MERLY: what changed
Two fiscal 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.
What changed
MERLY
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€16,021
2024 · €509,826-€493,805
Equity
€2.1m
2024 · €2.2m-€136,735
Cash
€158,473
2024 · €164,696-€6,223
Balance sheet total
€2.4m
2024 · €2.6m-€213,343
Largest movements
Assets
- Receivables after one year -€138,853
down €138,853 (-64.1%), from €216,788 to €77,935
- Tangible fixed assets -€82,479
down €82,479 (-6.2%), from €1.3m to €1.2m
of which Land and buildings: -€78,934
Equity and liabilities
- Reserves -€136,735
down €136,735 (-11.0%), from €1.2m to €1.1m
of which Distributable reserves: -€93,574
- Tax, wage and social debts -€63,000
down €63,000 (-100.0%), from €63,000 to €0
Income statement
- Gross operating margin -€785,928
down €785,928 (-80.6%), from €974,663 to €188,735
- Taxes -€298,577
down €298,577 (-91.3%), from €327,128 to €28,551
- Financial income +€13,243
up €13,243 (+73.0%), from €18,139 to €31,381
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.
Result 2024
€509,826
Gross operating margin
-€785,928
Other operating charges
+€1,122
Financial income
+€13,243
Financial charges
+€9,627
Taxes
+€298,577
Deferred taxes and other
-€30,445
Result 2025
€16,021
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.
From operations
+€167,966
Investment
-€18,366
Financing
-€155,823
Cash 2024
€164,696
From operations (derived)
+€167,966
Net result for the year
+€16,021
Depreciation
+€82,479
Receivables after one year
+€138,853
Receivables within one year
-€4,000
Deferred charges and accrued income
+€8,154
Provisions
-€14,387
Tax, wage and social debts
-€63,000
Other debts
+€3,846
Investment (derived)
-€18,366
Current investments
-€18,366
Financing
-€155,823
Short-term financial debts
-€3,067
Contributions, distributions and other
-€152,756
Cash 2025
€158,473
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,624,153 | €2,410,810 | -€213,343 | -8.1% |
| Fixed assets | 21/28 | €1,328,012 | €1,245,532 | -€82,479 | -6.2% |
| Tangible fixed assets | 22/27 | €1,328,012 | €1,245,532 | -€82,479 | -6.2% |
| Land and buildings | 22 | €1,320,255 | €1,241,321 | -€78,934 | -6.0% |
| Plant, machinery and equipment | 23 | €7,756 | €4,211 | -€3,545 | -45.7% |
| Current assets | 29/58 | €1,296,141 | €1,165,278 | -€130,863 | -10.1% |
| Amounts receivable after more than one year | 29 | €216,788 | €77,935 | -€138,853 | -64.1% |
| Other amounts receivable | 291 | €216,788 | €77,935 | -€138,853 | -64.1% |
| Amounts receivable within one year | 40/41 | €0 | €4,000 | +€4,000 | |
| Other amounts receivable | 41 | €0 | €4,000 | +€4,000 | |
| Current investments | 50/53 | €900,000 | €918,366 | +€18,366 | +2.0% |
| Cash at bank and in hand | 54/58 | €164,696 | €158,473 | -€6,223 | -3.8% |
| Deferred charges and accrued income | 490/1 | €14,657 | €6,504 | -€8,154 | -55.6% |
| Total equity and liabilities | 10/49 | €2,624,153 | €2,410,810 | -€213,343 | -8.1% |
| Equity | 10/15 | €2,200,044 | €2,063,309 | -€136,735 | -6.2% |
| Contributions | 10/11 | €71,678 | €71,678 | = | 0.0% |
| Capital | 10 | €71,678 | €71,678 | = | 0.0% |
| Issued capital | 100 | €71,678 | €71,678 | = | 0.0% |
| Reserves | 13 | €1,244,117 | €1,107,382 | -€136,735 | -11.0% |
| Non-distributable reserves | 130/1 | €8,000 | €8,000 | = | 0.0% |
| Legal reserve | 130 | €8,000 | €8,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €254,124 | €210,963 | -€43,162 | -17.0% |
| Distributable reserves | 133 | €981,993 | €888,419 | -€93,574 | -9.5% |
| Profit (loss) carried forward | 14 | €884,248 | €884,248 | = | 0.0% |
| Provisions and deferred taxes | 16 | €144,708 | €130,321 | -€14,387 | -9.9% |
| Provisions for liabilities and charges | 160/5 | €60,000 | €60,000 | = | 0.0% |
| Major repairs and maintenance | 162 | €60,000 | €60,000 | = | 0.0% |
| Deferred taxes | 168 | €84,708 | €70,321 | -€14,387 | -17.0% |
| Amounts payable | 17/49 | €279,401 | €217,180 | -€62,221 | -22.3% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €279,401 | €217,180 | -€62,221 | -22.3% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Financial debts | 43 | €3,067 | €0 | -€3,067 | -100.0% |
| Credit institutions | 430/8 | €3,067 | €0 | -€3,067 | -100.0% |
| Trade debts | 44 | €0 | - | = | |
| Suppliers | 440/4 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €63,000 | €0 | -€63,000 | -100.0% |
| Taxes | 450/3 | €63,000 | €0 | -€63,000 | -100.0% |
| Other amounts payable | 47/48 | €213,334 | €217,180 | +€3,846 | +1.8% |
| Non-recurring operating income | 76A | €803,787 | €0 | -€803,787 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €82,479 | €82,479 | = | 0.0% |
| Other operating charges | 640/8 | €105,726 | €104,603 | -€1,122 | -1.1% |
| Gross operating margin | 9900 | €974,663 | €188,735 | -€785,928 | -80.6% |
| Operating profit (loss) | 9901 | €786,458 | €1,652 | -€784,806 | -99.8% |
| Financial income | 75/76B | €18,139 | €31,381 | +€13,243 | +73.0% |
| Recurring financial income | 75 | €18,139 | €31,381 | +€13,243 | +73.0% |
| Financial charges | 65/66B | €12,475 | €2,848 | -€9,627 | -77.2% |
| Recurring financial charges | 65 | €12,475 | €2,848 | -€9,627 | -77.2% |
| Profit (loss) for the period before taxes | 9903 | €792,122 | €30,185 | -€761,937 | -96.2% |
| Transfer from deferred taxes | 780 | €44,833 | €14,387 | -€30,445 | -67.9% |
| Income taxes | 67/77 | €327,128 | €28,551 | -€298,577 | -91.3% |
| Profit (loss) for the period | 9904 | €509,826 | €16,021 | -€493,805 | -96.9% |
| Transfer from tax-exempt reserves | 789 | €134,498 | €43,162 | -€91,336 | -67.9% |
| Profit (loss) for the period to be appropriated | 9905 | €644,324 | €59,183 | -€585,142 | -90.8% |
Source: filed annual accounts (NBB), fiscal years ended 30 April 2024 and 30 April 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.