MERLIN: 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.
MERLIN
Largest movements
- Tangible fixed assets +€302,508
up €302,508 (+44.9%), from €673,560 to €976,068
of which Furniture and vehicles: +€380,320
- Receivables within one year +€256,615
up €256,615 (+97.8%), from €262,254 to €518,870
of which Other amounts receivable: +€132,434
- Stocks and contracts -€187,500
down €187,500 (-21.5%), from €873,530 to €686,030
- Cash -€169,562
down €169,562 (-9.9%), from €1.7m to €1.5m
mainly Investment in fixed assets (net) (-€456,492) and Receivables within one year (-€256,615)
- Reserves +€202,244
up €202,244 (+9.0%), from €2.2m to €2.4m
of which Distributable reserves: +€216,051
- Tax, wage and social debts +€110,946
up €110,946 (+103.0%), from €107,697 to €218,644
of which Taxes: +€139,165
- Trade debts -€105,905
down €105,905 (-31.4%), from €337,195 to €231,290
- Gross operating margin +€210,201
up €210,201 (+15.2%), from €1.4m to €1.6m
- Taxes +€137,199
up €137,199 (+152.4%), from €90,012 to €227,211
- Staff costs +€54,245
up €54,245 (+5.2%), from €1.0m to €1.1m
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 | €3,571,861 | €3,787,637 | +€215,776 | +6.0% |
| Fixed assets | 21/28 | €673,560 | €976,068 | +€302,508 | +44.9% |
| Tangible fixed assets | 22/27 | €673,560 | €976,068 | +€302,508 | +44.9% |
| Land and buildings | 22 | €87,850 | €91,975 | +€4,125 | +4.7% |
| Plant, machinery and equipment | 23 | €52,474 | €28,192 | -€24,283 | -46.3% |
| Furniture and vehicles | 24 | €159,993 | €540,313 | +€380,320 | +237.7% |
| Other tangible fixed assets | 26 | €373,243 | €315,589 | -€57,654 | -15.4% |
| Current assets | 29/58 | €2,898,301 | €2,811,569 | -€86,732 | -3.0% |
| Amounts receivable after more than one year | 29 | €35,000 | €35,000 | = | 0.0% |
| Other amounts receivable | 291 | €35,000 | €35,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €873,530 | €686,030 | -€187,500 | -21.5% |
| Stocks | 30/36 | €873,530 | €686,030 | -€187,500 | -21.5% |
| Amounts receivable within one year | 40/41 | €262,254 | €518,870 | +€256,615 | +97.8% |
| Trade receivables | 40 | €244,278 | €368,460 | +€124,182 | +50.8% |
| Other amounts receivable | 41 | €17,976 | €150,410 | +€132,434 | +736.7% |
| Cash at bank and in hand | 54/58 | €1,712,311 | €1,542,749 | -€169,562 | -9.9% |
| Deferred charges and accrued income | 490/1 | €15,205 | €28,919 | +€13,714 | +90.2% |
| Total equity and liabilities | 10/49 | €3,571,861 | €3,787,637 | +€215,776 | +6.0% |
| Equity | 10/15 | €2,439,972 | €2,642,216 | +€202,244 | +8.3% |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Capital | 10 | €200,000 | €200,000 | = | 0.0% |
| Issued capital | 100 | €200,000 | €200,000 | = | 0.0% |
| Reserves | 13 | €2,239,972 | €2,442,216 | +€202,244 | +9.0% |
| Non-distributable reserves | 130/1 | €20,000 | €20,000 | = | 0.0% |
| Legal reserve | 130 | €20,000 | €20,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €51,216 | €37,409 | -€13,807 | -27.0% |
| Distributable reserves | 133 | €2,168,756 | €2,384,807 | +€216,051 | +10.0% |
| Provisions and deferred taxes | 16 | €63,577 | €60,038 | -€3,539 | -5.6% |
| Provisions for liabilities and charges | 160/5 | €50,000 | €50,000 | = | 0.0% |
| Major repairs and maintenance | 162 | €20,000 | €20,000 | = | 0.0% |
| Other liabilities and charges | 164/5 | €30,000 | €30,000 | = | 0.0% |
| Deferred taxes | 168 | €13,577 | €10,038 | -€3,539 | -26.1% |
| Amounts payable | 17/49 | €1,068,313 | €1,085,383 | +€17,070 | +1.6% |
| Amounts payable after more than one year | 17 | €92,585 | €116,140 | +€23,556 | +25.4% |
| Financial debts | 170/4 | €92,585 | €116,140 | +€23,556 | +25.4% |
| Amounts payable within one year | 42/48 | €964,980 | €942,800 | -€22,179 | -2.3% |
| Current portion of amounts payable after more than one year | 42 | €115,190 | €92,250 | -€22,940 | -19.9% |
| Trade debts | 44 | €337,195 | €231,290 | -€105,905 | -31.4% |
| Suppliers | 440/4 | €337,195 | €231,290 | -€105,905 | -31.4% |
| Taxes, remuneration and social security | 45 | €107,697 | €218,644 | +€110,946 | +103.0% |
| Taxes | 450/3 | €38,323 | €177,488 | +€139,165 | +363.1% |
| Remuneration and social security | 454/9 | €69,374 | €41,156 | -€28,218 | -40.7% |
| Other amounts payable | 47/48 | €404,897 | €400,617 | -€4,280 | -1.1% |
| Accrued charges and deferred income | 492/3 | €10,749 | €26,442 | +€15,694 | +146.0% |
| Remuneration, social security and pensions | 62 | €1,045,345 | €1,099,589 | +€54,245 | +5.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €150,484 | €153,983 | +€3,500 | +2.3% |
| Other operating charges | 640/8 | €17,143 | €10,269 | -€6,874 | -40.1% |
| Gross operating margin | 9900 | €1,387,070 | €1,597,271 | +€210,201 | +15.2% |
| Operating profit (loss) | 9901 | €174,099 | €333,430 | +€159,331 | +91.5% |
| Financial income | 75/76B | €101,767 | €114,830 | +€13,063 | +12.8% |
| Recurring financial income | 75 | €101,767 | €114,830 | +€13,063 | +12.8% |
| Financial charges | 65/66B | €24,550 | €22,344 | -€2,207 | -9.0% |
| Recurring financial charges | 65 | €24,550 | €22,344 | -€2,207 | -9.0% |
| Profit (loss) for the period before taxes | 9903 | €251,316 | €425,917 | +€174,601 | +69.5% |
| Transfer from deferred taxes | 780 | €4,393 | €3,539 | -€855 | -19.5% |
| Income taxes | 67/77 | €90,012 | €227,211 | +€137,199 | +152.4% |
| Profit (loss) for the period | 9904 | €165,697 | €202,244 | +€36,547 | +22.1% |
| Transfer from tax-exempt reserves | 789 | €17,142 | €13,807 | -€3,335 | -19.5% |
| Profit (loss) for the period to be appropriated | 9905 | €182,839 | €216,051 | +€33,212 | +18.2% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.