MERO-TSK Benelux: 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.
What changed
MERO-TSK Benelux
NACE 25.110, Manufacture of metal structures and parts of structures
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€414,801
2024 · €642,847-€228,046
Equity
€1.4m
2024 · €939,581+€414,801
Cash
€239,501
2024 · €558,654-€319,153
Balance sheet total
€9.4m
2024 · €6.4m+€3.0m
Largest movements
Assets
- Stocks and contracts +€2.4m
up €2.4m (+72.9%), from €3.3m to €5.7m
of which Contracts in progress: +€2.3m
- Receivables within one year +€846,900
up €846,900 (+35.3%), from €2.4m to €3.2m
of which Trade receivables: +€799,822
- Cash -€319,153
down €319,153 (-57.1%), from €558,654 to €239,501
mainly Stocks and contracts (-€2.4m) and Receivables within one year (-€846,900)
Equity and liabilities
- Advances received +€2.6m
up €2.6m (+82.2%), from €3.1m to €5.7m
- Profit (loss) carried forward +€414,801
up €414,801 (+64.6%), from €642,597 to €1.1m
Income statement
- Gross operating margin -€686,925
down €686,925 (-37.8%), from €1.8m to €1.1m
- Write-downs -€596,292
down €596,292, from €312,837 to -€283,454
- Staff costs +€293,464
up €293,464 (+59.3%), from €494,857 to €788,322
- Taxes -€74,697
down €74,697 (-31.4%), from €238,225 to €163,529
- Other operating charges -€69,448
down €69,448 (-91.6%), from €75,823 to €6,375
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
€642,847
Gross operating margin
-€686,925
Staff costs
-€293,464
Depreciation
-€23,576
Write-downs
+€596,292
Provisions
+€9,856
Other operating charges
+€69,448
Financial income
+€2,796
Financial charges
+€22,830
Taxes
+€74,697
Result 2025
€414,801
raises the resultlowers the result
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.
From operations
-€185,330
Investment
-€133,823
Financing
€0
Cash 2024
€558,654
From operations (derived)
-€185,330
Net result for the year
+€414,801
Depreciation
+€45,094
Stocks and contracts
-€2.4m
Receivables within one year
-€846,900
Deferred charges and accrued income
-€10,928
Provisions
+€21,310
Trade debts
-€25,300
Tax, wage and social debts
+€61,777
Advances received
+€2.6m
Investment (derived)
-€133,823
Investment in fixed assets (net)
-€133,823
Cash 2025
€239,501
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €6,355,232 | €9,379,251 | +€3.0m | +47.6% |
| Fixed assets | 21/28 | €89,406 | €178,135 | +€88,729 | +99.2% |
| Tangible fixed assets | 22/27 | €89,406 | €178,135 | +€88,729 | +99.2% |
| Plant, machinery and equipment | 23 | €3,787 | €12,737 | +€8,950 | +236% |
| Furniture and vehicles | 24 | €75,412 | €156,814 | +€81,402 | +108% |
| Other tangible fixed assets | 26 | €10,206 | €8,584 | -€1,622 | -15.9% |
| Current assets | 29/58 | €6,265,826 | €9,201,116 | +€2.9m | +46.8% |
| Stocks and contracts in progress | 3 | €3,288,665 | €5,685,279 | +€2.4m | +72.9% |
| Stocks | 30/36 | €156,749 | €231,822 | +€75,073 | +47.9% |
| Contracts in progress | 37 | €3,131,916 | €5,453,457 | +€2.3m | +74.1% |
| Amounts receivable within one year | 40/41 | €2,401,339 | €3,248,240 | +€846,900 | +35.3% |
| Trade receivables | 40 | €2,352,528 | €3,152,349 | +€799,822 | +34.0% |
| Other amounts receivable | 41 | €48,812 | €95,891 | +€47,079 | +96.4% |
| Cash at bank and in hand | 54/58 | €558,654 | €239,501 | -€319,153 | -57.1% |
| Deferred charges and accrued income | 490/1 | €17,167 | €28,096 | +€10,928 | +63.7% |
| Total equity and liabilities | 10/49 | €6,355,232 | €9,379,251 | +€3.0m | +47.6% |
| Equity | 10/15 | €939,581 | €1,354,382 | +€414,801 | +44.1% |
| Contributions | 10/11 | €247,900 | €247,900 | = | 0.0% |
| Capital | 10 | €247,900 | €247,900 | = | 0.0% |
| Issued capital | 100 | €247,900 | €247,900 | = | 0.0% |
| Reserves | 13 | €49,084 | €49,084 | = | 0.0% |
| Non-distributable reserves | 130/1 | €49,084 | €49,084 | = | 0.0% |
| Legal reserve | 130 | €49,084 | €49,084 | = | 0.0% |
| Profit (loss) carried forward | 14 | €642,597 | €1,057,398 | +€414,801 | +64.6% |
| Provisions and deferred taxes | 16 | €75,291 | €96,601 | +€21,310 | +28.3% |
| Provisions for liabilities and charges | 160/5 | €75,291 | €96,601 | +€21,310 | +28.3% |
| Other liabilities and charges | 164/5 | €75,291 | €96,601 | +€21,310 | +28.3% |
| Amounts payable | 17/49 | €5,340,360 | €7,928,267 | +€2.6m | +48.5% |
| Amounts payable within one year | 42/48 | €5,331,960 | €7,919,867 | +€2.6m | +48.5% |
| Trade debts | 44 | €2,120,462 | €2,095,163 | -€25,300 | -1.2% |
| Suppliers | 440/4 | €2,120,462 | €2,095,163 | -€25,300 | -1.2% |
| Advances received on contracts in progress | 46 | €3,104,419 | €5,655,848 | +€2.6m | +82.2% |
| Taxes, remuneration and social security | 45 | €107,079 | €168,857 | +€61,777 | +57.7% |
| Taxes | 450/3 | €35,190 | €49,558 | +€14,368 | +40.8% |
| Remuneration and social security | 454/9 | €71,890 | €119,299 | +€47,409 | +65.9% |
| Accrued charges and deferred income | 492/3 | €8,400 | €8,400 | = | 0.0% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €494,857 | €788,322 | +€293,464 | +59.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,518 | €45,094 | +€23,576 | +110% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €312,837 | -€283,454 | -€596,292 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €31,167 | €21,310 | -€9,856 | -31.6% |
| Other operating charges | 640/8 | €75,823 | €6,375 | -€69,448 | -91.6% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €1,816,614 | €1,129,689 | -€686,925 | -37.8% |
| Operating profit (loss) | 9901 | €880,411 | €552,043 | -€328,369 | -37.3% |
| Financial income | 75/76B | €31,803 | €34,599 | +€2,796 | +8.8% |
| Recurring financial income | 75 | €31,803 | €34,599 | +€2,796 | +8.8% |
| Financial charges | 65/66B | €31,142 | €8,312 | -€22,830 | -73.3% |
| Recurring financial charges | 65 | €31,142 | €8,312 | -€22,830 | -73.3% |
| Profit (loss) for the period before taxes | 9903 | €881,073 | €578,330 | -€302,743 | -34.4% |
| Income taxes | 67/77 | €238,225 | €163,529 | -€74,697 | -31.4% |
| Profit (loss) for the period | 9904 | €642,847 | €414,801 | -€228,046 | -35.5% |
| Profit (loss) for the period to be appropriated | 9905 | €642,847 | €414,801 | -€228,046 | -35.5% |
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 17 October 2026 via checked.be.