MERVANCO: 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.
MERVANCO
Largest movements
- Tangible fixed assets -€10,075
down €10,075 (-9.3%), from €107,820 to €97,744
of which Leasing and similar rights: -€14,145
- Cash +€9,526
up €9,526 (+22.9%), from €41,577 to €51,103
mainly Depreciation (+€17,891) and Tax, wage and social debts (+€7,320)
- Deferred charges and accrued income +€8,717
up €8,717 (+226%), from €3,853 to €12,570
- Stocks and contracts -€6,743
down €6,743 (-19.4%), from €34,773 to €28,030
- Debts after one year -€19,667
down €19,667 (-34.6%), from €56,864 to €37,197
- Tax, wage and social debts +€7,320
up €7,320 (+149%), from €4,917 to €12,236
of which Remuneration and social security: +€5,644
- Trade debts +€5,588
up €5,588 (+32.6%), from €17,147 to €22,735
- Reserves +€5,106
up €5,106 (+6.6%), from €76,860 to €81,966
of which Distributable reserves: +€5,106
- Advances received +€3,090
new in 2025: €3,090
- Gross operating margin +€17,795
up €17,795 (+75.3%), from €23,631 to €41,426
- Staff costs +€1,926
up €1,926 (+18.0%), from €10,700 to €12,626
- Taxes +€482
new in 2025: €482
- Other operating charges -€428
down €428 (-9.6%), from €4,445 to €4,016
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.
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 | €200,681 | €202,176 | +€1,496 | +0.7% |
| Fixed assets | 21/28 | €107,820 | €97,744 | -€10,075 | -9.3% |
| Tangible fixed assets | 22/27 | €107,820 | €97,744 | -€10,075 | -9.3% |
| Land and buildings | 22 | €4,152 | €3,537 | -€615 | -14.8% |
| Plant, machinery and equipment | 23 | €7,456 | €5,708 | -€1,749 | -23.5% |
| Furniture and vehicles | 24 | €2,971 | €9,404 | +€6,433 | +217% |
| Leasing and similar rights | 25 | €93,241 | €79,096 | -€14,145 | -15.2% |
| Current assets | 29/58 | €92,861 | €104,432 | +€11,571 | +12.5% |
| Stocks and contracts in progress | 3 | €34,773 | €28,030 | -€6,743 | -19.4% |
| Contracts in progress | 37 | €34,773 | €28,030 | -€6,743 | -19.4% |
| Amounts receivable within one year | 40/41 | €12,658 | €12,729 | +€71 | +0.6% |
| Trade receivables | 40 | €12,360 | €11,854 | -€507 | -4.1% |
| Other amounts receivable | 41 | €298 | €876 | +€578 | +194% |
| Cash at bank and in hand | 54/58 | €41,577 | €51,103 | +€9,526 | +22.9% |
| Deferred charges and accrued income | 490/1 | €3,853 | €12,570 | +€8,717 | +226% |
| Total equity and liabilities | 10/49 | €200,681 | €202,176 | +€1,496 | +0.7% |
| Equity | 10/15 | €102,145 | €107,251 | +€5,106 | +5.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €76,860 | €81,966 | +€5,106 | +6.6% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €75,000 | €80,106 | +€5,106 | +6.8% |
| Profit (loss) carried forward | 14 | €6,685 | €6,685 | = | 0.0% |
| Amounts payable | 17/49 | €98,536 | €94,926 | -€3,610 | -3.7% |
| Amounts payable after more than one year | 17 | €56,864 | €37,197 | -€19,667 | -34.6% |
| Financial debts | 170/4 | €56,864 | €37,197 | -€19,667 | -34.6% |
| Amounts payable within one year | 42/48 | €41,672 | €57,729 | +€16,057 | +38.5% |
| Current portion of amounts payable after more than one year | 42 | €19,475 | €19,667 | +€193 | +1.0% |
| Trade debts | 44 | €17,147 | €22,735 | +€5,588 | +32.6% |
| Suppliers | 440/4 | €17,147 | €22,735 | +€5,588 | +32.6% |
| Advances received on contracts in progress | 46 | - | €3,090 | +€3,090 | |
| Taxes, remuneration and social security | 45 | €4,917 | €12,236 | +€7,320 | +149% |
| Taxes | 450/3 | €3,662 | €5,338 | +€1,676 | +45.8% |
| Remuneration and social security | 454/9 | €1,254 | €6,898 | +€5,644 | +450% |
| Other amounts payable | 47/48 | €134 | - | -€134 | |
| Non-recurring operating income | 76A | - | €4,468 | +€4,468 | |
| Remuneration, social security and pensions | 62 | €10,700 | €12,626 | +€1,926 | +18.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,532 | €17,891 | +€360 | +2.1% |
| Other operating charges | 640/8 | €4,445 | €4,016 | -€428 | -9.6% |
| Non-recurring operating charges | 66A | - | €124 | +€124 | |
| Gross operating margin | 9900 | €23,631 | €41,426 | +€17,795 | +75.3% |
| Operating profit (loss) | 9901 | -€9,045 | €6,769 | +€15,814 | |
| Financial income | 75/76B | €379 | €182 | -€197 | -52.0% |
| Recurring financial income | 75 | €379 | €182 | -€197 | -52.0% |
| Financial charges | 65/66B | €1,634 | €1,362 | -€272 | -16.6% |
| Recurring financial charges | 65 | €1,634 | €1,362 | -€272 | -16.6% |
| Profit (loss) for the period before taxes | 9903 | -€10,300 | €5,588 | +€15,889 | |
| Income taxes | 67/77 | - | €482 | +€482 | |
| Profit (loss) for the period | 9904 | -€10,300 | €5,106 | +€15,406 | |
| Profit (loss) for the period to be appropriated | 9905 | -€10,300 | €5,106 | +€15,406 |
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.