MERRET: what changed
Two fiscal 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.
MERRET
Largest movements
- Cash +€126,665
up €126,665 (+32.6%), from €389,022 to €515,686
mainly Net result for the year (+€124,057) and Receivables within one year (+€117,504)
- Receivables within one year -€117,504
down €117,504 (-12.5%), from €937,765 to €820,261
of which Other amounts receivable: -€113,033
- Tangible fixed assets +€69,782
up €69,782 (+9.1%), from €766,610 to €836,392
of which Furniture and vehicles: +€90,981
- Profit (loss) carried forward +€124,057
up €124,057 (+85.5%), from €145,063 to €269,119
- Other debts -€46,924
down €46,924 (-2.3%), from €2.1m to €2.0m
- Gross operating margin +€63,608
up €63,608 (+48.9%), from €130,032 to €193,640
- Financial income -€8,335
down €8,335 (-40.6%), from €20,510 to €12,175
- Depreciation +€4,612
up €4,612 (+8.1%), from €56,837 to €61,448
- Other operating charges +€2,337
up €2,337 (+37.7%), from €6,202 to €8,539
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 | €2,694,040 | €2,773,430 | +€79,390 | +2.9% |
| Fixed assets | 21/28 | €766,610 | €836,392 | +€69,782 | +9.1% |
| Tangible fixed assets | 22/27 | €766,610 | €836,392 | +€69,782 | +9.1% |
| Land and buildings | 22 | €736,839 | €716,623 | -€20,216 | -2.7% |
| Plant, machinery and equipment | 23 | €2,745 | €1,762 | -€983 | -35.8% |
| Furniture and vehicles | 24 | €27,027 | €118,008 | +€90,981 | +336.6% |
| Current assets | 29/58 | €1,927,429 | €1,937,038 | +€9,608 | +0.5% |
| Amounts receivable within one year | 40/41 | €937,765 | €820,261 | -€117,504 | -12.5% |
| Trade receivables | 40 | €28,510 | €24,039 | -€4,471 | -15.7% |
| Other amounts receivable | 41 | €909,255 | €796,222 | -€113,033 | -12.4% |
| Current investments | 50/53 | €600,000 | €600,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €389,022 | €515,686 | +€126,665 | +32.6% |
| Deferred charges and accrued income | 490/1 | €642 | €1,090 | +€448 | +69.7% |
| Total equity and liabilities | 10/49 | €2,694,040 | €2,773,430 | +€79,390 | +2.9% |
| Equity | 10/15 | €622,258 | €746,314 | +€124,057 | +19.9% |
| Contributions | 10/11 | €433,814 | €433,814 | = | 0.0% |
| Capital | 10 | €433,814 | €433,814 | = | 0.0% |
| Issued capital | 100 | €433,814 | €433,814 | = | 0.0% |
| Reserves | 13 | €43,381 | €43,381 | = | 0.0% |
| Non-distributable reserves | 130/1 | €43,381 | €43,381 | = | 0.0% |
| Legal reserve | 130 | €43,381 | €43,381 | = | 0.0% |
| Profit (loss) carried forward | 14 | €145,063 | €269,119 | +€124,057 | +85.5% |
| Amounts payable | 17/49 | €2,071,782 | €2,027,116 | -€44,666 | -2.2% |
| Amounts payable within one year | 42/48 | €2,071,714 | €2,027,047 | -€44,666 | -2.2% |
| Trade debts | 44 | €3,191 | €4,870 | +€1,679 | +52.6% |
| Suppliers | 440/4 | €3,191 | €4,870 | +€1,679 | +52.6% |
| Taxes, remuneration and social security | 45 | €9,855 | €10,434 | +€579 | +5.9% |
| Taxes | 450/3 | €9,855 | €10,434 | +€579 | +5.9% |
| Other amounts payable | 47/48 | €2,058,667 | €2,011,743 | -€46,924 | -2.3% |
| Accrued charges and deferred income | 492/3 | €68 | €68 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €56,837 | €61,448 | +€4,612 | +8.1% |
| Other operating charges | 640/8 | €6,202 | €8,539 | +€2,337 | +37.7% |
| Non-recurring operating charges | 66A | - | €10,438 | +€10,438 | |
| Gross operating margin | 9900 | €130,032 | €193,640 | +€63,608 | +48.9% |
| Operating profit (loss) | 9901 | €66,993 | €113,214 | +€46,221 | +69.0% |
| Financial income | 75/76B | €20,510 | €12,175 | -€8,335 | -40.6% |
| Recurring financial income | 75 | €20,510 | €12,175 | -€8,335 | -40.6% |
| Financial charges | 65/66B | €620 | €620 | +€0 | +0.1% |
| Recurring financial charges | 65 | €620 | €620 | +€0 | +0.1% |
| Non-recurring financial charges | 66B | - | €0 | = | |
| Profit (loss) for the period before taxes | 9903 | €86,883 | €124,769 | +€37,886 | +43.6% |
| Income taxes | 67/77 | €564 | €713 | +€149 | +26.5% |
| Profit (loss) for the period | 9904 | €86,320 | €124,057 | +€37,737 | +43.7% |
| Profit (loss) for the period to be appropriated | 9905 | €86,320 | €124,057 | +€37,737 | +43.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.