MERPORK: 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.
MERPORK
Largest movements
- Cash -€96,703
down €96,703 (-61.2%), from €158,030 to €61,327
mainly Debts after one year (-€58,774) and Investment in fixed assets (net) (-€57,062)
- Receivables within one year +€24,279
up €24,279 (+746%), from €3,254 to €27,533
of which Trade receivables: +€17,229
- Other debts +€60,000
up €60,000, from €0 to €60,000
- Debts after one year -€58,774
down €58,774 (-16.9%), from €347,028 to €288,254
- Short-term financial debts -€50,000
down €50,000 (-100%), from €50,000 to €0
- Trade debts -€46,948
down €46,948 (-86.8%), from €54,091 to €7,142
- Reserves +€14,750
up €14,750 (+6.9%), from €214,361 to €229,111
- Gross operating margin -€18,537
down €18,537 (-13.4%), from €137,828 to €119,291
- Taxes -€7,115
down €7,115 (-37.5%), from €18,980 to €11,866
- Depreciation +€5,613
up €5,613 (+9.7%), from €57,732 to €63,345
- Financial charges +€5,240
up €5,240 (+50.5%), from €10,385 to €15,626
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 | €783,032 | €707,003 | -€76,029 | -9.7% |
| Fixed assets | 21/28 | €446,959 | €440,676 | -€6,283 | -1.4% |
| Intangible fixed assets | 21 | €11,095 | €9,465 | -€1,630 | -14.7% |
| Tangible fixed assets | 22/27 | €434,342 | €429,689 | -€4,653 | -1.1% |
| Land and buildings | 22 | €412,255 | €361,662 | -€50,593 | -12.3% |
| Plant, machinery and equipment | 23 | €22,087 | €20,017 | -€2,070 | -9.4% |
| Furniture and vehicles | 24 | - | €48,010 | +€48,010 | |
| Financial fixed assets | 28 | €1,522 | €1,522 | = | 0.0% |
| Current assets | 29/58 | €336,073 | €266,328 | -€69,745 | -20.8% |
| Stocks and contracts in progress | 3 | €173,298 | €175,390 | +€2,092 | +1.2% |
| Stocks | 30/36 | €173,298 | €175,390 | +€2,092 | +1.2% |
| Amounts receivable within one year | 40/41 | €3,254 | €27,533 | +€24,279 | +746% |
| Trade receivables | 40 | €690 | €17,919 | +€17,229 | +2,497% |
| Other amounts receivable | 41 | €2,564 | €9,614 | +€7,050 | +275% |
| Cash at bank and in hand | 54/58 | €158,030 | €61,327 | -€96,703 | -61.2% |
| Deferred charges and accrued income | 490/1 | €1,491 | €2,078 | +€587 | +39.4% |
| Total equity and liabilities | 10/49 | €783,032 | €707,003 | -€76,029 | -9.7% |
| Equity | 10/15 | €272,911 | €287,661 | +€14,750 | +5.4% |
| Contributions | 10/11 | €58,550 | €58,550 | = | 0.0% |
| Reserves | 13 | €214,361 | €229,111 | +€14,750 | +6.9% |
| Distributable reserves | 133 | €214,361 | €229,111 | +€14,750 | +6.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €510,121 | €419,343 | -€90,778 | -17.8% |
| Amounts payable after more than one year | 17 | €347,028 | €288,254 | -€58,774 | -16.9% |
| Financial debts | 170/4 | €347,028 | €288,254 | -€58,774 | -16.9% |
| Amounts payable within one year | 42/48 | €163,093 | €131,089 | -€32,004 | -19.6% |
| Current portion of amounts payable after more than one year | 42 | €58,774 | €58,774 | = | 0.0% |
| Financial debts | 43 | €50,000 | €0 | -€50,000 | -100% |
| Credit institutions | 430/8 | €50,000 | €0 | -€50,000 | -100% |
| Trade debts | 44 | €54,091 | €7,142 | -€46,948 | -86.8% |
| Suppliers | 440/4 | €54,091 | €7,142 | -€46,948 | -86.8% |
| Taxes, remuneration and social security | 45 | €229 | €5,173 | +€4,944 | +2,161% |
| Taxes | 450/3 | €229 | €5,173 | +€4,944 | +2,161% |
| Other amounts payable | 47/48 | €0 | €60,000 | +€60,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €57,732 | €63,345 | +€5,613 | +9.7% |
| Other operating charges | 640/8 | €3,987 | €3,827 | -€160 | -4.0% |
| Gross operating margin | 9900 | €137,828 | €119,291 | -€18,537 | -13.4% |
| Operating profit (loss) | 9901 | €76,109 | €52,119 | -€23,990 | -31.5% |
| Financial income | 75/76B | €7 | €123 | +€115 | +1,563% |
| Recurring financial income | 75 | €7 | €123 | +€115 | +1,563% |
| Financial charges | 65/66B | €10,385 | €15,626 | +€5,240 | +50.5% |
| Recurring financial charges | 65 | €10,385 | €15,626 | +€5,240 | +50.5% |
| Profit (loss) for the period before taxes | 9903 | €65,731 | €36,615 | -€29,115 | -44.3% |
| Income taxes | 67/77 | €18,980 | €11,866 | -€7,115 | -37.5% |
| Profit (loss) for the period | 9904 | €46,751 | €24,750 | -€22,001 | -47.1% |
| Profit (loss) for the period to be appropriated | 9905 | €46,751 | €24,750 | -€22,001 | -47.1% |
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 16 October 2026 via checked.be.