MERLIJN: 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.
MERLIJN
Largest movements
- Tangible fixed assets -€13,787
down €13,787 (-6.1%), from €226,220 to €212,433
of which Furniture and vehicles: -€8,986
- Cash +€9,464
up €9,464 (+35.8%), from €26,467 to €35,931
mainly Depreciation (+€18,072) and Net result for the year (+€14,358)
- Stocks and contracts -€6,566
down €6,566 (-57.8%), from €11,356 to €4,790
of which Stocks: -€6,566
- Deferred charges and accrued income -€6,261
down €6,261 (-76.7%), from €8,166 to €1,905
- Debts after one year -€18,162
down €18,162 (-12.2%), from €148,890 to €130,728
- Reserves +€14,358
up €14,358 (+33.8%), from €42,491 to €56,849
of which Distributable reserves: +€14,358
- Other debts -€8,913
down €8,913 (-40.7%), from €21,878 to €12,965
- Current portion of long-term debt -€6,010
down €6,010 (-24.9%), from €24,172 to €18,162
- Trade debts +€4,290
up €4,290 (+18.7%), from €22,885 to €27,175
- Gross operating margin +€32,683
up €32,683 (+35.5%), from €92,040 to €124,723
- Staff costs +€14,610
up €14,610 (+22.3%), from €65,627 to €80,237
- Taxes +€5,491
up €5,491 (+473.9%), from €1,159 to €6,650
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 | €290,480 | €274,065 | -€16,415 | -5.7% |
| Fixed assets | 21/28 | €226,220 | €212,433 | -€13,787 | -6.1% |
| Tangible fixed assets | 22/27 | €226,220 | €212,433 | -€13,787 | -6.1% |
| Land and buildings | 22 | €199,662 | €195,949 | -€3,712 | -1.9% |
| Plant, machinery and equipment | 23 | €3,451 | €2,363 | -€1,088 | -31.5% |
| Furniture and vehicles | 24 | €23,107 | €14,121 | -€8,986 | -38.9% |
| Current assets | 29/58 | €64,260 | €61,631 | -€2,628 | -4.1% |
| Stocks and contracts in progress | 3 | €11,356 | €4,790 | -€6,566 | -57.8% |
| Stocks | 30/36 | €11,356 | €4,790 | -€6,566 | -57.8% |
| Contracts in progress | 37 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €18,271 | €19,006 | +€734 | +4.0% |
| Trade receivables | 40 | €18,271 | €16,816 | -€1,455 | -8.0% |
| Other amounts receivable | 41 | €0 | €2,190 | +€2,190 | |
| Cash at bank and in hand | 54/58 | €26,467 | €35,931 | +€9,464 | +35.8% |
| Deferred charges and accrued income | 490/1 | €8,166 | €1,905 | -€6,261 | -76.7% |
| Total equity and liabilities | 10/49 | €290,480 | €274,065 | -€16,415 | -5.7% |
| Equity | 10/15 | €62,491 | €76,849 | +€14,358 | +23.0% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €42,491 | €56,849 | +€14,358 | +33.8% |
| Non-distributable reserves | 130/1 | €1,590 | €1,590 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,590 | €1,590 | = | 0.0% |
| Distributable reserves | 133 | €40,901 | €55,259 | +€14,358 | +35.1% |
| Amounts payable | 17/49 | €227,989 | €197,216 | -€30,773 | -13.5% |
| Amounts payable after more than one year | 17 | €148,890 | €130,728 | -€18,162 | -12.2% |
| Financial debts | 170/4 | €148,890 | €130,728 | -€18,162 | -12.2% |
| Amounts payable within one year | 42/48 | €79,099 | €66,487 | -€12,612 | -15.9% |
| Current portion of amounts payable after more than one year | 42 | €24,172 | €18,162 | -€6,010 | -24.9% |
| Trade debts | 44 | €22,885 | €27,175 | +€4,290 | +18.7% |
| Suppliers | 440/4 | €22,885 | €27,175 | +€4,290 | +18.7% |
| Taxes, remuneration and social security | 45 | €10,164 | €8,185 | -€1,979 | -19.5% |
| Taxes | 450/3 | €6,754 | €8,185 | +€1,431 | +21.2% |
| Remuneration and social security | 454/9 | €3,410 | €0 | -€3,410 | -100.0% |
| Other amounts payable | 47/48 | €21,878 | €12,965 | -€8,913 | -40.7% |
| Remuneration, social security and pensions | 62 | €65,627 | €80,237 | +€14,610 | +22.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,399 | €18,072 | -€327 | -1.8% |
| Other operating charges | 640/8 | €2,984 | €2,085 | -€899 | -30.1% |
| Gross operating margin | 9900 | €92,040 | €124,723 | +€32,683 | +35.5% |
| Operating profit (loss) | 9901 | €5,029 | €24,328 | +€19,299 | +383.7% |
| Financial income | 75/76B | €583 | €331 | -€252 | -43.2% |
| Recurring financial income | 75 | €583 | €331 | -€252 | -43.2% |
| Financial charges | 65/66B | €3,822 | €3,651 | -€171 | -4.5% |
| Recurring financial charges | 65 | €3,822 | €3,651 | -€171 | -4.5% |
| Profit (loss) for the period before taxes | 9903 | €1,790 | €21,008 | +€19,218 | +1073.8% |
| Income taxes | 67/77 | €1,159 | €6,650 | +€5,491 | +473.9% |
| Profit (loss) for the period | 9904 | €631 | €14,358 | +€13,727 | +2175.7% |
| Profit (loss) for the period to be appropriated | 9905 | €631 | €14,358 | +€13,727 | +2175.7% |
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 12 October 2026 via checked.be.