Merra: 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.
Merra
Largest movements
- Receivables within one year +€361,988
up €361,988 (+169%), from €213,851 to €575,839
of which Other amounts receivable: +€299,332
- Cash -€222,652
down €222,652 (-47.3%), from €470,854 to €248,202
mainly Receivables within one year (-€361,988) and Contributions, distributions and other (-€166,991)
- Financial fixed assets +€30,000
new in 2025: €30,000
- Trade debts +€119,420
up €119,420 (+173%), from €69,202 to €188,623
- Other debts +€47,426
up €47,426 (+19.6%), from €242,574 to €290,000
- Taxes -€34,243
down €34,243 (-66.3%), from €51,622 to €17,380
- Staff costs +€31,184
up €31,184 (+5.3%), from €588,821 to €620,004
- Gross operating margin +€30,143
up €30,143 (+3.3%), from €908,070 to €938,213
- Depreciation -€23,070
down €23,070 (-43.0%), from €53,645 to €30,576
- Write-downs +€12,225
new in 2025: €12,225
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 | €1,269,412 | €1,448,162 | +€178,750 | +14.1% |
| Fixed assets | 21/28 | €83,952 | €122,374 | +€38,422 | +45.8% |
| Intangible fixed assets | 21 | - | €3,587 | +€3,587 | |
| Tangible fixed assets | 22/27 | €83,952 | €88,787 | +€4,835 | +5.8% |
| Land and buildings | 22 | €540 | €41,316 | +€40,776 | +7,555% |
| Plant, machinery and equipment | 23 | €54,703 | €39,659 | -€15,045 | -27.5% |
| Furniture and vehicles | 24 | €28,710 | €7,813 | -€20,897 | -72.8% |
| Financial fixed assets | 28 | - | €30,000 | +€30,000 | |
| Current assets | 29/58 | €1,185,460 | €1,325,788 | +€140,328 | +11.8% |
| Stocks and contracts in progress | 3 | €489,485 | €491,956 | +€2,471 | +0.5% |
| Stocks | 30/36 | €489,485 | €491,956 | +€2,471 | +0.5% |
| Amounts receivable within one year | 40/41 | €213,851 | €575,839 | +€361,988 | +169% |
| Trade receivables | 40 | €211,892 | €274,548 | +€62,656 | +29.6% |
| Other amounts receivable | 41 | €1,959 | €301,291 | +€299,332 | +15,281% |
| Cash at bank and in hand | 54/58 | €470,854 | €248,202 | -€222,652 | -47.3% |
| Deferred charges and accrued income | 490/1 | €11,269 | €9,791 | -€1,478 | -13.1% |
| Total equity and liabilities | 10/49 | €1,269,412 | €1,448,162 | +€178,750 | +14.1% |
| Equity | 10/15 | €901,206 | €914,200 | +€12,994 | +1.4% |
| Contributions | 10/11 | €248,000 | €248,000 | = | 0.0% |
| Capital | 10 | €248,000 | €248,000 | = | 0.0% |
| Issued capital | 100 | €248,000 | €248,000 | = | 0.0% |
| Reserves | 13 | €652,632 | €666,200 | +€13,568 | +2.1% |
| Non-distributable reserves | 130/1 | €24,800 | €24,800 | = | 0.0% |
| Legal reserve | 130 | €24,800 | €24,800 | = | 0.0% |
| Distributable reserves | 133 | €627,832 | €641,400 | +€13,568 | +2.2% |
| Profit (loss) carried forward | 14 | €573 | €0 | -€573 | -100% |
| Amounts payable | 17/49 | €368,206 | €533,962 | +€165,756 | +45.0% |
| Amounts payable within one year | 42/48 | €366,450 | €533,962 | +€167,512 | +45.7% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €69,202 | €188,623 | +€119,420 | +173% |
| Suppliers | 440/4 | €69,202 | €188,623 | +€119,420 | +173% |
| Taxes, remuneration and social security | 45 | €54,674 | €55,339 | +€666 | +1.2% |
| Taxes | 450/3 | €11,622 | €11,622 | = | 0.0% |
| Remuneration and social security | 454/9 | €43,051 | €43,717 | +€666 | +1.5% |
| Other amounts payable | 47/48 | €242,574 | €290,000 | +€47,426 | +19.6% |
| Accrued charges and deferred income | 492/3 | €1,756 | €0 | -€1,756 | -100% |
| Remuneration, social security and pensions | 62 | €588,821 | €620,004 | +€31,184 | +5.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €53,645 | €30,576 | -€23,070 | -43.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €12,225 | +€12,225 | |
| Other operating charges | 640/8 | €11,757 | €15,735 | +€3,978 | +33.8% |
| Gross operating margin | 9900 | €908,070 | €938,213 | +€30,143 | +3.3% |
| Operating profit (loss) | 9901 | €253,847 | €259,674 | +€5,826 | +2.3% |
| Financial income | 75/76B | €9,634 | €2,118 | -€7,516 | -78.0% |
| Recurring financial income | 75 | €9,634 | €2,118 | -€7,516 | -78.0% |
| Financial charges | 65/66B | €61,163 | €64,426 | +€3,263 | +5.3% |
| Recurring financial charges | 65 | €61,163 | €47,544 | -€13,618 | -22.3% |
| Non-recurring financial charges | 66B | - | €16,882 | +€16,882 | |
| Profit (loss) for the period before taxes | 9903 | €202,319 | €197,366 | -€4,953 | -2.4% |
| Income taxes | 67/77 | €51,622 | €17,380 | -€34,243 | -66.3% |
| Profit (loss) for the period | 9904 | €150,696 | €179,986 | +€29,289 | +19.4% |
| Profit (loss) for the period to be appropriated | 9905 | €150,696 | €179,986 | +€29,289 | +19.4% |
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 15 October 2026 via checked.be.