Merlinco: 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.
Merlinco
Largest movements
- Receivables within one year +€613,413
new in 2025: €613,413
- Cash +€322,111
up €322,111 (+304.2%), from €105,888 to €427,999
mainly Net result for the year (+€653,030) and Tax, wage and social debts (+€338,900)
- Financial fixed assets -€50,694
down €50,694 (-4.3%), from €1.2m to €1.1m
- Reserves +€652,000
up €652,000 (+592.7%), from €110,000 to €762,000
- Tax, wage and social debts +€338,900
up €338,900 (+653.4%), from €51,867 to €390,766
- Debts after one year -€109,012
down €109,012 (-10.6%), from €1.0m to €915,437
- Gross operating margin +€802,289
up €802,289 (+457.0%), from €175,559 to €977,848
- Taxes +€197,983
up €197,983 (+515.6%), from €38,399 to €236,382
- Financial charges +€62,723
up €62,723 (+286.5%), from €21,894 to €84,617
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 | €1,316,961 | €2,198,383 | +€881,422 | +66.9% |
| Fixed assets | 21/28 | €1,210,768 | €1,156,533 | -€54,235 | -4.5% |
| Tangible fixed assets | 22/27 | €20,066 | €16,525 | -€3,541 | -17.6% |
| Furniture and vehicles | 24 | €20,066 | €16,525 | -€3,541 | -17.6% |
| Financial fixed assets | 28 | €1,190,702 | €1,140,008 | -€50,694 | -4.3% |
| Current assets | 29/58 | €106,193 | €1,041,850 | +€935,657 | +881.1% |
| Amounts receivable within one year | 40/41 | - | €613,413 | +€613,413 | |
| Trade receivables | 40 | - | €613,413 | +€613,413 | |
| Cash at bank and in hand | 54/58 | €105,888 | €427,999 | +€322,111 | +304.2% |
| Deferred charges and accrued income | 490/1 | €305 | €438 | +€133 | +43.6% |
| Total equity and liabilities | 10/49 | €1,316,961 | €2,198,383 | +€881,422 | +66.9% |
| Equity | 10/15 | €115,298 | €767,495 | +€652,197 | +565.7% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €110,000 | €762,000 | +€652,000 | +592.7% |
| Distributable reserves | 133 | €110,000 | €762,000 | +€652,000 | +592.7% |
| Profit (loss) carried forward | 14 | €298 | €495 | +€197 | +66.0% |
| Amounts payable | 17/49 | €1,201,663 | €1,430,888 | +€229,225 | +19.1% |
| Amounts payable after more than one year | 17 | €1,024,449 | €915,437 | -€109,012 | -10.6% |
| Financial debts | 170/4 | €1,024,449 | €915,437 | -€109,012 | -10.6% |
| Amounts payable within one year | 42/48 | €177,214 | €512,967 | +€335,753 | +189.5% |
| Current portion of amounts payable after more than one year | 42 | €105,889 | €109,012 | +€3,123 | +2.9% |
| Trade debts | 44 | €384 | €110 | -€273 | -71.2% |
| Suppliers | 440/4 | €384 | €110 | -€273 | -71.2% |
| Taxes, remuneration and social security | 45 | €51,867 | €390,766 | +€338,900 | +653.4% |
| Taxes | 450/3 | €51,867 | €390,766 | +€338,900 | +653.4% |
| Other amounts payable | 47/48 | €19,075 | €13,078 | -€5,996 | -31.4% |
| Accrued charges and deferred income | 492/3 | - | €2,484 | +€2,484 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,541 | €3,541 | = | 0.0% |
| Other operating charges | 640/8 | €773 | €1,013 | +€240 | +31.0% |
| Gross operating margin | 9900 | €175,559 | €977,848 | +€802,289 | +457.0% |
| Operating profit (loss) | 9901 | €171,245 | €973,294 | +€802,049 | +468.4% |
| Financial income | 75/76B | €147 | €735 | +€588 | +399.4% |
| Recurring financial income | 75 | €147 | €735 | +€588 | +399.4% |
| Financial charges | 65/66B | €21,894 | €84,617 | +€62,723 | +286.5% |
| Recurring financial charges | 65 | €21,894 | €84,617 | +€62,723 | +286.5% |
| Profit (loss) for the period before taxes | 9903 | €149,498 | €889,412 | +€739,914 | +494.9% |
| Income taxes | 67/77 | €38,399 | €236,382 | +€197,983 | +515.6% |
| Profit (loss) for the period | 9904 | €111,098 | €653,030 | +€541,932 | +487.8% |
| Profit (loss) for the period to be appropriated | 9905 | €111,098 | €653,030 | +€541,932 | +487.8% |
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 10 October 2026 via checked.be.