MERLIER IMMO: 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
MERLIER IMMO
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€125,542
2024 · €144,644-€19,102
Equity
€901,348
2024 · €976,637-€75,289
Cash
€102,846
2024 · €164,377-€61,531
Balance sheet total
€3.2m
2024 · €3.4m-€136,242
Largest movements
Assets
- Tangible fixed assets -€206,667
down €206,667 (-9.8%), from €2.1m to €1.9m
- Receivables within one year +€131,907
up €131,907 (+18.6%), from €709,654 to €841,561
of which Trade receivables: +€82,716
- Cash -€61,531
down €61,531 (-37.4%), from €164,377 to €102,846
mainly Debts after one year (-€232,789) and Contributions, distributions and other (-€200,831)
Equity and liabilities
- Debts after one year -€232,789
down €232,789 (-18.2%), from €1.3m to €1.0m
- Other debts +€170,831
up €170,831 (+569%), from €30,000 to €200,831
- Reserves -€75,289
down €75,289 (-7.8%), from €970,432 to €895,142
of which Distributable reserves: -€75,289
Income statement
- Gross operating margin +€158,927
up €158,927 (+12.2%), from €1.3m to €1.5m
- Depreciation +€78,002
up €78,002 (+36.5%), from €213,422 to €291,423
- Staff costs +€68,280
up €68,280 (+8.1%), from €840,554 to €908,833
- Financial charges +€28,075
up €28,075 (+38.6%), from €72,717 to €100,792
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
€144,644
Gross operating margin
+€158,927
Staff costs
-€68,280
Depreciation
-€78,002
Write-downs
-€2,396
Other operating charges
-€112
Other operating items
-€5,784
Financial income
-€2,472
Financial charges
-€28,075
Taxes
+€7,092
Result 2025
€125,542
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€470,126
Investment
-€83,247
Financing
-€448,410
Cash 2024
€164,377
From operations (derived)
+€470,126
Net result for the year
+€125,542
Depreciation
+€291,423
Stocks and contracts
-€116
Receivables within one year
-€131,907
Deferred charges and accrued income
-€1,443
Trade debts
-€2,671
Tax, wage and social debts
+€28,798
Other debts
+€170,831
Accrued charges and deferred income
-€10,333
Investment (derived)
-€83,247
Investment in fixed assets (net)
-€83,247
Financing
-€448,410
Debts after one year
-€232,789
Current portion of long-term debt
-€14,789
Contributions, distributions and other
-€200,831
Cash 2025
€102,846
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,370,743 | €3,234,501 | -€136,242 | -4.0% |
| Fixed assets | 21/28 | €2,116,595 | €1,908,419 | -€208,177 | -9.8% |
| Intangible fixed assets | 21 | €2,308 | €798 | -€1,510 | -65.4% |
| Tangible fixed assets | 22/27 | €2,113,787 | €1,907,120 | -€206,667 | -9.8% |
| Land and buildings | 22 | €1,389,433 | €1,298,184 | -€91,249 | -6.6% |
| Plant, machinery and equipment | 23 | €264,316 | €216,355 | -€47,961 | -18.1% |
| Furniture and vehicles | 24 | €83,822 | €93,313 | +€9,491 | +11.3% |
| Leasing and similar rights | 25 | €376,215 | €299,268 | -€76,947 | -20.5% |
| Financial fixed assets | 28 | €500 | €500 | = | 0.0% |
| Current assets | 29/58 | €1,254,148 | €1,326,082 | +€71,934 | +5.7% |
| Stocks and contracts in progress | 3 | €348,751 | €348,866 | +€116 | 0.0% |
| Stocks | 30/36 | €348,751 | €348,866 | +€116 | 0.0% |
| Amounts receivable within one year | 40/41 | €709,654 | €841,561 | +€131,907 | +18.6% |
