Merlin Tripoli: what changed
What changed
Merlin Tripoli
NACE 46.140, Agents in the wholesale of industrial machinery, ships and aircraft
filed annual accounts (NBB)
Net result for the year
€11,186
2024 · €117,713-€106,527
Equity
€666,373
2024 · €655,187+€11,186
Cash
€5,383
2024 · €132,780-€127,397
Balance sheet total
€5.8m
2024 · €6.2m-€430,497
Largest movements
Assets
- Tangible fixed assets -€504,680
down €504,680 (-8.3%), from €6.1m to €5.6m
- Receivables within one year +€201,580
up €201,580 (+1,158%), from €17,407 to €218,987
of which Trade receivables: +€137,394
- Cash -€127,397
down €127,397 (-95.9%), from €132,780 to €5,383
mainly Debts after one year (-€501,500) and Receivables within one year (-€201,580)
Equity and liabilities
- Debts after one year -€501,500
down €501,500 (-9.9%), from €5.1m to €4.6m
- Current portion of long-term debt +€65,092
up €65,092 (+13.0%), from €501,500 to €566,592
Income statement
- Gross operating margin -€145,197
down €145,197 (-16.3%), from €889,876 to €744,679
- Taxes -€32,490
down €32,490 (-89.7%), from €36,219 to €3,729
- Financial charges -€13,119
down €13,119 (-6.4%), from €205,981 to €192,862
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€117,713
Gross operating margin
-€145,197
Depreciation
-€7,147
Other operating charges
+€256
Financial income
-€49
Financial charges
+€13,119
Taxes
+€32,490
Result 2025
€11,186
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€340,057
Investment
-€31,046
Financing
-€436,408
Cash 2024
€132,780
From operations (derived)
+€340,057
Net result for the year
+€11,186
Depreciation
+€535,725
Receivables within one year
-€201,580
Trade debts
-€4,657
Accrued charges and deferred income
-€617
Investment (derived)
-€31,046
Investment in fixed assets (net)
-€31,046
Financing
-€436,408
Debts after one year
-€501,500
Current portion of long-term debt
+€65,092
Cash 2025
€5,383
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €6,231,995 | €5,801,499 | -€430,497 | -6.9% |
| Fixed assets | 21/28 | €6,081,809 | €5,577,129 | -€504,680 | -8.3% |
| Tangible fixed assets | 22/27 | €6,081,809 | €5,577,129 | -€504,680 | -8.3% |
| Other tangible fixed assets | 26 | €6,081,809 | €5,577,129 | -€504,680 | -8.3% |
| Current assets | 29/58 | €150,186 | €224,370 | +€74,183 | +49.4% |
| Amounts receivable within one year | 40/41 | €17,407 | €218,987 | +€201,580 | +1,158% |
| Trade receivables | 40 | - | €137,394 | +€137,394 | |
| Other amounts receivable | 41 | €17,407 | €81,593 | +€64,186 | +369% |
| Cash at bank and in hand | 54/58 | €132,780 | €5,383 | -€127,397 | -95.9% |
| Total equity and liabilities | 10/49 | €6,231,995 | €5,801,499 | -€430,497 | -6.9% |
| Equity | 10/15 | €655,187 | €666,373 | +€11,186 | +1.7% |
| Contributions | 10/11 | €538,600 | €538,600 | = | 0.0% |
| Reserves | 13 | €7,554 | €7,554 | = | 0.0% |
| Distributable reserves | 133 | €7,554 | €7,554 | = | 0.0% |
| Profit (loss) carried forward | 14 | €109,033 | €120,218 | +€11,186 | +10.3% |
| Amounts payable | 17/49 | €5,576,808 | €5,135,126 | -€441,682 | -7.9% |
| Amounts payable after more than one year | 17 | €5,058,625 | €4,557,125 | -€501,500 | -9.9% |
| Financial debts | 170/4 | €5,058,625 | €4,557,125 | -€501,500 | -9.9% |
| Amounts payable within one year | 42/48 | €510,372 | €570,806 | +€60,435 | +11.8% |
| Current portion of amounts payable after more than one year | 42 | €501,500 | €566,592 | +€65,092 | +13.0% |
| Trade debts | 44 | €8,737 | €4,080 | -€4,657 | -53.3% |
| Suppliers | 440/4 | €8,737 | €4,080 | -€4,657 | -53.3% |
| Other amounts payable | 47/48 | €135 | €135 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €7,811 | €7,194 | -€617 | -7.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €528,579 | €535,725 | +€7,147 | +1.4% |
| Other operating charges | 640/8 | €1,434 | €1,177 | -€256 | -17.9% |
| Gross operating margin | 9900 | €889,876 | €744,679 | -€145,197 | -16.3% |
| Operating profit (loss) | 9901 | €359,864 | €207,776 | -€152,088 | -42.3% |
| Financial income | 75/76B | €49 | - | -€49 | |
| Recurring financial income | 75 | €49 | - | -€49 | |
| Financial charges | 65/66B | €205,981 | €192,862 | -€13,119 | -6.4% |
| Recurring financial charges | 65 | €205,981 | €192,862 | -€13,119 | -6.4% |
| Profit (loss) for the period before taxes | 9903 | €153,932 | €14,914 | -€139,018 | -90.3% |
| Income taxes | 67/77 | €36,219 | €3,729 | -€32,490 | -89.7% |
| Profit (loss) for the period | 9904 | €117,713 | €11,186 | -€106,527 | -90.5% |
| Profit (loss) for the period to be appropriated | 9905 | €117,713 | €11,186 | -€106,527 | -90.5% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.