MERRION: 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.
MERRION
Largest movements
- Cash -€1.6m
down €1.6m (-46.4%), from €3.5m to €1.9m
mainly Current portion of long-term debt (-€9.0m) and Investment in fixed assets (net) (-€1.3m)
- Tangible fixed assets +€920,845
up €920,845 (+13.6%), from €6.8m to €7.7m
- Current portion of long-term debt -€9.0m
no longer reported in 2025 (was €9.0m)
- Contributions +€5.3m
up €5.3m (+136%), from €3.9m to €9.2m
- Debts after one year +€3.7m
up €3.7m (+156,485%), from €2,352 to €3.7m
of which Financial debts: +€3.7m
- Profit (loss) carried forward -€904,350
down €904,350 (-33.2%), from -€2.7m to -€3.6m
- Gross operating margin -€752,464
down €752,464 (-78.7%), from €956,438 to €203,973
- Financial charges -€236,465
down €236,465 (-52.1%), from €453,961 to €217,496
- Other operating charges +€18,386
up €18,386 (+3.8%), from €482,706 to €501,092
- Depreciation +€17,832
up €17,832 (+4.8%), from €372,263 to €390,096
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 | €10,529,573 | €9,847,621 | -€681,952 | -6.5% |
| Fixed assets | 21/28 | €6,880,640 | €7,801,485 | +€920,845 | +13.4% |
| Tangible fixed assets | 22/27 | €6,792,470 | €7,713,314 | +€920,845 | +13.6% |
| Land and buildings | 22 | €6,792,470 | €7,713,314 | +€920,845 | +13.6% |
| Financial fixed assets | 28 | €88,171 | €88,171 | = | 0.0% |
| Current assets | 29/58 | €3,648,932 | €2,046,136 | -€1.6m | -43.9% |
| Amounts receivable within one year | 40/41 | €50,231 | €23,068 | -€27,163 | -54.1% |
| Trade receivables | 40 | €50,044 | €23,068 | -€26,976 | -53.9% |
| Other amounts receivable | 41 | €187 | - | -€187 | |
| Cash at bank and in hand | 54/58 | €3,486,056 | €1,870,236 | -€1.6m | -46.4% |
| Deferred charges and accrued income | 490/1 | €112,645 | €152,831 | +€40,186 | +35.7% |
| Total equity and liabilities | 10/49 | €10,529,573 | €9,847,621 | -€681,952 | -6.5% |
| Equity | 10/15 | €1,189,359 | €5,615,010 | +€4.4m | +372% |
| Contributions | 10/11 | €3,910,100 | €9,240,100 | +€5.3m | +136% |
| Capital | 10 | €3,910,100 | €9,240,100 | +€5.3m | +136% |
| Issued capital | 100 | €3,910,100 | €9,240,100 | +€5.3m | +136% |
| Profit (loss) carried forward | 14 | -€2,720,741 | -€3,625,090 | -€904,350 | -33.2% |
| Amounts payable | 17/49 | €9,340,213 | €4,232,611 | -€5.1m | -54.7% |
| Amounts payable after more than one year | 17 | €2,352 | €3,682,352 | +€3.7m | +156,485% |
| Financial debts | 170/4 | €0 | €3,680,000 | +€3.7m | |
| Other amounts payable | 178/9 | €2,352 | €2,352 | = | 0.0% |
| Amounts payable within one year | 42/48 | €9,195,294 | €310,827 | -€8.9m | -96.6% |
| Current portion of amounts payable after more than one year | 42 | €9,010,000 | - | -€9.0m | |
| Trade debts | 44 | €177,575 | €219,787 | +€42,212 | +23.8% |
| Suppliers | 440/4 | €177,575 | €219,787 | +€42,212 | +23.8% |
| Taxes, remuneration and social security | 45 | €7,219 | €11,968 | +€4,749 | +65.8% |
| Taxes | 450/3 | €7,219 | €11,968 | +€4,749 | +65.8% |
| Other amounts payable | 47/48 | €500 | €79,072 | +€78,572 | +15,714% |
| Accrued charges and deferred income | 492/3 | €142,568 | €239,433 | +€96,865 | +67.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €372,263 | €390,096 | +€17,832 | +4.8% |
| Other operating charges | 640/8 | €482,706 | €501,092 | +€18,386 | +3.8% |
| Gross operating margin | 9900 | €956,438 | €203,973 | -€752,464 | -78.7% |
| Operating profit (loss) | 9901 | €101,468 | -€687,214 | -€788,682 | |
| Financial income | 75/76B | €349 | €504 | +€155 | +44.6% |
| Recurring financial income | 75 | €349 | €504 | +€155 | +44.6% |
| Financial charges | 65/66B | €453,961 | €217,496 | -€236,465 | -52.1% |
| Recurring financial charges | 65 | €453,961 | €217,496 | -€236,465 | -52.1% |
| Profit (loss) for the period before taxes | 9903 | -€352,144 | -€904,206 | -€552,062 | -157% |
| Income taxes | 67/77 | - | €143 | +€143 | |
| Profit (loss) for the period | 9904 | -€352,144 | -€904,350 | -€552,206 | -157% |
| Profit (loss) for the period to be appropriated | 9905 | -€352,144 | -€904,350 | -€552,206 | -157% |
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 28 October 2026 via checked.be.