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
- Cash +€47,408
up €47,408 (+21.3%), from €222,375 to €269,783
mainly Net result for the year (+€44,728) and Investment in fixed assets (net) (+€31,243)
- Tangible fixed assets -€40,705
down €40,705 (-54.6%), from €74,543 to €33,838
of which Plant, machinery and equipment: -€23,113
- Receivables within one year -€25,962
down €25,962 (-68.4%), from €37,963 to €12,001
of which Other amounts receivable: -€16,385
- Current investments -€20,000
down €20,000 (-3.7%), from €540,000 to €520,000
- Trade debts -€65,900
down €65,900 (-99.0%), from €66,552 to €652
- Reserves +€43,035
up €43,035 (+6.4%), from €674,256 to €717,291
of which Distributable reserves: +€51,455
- Other debts -€10,334
down €10,334 (-54.0%), from €19,121 to €8,787
- Gross operating margin -€269,986
down €269,986 (-56.9%), from €474,256 to €204,270
- Staff costs -€169,329
down €169,329 (-54.7%), from €309,426 to €140,097
- Taxes -€21,176
down €21,176 (-49.3%), from €42,972 to €21,795
- Depreciation -€6,878
down €6,878 (-42.1%), from €16,339 to €9,461
- Financial income +€6,715
up €6,715 (+83.2%), from €8,075 to €14,789
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €877,078 | €835,623 | -€41,455 | -4.7% |
| Fixed assets | 21/28 | €74,543 | €33,838 | -€40,705 | -54.6% |
| Tangible fixed assets | 22/27 | €74,543 | €33,838 | -€40,705 | -54.6% |
| Plant, machinery and equipment | 23 | €23,113 | €0 | -€23,113 | -100.0% |
| Furniture and vehicles | 24 | €43,300 | €33,838 | -€9,461 | -21.9% |
| Other tangible fixed assets | 26 | €8,130 | €0 | -€8,130 | -100.0% |
| Current assets | 29/58 | €802,535 | €801,785 | -€750 | -0.1% |
| Stocks and contracts in progress | 3 | €2,197 | €0 | -€2,197 | -100.0% |
| Stocks | 30/36 | €2,197 | €0 | -€2,197 | -100.0% |
| Amounts receivable within one year | 40/41 | €37,963 | €12,001 | -€25,962 | -68.4% |
| Trade receivables | 40 | €9,577 | €0 | -€9,577 | -100.0% |
| Other amounts receivable | 41 | €28,386 | €12,001 | -€16,385 | -57.7% |
| Current investments | 50/53 | €540,000 | €520,000 | -€20,000 | -3.7% |
| Cash at bank and in hand | 54/58 | €222,375 | €269,783 | +€47,408 | +21.3% |
| Total equity and liabilities | 10/49 | €877,078 | €835,623 | -€41,455 | -4.7% |
| Equity | 10/15 | €759,669 | €802,731 | +€43,062 | +5.7% |
| Contributions | 10/11 | €75,000 | €75,000 | = | 0.0% |
| Capital | 10 | €75,000 | €75,000 | = | 0.0% |
| Issued capital | 100 | €75,000 | €75,000 | = | 0.0% |
| Reserves | 13 | €674,256 | €717,291 | +€43,035 | +6.4% |
| Non-distributable reserves | 130/1 | €7,500 | €7,500 | = | 0.0% |
| Legal reserve | 130 | €7,500 | €7,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €176,820 | €168,400 | -€8,420 | -4.8% |
| Distributable reserves | 133 | €489,936 | €541,391 | +€51,455 | +10.5% |
| Profit (loss) carried forward | 14 | €10,413 | €10,441 | +€28 | +0.3% |
| Amounts payable | 17/49 | €117,409 | €32,892 | -€84,517 | -72.0% |
| Amounts payable within one year | 42/48 | €111,216 | €32,547 | -€78,668 | -70.7% |
| Trade debts | 44 | €66,552 | €652 | -€65,900 | -99.0% |
| Suppliers | 440/4 | €66,552 | €652 | -€65,900 | -99.0% |
| Taxes, remuneration and social security | 45 | €25,542 | €23,108 | -€2,434 | -9.5% |
| Taxes | 450/3 | €25,542 | €23,108 | -€2,434 | -9.5% |
| Other amounts payable | 47/48 | €19,121 | €8,787 | -€10,334 | -54.0% |
| Accrued charges and deferred income | 492/3 | €6,194 | €345 | -€5,849 | -94.4% |
| Non-recurring operating income | 76A | €12,000 | €218,757 | +€206,757 | +1723.0% |
| Remuneration, social security and pensions | 62 | €309,426 | €140,097 | -€169,329 | -54.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,339 | €9,461 | -€6,878 | -42.1% |
| Other operating charges | 640/8 | €4,258 | €1,867 | -€2,392 | -56.2% |
| Gross operating margin | 9900 | €474,256 | €204,270 | -€269,986 | -56.9% |
| Operating profit (loss) | 9901 | €144,233 | €52,845 | -€91,388 | -63.4% |
| Financial income | 75/76B | €8,075 | €14,789 | +€6,715 | +83.2% |
| Recurring financial income | 75 | €8,075 | €14,789 | +€6,715 | +83.2% |
| Financial charges | 65/66B | €1,142 | €1,111 | -€31 | -2.7% |
| Recurring financial charges | 65 | €1,142 | €1,111 | -€31 | -2.7% |
| Profit (loss) for the period before taxes | 9903 | €151,166 | €66,524 | -€84,642 | -56.0% |
| Income taxes | 67/77 | €42,972 | €21,795 | -€21,176 | -49.3% |
| Profit (loss) for the period | 9904 | €108,194 | €44,728 | -€63,466 | -58.7% |
| Transfer from tax-exempt reserves | 789 | - | €42,100 | +€42,100 | |
| Transfer to tax-exempt reserves | 689 | €50,520 | €33,680 | -€16,840 | -33.3% |
| Profit (loss) for the period to be appropriated | 9905 | €57,674 | €53,148 | -€4,526 | -7.8% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.