MERLINA: 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.
MERLINA
Largest movements
- Deferred charges and accrued income -€94
down €94 (-7.6%), from €1,243 to €1,149
- Cash -€31
down €31 (-2.0%), from €1,542 to €1,511
mainly Net result for the year (-€1,081) and Tax, wage and social debts (-€173)
- Other debts +€1,132
up €1,132 (+1.1%), from €105,318 to €106,450
- Profit (loss) carried forward -€1,081
down €1,081 (-0.9%), from -€123,166 to -€124,247
- Tax, wage and social debts -€173
no longer reported in 2025 (was €173)
- Depreciation -€97,621
no longer reported in 2025 (was €97,621)
- Gross operating margin -€18,148
down €18,148, from €17,279 to -€869
- Financial charges -€9,319
down €9,319 (-99.6%), from €9,362 to €42
of which Non-recurring financial charges: -€9,323
- Staff costs -€892
down €892, from €714 to -€178
- Other operating charges -€862
down €862 (-71.3%), from €1,210 to €348
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 | €2,785 | €2,663 | -€122 | -4.4% |
| Current assets | 29/58 | €2,785 | €2,663 | -€122 | -4.4% |
| Amounts receivable within one year | 40/41 | - | €3 | +€3 | |
| Other amounts receivable | 41 | - | €3 | +€3 | |
| Cash at bank and in hand | 54/58 | €1,542 | €1,511 | -€31 | -2.0% |
| Deferred charges and accrued income | 490/1 | €1,243 | €1,149 | -€94 | -7.6% |
| Total equity and liabilities | 10/49 | €2,785 | €2,663 | -€122 | -4.4% |
| Equity | 10/15 | -€102,706 | -€103,787 | -€1,081 | -1.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€123,166 | -€124,247 | -€1,081 | -0.9% |
| Amounts payable | 17/49 | €105,491 | €106,450 | +€959 | +0.9% |
| Amounts payable within one year | 42/48 | €105,491 | €106,450 | +€959 | +0.9% |
| Taxes, remuneration and social security | 45 | €173 | - | -€173 | |
| Taxes | 450/3 | €173 | - | -€173 | |
| Other amounts payable | 47/48 | €105,318 | €106,450 | +€1,132 | +1.1% |
| Remuneration, social security and pensions | 62 | €714 | -€178 | -€892 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €97,621 | - | -€97,621 | |
| Other operating charges | 640/8 | €1,210 | €348 | -€862 | -71.3% |
| Gross operating margin | 9900 | €17,279 | -€869 | -€18,148 | |
| Operating profit (loss) | 9901 | -€82,265 | -€1,039 | +€81,226 | +98.7% |
| Financial income | 75/76B | €9 | - | -€9 | |
| Recurring financial income | 75 | €9 | - | -€9 | |
| Financial charges | 65/66B | €9,362 | €42 | -€9,319 | -99.6% |
| Recurring financial charges | 65 | €38 | €42 | +€4 | +9.9% |
| Non-recurring financial charges | 66B | €9,323 | - | -€9,323 | |
| Profit (loss) for the period before taxes | 9903 | -€91,618 | -€1,081 | +€90,537 | +98.8% |
| Profit (loss) for the period | 9904 | -€91,618 | -€1,081 | +€90,537 | +98.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€91,618 | -€1,081 | +€90,537 | +98.8% |
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 23 October 2026 via checked.be.