MERLION: 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.
MERLION
Largest movements
- Cash -€51,310
down €51,310 (-66.2%), from €77,511 to €26,201
mainly Other debts (-€73,845) and Tax, wage and social debts (-€31,534)
- Receivables within one year -€29,582
down €29,582 (-63.3%), from €46,710 to €17,127
of which Trade receivables: -€20,103
- Tangible fixed assets -€13,899
down €13,899 (-48.3%), from €28,758 to €14,859
of which Leasing and similar rights: -€12,125
- Other debts -€73,845
down €73,845 (-73.8%), from €100,000 to €26,155
- Tax, wage and social debts -€31,534
down €31,534 (-91.4%), from €34,512 to €2,977
- Profit (loss) carried forward +€18,985
up €18,985 (+2824.3%), from €672 to €19,657
- Debts after one year -€13,358
no longer reported in 2025 (was €13,358)
- Current portion of long-term debt +€7,825
up €7,825 (+84.6%), from €9,246 to €17,071
- Gross operating margin -€64,330
down €64,330 (-60.5%), from €106,276 to €41,945
- Taxes -€14,490
down €14,490 (-71.0%), from €20,412 to €5,922
- Other operating charges +€1,104
up €1,104 (+160.3%), from €689 to €1,793
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 | €180,169 | €86,900 | -€93,269 | -51.8% |
| Fixed assets | 21/28 | €53,758 | €39,859 | -€13,899 | -25.9% |
| Tangible fixed assets | 22/27 | €28,758 | €14,859 | -€13,899 | -48.3% |
| Plant, machinery and equipment | 23 | €987 | €703 | -€284 | -28.8% |
| Furniture and vehicles | 24 | €4,417 | €2,927 | -€1,490 | -33.7% |
| Leasing and similar rights | 25 | €23,354 | €11,228 | -€12,125 | -51.9% |
| Financial fixed assets | 28 | €25,000 | €25,000 | = | 0.0% |
| Current assets | 29/58 | €126,411 | €47,042 | -€79,370 | -62.8% |
| Amounts receivable within one year | 40/41 | €46,710 | €17,127 | -€29,582 | -63.3% |
| Trade receivables | 40 | €23,152 | €3,049 | -€20,103 | -86.8% |
| Other amounts receivable | 41 | €23,558 | €14,078 | -€9,479 | -40.2% |
| Cash at bank and in hand | 54/58 | €77,511 | €26,201 | -€51,310 | -66.2% |
| Deferred charges and accrued income | 490/1 | €2,191 | €3,714 | +€1,523 | +69.5% |
| Total equity and liabilities | 10/49 | €180,169 | €86,900 | -€93,269 | -51.8% |
| Equity | 10/15 | €19,272 | €38,257 | +€18,985 | +98.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €672 | €19,657 | +€18,985 | +2824.3% |
| Amounts payable | 17/49 | €160,897 | €48,643 | -€112,254 | -69.8% |
| Amounts payable after more than one year | 17 | €13,358 | - | -€13,358 | |
| Financial debts | 170/4 | €13,358 | - | -€13,358 | |
| Amounts payable within one year | 42/48 | €146,336 | €47,422 | -€98,914 | -67.6% |
| Current portion of amounts payable after more than one year | 42 | €9,246 | €17,071 | +€7,825 | +84.6% |
| Trade debts | 44 | €2,579 | €1,218 | -€1,360 | -52.7% |
| Suppliers | 440/4 | €2,579 | €1,218 | -€1,360 | -52.7% |
| Taxes, remuneration and social security | 45 | €34,512 | €2,977 | -€31,534 | -91.4% |
| Taxes | 450/3 | €34,512 | €2,977 | -€31,534 | -91.4% |
| Other amounts payable | 47/48 | €100,000 | €26,155 | -€73,845 | -73.8% |
| Accrued charges and deferred income | 492/3 | €1,203 | €1,222 | +€18 | +1.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,965 | €13,899 | -€65 | -0.5% |
| Other operating charges | 640/8 | €689 | €1,793 | +€1,104 | +160.3% |
| Gross operating margin | 9900 | €106,276 | €41,945 | -€64,330 | -60.5% |
| Operating profit (loss) | 9901 | €91,622 | €26,253 | -€65,369 | -71.3% |
| Financial income | 75/76B | €928 | €3 | -€925 | -99.7% |
| Recurring financial income | 75 | €928 | €3 | -€925 | -99.7% |
| Financial charges | 65/66B | €2,340 | €1,350 | -€990 | -42.3% |
| Recurring financial charges | 65 | €2,340 | €1,350 | -€990 | -42.3% |
| Profit (loss) for the period before taxes | 9903 | €90,210 | €24,906 | -€65,304 | -72.4% |
| Income taxes | 67/77 | €20,412 | €5,922 | -€14,490 | -71.0% |
| Profit (loss) for the period | 9904 | €69,799 | €18,985 | -€50,814 | -72.8% |
| Profit (loss) for the period to be appropriated | 9905 | €69,799 | €18,985 | -€50,814 | -72.8% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.