MERVANT: 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.
MERVANT
Largest movements
- Cash -€5,580
down €5,580 (-87.3%), from €6,389 to €810
mainly Net result for the year (-€20,387) and Debts after one year (-€7,236)
- Stocks and contracts -€2,834
down €2,834 (-5.1%), from €55,600 to €52,766
- Deferred charges and accrued income +€2,293
new in 2025: €2,293
- Tangible fixed assets -€1,167
down €1,167 (-36.3%), from €3,216 to €2,050
of which Plant, machinery and equipment: -€979
- Profit (loss) carried forward -€20,387
down €20,387 (-54.5%), from -€37,410 to -€57,797
- Trade debts +€12,846
up €12,846 (+97.4%), from €13,184 to €26,030
- Debts after one year -€7,236
down €7,236 (-29.7%), from €24,392 to €17,156
- Tax, wage and social debts +€4,332
up €4,332 (+30.9%), from €14,027 to €18,360
of which Remuneration and social security: +€8,044
- Advances received +€2,396
new in 2025: €2,396
- Gross operating margin -€14,745
down €14,745 (-38.6%), from €38,175 to €23,430
- Financial charges -€2,082
down €2,082 (-27.8%), from €7,485 to €5,403
of which Financial charges: -€2,564
- Staff costs +€1,205
up €1,205 (+3.4%), from €35,163 to €36,369
- Depreciation -€472
down €472 (-28.8%), from €1,638 to €1,167
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 | €70,195 | €62,789 | -€7,406 | -10.6% |
| Fixed assets | 21/28 | €3,216 | €2,050 | -€1,167 | -36.3% |
| Tangible fixed assets | 22/27 | €3,216 | €2,050 | -€1,167 | -36.3% |
| Land and buildings | 22 | €1,582 | €1,395 | -€187 | -11.8% |
| Plant, machinery and equipment | 23 | €1,634 | €655 | -€979 | -59.9% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Current assets | 29/58 | €66,979 | €60,739 | -€6,240 | -9.3% |
| Stocks and contracts in progress | 3 | €55,600 | €52,766 | -€2,834 | -5.1% |
| Stocks | 30/36 | €55,600 | €52,766 | -€2,834 | -5.1% |
| Amounts receivable within one year | 40/41 | €4,990 | €4,870 | -€120 | -2.4% |
| Trade receivables | 40 | €4,937 | €4,870 | -€67 | -1.4% |
| Other amounts receivable | 41 | €53 | €0 | -€53 | -100.0% |
| Cash at bank and in hand | 54/58 | €6,389 | €810 | -€5,580 | -87.3% |
| Deferred charges and accrued income | 490/1 | - | €2,293 | +€2,293 | |
| Total equity and liabilities | 10/49 | €70,195 | €62,789 | -€7,406 | -10.6% |
| Equity | 10/15 | -€32,410 | -€52,797 | -€20,387 | -62.9% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€37,410 | -€57,797 | -€20,387 | -54.5% |
| Amounts payable | 17/49 | €102,605 | €115,586 | +€12,981 | +12.7% |
| Amounts payable after more than one year | 17 | €24,392 | €17,156 | -€7,236 | -29.7% |
| Financial debts | 170/4 | €24,392 | €17,156 | -€7,236 | -29.7% |
| Amounts payable within one year | 42/48 | €78,214 | €98,430 | +€20,217 | +25.8% |
| Current portion of amounts payable after more than one year | 42 | €7,608 | €7,981 | +€373 | +4.9% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €13,184 | €26,030 | +€12,846 | +97.4% |
| Suppliers | 440/4 | €13,184 | €26,030 | +€12,846 | +97.4% |
| Advances received on contracts in progress | 46 | - | €2,396 | +€2,396 | |
| Taxes, remuneration and social security | 45 | €14,027 | €18,360 | +€4,332 | +30.9% |
| Taxes | 450/3 | €8,511 | €4,799 | -€3,712 | -43.6% |
| Remuneration and social security | 454/9 | €5,517 | €13,561 | +€8,044 | +145.8% |
| Other amounts payable | 47/48 | €43,394 | €43,664 | +€269 | +0.6% |
| Remuneration, social security and pensions | 62 | €35,163 | €36,369 | +€1,205 | +3.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,638 | €1,167 | -€472 | -28.8% |
| Other operating charges | 640/8 | €1,318 | €942 | -€375 | -28.5% |
| Gross operating margin | 9900 | €38,175 | €23,430 | -€14,745 | -38.6% |
| Operating profit (loss) | 9901 | €56 | -€15,048 | -€15,104 | |
| Financial income | 75/76B | €244 | €315 | +€71 | +29.2% |
| Recurring financial income | 75 | €244 | €315 | +€71 | +29.2% |
| Financial charges | 65/66B | €7,485 | €5,403 | -€2,082 | -27.8% |
| Recurring financial charges | 65 | €6,486 | €3,922 | -€2,564 | -39.5% |
| Non-recurring financial charges | 66B | €999 | €1,481 | +€482 | +48.3% |
| Profit (loss) for the period before taxes | 9903 | -€7,185 | -€20,136 | -€12,951 | -180.2% |
| Income taxes | 67/77 | €261 | €251 | -€10 | -3.9% |
| Profit (loss) for the period | 9904 | -€7,447 | -€20,387 | -€12,940 | -173.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€7,447 | -€20,387 | -€12,940 | -173.8% |
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 11 October 2026 via checked.be.