MERV C: 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.
MERV C
Largest movements
- Tangible fixed assets +€74,613
up €74,613 (+19.3%), from €387,434 to €462,047
of which Furniture and vehicles: +€78,352
- Receivables within one year +€15,935
up €15,935 (+15.6%), from €102,374 to €118,309
of which Other amounts receivable: +€13,723
- Debts after one year +€36,083
up €36,083 (+23.7%), from €152,091 to €188,174
- Reserves +€31,437
up €31,437 (+10.4%), from €300,914 to €332,351
- Current portion of long-term debt +€18,785
up €18,785 (+98.9%), from €18,987 to €37,772
- Gross operating margin +€10,927
up €10,927 (+9.9%), from €110,154 to €121,081
- Depreciation +€3,761
up €3,761 (+62.8%), from €5,991 to €9,752
- Taxes +€2,257
up €2,257 (+8.4%), from €26,759 to €29,016
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 | €504,297 | €591,457 | +€87,160 | +17.3% |
| Fixed assets | 21/28 | €387,434 | €462,047 | +€74,613 | +19.3% |
| Tangible fixed assets | 22/27 | €387,434 | €462,047 | +€74,613 | +19.3% |
| Land and buildings | 22 | €344,114 | €340,375 | -€3,739 | -1.1% |
| Furniture and vehicles | 24 | €295 | €78,647 | +€78,352 | +26560.0% |
| Other tangible fixed assets | 26 | €43,025 | €43,025 | = | 0.0% |
| Current assets | 29/58 | €116,863 | €129,410 | +€12,547 | +10.7% |
| Amounts receivable within one year | 40/41 | €102,374 | €118,309 | +€15,935 | +15.6% |
| Trade receivables | 40 | €26,983 | €29,195 | +€2,212 | +8.2% |
| Other amounts receivable | 41 | €75,391 | €89,114 | +€13,723 | +18.2% |
| Cash at bank and in hand | 54/58 | €7,325 | €2,298 | -€5,027 | -68.6% |
| Deferred charges and accrued income | 490/1 | €7,164 | €8,803 | +€1,639 | +22.9% |
| Total equity and liabilities | 10/49 | €504,297 | €591,457 | +€87,160 | +17.3% |
| Equity | 10/15 | €300,914 | €332,351 | +€31,437 | +10.4% |
| Reserves | 13 | €300,914 | €332,351 | +€31,437 | +10.4% |
| Distributable reserves | 133 | €300,914 | €332,351 | +€31,437 | +10.4% |
| Amounts payable | 17/49 | €203,383 | €259,106 | +€55,723 | +27.4% |
| Amounts payable after more than one year | 17 | €152,091 | €188,174 | +€36,083 | +23.7% |
| Financial debts | 170/4 | €152,091 | €188,174 | +€36,083 | +23.7% |
| Amounts payable within one year | 42/48 | €51,007 | €70,932 | +€19,925 | +39.1% |
| Current portion of amounts payable after more than one year | 42 | €18,987 | €37,772 | +€18,785 | +98.9% |
| Trade debts | 44 | €5,235 | €6,989 | +€1,754 | +33.5% |
| Suppliers | 440/4 | €5,235 | €6,989 | +€1,754 | +33.5% |
| Taxes, remuneration and social security | 45 | €26,785 | €26,171 | -€614 | -2.3% |
| Taxes | 450/3 | €26,785 | €26,171 | -€614 | -2.3% |
| Accrued charges and deferred income | 492/3 | €285 | - | -€285 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,991 | €9,752 | +€3,761 | +62.8% |
| Other operating charges | 640/8 | €1,388 | €1,104 | -€284 | -20.5% |
| Gross operating margin | 9900 | €110,154 | €121,081 | +€10,927 | +9.9% |
| Operating profit (loss) | 9901 | €102,775 | €110,225 | +€7,450 | +7.2% |
| Financial income | 75/76B | - | €1 | +€1 | |
| Recurring financial income | 75 | - | €1 | +€1 | |
| Financial charges | 65/66B | €7,052 | €7,257 | +€205 | +2.9% |
| Recurring financial charges | 65 | €7,052 | €7,257 | +€205 | +2.9% |
| Profit (loss) for the period before taxes | 9903 | €95,723 | €102,969 | +€7,246 | +7.6% |
| Income taxes | 67/77 | €26,759 | €29,016 | +€2,257 | +8.4% |
| Profit (loss) for the period | 9904 | €68,964 | €73,953 | +€4,989 | +7.2% |
| Profit (loss) for the period to be appropriated | 9905 | €68,964 | €73,953 | +€4,989 | +7.2% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.