Merlux: 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.
Merlux
Largest movements
- Cash +€162,347
up €162,347 (+95.3%), from €170,289 to €332,636
mainly Net result for the year (+€263,255) and Depreciation (+€182,099)
- Receivables after one year -€50,092
down €50,092 (-100.0%), from €50,092 to €0
- Reserves +€263,255
up €263,255 (+29.8%), from €883,428 to €1.1m
of which Distributable reserves: +€263,255
- Other debts -€75,575
down €75,575 (-58.8%), from €128,553 to €52,977
- Short-term financial debts -€55,713
down €55,713 (-100.0%), from €55,713 to €0
of which Other loans: -€50,000
- Tax, wage and social debts +€53,456
up €53,456 (+37.3%), from €143,216 to €196,672
- Debts after one year -€36,209
down €36,209 (-2.5%), from €1.5m to €1.4m
- Gross operating margin +€180,900
up €180,900 (+35.4%), from €510,804 to €691,704
- Other operating charges +€47,261
up €47,261 (+623.9%), from €7,575 to €54,836
- Taxes +€30,367
up €30,367 (+40.7%), from €74,563 to €104,929
- Financial charges +€12,954
up €12,954 (+17.6%), from €73,740 to €86,694
- Depreciation +€11,665
up €11,665 (+6.8%), from €170,434 to €182,099
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 | €2,918,359 | €3,034,453 | +€116,094 | +4.0% |
| Fixed assets | 21/28 | €2,573,791 | €2,549,672 | -€24,119 | -0.9% |
| Tangible fixed assets | 22/27 | €2,573,791 | €2,549,672 | -€24,119 | -0.9% |
| Land and buildings | 22 | €2,129,351 | €2,175,031 | +€45,680 | +2.1% |
| Plant, machinery and equipment | 23 | €73,086 | €53,236 | -€19,850 | -27.2% |
| Furniture and vehicles | 24 | €78,489 | €49,069 | -€29,420 | -37.5% |
| Other tangible fixed assets | 26 | €292,865 | €272,335 | -€20,530 | -7.0% |
| Current assets | 29/58 | €344,569 | €484,781 | +€140,212 | +40.7% |
| Amounts receivable after more than one year | 29 | €50,092 | €0 | -€50,092 | -100.0% |
| Trade receivables | 290 | €50,092 | €0 | -€50,092 | -100.0% |
| Amounts receivable within one year | 40/41 | €78,495 | €81,182 | +€2,687 | +3.4% |
| Trade receivables | 40 | €78,471 | €78,279 | -€192 | -0.2% |
| Other amounts receivable | 41 | €24 | €2,903 | +€2,879 | +12199.4% |
| Current investments | 50/53 | €42,900 | €64,400 | +€21,500 | +50.1% |
| Cash at bank and in hand | 54/58 | €170,289 | €332,636 | +€162,347 | +95.3% |
| Deferred charges and accrued income | 490/1 | €2,794 | €6,564 | +€3,771 | +135.0% |
| Total equity and liabilities | 10/49 | €2,918,359 | €3,034,453 | +€116,094 | +4.0% |
| Equity | 10/15 | €902,028 | €1,165,283 | +€263,255 | +29.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €883,428 | €1,146,683 | +€263,255 | +29.8% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €881,568 | €1,144,823 | +€263,255 | +29.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €2,016,332 | €1,869,171 | -€147,161 | -7.3% |
| Amounts payable after more than one year | 17 | €1,460,045 | €1,423,836 | -€36,209 | -2.5% |
| Financial debts | 170/4 | €1,460,045 | €1,423,836 | -€36,209 | -2.5% |
| Amounts payable within one year | 42/48 | €536,766 | €445,334 | -€91,432 | -17.0% |
| Current portion of amounts payable after more than one year | 42 | €166,674 | €185,809 | +€19,134 | +11.5% |
| Financial debts | 43 | €55,713 | €0 | -€55,713 | -100.0% |
| Credit institutions | 430/8 | €5,713 | €0 | -€5,713 | -100.0% |
| Other loans | 439 | €50,000 | €0 | -€50,000 | -100.0% |
| Trade debts | 44 | €42,610 | €9,876 | -€32,735 | -76.8% |
| Suppliers | 440/4 | €42,610 | €9,876 | -€32,735 | -76.8% |
| Taxes, remuneration and social security | 45 | €143,216 | €196,672 | +€53,456 | +37.3% |
| Taxes | 450/3 | €143,216 | €196,672 | +€53,456 | +37.3% |
| Other amounts payable | 47/48 | €128,553 | €52,977 | -€75,575 | -58.8% |
| Accrued charges and deferred income | 492/3 | €19,520 | €0 | -€19,520 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €170,434 | €182,099 | +€11,665 | +6.8% |
| Other operating charges | 640/8 | €7,575 | €54,836 | +€47,261 | +623.9% |
| Gross operating margin | 9900 | €510,804 | €691,704 | +€180,900 | +35.4% |
| Operating profit (loss) | 9901 | €332,795 | €454,768 | +€121,973 | +36.7% |
| Financial income | 75/76B | €3,795 | €110 | -€3,685 | -97.1% |
| Recurring financial income | 75 | €3,795 | €110 | -€3,685 | -97.1% |
| Financial charges | 65/66B | €73,740 | €86,694 | +€12,954 | +17.6% |
| Recurring financial charges | 65 | €73,740 | €86,694 | +€12,954 | +17.6% |
| Profit (loss) for the period before taxes | 9903 | €262,850 | €368,184 | +€105,334 | +40.1% |
| Income taxes | 67/77 | €74,563 | €104,929 | +€30,367 | +40.7% |
| Profit (loss) for the period | 9904 | €188,287 | €263,255 | +€74,968 | +39.8% |
| Profit (loss) for the period to be appropriated | 9905 | €188,287 | €263,255 | +€74,968 | +39.8% |
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 9 October 2026 via checked.be.