MERSAFFEL: 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.
MERSAFFEL
Largest movements
- Tangible fixed assets -€159,038
down €159,038 (-3.5%), from €4.6m to €4.4m
of which Land and buildings: -€143,291
- Receivables within one year -€96,506
down €96,506 (-100%), from €96,506 to €0
- Cash -€49,514
down €49,514 (-20.4%), from €242,983 to €193,468
mainly Debts after one year (-€550,000) and Investment in fixed assets (net) (-€171,285)
- Debts after one year -€550,000
down €550,000 (-25.0%), from €2.2m to €1.7m
- Profit (loss) carried forward +€373,808
up €373,808 (+27.2%), from €1.4m to €1.7m
- Provisions -€139,527
down €139,527 (-100%), from €139,527 to €0
- Gross operating margin +€32,466
up €32,466 (+3.3%), from €988,277 to €1.0m
- Financial charges -€29,321
down €29,321 (-18.4%), from €159,749 to €130,428
- Depreciation +€20,743
up €20,743 (+6.7%), from €309,580 to €330,323
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 | €4,918,432 | €4,613,374 | -€305,058 | -6.2% |
| Fixed assets | 21/28 | €4,578,943 | €4,419,906 | -€159,038 | -3.5% |
| Tangible fixed assets | 22/27 | €4,578,943 | €4,419,906 | -€159,038 | -3.5% |
| Land and buildings | 22 | €4,488,960 | €4,345,669 | -€143,291 | -3.2% |
| Plant, machinery and equipment | 23 | - | €74,236 | +€74,236 | |
| Assets under construction and advance payments | 27 | €89,983 | €0 | -€89,983 | -100% |
| Current assets | 29/58 | €339,489 | €193,468 | -€146,020 | -43.0% |
| Amounts receivable within one year | 40/41 | €96,506 | €0 | -€96,506 | -100% |
| Trade receivables | 40 | €96,506 | €0 | -€96,506 | -100% |
| Cash at bank and in hand | 54/58 | €242,983 | €193,468 | -€49,514 | -20.4% |
| Total equity and liabilities | 10/49 | €4,918,432 | €4,613,374 | -€305,058 | -6.2% |
| Equity | 10/15 | €2,436,167 | €2,809,974 | +€373,808 | +15.3% |
| Contributions | 10/11 | €1,062,500 | €1,062,500 | = | 0.0% |
| Capital | 10 | €1,062,500 | €1,062,500 | = | 0.0% |
| Issued capital | 100 | €1,062,500 | €1,062,500 | = | 0.0% |
| Reserves | 13 | €457 | €457 | = | 0.0% |
| Non-distributable reserves | 130/1 | €457 | €457 | = | 0.0% |
| Legal reserve | 130 | €457 | €457 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,373,209 | €1,747,017 | +€373,808 | +27.2% |
| Provisions and deferred taxes | 16 | €139,527 | €0 | -€139,527 | -100% |
| Provisions for liabilities and charges | 160/5 | €139,527 | €0 | -€139,527 | -100% |
| Major repairs and maintenance | 162 | €139,527 | €0 | -€139,527 | -100% |
| Amounts payable | 17/49 | €2,342,738 | €1,803,400 | -€539,338 | -23.0% |
| Amounts payable after more than one year | 17 | €2,200,000 | €1,650,000 | -€550,000 | -25.0% |
| Financial debts | 170/4 | €2,200,000 | €1,650,000 | -€550,000 | -25.0% |
| Amounts payable within one year | 42/48 | €63,079 | €72,123 | +€9,044 | +14.3% |
| Trade debts | 44 | €0 | €145 | +€145 | |
| Suppliers | 440/4 | €0 | €145 | +€145 | |
| Taxes, remuneration and social security | 45 | €63,079 | €71,978 | +€8,899 | +14.1% |
| Taxes | 450/3 | €63,079 | €71,978 | +€8,899 | +14.1% |
| Accrued charges and deferred income | 492/3 | €79,659 | €81,277 | +€1,618 | +2.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €309,580 | €330,323 | +€20,743 | +6.7% |
| Other operating charges | 640/8 | €59,779 | €61,582 | +€1,803 | +3.0% |
| Gross operating margin | 9900 | €988,277 | €1,020,743 | +€32,466 | +3.3% |
| Operating profit (loss) | 9901 | €618,919 | €628,838 | +€9,920 | +1.6% |
| Financial charges | 65/66B | €159,749 | €130,428 | -€29,321 | -18.4% |
| Recurring financial charges | 65 | €159,749 | €130,428 | -€29,321 | -18.4% |
| Profit (loss) for the period before taxes | 9903 | €459,170 | €498,410 | +€39,240 | +8.5% |
| Income taxes | 67/77 | €114,792 | €124,603 | +€9,810 | +8.5% |
| Profit (loss) for the period | 9904 | €344,377 | €373,808 | +€29,430 | +8.5% |
| Profit (loss) for the period to be appropriated | 9905 | €344,377 | €373,808 | +€29,430 | +8.5% |
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 23 October 2026 via checked.be.