MERLIN: 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.
MERLIN
Largest movements
- Receivables within one year -€33,471
down €33,471 (-50.1%), from €66,768 to €33,296
of which Other amounts receivable: -€21,862
- Cash +€1,945
up €1,945 (+14.8%), from €13,099 to €15,044
mainly Receivables within one year (+€33,471) and Tax, wage and social debts (+€10,987)
- Profit (loss) carried forward -€35,247
down €35,247 (-65.4%), from €53,910 to €18,663
- Tax, wage and social debts +€10,987
up €10,987 (+53.8%), from €20,420 to €31,408
of which Remuneration and social security: +€7,122
- Trade debts -€6,091
down €6,091 (-84.8%), from €7,186 to €1,095
- Short-term financial debts -€5,000
no longer reported in 2025 (was €5,000)
- Other debts +€4,251
new in 2025: €4,251
- Gross operating margin +€20,457
up €20,457 (+16.5%), from €124,037 to €144,494
- Staff costs +€17,486
up €17,486 (+18.3%), from €95,713 to €113,199
- Other operating charges +€15,267
up €15,267 (+464.1%), from €3,289 to €18,557
- Taxes -€3,426
down €3,426 (-47.2%), from €7,264 to €3,838
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 | €93,517 | €62,418 | -€31,099 | -33.3% |
| Fixed assets | 21/28 | €11,474 | €11,263 | -€211 | -1.8% |
| Intangible fixed assets | 21 | €73 | €63 | -€10 | -13.7% |
| Tangible fixed assets | 22/27 | €6,401 | €6,200 | -€201 | -3.1% |
| Plant, machinery and equipment | 23 | €4,026 | €4,907 | +€881 | +21.9% |
| Furniture and vehicles | 24 | €2,375 | €1,292 | -€1,083 | -45.6% |
| Financial fixed assets | 28 | €5,000 | €5,000 | = | 0.0% |
| Current assets | 29/58 | €82,043 | €51,155 | -€30,888 | -37.6% |
| Amounts receivable within one year | 40/41 | €66,768 | €33,296 | -€33,471 | -50.1% |
| Trade receivables | 40 | €11,609 | - | -€11,609 | |
| Other amounts receivable | 41 | €55,158 | €33,296 | -€21,862 | -39.6% |
| Cash at bank and in hand | 54/58 | €13,099 | €15,044 | +€1,945 | +14.8% |
| Deferred charges and accrued income | 490/1 | €2,176 | €2,815 | +€638 | +29.3% |
| Total equity and liabilities | 10/49 | €93,517 | €62,418 | -€31,099 | -33.3% |
| Equity | 10/15 | €60,910 | €25,663 | -€35,247 | -57.9% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €5,000 | €5,000 | = | 0.0% |
| Distributable reserves | 133 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €53,910 | €18,663 | -€35,247 | -65.4% |
| Amounts payable | 17/49 | €32,607 | €36,754 | +€4,148 | +12.7% |
| Amounts payable within one year | 42/48 | €32,607 | €36,754 | +€4,148 | +12.7% |
| Financial debts | 43 | €5,000 | - | -€5,000 | |
| Credit institutions | 430/8 | €5,000 | - | -€5,000 | |
| Trade debts | 44 | €7,186 | €1,095 | -€6,091 | -84.8% |
| Suppliers | 440/4 | €7,186 | €1,095 | -€6,091 | -84.8% |
| Taxes, remuneration and social security | 45 | €20,420 | €31,408 | +€10,987 | +53.8% |
| Taxes | 450/3 | €20,420 | €24,285 | +€3,865 | +18.9% |
| Remuneration and social security | 454/9 | - | €7,122 | +€7,122 | |
| Other amounts payable | 47/48 | - | €4,251 | +€4,251 | |
| Remuneration, social security and pensions | 62 | €95,713 | €113,199 | +€17,486 | +18.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,067 | €2,770 | -€296 | -9.7% |
| Other operating charges | 640/8 | €3,289 | €18,557 | +€15,267 | +464.1% |
| Gross operating margin | 9900 | €124,037 | €144,494 | +€20,457 | +16.5% |
| Operating profit (loss) | 9901 | €21,968 | €9,968 | -€12,000 | -54.6% |
| Financial income | 75/76B | €5 | - | -€5 | |
| Recurring financial income | 75 | €5 | - | -€5 | |
| Financial charges | 65/66B | €1,094 | €1,378 | +€284 | +26.0% |
| Recurring financial charges | 65 | €1,094 | €1,378 | +€284 | +26.0% |
| Profit (loss) for the period before taxes | 9903 | €20,879 | €8,591 | -€12,289 | -58.9% |
| Income taxes | 67/77 | €7,264 | €3,838 | -€3,426 | -47.2% |
| Profit (loss) for the period | 9904 | €13,616 | €4,753 | -€8,863 | -65.1% |
| Profit (loss) for the period to be appropriated | 9905 | €13,616 | €4,753 | -€8,863 | -65.1% |
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.