MERSA: 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.
MERSA
Largest movements
- Receivables within one year +€11,976
up €11,976 (+11.4%), from €105,090 to €117,066
of which Trade receivables: +€31,998
- Cash -€9,527
down €9,527 (-98.9%), from €9,635 to €108
mainly Tax, wage and social debts (-€45,435) and Receivables within one year (-€11,976)
- Tangible fixed assets -€4,570
down €4,570 (-58.5%), from €7,817 to €3,248
- Tax, wage and social debts -€45,435
down €45,435 (-92.4%), from €49,192 to €3,756
of which Taxes: -€43,854
- Trade debts +€25,384
up €25,384 (+51.7%), from €49,057 to €74,440
- Other debts +€14,921
new in 2025: €14,921
- Contributions +€1,780
up €1,780 (+114.8%), from €1,550 to €3,330
- Gross operating margin +€104,125
up €104,125 (+4372.2%), from €2,382 to €106,506
- Write-downs +€100,000
new in 2025: €100,000
- Staff costs -€4,191
no longer reported in 2025 (was €4,191)
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 | €127,089 | €124,421 | -€2,668 | -2.1% |
| Fixed assets | 21/28 | €11,817 | €7,248 | -€4,570 | -38.7% |
| Tangible fixed assets | 22/27 | €7,817 | €3,248 | -€4,570 | -58.5% |
| Furniture and vehicles | 24 | €7,817 | €3,248 | -€4,570 | -58.5% |
| Financial fixed assets | 28 | €4,000 | €4,000 | = | 0.0% |
| Current assets | 29/58 | €115,272 | €117,174 | +€1,901 | +1.6% |
| Amounts receivable within one year | 40/41 | €105,090 | €117,066 | +€11,976 | +11.4% |
| Trade receivables | 40 | €79,387 | €111,385 | +€31,998 | +40.3% |
| Other amounts receivable | 41 | €25,703 | €5,681 | -€20,022 | -77.9% |
| Cash at bank and in hand | 54/58 | €9,635 | €108 | -€9,527 | -98.9% |
| Deferred charges and accrued income | 490/1 | €547 | - | -€547 | |
| Total equity and liabilities | 10/49 | €127,089 | €124,421 | -€2,668 | -2.1% |
| Equity | 10/15 | €28,841 | €31,303 | +€2,462 | +8.5% |
| Contributions | 10/11 | €1,550 | €3,330 | +€1,780 | +114.8% |
| Profit (loss) carried forward | 14 | €27,291 | €27,973 | +€682 | +2.5% |
| Amounts payable | 17/49 | €98,249 | €93,118 | -€5,130 | -5.2% |
| Amounts payable within one year | 42/48 | €98,249 | €93,118 | -€5,130 | -5.2% |
| Trade debts | 44 | €49,057 | €74,440 | +€25,384 | +51.7% |
| Suppliers | 440/4 | €49,057 | €74,440 | +€25,384 | +51.7% |
| Taxes, remuneration and social security | 45 | €49,192 | €3,756 | -€45,435 | -92.4% |
| Taxes | 450/3 | €46,000 | €2,146 | -€43,854 | -95.3% |
| Remuneration and social security | 454/9 | €3,192 | €1,611 | -€1,581 | -49.5% |
| Other amounts payable | 47/48 | - | €14,921 | +€14,921 | |
| Remuneration, social security and pensions | 62 | €4,191 | - | -€4,191 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,373 | €4,570 | +€197 | +4.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €100,000 | +€100,000 | |
| Other operating charges | 640/8 | €889 | €298 | -€591 | -66.5% |
| Gross operating margin | 9900 | €2,382 | €106,506 | +€104,125 | +4372.2% |
| Operating profit (loss) | 9901 | -€7,071 | €1,639 | +€8,710 | |
| Financial income | 75/76B | €547 | €105 | -€442 | -80.8% |
| Recurring financial income | 75 | €547 | €105 | -€442 | -80.8% |
| Financial charges | 65/66B | €218 | €1,062 | +€844 | +386.5% |
| Recurring financial charges | 65 | €218 | €1,062 | +€844 | +386.5% |
| Profit (loss) for the period before taxes | 9903 | -€6,742 | €682 | +€7,425 | |
| Profit (loss) for the period | 9904 | -€6,742 | €682 | +€7,425 | |
| Profit (loss) for the period to be appropriated | 9905 | -€6,742 | €682 | +€7,425 |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.