MERUS: 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.
MERUS
Largest movements
- Stocks and contracts +€124,354
up €124,354 (+11.3%), from €1.1m to €1.2m
of which Stocks: +€124,354
- Receivables within one year -€118,620
down €118,620 (-85.7%), from €138,447 to €19,827
of which Trade receivables: -€118,523
- Cash +€18,758
up €18,758 (+147%), from €12,802 to €31,559
mainly Other debts (+€253,153) and Receivables within one year (+€118,620)
- Other debts +€253,153
up €253,153 (+89.6%), from €282,628 to €535,780
- Short-term financial debts -€159,236
down €159,236 (-20.2%), from €789,047 to €629,811
- Trade debts -€105,212
down €105,212 (-68.6%), from €153,277 to €48,065
- Profit (loss) carried forward +€17,088
up €17,088, from -€17,088 to €0
- Tax, wage and social debts +€13,849
new in 2025: €13,849
- Gross operating margin +€58,642
up €58,642 (+185%), from €31,656 to €90,298
- Financial charges +€12,168
up €12,168 (+32.7%), from €37,187 to €49,355
- Other operating charges +€10,280
up €10,280 (+139%), from €7,413 to €17,692
- Taxes -€1,504
down €1,504 (-35.1%), from €4,279 to €2,776
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 | €1,253,364 | €1,277,855 | +€24,492 | +2.0% |
| Current assets | 29/58 | €1,253,364 | €1,277,855 | +€24,492 | +2.0% |
| Stocks and contracts in progress | 3 | €1,102,115 | €1,226,469 | +€124,354 | +11.3% |
| Stocks | 30/36 | €1,102,115 | €1,226,469 | +€124,354 | +11.3% |
| Contracts in progress | 37 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €138,447 | €19,827 | -€118,620 | -85.7% |
| Trade receivables | 40 | €118,523 | €0 | -€118,523 | -100% |
| Other amounts receivable | 41 | €19,923 | €19,827 | -€97 | -0.5% |
| Cash at bank and in hand | 54/58 | €12,802 | €31,559 | +€18,758 | +147% |
| Total equity and liabilities | 10/49 | €1,253,364 | €1,277,855 | +€24,492 | +2.0% |
| Equity | 10/15 | €28,412 | €50,349 | +€21,937 | +77.2% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Reserves | 13 | €39,500 | €44,349 | +€4,849 | +12.3% |
| Distributable reserves | 133 | €39,500 | €44,349 | +€4,849 | +12.3% |
| Profit (loss) carried forward | 14 | -€17,088 | €0 | +€17,088 | |
| Amounts payable | 17/49 | €1,224,952 | €1,227,506 | +€2,554 | +0.2% |
| Amounts payable within one year | 42/48 | €1,224,952 | €1,227,506 | +€2,554 | +0.2% |
| Financial debts | 43 | €789,047 | €629,811 | -€159,236 | -20.2% |
| Credit institutions | 430/8 | €789,047 | €629,811 | -€159,236 | -20.2% |
| Trade debts | 44 | €153,277 | €48,065 | -€105,212 | -68.6% |
| Suppliers | 440/4 | €153,277 | €48,065 | -€105,212 | -68.6% |
| Taxes, remuneration and social security | 45 | - | €13,849 | +€13,849 | |
| Taxes | 450/3 | - | €13,849 | +€13,849 | |
| Other amounts payable | 47/48 | €282,628 | €535,780 | +€253,153 | +89.6% |
| Other operating charges | 640/8 | €7,413 | €17,692 | +€10,280 | +139% |
| Gross operating margin | 9900 | €31,656 | €90,298 | +€58,642 | +185% |
| Operating profit (loss) | 9901 | €24,243 | €72,606 | +€48,363 | +199% |
| Financial income | 75/76B | €779 | €1,462 | +€683 | +87.7% |
| Recurring financial income | 75 | €779 | €1,462 | +€683 | +87.7% |
| Financial charges | 65/66B | €37,187 | €49,355 | +€12,168 | +32.7% |
| Recurring financial charges | 65 | €37,187 | €49,355 | +€12,168 | +32.7% |
| Profit (loss) for the period before taxes | 9903 | -€12,165 | €24,713 | +€36,877 | |
| Income taxes | 67/77 | €4,279 | €2,776 | -€1,504 | -35.1% |
| Profit (loss) for the period | 9904 | -€16,444 | €21,937 | +€38,381 | |
| Profit (loss) for the period to be appropriated | 9905 | -€16,444 | €21,937 | +€38,381 |
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 17 October 2026 via checked.be.