MERSO: 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.
MERSO
Largest movements
- Tangible fixed assets -€26,168
down €26,168 (-9.4%), from €277,978 to €251,810
of which Land and buildings: -€13,691
- Stocks and contracts -€10,823
down €10,823 (-15.6%), from €69,316 to €58,493
- Debts after one year -€69,320
down €69,320 (-26.4%), from €262,083 to €192,764
- Profit (loss) carried forward +€24,433
up €24,433 (+28.9%), from €84,546 to €108,980
- Tax, wage and social debts +€7,153
up €7,153 (+38.2%), from €18,734 to €25,887
of which Taxes: +€6,342
- Gross operating margin +€58,764
up €58,764 (+58.0%), from €101,263 to €160,026
- Staff costs +€15,015
up €15,015 (+19.5%), from €76,951 to €91,966
- Taxes +€7,772
up €7,772 (+3293.4%), from €236 to €8,008
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 | €425,512 | €380,202 | -€45,311 | -10.6% |
| Fixed assets | 21/28 | €278,278 | €252,110 | -€26,168 | -9.4% |
| Tangible fixed assets | 22/27 | €277,978 | €251,810 | -€26,168 | -9.4% |
| Land and buildings | 22 | €240,718 | €227,026 | -€13,691 | -5.7% |
| Plant, machinery and equipment | 23 | €4,804 | €2,230 | -€2,574 | -53.6% |
| Furniture and vehicles | 24 | €32,456 | €22,553 | -€9,903 | -30.5% |
| Financial fixed assets | 28 | €300 | €300 | = | 0.0% |
| Current assets | 29/58 | €147,234 | €128,092 | -€19,143 | -13.0% |
| Stocks and contracts in progress | 3 | €69,316 | €58,493 | -€10,823 | -15.6% |
| Stocks | 30/36 | €69,316 | €58,493 | -€10,823 | -15.6% |
| Amounts receivable within one year | 40/41 | €4,552 | €3,245 | -€1,307 | -28.7% |
| Trade receivables | 40 | €4,014 | €110 | -€3,904 | -97.3% |
| Other amounts receivable | 41 | €538 | €3,135 | +€2,597 | +482.9% |
| Cash at bank and in hand | 54/58 | €60,679 | €56,889 | -€3,791 | -6.2% |
| Deferred charges and accrued income | 490/1 | €12,687 | €9,465 | -€3,222 | -25.4% |
| Total equity and liabilities | 10/49 | €425,512 | €380,202 | -€45,311 | -10.6% |
| Equity | 10/15 | €90,746 | €115,180 | +€24,433 | +26.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €84,546 | €108,980 | +€24,433 | +28.9% |
| Amounts payable | 17/49 | €334,766 | €265,022 | -€69,744 | -20.8% |
| Amounts payable after more than one year | 17 | €262,083 | €192,764 | -€69,320 | -26.4% |
| Financial debts | 170/4 | €262,083 | €192,764 | -€69,320 | -26.4% |
| Amounts payable within one year | 42/48 | €72,683 | €72,094 | -€589 | -0.8% |
| Current portion of amounts payable after more than one year | 42 | €18,930 | €19,320 | +€389 | +2.1% |
| Trade debts | 44 | €16,276 | €12,178 | -€4,098 | -25.2% |
| Suppliers | 440/4 | €16,276 | €12,178 | -€4,098 | -25.2% |
| Taxes, remuneration and social security | 45 | €18,734 | €25,887 | +€7,153 | +38.2% |
| Taxes | 450/3 | €8,160 | €14,501 | +€6,342 | +77.7% |
| Remuneration and social security | 454/9 | €10,575 | €11,386 | +€811 | +7.7% |
| Other amounts payable | 47/48 | €18,742 | €14,709 | -€4,033 | -21.5% |
| Accrued charges and deferred income | 492/3 | - | €165 | +€165 | |
| Non-recurring operating income | 76A | €8,472 | €0 | -€8,472 | -100.0% |
| Remuneration, social security and pensions | 62 | €76,951 | €91,966 | +€15,015 | +19.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,821 | €26,168 | +€348 | +1.3% |
| Other operating charges | 640/8 | €786 | €2,242 | +€1,457 | +185.4% |
| Gross operating margin | 9900 | €101,263 | €160,026 | +€58,764 | +58.0% |
| Operating profit (loss) | 9901 | -€2,294 | €39,650 | +€41,944 | |
| Financial income | 75/76B | €2 | €1 | -€1 | -45.1% |
| Recurring financial income | 75 | €2 | €1 | -€1 | -45.1% |
| Financial charges | 65/66B | €6,264 | €7,209 | +€945 | +15.1% |
| Recurring financial charges | 65 | €6,264 | €7,209 | +€945 | +15.1% |
| Profit (loss) for the period before taxes | 9903 | -€8,557 | €32,442 | +€40,998 | |
| Income taxes | 67/77 | €236 | €8,008 | +€7,772 | +3293.4% |
| Profit (loss) for the period | 9904 | -€8,793 | €24,433 | +€33,226 | |
| Profit (loss) for the period to be appropriated | 9905 | -€8,793 | €24,433 | +€33,226 |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.