | 67/77 | €367 | €0 | -€367 | -100.0% |
| Profit (loss) for the period | 9904 | €816 | €5,268 | +€4,452 | +545.9% |
| Profit (loss) for the period to be appropriated | 9905 | €816 | €5,268 | +€4,452 | +545.9% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.