MERSEA: 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.
MERSEA
Largest movements
- Tangible fixed assets -€21,473
down €21,473 (-3.6%), from €604,398 to €582,925
- Other debts -€19,902
down €19,902 (-4.6%), from €429,700 to €409,799
- Trade debts +€13,407
up €13,407 (+1801.3%), from €744 to €14,151
- Profit (loss) carried forward -€10,613
down €10,613 (-40.2%), from -€26,374 to -€36,987
- Gross operating margin +€34,234
up €34,234, from -€11,202 to €23,032
- Other operating charges +€15,187
up €15,187 (+1573.2%), from €965 to €16,153
- Depreciation +€11,536
up €11,536 (+116.1%), from €9,936 to €21,473
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 | €675,350 | €654,072 | -€21,278 | -3.2% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €604,398 | €582,925 | -€21,473 | -3.6% |
| Tangible fixed assets | 22/27 | €604,398 | €582,925 | -€21,473 | -3.6% |
| Land and buildings | 22 | €604,398 | €582,925 | -€21,473 | -3.6% |
| Current assets | 29/58 | €70,953 | €71,147 | +€194 | +0.3% |
| Stocks and contracts in progress | 3 | €29,333 | €29,333 | = | 0.0% |
| Stocks | 30/36 | €29,333 | €29,333 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €0 | - | = | |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €41,103 | €41,269 | +€166 | +0.4% |
| Deferred charges and accrued income | 490/1 | €517 | €545 | +€29 | +5.5% |
| Total equity and liabilities | 10/49 | €675,350 | €654,072 | -€21,278 | -3.2% |
| Equity | 10/15 | €230,896 | €216,947 | -€13,949 | -6.0% |
| Contributions | 10/11 | €197,669 | €197,669 | = | 0.0% |
| Reserves | 13 | €59,601 | €56,265 | -€3,336 | -5.6% |
| Tax-exempt reserves | 132 | €56,039 | €52,703 | -€3,336 | -6.0% |
| Distributable reserves | 133 | €3,562 | €3,562 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€26,374 | -€36,987 | -€10,613 | -40.2% |
| Provisions and deferred taxes | 16 | €14,010 | €13,176 | -€834 | -6.0% |
| Deferred taxes | 168 | €14,010 | €13,176 | -€834 | -6.0% |
| Amounts payable | 17/49 | €430,444 | €423,949 | -€6,495 | -1.5% |
| Amounts payable within one year | 42/48 | €430,444 | €423,949 | -€6,495 | -1.5% |
| Trade debts | 44 | €744 | €14,151 | +€13,407 | +1801.3% |
| Suppliers | 440/4 | €744 | €14,151 | +€13,407 | +1801.3% |
| Other amounts payable | 47/48 | €429,700 | €409,799 | -€19,902 | -4.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,936 | €21,473 | +€11,536 | +116.1% |
| Other operating charges | 640/8 | €965 | €16,153 | +€15,187 | +1573.2% |
| Gross operating margin | 9900 | -€11,202 | €23,032 | +€34,234 | |
| Operating profit (loss) | 9901 | -€22,103 | -€14,593 | +€7,510 | +34.0% |
| Financial income | 75/76B | €0 | €0 | +€0 | |
| Recurring financial income | 75 | €0 | €0 | +€0 | |
| Financial charges | 65/66B | €127 | €190 | +€63 | +49.3% |
| Recurring financial charges | 65 | €127 | €190 | +€63 | +49.3% |
| Profit (loss) for the period before taxes | 9903 | -€22,231 | -€14,783 | +€7,448 | +33.5% |
| Transfer from deferred taxes | 780 | €44,740 | €834 | -€43,906 | -98.1% |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | €22,509 | -€13,949 | -€36,458 | |
| Transfer from tax-exempt reserves | 789 | €934 | €3,336 | +€2,403 | +257.2% |
| Transfer to tax-exempt reserves | 689 | €44,507 | €0 | -€44,507 | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€21,063 | -€10,613 | +€10,451 | +49.6% |
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 5 October 2026 via checked.be.