MERLEX: what changed
Two fiscal 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.
MERLEX
Largest movements
- Cash +€51,410
up €51,410 (+4723.7%), from €1,088 to €52,499
mainly Net result for the year (+€75,781) and Tax, wage and social debts (+€6,135)
- Receivables within one year -€998
down €998 (-6.4%), from €15,706 to €14,708
of which Trade receivables: -€3,254
- Profit (loss) carried forward +€75,781
up €75,781 (+93.1%), from -€81,422 to -€5,640
- Other debts -€30,063
down €30,063 (-100.0%), from €30,063 to €0
- Tax, wage and social debts +€6,135
up €6,135 (+2094.4%), from €293 to €6,428
- Trade debts -€1,683
down €1,683 (-58.6%), from €2,870 to €1,188
- Gross operating margin +€77,430
up €77,430 (+9299.7%), from €833 to €78,262
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €19,345 | €69,516 | +€50,170 | +259.3% |
| Fixed assets | 21/28 | €811 | €564 | -€247 | -30.5% |
| Intangible fixed assets | 21 | €811 | €564 | -€247 | -30.5% |
| Tangible fixed assets | 22/27 | €0 | - | = | |
| Furniture and vehicles | 24 | €0 | - | = | |
| Current assets | 29/58 | €18,534 | €68,952 | +€50,417 | +272.0% |
| Amounts receivable within one year | 40/41 | €15,706 | €14,708 | -€998 | -6.4% |
| Trade receivables | 40 | €14,157 | €10,903 | -€3,254 | -23.0% |
| Other amounts receivable | 41 | €1,549 | €3,805 | +€2,257 | +145.7% |
| Cash at bank and in hand | 54/58 | €1,088 | €52,499 | +€51,410 | +4723.7% |
| Deferred charges and accrued income | 490/1 | €1,740 | €1,745 | +€5 | +0.3% |
| Total equity and liabilities | 10/49 | €19,345 | €69,516 | +€50,170 | +259.3% |
| Equity | 10/15 | -€13,881 | €61,900 | +€75,781 | |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €61,341 | €61,341 | = | 0.0% |
| Distributable reserves | 133 | €61,341 | €61,341 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€81,422 | -€5,640 | +€75,781 | +93.1% |
| Amounts payable | 17/49 | €33,226 | €7,615 | -€25,611 | -77.1% |
| Amounts payable within one year | 42/48 | €33,226 | €7,615 | -€25,611 | -77.1% |
| Trade debts | 44 | €2,870 | €1,188 | -€1,683 | -58.6% |
| Suppliers | 440/4 | €2,870 | €1,188 | -€1,683 | -58.6% |
| Taxes, remuneration and social security | 45 | €293 | €6,428 | +€6,135 | +2094.4% |
| Taxes | 450/3 | €293 | €6,428 | +€6,135 | +2094.4% |
| Other amounts payable | 47/48 | €30,063 | €0 | -€30,063 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €399 | €247 | -€152 | -38.1% |
| Other operating charges | 640/8 | €1,180 | €1,217 | +€36 | +3.1% |
| Gross operating margin | 9900 | €833 | €78,262 | +€77,430 | +9299.7% |
| Operating profit (loss) | 9901 | -€746 | €76,799 | +€77,545 | |
| Financial income | 75/76B | - | €123 | +€123 | |
| Recurring financial income | 75 | - | €123 | +€123 | |
| Financial charges | 65/66B | €126 | €877 | +€751 | +595.9% |
| Recurring financial charges | 65 | €126 | €877 | +€751 | +595.9% |
| Profit (loss) for the period before taxes | 9903 | -€872 | €76,044 | +€76,917 | |
| Income taxes | 67/77 | €268 | €263 | -€5 | -1.9% |
| Profit (loss) for the period | 9904 | -€1,140 | €75,781 | +€76,922 | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,140 | €75,781 | +€76,922 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.