MEROUT: 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.
MEROUT
Largest movements
- Cash +€51,384
up €51,384 (+73.9%), from €69,553 to €120,936
mainly Depreciation (+€45,338) and Receivables within one year (+€40,227)
- Tangible fixed assets -€45,338
down €45,338 (-54.7%), from €82,891 to €37,553
of which Land and buildings: -€24,886
- Receivables within one year -€40,227
down €40,227 (-6.5%), from €622,878 to €582,651
of which Trade receivables: -€41,779
- Stocks and contracts -€20,513
down €20,513 (-12.7%), from €161,609 to €141,096
- Short-term financial debts -€59,565
down €59,565 (-12.5%), from €477,113 to €417,548
- Profit (loss) carried forward +€32,366
up €32,366 (+22.3%), from -€145,148 to -€112,782
- Tax, wage and social debts -€15,842
down €15,842 (-58.8%), from €26,958 to €11,115
of which Remuneration and social security: -€9,129
- Debts after one year -€12,152
down €12,152 (-61.5%), from €19,772 to €7,620
- Depreciation -€34,742
down €34,742 (-43.4%), from €80,080 to €45,338
- Staff costs -€23,005
down €23,005 (-18.5%), from €124,604 to €101,599
- Gross operating margin -€21,600
down €21,600 (-9.4%), from €230,272 to €208,672
- Financial charges -€7,370
down €7,370 (-31.4%), from €23,498 to €16,128
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 | €936,965 | €882,844 | -€54,121 | -5.8% |
| Fixed assets | 21/28 | €82,926 | €37,588 | -€45,338 | -54.7% |
| Intangible fixed assets | 21 | - | €0 | = | |
| Tangible fixed assets | 22/27 | €82,891 | €37,553 | -€45,338 | -54.7% |
| Land and buildings | 22 | €30,127 | €5,241 | -€24,886 | -82.6% |
| Plant, machinery and equipment | 23 | €10,772 | €5,178 | -€5,593 | -51.9% |
| Furniture and vehicles | 24 | €41,992 | €27,133 | -€14,859 | -35.4% |
| Financial fixed assets | 28 | €35 | €35 | = | 0.0% |
| Current assets | 29/58 | €854,039 | €845,256 | -€8,783 | -1.0% |
| Stocks and contracts in progress | 3 | €161,609 | €141,096 | -€20,513 | -12.7% |
| Stocks | 30/36 | €161,609 | €141,096 | -€20,513 | -12.7% |
| Amounts receivable within one year | 40/41 | €622,878 | €582,651 | -€40,227 | -6.5% |
| Trade receivables | 40 | €622,878 | €581,099 | -€41,779 | -6.7% |
| Other amounts receivable | 41 | - | €1,552 | +€1,552 | |
| Cash at bank and in hand | 54/58 | €69,553 | €120,936 | +€51,384 | +73.9% |
| Deferred charges and accrued income | 490/1 | - | €572 | +€572 | |
| Total equity and liabilities | 10/49 | €936,965 | €882,844 | -€54,121 | -5.8% |
| Equity | 10/15 | -€39,877 | -€7,511 | +€32,366 | +81.2% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €43,271 | €43,271 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €37,071 | €37,071 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€145,148 | -€112,782 | +€32,366 | +22.3% |
| Amounts payable | 17/49 | €976,842 | €890,354 | -€86,488 | -8.9% |
| Amounts payable after more than one year | 17 | €19,772 | €7,620 | -€12,152 | -61.5% |
| Financial debts | 170/4 | €19,772 | €7,620 | -€12,152 | -61.5% |
| Amounts payable within one year | 42/48 | €957,070 | €882,734 | -€74,336 | -7.8% |
| Current portion of amounts payable after more than one year | 42 | €16,161 | €12,152 | -€4,010 | -24.8% |
| Financial debts | 43 | €477,113 | €417,548 | -€59,565 | -12.5% |
| Credit institutions | 430/8 | €477,113 | €417,548 | -€59,565 | -12.5% |
| Trade debts | 44 | €30,203 | €36,167 | +€5,964 | +19.7% |
| Suppliers | 440/4 | €30,203 | €36,167 | +€5,964 | +19.7% |
| Taxes, remuneration and social security | 45 | €26,958 | €11,115 | -€15,842 | -58.8% |
| Taxes | 450/3 | €7,551 | €838 | -€6,713 | -88.9% |
| Remuneration and social security | 454/9 | €19,406 | €10,278 | -€9,129 | -47.0% |
| Other amounts payable | 47/48 | €406,635 | €405,752 | -€883 | -0.2% |
| Non-recurring operating income | 76A | €16,889 | - | -€16,889 | |
| Remuneration, social security and pensions | 62 | €124,604 | €101,599 | -€23,005 | -18.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €80,080 | €45,338 | -€34,742 | -43.4% |
| Other operating charges | 640/8 | €14,480 | €13,019 | -€1,462 | -10.1% |
| Non-recurring operating charges | 66A | €8,128 | - | -€8,128 | |
| Gross operating margin | 9900 | €230,272 | €208,672 | -€21,600 | -9.4% |
| Operating profit (loss) | 9901 | €2,980 | €48,717 | +€45,737 | +1534.6% |
| Financial income | 75/76B | €38 | €0 | -€38 | -99.6% |
| Recurring financial income | 75 | €38 | €0 | -€38 | -99.6% |
| Financial charges | 65/66B | €23,498 | €16,128 | -€7,370 | -31.4% |
| Recurring financial charges | 65 | €23,498 | €16,128 | -€7,370 | -31.4% |
| Profit (loss) for the period before taxes | 9903 | -€20,479 | €32,590 | +€53,069 | |
| Income taxes | 67/77 | €202 | €223 | +€22 | +10.8% |
| Profit (loss) for the period | 9904 | -€20,681 | €32,366 | +€53,047 | |
| Profit (loss) for the period to be appropriated | 9905 | -€20,681 | €32,366 | +€53,047 |
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 12 October 2026 via checked.be.