MERLILO: 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.
MERLILO
Largest movements
- Cash -€11,837
down €11,837 (-17.5%), from €67,764 to €55,928
mainly Contributions, distributions and other (-€13,051) and Other debts (-€11,601)
- Tangible fixed assets -€4,278
down €4,278 (-4.7%), from €90,723 to €86,445
of which Plant, machinery and equipment: -€2,325
- Other debts -€11,601
down €11,601 (-46.9%), from €24,718 to €13,117
- Reserves -€4,414
down €4,414 (-6.2%), from €71,468 to €67,053
of which Distributable reserves: -€4,414
- Gross operating margin +€7,039
up €7,039 (+66.4%), from €10,593 to €17,631
- Taxes +€1,529
up €1,529 (+384.3%), from €398 to €1,927
- Depreciation +€685
up €685 (+19.1%), from €3,593 to €4,278
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 | €160,270 | €143,623 | -€16,647 | -10.4% |
| Fixed assets | 21/28 | €90,723 | €86,445 | -€4,278 | -4.7% |
| Tangible fixed assets | 22/27 | €90,723 | €86,445 | -€4,278 | -4.7% |
| Land and buildings | 22 | €70,356 | €68,403 | -€1,953 | -2.8% |
| Plant, machinery and equipment | 23 | €20,367 | €18,042 | -€2,325 | -11.4% |
| Current assets | 29/58 | €69,547 | €57,178 | -€12,369 | -17.8% |
| Amounts receivable within one year | 40/41 | €1,283 | €737 | -€546 | -42.6% |
| Other amounts receivable | 41 | €1,283 | €737 | -€546 | -42.6% |
| Cash at bank and in hand | 54/58 | €67,764 | €55,928 | -€11,837 | -17.5% |
| Deferred charges and accrued income | 490/1 | €500 | €513 | +€14 | +2.7% |
| Total equity and liabilities | 10/49 | €160,270 | €143,623 | -€16,647 | -10.4% |
| Equity | 10/15 | €133,468 | €129,053 | -€4,414 | -3.3% |
| 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 | €71,468 | €67,053 | -€4,414 | -6.2% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €970 | €970 | = | 0.0% |
| Distributable reserves | 133 | €64,298 | €59,884 | -€4,414 | -6.9% |
| Amounts payable | 17/49 | €26,802 | €14,569 | -€12,233 | -45.6% |
| Amounts payable within one year | 42/48 | €26,002 | €13,769 | -€12,233 | -47.0% |
| Taxes, remuneration and social security | 45 | €1,284 | €653 | -€632 | -49.2% |
| Taxes | 450/3 | €1,284 | €653 | -€632 | -49.2% |
| Other amounts payable | 47/48 | €24,718 | €13,117 | -€11,601 | -46.9% |
| Accrued charges and deferred income | 492/3 | €800 | €800 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,593 | €4,278 | +€685 | +19.1% |
| Other operating charges | 640/8 | €3,128 | €3,226 | +€98 | +3.1% |
| Gross operating margin | 9900 | €10,593 | €17,631 | +€7,039 | +66.4% |
| Operating profit (loss) | 9901 | €3,872 | €10,127 | +€6,255 | +161.6% |
| Financial income | 75/76B | €604 | €546 | -€58 | -9.6% |
| Recurring financial income | 75 | €604 | €546 | -€58 | -9.6% |
| Financial charges | 65/66B | €99 | €109 | +€10 | +10.1% |
| Recurring financial charges | 65 | €99 | €109 | +€10 | +10.1% |
| Profit (loss) for the period before taxes | 9903 | €4,377 | €10,564 | +€6,187 | +141.4% |
| Income taxes | 67/77 | €398 | €1,927 | +€1,529 | +384.3% |
| Profit (loss) for the period | 9904 | €3,979 | €8,637 | +€4,658 | +117.1% |
| Profit (loss) for the period to be appropriated | 9905 | €3,979 | €8,637 | +€4,658 | +117.1% |
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.