MERMA: 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.
MERMA
Largest movements
- Cash +€408,582
up €408,582 (+106.3%), from €384,239 to €792,821
mainly Net result for the year (+€493,281) and Tax, wage and social debts (+€48,094)
- Tangible fixed assets +€132,572
up €132,572 (+1565.1%), from €8,470 to €141,042
of which Furniture and vehicles: +€135,516
- Reserves +€493,281
up €493,281 (+37.0%), from €1.3m to €1.8m
- Tax, wage and social debts +€48,094
up €48,094 (+85.9%), from €55,980 to €104,074
- Financial income -€60,283
down €60,283 (-9.1%), from €660,553 to €600,269
- Depreciation +€17,599
up €17,599 (+99.2%), from €17,733 to €35,332
- Gross operating margin +€8,322
up €8,322 (+31.5%), from -€26,398 to -€18,077
- Taxes -€5,654
down €5,654 (-10.2%), from €55,391 to €49,736
- Other operating charges +€1,591
up €1,591 (+146.6%), from €1,086 to €2,677
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 | €1,973,621 | €2,515,745 | +€542,124 | +27.5% |
| Fixed assets | 21/28 | €8,470 | €141,042 | +€132,572 | +1565.1% |
| Tangible fixed assets | 22/27 | €8,470 | €141,042 | +€132,572 | +1565.1% |
| Land and buildings | 22 | €7,030 | €3,677 | -€3,352 | -47.7% |
| Plant, machinery and equipment | 23 | €1,441 | €1,849 | +€409 | +28.4% |
| Furniture and vehicles | 24 | €0 | €135,516 | +€135,516 | |
| Current assets | 29/58 | €1,965,150 | €2,374,703 | +€409,552 | +20.8% |
| Amounts receivable after more than one year | 29 | €1,578,243 | €1,568,891 | -€9,353 | -0.6% |
| Other amounts receivable | 291 | €1,578,243 | €1,568,891 | -€9,353 | -0.6% |
| Amounts receivable within one year | 40/41 | €2,668 | €0 | -€2,668 | -100.0% |
| Other amounts receivable | 41 | €2,668 | €0 | -€2,668 | -100.0% |
| Cash at bank and in hand | 54/58 | €384,239 | €792,821 | +€408,582 | +106.3% |
| Deferred charges and accrued income | 490/1 | - | €12,991 | +€12,991 | |
| Total equity and liabilities | 10/49 | €1,973,621 | €2,515,745 | +€542,124 | +27.5% |
| Equity | 10/15 | €1,917,330 | €2,410,611 | +€493,281 | +25.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,332,526 | €1,825,807 | +€493,281 | +37.0% |
| Distributable reserves | 133 | €1,332,526 | €1,825,807 | +€493,281 | +37.0% |
| Profit (loss) carried forward | 14 | €572,404 | €572,404 | = | 0.0% |
| Amounts payable | 17/49 | €56,290 | €105,134 | +€48,843 | +86.8% |
| Amounts payable within one year | 42/48 | €56,290 | €105,134 | +€48,843 | +86.8% |
| Trade debts | 44 | €311 | €1,060 | +€749 | +241.2% |
| Suppliers | 440/4 | €311 | €1,060 | +€749 | +241.2% |
| Taxes, remuneration and social security | 45 | €55,980 | €104,074 | +€48,094 | +85.9% |
| Taxes | 450/3 | €55,980 | €104,074 | +€48,094 | +85.9% |
| Non-recurring operating income | 76A | - | €18,700 | +€18,700 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,733 | €35,332 | +€17,599 | +99.2% |
| Other operating charges | 640/8 | €1,086 | €2,677 | +€1,591 | +146.6% |
| Gross operating margin | 9900 | -€26,398 | -€18,077 | +€8,322 | +31.5% |
| Operating profit (loss) | 9901 | -€45,217 | -€56,085 | -€10,869 | -24.0% |
| Financial income | 75/76B | €660,553 | €600,269 | -€60,283 | -9.1% |
| Recurring financial income | 75 | €660,553 | €600,269 | -€60,283 | -9.1% |
| Financial charges | 65/66B | €146 | €1,167 | +€1,020 | +697.1% |
| Recurring financial charges | 65 | €146 | €1,167 | +€1,020 | +697.1% |
| Profit (loss) for the period before taxes | 9903 | €615,190 | €543,017 | -€72,172 | -11.7% |
| Income taxes | 67/77 | €55,391 | €49,736 | -€5,654 | -10.2% |
| Profit (loss) for the period | 9904 | €559,799 | €493,281 | -€66,518 | -11.9% |
| Profit (loss) for the period to be appropriated | 9905 | €559,799 | €493,281 | -€66,518 | -11.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.