| Trade receivables | 40 | €468,684 | €551,399 | +€82,716 | +17.6% |
| Other amounts receivable | 41 | €240,970 | €290,162 | +€49,191 | +20.4% |
| Cash at bank and in hand | 54/58 | €164,377 | €102,846 | -€61,531 | -37.4% |
| Deferred charges and accrued income | 490/1 | €31,366 | €32,809 | +€1,443 | +4.6% |
| Total equity and liabilities | 10/49 | €3,370,743 | €3,234,501 | -€136,242 | -4.0% |
| Equity | 10/15 | €976,637 | €901,348 | -€75,289 | -7.7% |
| Contributions | 10/11 | €6,205 | €6,205 | = | 0.0% |
| Reserves | 13 | €970,432 | €895,142 | -€75,289 | -7.8% |
| Tax-exempt reserves | 132 | €168,400 | €168,400 | = | 0.0% |
| Distributable reserves | 133 | €802,032 | €726,742 | -€75,289 | -9.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €2,394,106 | €2,333,153 | -€60,953 | -2.5% |
| Amounts payable after more than one year | 17 | €1,277,064 | €1,044,274 | -€232,789 | -18.2% |
| Financial debts | 170/4 | €1,277,064 | €1,044,274 | -€232,789 | -18.2% |
| Amounts payable within one year | 42/48 | €1,103,905 | €1,286,074 | +€182,169 | +16.5% |
| Current portion of amounts payable after more than one year | 42 | €343,792 | €329,003 | -€14,789 | -4.3% |
| Financial debts | 43 | €250,000 | €250,000 | = | 0.0% |
| Credit institutions | 430/8 | €250,000 | €250,000 | = | 0.0% |
| Trade debts | 44 | €339,184 | €336,513 | -€2,671 | -0.8% |
| Suppliers | 440/4 | €339,184 | €336,513 | -€2,671 | -0.8% |
| Taxes, remuneration and social security | 45 | €140,929 | €169,727 | +€28,798 | +20.4% |
| Taxes | 450/3 | €64,542 | €87,428 | +€22,886 | +35.5% |
| Remuneration and social security | 454/9 | €76,387 | €82,299 | +€5,912 | +7.7% |
| Other amounts payable | 47/48 | €30,000 | €200,831 | +€170,831 | +569% |
| Accrued charges and deferred income | 492/3 | €13,137 | €2,804 | -€10,333 | -78.7% |
| Non-recurring operating income | 76A | €23,531 | €10,310 | -€13,221 | -56.2% |
| Remuneration, social security and pensions | 62 | €840,554 | €908,833 | +€68,280 | +8.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €213,422 | €291,423 | +€78,002 | +36.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | €2,396 | +€2,396 | |
| Other operating charges | 640/8 | €19,606 | €19,719 | +€112 | +0.6% |
| Non-recurring operating charges | 66A | €0 | €5,784 | +€5,784 | |
| Gross operating margin | 9900 | €1,307,174 | €1,466,101 | +€158,927 | +12.2% |
| Operating profit (loss) | 9901 | €233,591 | €237,945 | +€4,353 | +1.9% |
| Financial income | 75/76B | €38,932 | €36,460 | -€2,472 | -6.3% |
| Recurring financial income | 75 | €38,932 | €36,460 | -€2,472 | -6.3% |
| Financial charges | 65/66B | €72,717 | €100,792 | +€28,075 | +38.6% |
| Recurring financial charges | 65 | €72,717 | €100,792 | +€28,075 | +38.6% |
| Profit (loss) for the period before taxes | 9903 | €199,806 | €173,612 | -€26,194 | -13.1% |
| Income taxes | 67/77 | €55,162 | €48,070 | -€7,092 | -12.9% |
| Profit (loss) for the period | 9904 | €144,644 | €125,542 | -€19,102 | -13.2% |
| Transfer to tax-exempt reserves | 689 | €126,300 | €0 | -€126,300 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €18,344 | €125,542 | +€107,198 | +584% |
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 18 October 2026 via checked.be.