MERLUNO: 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.
MERLUNO
Largest movements
- Receivables within one year -€38,555
down €38,555 (-16.6%), from €232,129 to €193,574
of which Trade receivables: -€63,174
- Cash +€28,553
up €28,553 (+116%), from €24,605 to €53,158
mainly Receivables within one year (+€38,555) and Depreciation (+€25,654)
- Tangible fixed assets -€21,989
down €21,989 (-17.6%), from €124,702 to €102,713
- Intangible fixed assets +€10,911
up €10,911 (+226%), from €4,831 to €15,742
- Trade debts -€36,898
down €36,898 (-16.4%), from €225,269 to €188,371
- Accrued charges and deferred income +€23,568
up €23,568 (+69.1%), from €34,084 to €57,651
- Debts after one year -€20,358
down €20,358 (-34.9%), from €58,260 to €37,902
- Profit (loss) carried forward +€16,591
up €16,591 (+112%), from €14,791 to €31,382
- Current portion of long-term debt -€5,123
down €5,123 (-20.1%), from €25,480 to €20,358
- Gross operating margin +€15,375
up €15,375 (+35.1%), from €43,833 to €59,209
- Taxes +€4,782
up €4,782 (+346%), from €1,382 to €6,164
- Depreciation -€4,109
down €4,109 (-13.8%), from €29,763 to €25,654
- Financial charges -€1,155
down €1,155 (-18.7%), from €6,176 to €5,021
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 | €396,215 | €374,896 | -€21,319 | -5.4% |
| Fixed assets | 21/28 | €129,533 | €118,455 | -€11,078 | -8.6% |
| Intangible fixed assets | 21 | €4,831 | €15,742 | +€10,911 | +226% |
| Tangible fixed assets | 22/27 | €124,702 | €102,713 | -€21,989 | -17.6% |
| Plant, machinery and equipment | 23 | €4,418 | €1,281 | -€3,137 | -71.0% |
| Furniture and vehicles | 24 | €33,863 | €25,097 | -€8,766 | -25.9% |
| Leasing and similar rights | 25 | €0 | - | = | |
| Other tangible fixed assets | 26 | €86,420 | €76,335 | -€10,086 | -11.7% |
| Current assets | 29/58 | €266,682 | €256,441 | -€10,241 | -3.8% |
| Amounts receivable within one year | 40/41 | €232,129 | €193,574 | -€38,555 | -16.6% |
| Trade receivables | 40 | €227,793 | €164,619 | -€63,174 | -27.7% |
| Other amounts receivable | 41 | €4,336 | €28,955 | +€24,619 | +568% |
| Current investments | 50/53 | €300 | €300 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €24,605 | €53,158 | +€28,553 | +116% |
| Deferred charges and accrued income | 490/1 | €9,649 | €9,410 | -€239 | -2.5% |
| Total equity and liabilities | 10/49 | €396,215 | €374,896 | -€21,319 | -5.4% |
| Equity | 10/15 | €47,291 | €63,882 | +€16,591 | +35.1% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €7,500 | €7,500 | = | 0.0% |
| Non-distributable reserves | 130/1 | €7,500 | €7,500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €7,500 | €7,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €14,791 | €31,382 | +€16,591 | +112% |
| Amounts payable | 17/49 | €348,924 | €311,014 | -€37,910 | -10.9% |
| Amounts payable after more than one year | 17 | €58,260 | €37,902 | -€20,358 | -34.9% |
| Financial debts | 170/4 | €58,260 | €37,902 | -€20,358 | -34.9% |
| Amounts payable within one year | 42/48 | €256,580 | €215,460 | -€41,120 | -16.0% |
| Current portion of amounts payable after more than one year | 42 | €25,480 | €20,358 | -€5,123 | -20.1% |
| Financial debts | 43 | €0 | €2,568 | +€2,568 | |
| Credit institutions | 430/8 | €0 | €2,568 | +€2,568 | |
| Trade debts | 44 | €225,269 | €188,371 | -€36,898 | -16.4% |
| Suppliers | 440/4 | €225,269 | €188,371 | -€36,898 | -16.4% |
| Taxes, remuneration and social security | 45 | €5,831 | €4,164 | -€1,668 | -28.6% |
| Taxes | 450/3 | €5,831 | €4,164 | -€1,668 | -28.6% |
| Accrued charges and deferred income | 492/3 | €34,084 | €57,651 | +€23,568 | +69.1% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,763 | €25,654 | -€4,109 | -13.8% |
| Other operating charges | 640/8 | €6,039 | €5,781 | -€257 | -4.3% |
| Gross operating margin | 9900 | €43,833 | €59,209 | +€15,375 | +35.1% |
| Operating profit (loss) | 9901 | €8,032 | €27,773 | +€19,742 | +246% |
| Financial income | 75/76B | €17 | €2 | -€15 | -87.8% |
| Recurring financial income | 75 | €17 | €2 | -€15 | -87.8% |
| Financial charges | 65/66B | €6,176 | €5,021 | -€1,155 | -18.7% |
| Recurring financial charges | 65 | €6,176 | €5,021 | -€1,155 | -18.7% |
| Profit (loss) for the period before taxes | 9903 | €1,873 | €22,755 | +€20,882 | +1,115% |
| Income taxes | 67/77 | €1,382 | €6,164 | +€4,782 | +346% |
| Profit (loss) for the period | 9904 | €492 | €16,591 | +€16,100 | +3,276% |
| Profit (loss) for the period to be appropriated | 9905 | €492 | €16,591 | +€16,100 | +3,276% |
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 19 October 2026 via checked.be.