Merluno Holding: what changed
What changed
Merluno Holding
NACE 64.210, Activities of holding companies
filed annual accounts (NBB)
Net result for the year
€35,574
2024 · €81,294-€45,720
Equity
€245,823
2024 · €210,249+€35,574
Cash
€12,778
2024 · €66,807-€54,030
Balance sheet total
€827,715
2024 · €866,609-€38,893
Largest movements
Assets
- Cash -€54,030
down €54,030 (-80.9%), from €66,807 to €12,778
mainly Debts after one year (-€64,785) and Tax, wage and social debts (-€52,358)
- Deferred charges and accrued income +€13,430
up €13,430 (+645%), from €2,082 to €15,511
Equity and liabilities
- Debts after one year -€64,785
down €64,785 (-16.2%), from €400,914 to €336,129
- Tax, wage and social debts -€52,358
down €52,358 (-56.5%), from €92,628 to €40,270
of which Taxes: -€44,550
- Trade debts +€41,599
up €41,599 (+47.6%), from €87,445 to €129,044
- Profit (loss) carried forward +€35,574
up €35,574 (+19.7%), from €180,249 to €215,823
Income statement
- Staff costs +€80,328
up €80,328 (+45.1%), from €178,023 to €258,351
- Gross operating margin +€22,168
up €22,168 (+7.3%), from €304,091 to €326,259
- Taxes -€18,365
down €18,365 (-58.4%), from €31,435 to €13,070
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
€81,294
Gross operating margin
+€22,168
Staff costs
-€80,328
Depreciation
-€1,894
Other operating charges
-€1,380
Financial income
-€30
Financial charges
-€2,622
Taxes
+€18,365
Result 2025
€35,574
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
+€11,666
Investment
-€1,894
Financing
-€63,802
Cash 2024
€66,807
From operations (derived)
+€11,666
Net result for the year
+€35,574
Depreciation
+€1,894
Receivables within one year
-€1,707
Deferred charges and accrued income
-€13,430
Trade debts
+€41,599
Tax, wage and social debts
-€52,358
Other debts
+€94
Investment (derived)
-€1,894
Investment in fixed assets (net)
-€1,894
Financing
-€63,802
Debts after one year
-€64,785
Current portion of long-term debt
+€1,339
Short-term financial debts
-€356
Cash 2025
€12,778
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €866,609 | €827,715 | -€38,893 | -4.5% |
| Fixed assets | 21/28 | €638,000 | €638,000 | = | 0.0% |
| Financial fixed assets | 28 | €638,000 | €638,000 | = | 0.0% |
| Current assets | 29/58 | €228,609 | €189,715 | -€38,893 | -17.0% |
| Amounts receivable within one year | 40/41 | €159,720 | €161,427 | +€1,707 | +1.1% |
| Trade receivables | 40 | €159,720 | €155,250 | -€4,470 | -2.8% |
| Other amounts receivable | 41 | - | €6,177 | +€6,177 | |
| Cash at bank and in hand | 54/58 | €66,807 | €12,778 | -€54,030 | -80.9% |
| Deferred charges and accrued income | 490/1 | €2,082 | €15,511 | +€13,430 | +645% |
| Total equity and liabilities | 10/49 | €866,609 | €827,715 | -€38,893 | -4.5% |
| Equity | 10/15 | €210,249 | €245,823 | +€35,574 | +16.9% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €180,249 | €215,823 | +€35,574 | +19.7% |
| Amounts payable | 17/49 | €656,359 | €581,892 | -€74,467 | -11.3% |
| Amounts payable after more than one year | 17 | €400,914 | €336,129 | -€64,785 | -16.2% |
| Financial debts | 170/4 | €400,914 | €336,129 | -€64,785 | -16.2% |
| Amounts payable within one year | 42/48 | €250,182 | €240,500 | -€9,682 | -3.9% |
| Current portion of amounts payable after more than one year | 42 | €68,789 | €70,128 | +€1,339 | +1.9% |
| Financial debts | 43 | €1,321 | €965 | -€356 | -26.9% |
| Credit institutions | 430/8 | €1,321 | €965 | -€356 | -26.9% |
| Trade debts | 44 | €87,445 | €129,044 | +€41,599 | +47.6% |
| Suppliers | 440/4 | €87,445 | €129,044 | +€41,599 | +47.6% |
| Taxes, remuneration and social security | 45 | €92,628 | €40,270 | -€52,358 | -56.5% |
| Taxes | 450/3 | €77,767 | €33,217 | -€44,550 | -57.3% |
| Remuneration and social security | 454/9 | €14,861 | €7,053 | -€7,808 | -52.5% |
| Other amounts payable | 47/48 | - | €94 | +€94 | |
| Accrued charges and deferred income | 492/3 | €5,263 | €5,263 | = | 0.0% |
| Non-recurring operating income | 76A | - | €1,184 | +€1,184 | |
| Remuneration, social security and pensions | 62 | €178,023 | €258,351 | +€80,328 | +45.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €1,894 | +€1,894 | |
| Other operating charges | 640/8 | €1,326 | €2,705 | +€1,380 | +104% |
| Gross operating margin | 9900 | €304,091 | €326,259 | +€22,168 | +7.3% |
| Operating profit (loss) | 9901 | €124,742 | €63,309 | -€61,433 | -49.2% |
| Financial income | 75/76B | €30 | €0 | -€30 | -100% |
| Recurring financial income | 75 | €30 | €0 | -€30 | -100% |
| Financial charges | 65/66B | €12,044 | €14,665 | +€2,622 | +21.8% |
| Recurring financial charges | 65 | €12,044 | €14,665 | +€2,622 | +21.8% |
| Profit (loss) for the period before taxes | 9903 | €112,728 | €48,643 | -€64,085 | -56.8% |
| Income taxes | 67/77 | €31,435 | €13,070 | -€18,365 | -58.4% |
| Profit (loss) for the period | 9904 | €81,294 | €35,574 | -€45,720 | -56.2% |
| Profit (loss) for the period to be appropriated | 9905 | €81,294 | €35,574 | -€45,720 | -56.2% |
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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 6 November 2026 via checked.be.