MERODE EXPRESS: 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.
MERODE EXPRESS
Largest movements
- Cash -€65,772
down €65,772 (-24.6%), from €266,948 to €201,177
mainly Trade debts (-€135,207) and Debts after one year (-€18,310)
- Tangible fixed assets -€41,065
down €41,065 (-37.8%), from €108,693 to €67,628
- Stocks and contracts -€14,395
down €14,395 (-16.9%), from €85,220 to €70,825
- Deferred charges and accrued income +€12,545
up €12,545 (+146%), from €8,570 to €21,115
- Trade debts -€135,207
down €135,207 (-40.2%), from €336,654 to €201,448
- Profit (loss) carried forward +€54,736
up €54,736, from -€52,708 to €2,028
- Accrued charges and deferred income +€23,658
up €23,658 (+511%), from €4,632 to €28,290
- Debts after one year -€18,310
no longer reported in 2025 (was €18,310)
- Current portion of long-term debt -€18,022
down €18,022 (-45.8%), from €39,375 to €21,353
- Gross operating margin +€59,712
up €59,712 (+16.1%), from €371,974 to €431,685
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 | €482,495 | €374,553 | -€107,941 | -22.4% |
| Fixed assets | 21/28 | €108,693 | €67,628 | -€41,065 | -37.8% |
| Tangible fixed assets | 22/27 | €108,693 | €67,628 | -€41,065 | -37.8% |
| Plant, machinery and equipment | 23 | €108,693 | €67,628 | -€41,065 | -37.8% |
| Current assets | 29/58 | €373,802 | €306,925 | -€66,876 | -17.9% |
| Stocks and contracts in progress | 3 | €85,220 | €70,825 | -€14,395 | -16.9% |
| Stocks | 30/36 | €85,220 | €70,825 | -€14,395 | -16.9% |
| Amounts receivable within one year | 40/41 | €13,063 | €13,809 | +€746 | +5.7% |
| Trade receivables | 40 | €8,870 | €11,978 | +€3,109 | +35.0% |
| Other amounts receivable | 41 | €4,193 | €1,830 | -€2,363 | -56.3% |
| Cash at bank and in hand | 54/58 | €266,948 | €201,177 | -€65,772 | -24.6% |
| Deferred charges and accrued income | 490/1 | €8,570 | €21,115 | +€12,545 | +146% |
| Total equity and liabilities | 10/49 | €482,495 | €374,553 | -€107,941 | -22.4% |
| Equity | 10/15 | €25,327 | €69,128 | +€43,801 | +173% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €31,000 | €31,000 | = | 0.0% |
| Distributable reserves | 133 | €31,000 | €31,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€52,708 | €2,028 | +€54,736 | |
| Investment grants | 15 | €17,036 | €6,101 | -€10,935 | -64.2% |
| Amounts payable | 17/49 | €457,167 | €305,425 | -€151,742 | -33.2% |
| Amounts payable after more than one year | 17 | €18,310 | - | -€18,310 | |
| Financial debts | 170/4 | €18,310 | - | -€18,310 | |
| Amounts payable within one year | 42/48 | €434,225 | €277,135 | -€157,089 | -36.2% |
| Current portion of amounts payable after more than one year | 42 | €39,375 | €21,353 | -€18,022 | -45.8% |
| Trade debts | 44 | €336,654 | €201,448 | -€135,207 | -40.2% |
| Suppliers | 440/4 | €336,654 | €201,448 | -€135,207 | -40.2% |
| Taxes, remuneration and social security | 45 | €58,196 | €54,334 | -€3,861 | -6.6% |
| Taxes | 450/3 | - | €385 | +€385 | |
| Remuneration and social security | 454/9 | €58,196 | €53,949 | -€4,246 | -7.3% |
| Accrued charges and deferred income | 492/3 | €4,632 | €28,290 | +€23,658 | +511% |
| Remuneration, social security and pensions | 62 | €327,160 | €323,881 | -€3,279 | -1.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,456 | €41,065 | +€609 | +1.5% |
| Other operating charges | 640/8 | €752 | €1,599 | +€847 | +113% |
| Gross operating margin | 9900 | €371,974 | €431,685 | +€59,712 | +16.1% |
| Operating profit (loss) | 9901 | €3,607 | €65,140 | +€61,534 | +1,706% |
| Financial income | 75/76B | €10,935 | €10,935 | = | 0.0% |
| Recurring financial income | 75 | €10,935 | €10,935 | = | 0.0% |
| Financial charges | 65/66B | €19,728 | €20,955 | +€1,226 | +6.2% |
| Recurring financial charges | 65 | €19,728 | €20,955 | +€1,226 | +6.2% |
| Profit (loss) for the period before taxes | 9903 | -€5,187 | €55,121 | +€60,307 | |
| Income taxes | 67/77 | - | €385 | +€385 | |
| Profit (loss) for the period | 9904 | -€5,187 | €54,736 | +€59,922 | |
| Profit (loss) for the period to be appropriated | 9905 | -€5,187 | €54,736 | +€59,922 |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.