MERNO IMMO: 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.
MERNO IMMO
Largest movements
- Current investments +€5.4m
new in 2025: €5.4m
- Cash -€4.3m
down €4.3m (-93.9%), from €4.6m to €279,323
mainly Current investments (-€5.4m) and Contributions, distributions and other (-€480,000)
- Receivables within one year -€947,797
down €947,797 (-98.5%), from €962,613 to €14,816
of which Other amounts receivable: -€927,005
- Tangible fixed assets -€346,083
down €346,083 (-2.5%), from €13.8m to €13.5m
No liability line moved by more than 1% of the balance sheet total.
- Financial income -€133,777
down €133,777 (-57.7%), from €231,920 to €98,142
of which Financial income: -€133,756
- Gross operating margin -€118,915
down €118,915 (-11.0%), from €1.1m to €961,684
- Other operating charges -€59,449
down €59,449 (-51.1%), from €116,296 to €56,847
- Taxes -€47,063
down €47,063 (-22.3%), from €211,236 to €164,173
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 | €19,442,745 | €19,267,458 | -€175,286 | -0.9% |
| Fixed assets | 21/28 | €13,820,394 | €13,474,311 | -€346,083 | -2.5% |
| Tangible fixed assets | 22/27 | €13,820,394 | €13,474,311 | -€346,083 | -2.5% |
| Land and buildings | 22 | €13,820,394 | €13,474,311 | -€346,083 | -2.5% |
| Current assets | 29/58 | €5,622,351 | €5,793,147 | +€170,796 | +3.0% |
| Amounts receivable within one year | 40/41 | €962,613 | €14,816 | -€947,797 | -98.5% |
| Trade receivables | 40 | €20,792 | - | -€20,792 | |
| Other amounts receivable | 41 | €941,821 | €14,816 | -€927,005 | -98.4% |
| Current investments | 50/53 | - | €5,400,000 | +€5.4m | |
| Cash at bank and in hand | 54/58 | €4,599,465 | €279,323 | -€4.3m | -93.9% |
| Deferred charges and accrued income | 490/1 | €60,273 | €99,008 | +€38,735 | +64.3% |
| Total equity and liabilities | 10/49 | €19,442,745 | €19,267,458 | -€175,286 | -0.9% |
| Equity | 10/15 | €18,691,158 | €18,703,677 | +€12,518 | +0.1% |
| Contributions | 10/11 | €17,142,835 | €17,142,835 | = | 0.0% |
| Capital | 10 | €17,103,000 | €17,103,000 | = | 0.0% |
| Issued capital | 100 | €17,103,000 | €17,103,000 | = | 0.0% |
| Contributions outside capital | 11 | €39,835 | €39,835 | = | 0.0% |
| Share premium | 1100/10 | €39,835 | €39,835 | = | 0.0% |
| Reserves | 13 | €1,533,859 | €1,558,485 | +€24,626 | +1.6% |
| Non-distributable reserves | 130/1 | €1,533,859 | €1,558,485 | +€24,626 | +1.6% |
| Legal reserve | 130 | €1,533,859 | €1,558,485 | +€24,626 | +1.6% |
| Profit (loss) carried forward | 14 | €14,464 | €2,357 | -€12,108 | -83.7% |
| Amounts payable | 17/49 | €751,586 | €563,782 | -€187,805 | -25.0% |
| Amounts payable within one year | 42/48 | €749,099 | €498,862 | -€250,238 | -33.4% |
| Trade debts | 44 | €149,099 | €18,862 | -€130,238 | -87.3% |
| Suppliers | 440/4 | €149,099 | €18,862 | -€130,238 | -87.3% |
| Other amounts payable | 47/48 | €600,000 | €480,000 | -€120,000 | -20.0% |
| Accrued charges and deferred income | 492/3 | €2,487 | €64,920 | +€62,433 | +2,510% |
| Non-recurring operating income | 76A | €25 | - | -€25 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €346,083 | €346,083 | = | 0.0% |
| Other operating charges | 640/8 | €116,296 | €56,847 | -€59,449 | -51.1% |
| Gross operating margin | 9900 | €1,080,599 | €961,684 | -€118,915 | -11.0% |
| Operating profit (loss) | 9901 | €618,220 | €558,754 | -€59,466 | -9.6% |
| Financial income | 75/76B | €231,920 | €98,142 | -€133,777 | -57.7% |
| Recurring financial income | 75 | €231,898 | €98,142 | -€133,756 | -57.7% |
| Non-recurring financial income | 76B | €21 | - | -€21 | |
| Financial charges | 65/66B | €46 | €205 | +€159 | +346% |
| Recurring financial charges | 65 | €46 | €205 | +€159 | +346% |
| Profit (loss) for the period before taxes | 9903 | €850,094 | €656,691 | -€193,403 | -22.8% |
| Income taxes | 67/77 | €211,236 | €164,173 | -€47,063 | -22.3% |
| Profit (loss) for the period | 9904 | €638,858 | €492,518 | -€146,340 | -22.9% |
| Profit (loss) for the period to be appropriated | 9905 | €638,858 | €492,518 | -€146,340 | -22.9% |
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 31 October 2026 via checked.be.