MEROAN: 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
MEROAN
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€68,667
2024 · €62,225+€6,442
Equity
€1.5m
2024 · €1.4m+€68,667
Cash
€83,736
2024 · €47,858+€35,878
Balance sheet total
€3.7m
2024 · €3.2m+€505,316
Largest movements
Assets
- Tangible fixed assets +€469,180
up €469,180 (+15.1%), from €3.1m to €3.6m
of which Land and buildings: +€493,160
Equity and liabilities
- Other debts +€495,070
up €495,070 (+39.9%), from €1.2m to €1.7m
- Profit (loss) carried forward +€76,949
up €76,949 (+20.9%), from €368,148 to €445,097
- Debts after one year -€43,462
down €43,462 (-13.0%), from €334,780 to €291,319
Income statement
- Gross operating margin +€20,589
up €20,589 (+8.1%), from €253,166 to €273,755
- Depreciation +€13,234
up €13,234 (+9.4%), from €141,258 to €154,492
- Taxes +€6,460
up €6,460 (+28.2%), from €22,913 to €29,373
- Other operating charges -€5,608
down €5,608 (-26.4%), from €21,236 to €15,628
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
€62,225
Gross operating margin
+€20,589
Depreciation
-€13,234
Other operating charges
+€5,608
Financial income
-€0
Financial charges
-€94
Taxes
-€6,460
Deferred taxes and other
+€33
Result 2025
€68,667
raises the resultlowers the resultnot broken down further in the accounts
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
+€709,439
Investment
-€623,672
Financing
-€49,888
Cash 2024
€47,858
From operations (derived)
+€709,439
Net result for the year
+€68,667
Depreciation
+€154,492
Smaller working-capital items
-€169
Provisions
-€4,110
Tax, wage and social debts
-€4,511
Other debts
+€495,070
Investment (derived)
-€623,672
Investment in fixed assets (net)
-€623,672
Financing
-€49,888
Debts after one year
-€43,462
Current portion of long-term debt
-€6,427
Cash 2025
€83,736
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,157,417 | €3,662,733 | +€505,316 | +16.0% |
| Fixed assets | 21/28 | €3,100,760 | €3,569,940 | +€469,180 | +15.1% |
| Tangible fixed assets | 22/27 | €3,100,760 | €3,569,940 | +€469,180 | +15.1% |
| Land and buildings | 22 | €3,004,644 | €3,497,804 | +€493,160 | +16.4% |
| Furniture and vehicles | 24 | €96,117 | €72,137 | -€23,980 | -24.9% |
| Current assets | 29/58 | €56,656 | €92,793 | +€36,136 | +63.8% |
| Amounts receivable within one year | 40/41 | €4,840 | €4,840 | = | 0.0% |
| Trade receivables | 40 | €4,840 | €4,840 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €47,858 | €83,736 | +€35,878 | +75.0% |
| Deferred charges and accrued income | 490/1 | €3,958 | €4,217 | +€259 | +6.5% |
| Total equity and liabilities | 10/49 | €3,157,417 | €3,662,733 | +€505,316 | +16.0% |
| Equity | 10/15 | €1,422,068 | €1,490,735 | +€68,667 | +4.8% |
| Contributions | 10/11 | €727,000 | €727,000 | = | 0.0% |
| Capital | 10 | €727,000 | €727,000 | = | 0.0% |
| Issued capital | 100 | €727,000 | €727,000 | = | 0.0% |
| Reserves | 13 | €326,920 | €318,639 | -€8,282 | -2.5% |
| Non-distributable reserves | 130/1 | €26,333 | €30,383 | +€4,050 | +15.4% |
| Legal reserve | 130 | €26,333 | €30,383 | +€4,050 | +15.4% |
| Tax-exempt reserves | 132 | €300,587 | €288,256 | -€12,331 | -4.1% |
| Profit (loss) carried forward | 14 | €368,148 | €445,097 | +€76,949 | +20.9% |
| Provisions and deferred taxes | 16 | €102,544 | €98,433 | -€4,110 | -4.0% |
| Deferred taxes | 168 | €102,544 | €98,433 | -€4,110 | -4.0% |
| Amounts payable | 17/49 | €1,632,805 | €2,073,564 | +€440,760 | +27.0% |
| Amounts payable after more than one year | 17 | €334,780 | €291,319 | -€43,462 | -13.0% |
| Financial debts | 170/4 | €334,780 | €291,319 | -€43,462 | -13.0% |
| Amounts payable within one year | 42/48 | €1,298,024 | €1,782,246 | +€484,221 | +37.3% |
| Current portion of amounts payable after more than one year | 42 | €49,888 | €43,462 | -€6,427 | -12.9% |
| Trade debts | 44 | - | €89 | +€89 | |
| Suppliers | 440/4 | - | €89 | +€89 | |
| Taxes, remuneration and social security | 45 | €7,922 | €3,412 | -€4,511 | -56.9% |
| Taxes | 450/3 | €7,922 | €3,412 | -€4,511 | -56.9% |
| Other amounts payable | 47/48 | €1,240,214 | €1,735,283 | +€495,070 | +39.9% |
| Non-recurring operating income | 76A | €13,500 | - | -€13,500 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €141,258 | €154,492 | +€13,234 | +9.4% |
| Other operating charges | 640/8 | €21,236 | €15,628 | -€5,608 | -26.4% |
| Gross operating margin | 9900 | €253,166 | €273,755 | +€20,589 | +8.1% |
| Operating profit (loss) | 9901 | €90,672 | €103,635 | +€12,962 | +14.3% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €9,611 | €9,705 | +€94 | +1.0% |
| Recurring financial charges | 65 | €9,611 | €9,705 | +€94 | +1.0% |
| Profit (loss) for the period before taxes | 9903 | €81,061 | €93,930 | +€12,868 | +15.9% |
| Transfer from deferred taxes | 780 | €4,077 | €4,110 | +€33 | +0.8% |
| Income taxes | 67/77 | €22,913 | €29,373 | +€6,460 | +28.2% |
| Profit (loss) for the period | 9904 | €62,225 | €68,667 | +€6,442 | +10.4% |
| Transfer from tax-exempt reserves | 789 | €12,232 | €12,331 | +€99 | +0.8% |
| Profit (loss) for the period to be appropriated | 9905 | €74,458 | €80,998 | +€6,541 | +8.8% |
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 14 October 2026 via checked.be.