Merlin ROSIER: 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 ROSIER
Largest movements
- Receivables within one year +€17,419
up €17,419 (+43.7%), from €39,860 to €57,279
of which Other amounts receivable: +€12,281
- Cash +€8,054
up €8,054 (+58.9%), from €13,680 to €21,734
mainly Net result for the year (+€19,067) and Tax, wage and social debts (+€6,304)
- Tangible fixed assets -€4,860
down €4,860 (-22.5%), from €21,604 to €16,744
- Profit (loss) carried forward +€19,067
up €19,067 (+39.4%), from €48,441 to €67,508
- Tax, wage and social debts +€6,304
up €6,304 (+41.7%), from €15,105 to €21,410
- Debts after one year -€4,437
down €4,437 (-65.9%), from €6,738 to €2,301
- Gross operating margin -€33,995
down €33,995 (-51.6%), from €65,838 to €31,843
- Taxes -€7,121
down €7,121 (-53.0%), from €13,425 to €6,304
- Depreciation +€2,164
up €2,164 (+80.3%), from €2,696 to €4,860
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.
Derived cash bridge
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 | €76,463 | €97,155 | +€20,692 | +27.1% |
| Fixed assets | 21/28 | €21,604 | €16,744 | -€4,860 | -22.5% |
| Tangible fixed assets | 22/27 | €21,604 | €16,744 | -€4,860 | -22.5% |
| Furniture and vehicles | 24 | €21,604 | €16,744 | -€4,860 | -22.5% |
| Current assets | 29/58 | €54,859 | €80,411 | +€25,552 | +46.6% |
| Amounts receivable within one year | 40/41 | €39,860 | €57,279 | +€17,419 | +43.7% |
| Trade receivables | 40 | €22,383 | €27,521 | +€5,138 | +23.0% |
| Other amounts receivable | 41 | €17,478 | €29,758 | +€12,281 | +70.3% |
| Cash at bank and in hand | 54/58 | €13,680 | €21,734 | +€8,054 | +58.9% |
| Deferred charges and accrued income | 490/1 | €1,319 | €1,398 | +€79 | +6.0% |
| Total equity and liabilities | 10/49 | €76,463 | €97,155 | +€20,692 | +27.1% |
| Equity | 10/15 | €49,941 | €69,008 | +€19,067 | +38.2% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €48,441 | €67,508 | +€19,067 | +39.4% |
| Amounts payable | 17/49 | €26,522 | €28,147 | +€1,626 | +6.1% |
| Amounts payable after more than one year | 17 | €6,738 | €2,301 | -€4,437 | -65.9% |
| Financial debts | 170/4 | €6,738 | €2,301 | -€4,437 | -65.9% |
| Amounts payable within one year | 42/48 | €19,784 | €25,847 | +€6,062 | +30.6% |
| Current portion of amounts payable after more than one year | 42 | €4,226 | €4,437 | +€211 | +5.0% |
| Trade debts | 44 | €453 | - | -€453 | |
| Suppliers | 440/4 | €453 | - | -€453 | |
| Taxes, remuneration and social security | 45 | €15,105 | €21,410 | +€6,304 | +41.7% |
| Taxes | 450/3 | €15,105 | €21,410 | +€6,304 | +41.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,696 | €4,860 | +€2,164 | +80.3% |
| Other operating charges | 640/8 | €894 | €1,077 | +€183 | +20.5% |
| Gross operating margin | 9900 | €65,838 | €31,843 | -€33,995 | -51.6% |
| Operating profit (loss) | 9901 | €62,249 | €25,906 | -€36,343 | -58.4% |
| Financial charges | 65/66B | €382 | €535 | +€153 | +40.1% |
| Recurring financial charges | 65 | €382 | €535 | +€153 | +40.1% |
| Profit (loss) for the period before taxes | 9903 | €61,867 | €25,371 | -€36,496 | -59.0% |
| Income taxes | 67/77 | €13,425 | €6,304 | -€7,121 | -53.0% |
| Profit (loss) for the period | 9904 | €48,441 | €19,067 | -€29,375 | -60.6% |
| Profit (loss) for the period to be appropriated | 9905 | €48,441 | €19,067 | -€29,375 | -60.6% |
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 26 October 2026 via checked.be.