MEROFIX: 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.
MEROFIX
Largest movements
- Receivables within one year +€516,801
up €516,801 (+27.9%), from €1.9m to €2.4m
of which Other amounts receivable: +€467,828
- Tangible fixed assets +€373,955
up €373,955 (+94.4%), from €396,044 to €769,999
of which Land and buildings: +€205,446
- Stocks and contracts -€211,231
down €211,231 (-13.7%), from €1.5m to €1.3m
- Cash -€123,896
down €123,896 (-52.4%), from €236,602 to €112,706
mainly Investment in fixed assets (net) (-€647,813) and Receivables within one year (-€516,801)
- Intangible fixed assets +€89,269
new in 2025: €89,269
- Debts after one year +€345,355
up €345,355 (+30.9%), from €1.1m to €1.5m
- Trade debts +€121,338
up €121,338 (+76.9%), from €157,778 to €279,116
- Short-term financial debts +€98,711
up €98,711 (+1,142%), from €8,647 to €107,359
- Current portion of long-term debt +€91,823
up €91,823 (+55.8%), from €164,698 to €256,521
- Reserves +€65,069
up €65,069 (+2.8%), from €2.3m to €2.4m
- Write-downs +€143,271
new in 2025: €143,271
- Staff costs +€99,824
up €99,824 (+19.2%), from €519,174 to €618,998
- Taxes -€77,376
down €77,376 (-77.4%), from €99,983 to €22,607
- Depreciation +€55,232
up €55,232 (+42.7%), from €129,356 to €184,589
- Gross operating margin +€16,412
up €16,412 (+1.5%), from €1.1m to €1.1m
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 | €4,031,433 | €4,701,338 | +€669,905 | +16.6% |
| Fixed assets | 21/28 | €397,805 | €861,029 | +€463,224 | +116% |
| Intangible fixed assets | 21 | - | €89,269 | +€89,269 | |
| Tangible fixed assets | 22/27 | €396,044 | €769,999 | +€373,955 | +94.4% |
| Land and buildings | 22 | €77,135 | €282,581 | +€205,446 | +266% |
| Plant, machinery and equipment | 23 | €50,920 | €152,875 | +€101,955 | +200% |
| Furniture and vehicles | 24 | €20,853 | €7,999 | -€12,854 | -61.6% |
| Leasing and similar rights | 25 | €247,137 | €326,544 | +€79,407 | +32.1% |
| Financial fixed assets | 28 | €1,761 | €1,761 | = | 0.0% |
| Current assets | 29/58 | €3,633,628 | €3,840,308 | +€206,681 | +5.7% |
| Stocks and contracts in progress | 3 | €1,539,081 | €1,327,850 | -€211,231 | -13.7% |
| Stocks | 30/36 | €1,539,081 | €1,327,850 | -€211,231 | -13.7% |
| Amounts receivable within one year | 40/41 | €1,852,470 | €2,369,271 | +€516,801 | +27.9% |
| Trade receivables | 40 | €187,468 | €236,441 | +€48,973 | +26.1% |
| Other amounts receivable | 41 | €1,665,002 | €2,132,830 | +€467,828 | +28.1% |
| Cash at bank and in hand | 54/58 | €236,602 | €112,706 | -€123,896 | -52.4% |
| Deferred charges and accrued income | 490/1 | €5,475 | €30,482 | +€25,007 | +457% |
| Total equity and liabilities | 10/49 | €4,031,433 | €4,701,338 | +€669,905 | +16.6% |
| Equity | 10/15 | €2,326,835 | €2,391,904 | +€65,069 | +2.8% |
| Contributions | 10/11 | €22,500 | €22,500 | = | 0.0% |
| Reserves | 13 | €2,304,335 | €2,369,404 | +€65,069 | +2.8% |
| Distributable reserves | 133 | €2,304,335 | €2,369,404 | +€65,069 | +2.8% |
| Amounts payable | 17/49 | €1,704,598 | €2,309,434 | +€604,836 | +35.5% |
| Amounts payable after more than one year | 17 | €1,118,666 | €1,464,020 | +€345,355 | +30.9% |
| Financial debts | 170/4 | €1,118,666 | €1,464,020 | +€345,355 | +30.9% |
| Amounts payable within one year | 42/48 | €585,932 | €845,413 | +€259,481 | +44.3% |
| Current portion of amounts payable after more than one year | 42 | €164,698 | €256,521 | +€91,823 | +55.8% |
| Financial debts | 43 | €8,647 | €107,359 | +€98,711 | +1,142% |
| Credit institutions | 430/8 | €8,647 | €107,359 | +€98,711 | +1,142% |
| Trade debts | 44 | €157,778 | €279,116 | +€121,338 | +76.9% |
| Suppliers | 440/4 | €157,778 | €279,116 | +€121,338 | +76.9% |
| Taxes, remuneration and social security | 45 | €186,140 | €164,081 | -€22,059 | -11.9% |
| Taxes | 450/3 | €129,340 | €91,262 | -€38,079 | -29.4% |
| Remuneration and social security | 454/9 | €56,800 | €72,820 | +€16,020 | +28.2% |
| Other amounts payable | 47/48 | €68,669 | €38,336 | -€30,333 | -44.2% |
| Non-recurring operating income | 76A | - | €5,279 | +€5,279 | |
| Remuneration, social security and pensions | 62 | €519,174 | €618,998 | +€99,824 | +19.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €129,356 | €184,589 | +€55,232 | +42.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €143,271 | +€143,271 | |
| Other operating charges | 640/8 | €27,012 | €18,499 | -€8,513 | -31.5% |
| Gross operating margin | 9900 | €1,105,834 | €1,122,245 | +€16,412 | +1.5% |
| Operating profit (loss) | 9901 | €430,291 | €156,889 | -€273,402 | -63.5% |
| Financial income | 75/76B | €0 | €84 | +€84 | +843,800% |
| Recurring financial income | 75 | €0 | €84 | +€84 | +843,800% |
| Financial charges | 65/66B | €68,088 | €69,298 | +€1,209 | +1.8% |
| Recurring financial charges | 65 | €68,045 | €69,298 | +€1,253 | +1.8% |
| Non-recurring financial charges | 66B | €44 | - | -€44 | |
| Profit (loss) for the period before taxes | 9903 | €362,203 | €87,676 | -€274,527 | -75.8% |
| Income taxes | 67/77 | €99,983 | €22,607 | -€77,376 | -77.4% |
| Profit (loss) for the period | 9904 | €262,219 | €65,069 | -€197,151 | -75.2% |
| Profit (loss) for the period to be appropriated | 9905 | €262,219 | €65,069 | -€197,151 | -75.2% |
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.