MERLIN SOFTWARE: 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 SOFTWARE
Largest movements
- Intangible fixed assets +€284,917
up €284,917 (+19.4%), from €1.5m to €1.8m
- Cash -€145,260
down €145,260 (-76.1%), from €190,916 to €45,656
mainly Investment in fixed assets (net) (-€701,094) and Net result for the year (-€171,311)
- Receivables within one year -€66,436
down €66,436 (-75.6%), from €87,861 to €21,425
of which Trade receivables: -€46,948
- Profit (loss) carried forward -€171,311
down €171,311 (-807.9%), from -€21,203 to -€192,514
- Short-term financial debts +€125,000
new in 2025: €125,000
- Debts after one year +€110,424
up €110,424 (+11.8%), from €935,693 to €1.0m
of which Other amounts payable: +€110,424
- Tax, wage and social debts +€28,882
up €28,882 (+280.4%), from €10,299 to €39,181
of which Remuneration and social security: +€25,413
- Depreciation +€210,978
up €210,978 (+102.8%), from €205,199 to €416,178
- Gross operating margin +€74,785
up €74,785 (+16.1%), from €465,685 to €540,470
- Financial charges +€12,239
up €12,239 (+80.2%), from €15,263 to €27,501
- Staff costs +€8,349
up €8,349 (+3.2%), from €260,015 to €268,364
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 | €1,746,467 | €1,831,679 | +€85,213 | +4.9% |
| Fixed assets | 21/28 | €1,467,690 | €1,752,606 | +€284,917 | +19.4% |
| Intangible fixed assets | 21 | €1,465,290 | €1,750,206 | +€284,917 | +19.4% |
| Financial fixed assets | 28 | €2,400 | €2,400 | = | 0.0% |
| Current assets | 29/58 | €278,777 | €79,073 | -€199,704 | -71.6% |
| Amounts receivable within one year | 40/41 | €87,861 | €21,425 | -€66,436 | -75.6% |
| Trade receivables | 40 | €64,887 | €17,939 | -€46,948 | -72.4% |
| Other amounts receivable | 41 | €22,974 | €3,485 | -€19,489 | -84.8% |
| Cash at bank and in hand | 54/58 | €190,916 | €45,656 | -€145,260 | -76.1% |
| Deferred charges and accrued income | 490/1 | - | €11,992 | +€11,992 | |
| Total equity and liabilities | 10/49 | €1,746,467 | €1,831,679 | +€85,213 | +4.9% |
| Equity | 10/15 | €463,797 | €292,486 | -€171,311 | -36.9% |
| Contributions | 10/11 | €485,000 | €485,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€21,203 | -€192,514 | -€171,311 | -807.9% |
| Amounts payable | 17/49 | €1,282,670 | €1,539,193 | +€256,523 | +20.0% |
| Amounts payable after more than one year | 17 | €935,693 | €1,046,118 | +€110,424 | +11.8% |
| Financial debts | 170/4 | €260,000 | €260,000 | = | 0.0% |
| Other amounts payable | 178/9 | €675,693 | €786,118 | +€110,424 | +16.3% |
| Amounts payable within one year | 42/48 | €342,347 | €491,040 | +€148,693 | +43.4% |
| Financial debts | 43 | - | €125,000 | +€125,000 | |
| Credit institutions | 430/8 | - | €125,000 | +€125,000 | |
| Trade debts | 44 | €212,048 | €206,859 | -€5,188 | -2.4% |
| Suppliers | 440/4 | €212,048 | €206,859 | -€5,188 | -2.4% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €10,299 | €39,181 | +€28,882 | +280.4% |
| Taxes | 450/3 | €175 | €3,644 | +€3,469 | +1979.9% |
| Remuneration and social security | 454/9 | €10,124 | €35,537 | +€25,413 | +251.0% |
| Other amounts payable | 47/48 | €120,000 | €120,000 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €4,630 | €2,036 | -€2,594 | -56.0% |
| Remuneration, social security and pensions | 62 | €260,015 | €268,364 | +€8,349 | +3.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €205,199 | €416,178 | +€210,978 | +102.8% |
| Other operating charges | 640/8 | €469 | €80 | -€389 | -83.0% |
| Gross operating margin | 9900 | €465,685 | €540,470 | +€74,785 | +16.1% |
| Operating profit (loss) | 9901 | €1 | -€144,151 | -€144,152 | |
| Financial income | 75/76B | €149 | €547 | +€397 | +266.3% |
| Recurring financial income | 75 | €149 | €547 | +€397 | +266.3% |
| Financial charges | 65/66B | €15,263 | €27,501 | +€12,239 | +80.2% |
| Recurring financial charges | 65 | €15,263 | €27,501 | +€12,239 | +80.2% |
| Profit (loss) for the period before taxes | 9903 | -€15,112 | -€171,106 | -€155,994 | -1032.3% |
| Income taxes | 67/77 | €175 | €205 | +€30 | +17.0% |
| Profit (loss) for the period | 9904 | -€15,287 | -€171,311 | -€156,024 | -1020.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€15,287 | -€171,311 | -€156,024 | -1020.6% |
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 9 October 2026 via checked.be.