MERODE: 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.
MERODE
Largest movements
- Receivables within one year -€59,582
down €59,582 (-52.3%), from €113,856 to €54,273
of which Trade receivables: -€55,500
- Cash -€5,622
down €5,622 (-52.5%), from €10,698 to €5,077
mainly Contributions, distributions and other (-€75,471) and Investment in fixed assets (net) (-€46,127)
- Reserves -€55,839
down €55,839 (-25.3%), from €220,818 to €164,979
of which Distributable reserves: -€55,839
- Other debts +€30,696
up €30,696 (+73.9%), from €41,515 to €72,211
- Debts after one year -€20,414
down €20,414 (-15.4%), from €132,387 to €111,973
- Accrued charges and deferred income -€9,680
down €9,680 (-72.1%), from €13,430 to €3,750
- Trade debts -€6,251
down €6,251 (-100.0%), from €6,251 to €0
- Gross operating margin +€15,289
up €15,289 (+21.8%), from €70,212 to €85,502
- Depreciation +€5,679
up €5,679 (+15.7%), from €36,059 to €41,737
- Financial charges +€2,977
up €2,977 (+43.8%), from €6,793 to €9,770
- Taxes +€928
up €928 (+11.8%), from €7,843 to €8,771
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 | €514,638 | €453,824 | -€60,814 | -11.8% |
| Fixed assets | 21/28 | €390,084 | €394,474 | +€4,390 | +1.1% |
| Tangible fixed assets | 22/27 | €390,084 | €394,474 | +€4,390 | +1.1% |
| Land and buildings | 22 | €361,289 | €252,716 | -€108,573 | -30.1% |
| Plant, machinery and equipment | 23 | €9,940 | €8,593 | -€1,347 | -13.5% |
| Other tangible fixed assets | 26 | €18,854 | €133,164 | +€114,310 | +606.3% |
| Current assets | 29/58 | €124,554 | €59,350 | -€65,204 | -52.3% |
| Amounts receivable within one year | 40/41 | €113,856 | €54,273 | -€59,582 | -52.3% |
| Trade receivables | 40 | €82,500 | €27,000 | -€55,500 | -67.3% |
| Other amounts receivable | 41 | €31,356 | €27,273 | -€4,082 | -13.0% |
| Cash at bank and in hand | 54/58 | €10,698 | €5,077 | -€5,622 | -52.5% |
| Total equity and liabilities | 10/49 | €514,638 | €453,824 | -€60,814 | -11.8% |
| Equity | 10/15 | €295,818 | €239,979 | -€55,839 | -18.9% |
| Contributions | 10/11 | €75,000 | €75,000 | = | 0.0% |
| Capital | 10 | €75,000 | €75,000 | = | 0.0% |
| Issued capital | 100 | €75,000 | €75,000 | = | 0.0% |
| Reserves | 13 | €220,818 | €164,979 | -€55,839 | -25.3% |
| Non-distributable reserves | 130/1 | €16,981 | €16,981 | = | 0.0% |
| Legal reserve | 130 | €16,981 | €16,981 | = | 0.0% |
| Tax-exempt reserves | 132 | €10,109 | €10,109 | = | 0.0% |
| Distributable reserves | 133 | €193,729 | €137,890 | -€55,839 | -28.8% |
| Provisions and deferred taxes | 16 | €496 | €496 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €496 | €496 | = | 0.0% |
| Pensions and similar obligations | 160 | €496 | €496 | = | 0.0% |
| Amounts payable | 17/49 | €218,323 | €213,348 | -€4,975 | -2.3% |
| Amounts payable after more than one year | 17 | €132,387 | €111,973 | -€20,414 | -15.4% |
| Financial debts | 170/4 | €132,387 | €111,973 | -€20,414 | -15.4% |
| Amounts payable within one year | 42/48 | €72,506 | €97,625 | +€25,119 | +34.6% |
| Current portion of amounts payable after more than one year | 42 | €24,741 | €25,414 | +€673 | +2.7% |
| Trade debts | 44 | €6,251 | €0 | -€6,251 | -100.0% |
| Suppliers | 440/4 | €6,251 | €0 | -€6,251 | -100.0% |
| Other amounts payable | 47/48 | €41,515 | €72,211 | +€30,696 | +73.9% |
| Accrued charges and deferred income | 492/3 | €13,430 | €3,750 | -€9,680 | -72.1% |
| Non-recurring operating income | 76A | - | €6,050 | +€6,050 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,059 | €41,737 | +€5,679 | +15.7% |
| Other operating charges | 640/8 | €5,851 | €6,035 | +€184 | +3.1% |
| Gross operating margin | 9900 | €70,212 | €85,502 | +€15,289 | +21.8% |
| Operating profit (loss) | 9901 | €28,303 | €37,730 | +€9,427 | +33.3% |
| Financial income | 75/76B | €0 | €444 | +€444 | |
| Recurring financial income | 75 | €0 | €444 | +€444 | |
| Financial charges | 65/66B | €6,793 | €9,770 | +€2,977 | +43.8% |
| Recurring financial charges | 65 | €6,793 | €9,770 | +€2,977 | +43.8% |
| Profit (loss) for the period before taxes | 9903 | €21,510 | €28,403 | +€6,893 | +32.0% |
| Income taxes | 67/77 | €7,843 | €8,771 | +€928 | +11.8% |
| Profit (loss) for the period | 9904 | €13,667 | €19,632 | +€5,965 | +43.6% |
| Profit (loss) for the period to be appropriated | 9905 | €13,667 | €19,632 | +€5,965 | +43.6% |
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 4 October 2026 via checked.be.