MERUBIN: 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.
MERUBIN
Largest movements
- Current investments -€1.0m
down €1.0m (-55.4%), from €1.8m to €824,239
- Cash +€966,220
up €966,220 (+146%), from €661,640 to €1.6m
mainly Current investments (+€1.0m) and Deferred charges and accrued income (+€20,274)
- Financial fixed assets +€26,779
up €26,779 (+85.6%), from €31,275 to €58,054
- Profit (loss) carried forward -€39,851
new in 2026: -€39,851
- Gross operating margin -€93,248
down €93,248, from €62,191 to -€31,057
- Financial income -€27,649
down €27,649 (-55.7%), from €49,675 to €22,026
- Taxes -€20,764
down €20,764 (-97.2%), from €21,360 to €596
- Depreciation +€2,587
up €2,587 (+28.5%), from €9,085 to €11,672
- Financial charges -€1,920
down €1,920 (-9.9%), from €19,341 to €17,421
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,671,071 | €2,608,818 | -€62,253 | -2.3% |
| Fixed assets | 21/28 | €123,147 | €141,838 | +€18,691 | +15.2% |
| Tangible fixed assets | 22/27 | €91,872 | €83,784 | -€8,088 | -8.8% |
| Land and buildings | 22 | €22,013 | €20,173 | -€1,840 | -8.4% |
| Plant, machinery and equipment | 23 | €2,328 | €4,162 | +€1,834 | +78.8% |
| Furniture and vehicles | 24 | €10,965 | €6,384 | -€4,581 | -41.8% |
| Other tangible fixed assets | 26 | €56,566 | €53,065 | -€3,501 | -6.2% |
| Financial fixed assets | 28 | €31,275 | €58,054 | +€26,779 | +85.6% |
| Current assets | 29/58 | €2,547,925 | €2,466,980 | -€80,944 | -3.2% |
| Amounts receivable within one year | 40/41 | €10,719 | €8,993 | -€1,726 | -16.1% |
| Trade receivables | 40 | €3,176 | €4,009 | +€833 | +26.2% |
| Other amounts receivable | 41 | €7,542 | €4,984 | -€2,558 | -33.9% |
| Current investments | 50/53 | €1,849,404 | €824,239 | -€1.0m | -55.4% |
| Cash at bank and in hand | 54/58 | €661,640 | €1,627,860 | +€966,220 | +146% |
| Deferred charges and accrued income | 490/1 | €26,162 | €5,888 | -€20,274 | -77.5% |
| Total equity and liabilities | 10/49 | €2,671,071 | €2,608,818 | -€62,253 | -2.3% |
| Equity | 10/15 | €2,374,366 | €2,334,514 | -€39,851 | -1.7% |
| Contributions | 10/11 | €21,000 | €21,000 | = | 0.0% |
| Reserves | 13 | €2,353,366 | €2,353,366 | = | 0.0% |
| Distributable reserves | 133 | €2,353,366 | €2,353,366 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€39,851 | -€39,851 | |
| Amounts payable | 17/49 | €296,706 | €274,304 | -€22,402 | -7.6% |
| Amounts payable within one year | 42/48 | €289,785 | €274,304 | -€15,482 | -5.3% |
| Trade debts | 44 | €1,473 | €1,050 | -€423 | -28.7% |
| Suppliers | 440/4 | €1,473 | €1,050 | -€423 | -28.7% |
| Taxes, remuneration and social security | 45 | €6,742 | €5,194 | -€1,548 | -23.0% |
| Taxes | 450/3 | €6,742 | €5,194 | -€1,548 | -23.0% |
| Other amounts payable | 47/48 | €281,570 | €268,060 | -€13,510 | -4.8% |
| Accrued charges and deferred income | 492/3 | €6,920 | €0 | -€6,920 | -100% |
| Non-recurring operating income | 76A | €4,132 | €0 | -€4,132 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,085 | €11,672 | +€2,587 | +28.5% |
| Other operating charges | 640/8 | €1,149 | €1,131 | -€18 | -1.6% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €62,191 | -€31,057 | -€93,248 | |
| Operating profit (loss) | 9901 | €51,956 | -€43,860 | -€95,816 | |
| Financial income | 75/76B | €49,675 | €22,026 | -€27,649 | -55.7% |
| Recurring financial income | 75 | €49,675 | €22,026 | -€27,649 | -55.7% |
| Financial charges | 65/66B | €19,341 | €17,421 | -€1,920 | -9.9% |
| Recurring financial charges | 65 | €19,341 | €17,421 | -€1,920 | -9.9% |
| Profit (loss) for the period before taxes | 9903 | €82,290 | -€39,255 | -€121,545 | |
| Income taxes | 67/77 | €21,360 | €596 | -€20,764 | -97.2% |
| Profit (loss) for the period | 9904 | €60,930 | -€39,851 | -€100,781 | |
| Profit (loss) for the period to be appropriated | 9905 | €60,930 | -€39,851 | -€100,781 |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.