MERVAR: what changed
Two fiscal 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.
MERVAR
Largest movements
- Cash -€674,033
down €674,033 (-66.5%), from €1.0m to €339,709
mainly Contributions, distributions and other (-€1.5m) and Other debts (-€200,000)
- Stocks and contracts -€176,975
down €176,975 (-24.3%), from €728,293 to €551,318
- Receivables within one year +€80,128
up €80,128 (+10.0%), from €798,538 to €878,666
of which Trade receivables: +€79,863
- Intangible fixed assets -€75,438
down €75,438 (-27.5%), from €274,569 to €199,132
- Reserves -€697,384
down €697,384 (-29.3%), from €2.4m to €1.7m
- Other debts -€200,000
down €200,000 (-100.0%), from €200,000 to €0
- Current portion of long-term debt -€93,917
down €93,917 (-100.0%), from €93,917 to €0
- Trade debts +€82,705
up €82,705 (+36.2%), from €228,586 to €311,291
- Tax, wage and social debts +€41,172
up €41,172 (+148.4%), from €27,735 to €68,907
of which Taxes: +€34,088
- Gross operating margin -€264,024
down €264,024 (-17.1%), from €1.5m to €1.3m
- Taxes -€70,758
down €70,758 (-20.9%), from €338,764 to €268,006
- Financial income -€16,059
down €16,059 (-55.2%), from €29,093 to €13,034
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 | €2,940,925 | €2,071,001 | -€869,924 | -29.6% |
| Fixed assets | 21/28 | €393,532 | €293,158 | -€100,374 | -25.5% |
| Intangible fixed assets | 21 | €274,569 | €199,132 | -€75,438 | -27.5% |
| Tangible fixed assets | 22/27 | €117,962 | €93,026 | -€24,936 | -21.1% |
| Plant, machinery and equipment | 23 | €9,059 | €4,035 | -€5,024 | -55.5% |
| Furniture and vehicles | 24 | €24,779 | €15,508 | -€9,271 | -37.4% |
| Other tangible fixed assets | 26 | €84,124 | €73,483 | -€10,641 | -12.6% |
| Financial fixed assets | 28 | €1,000 | €1,000 | = | 0.0% |
| Current assets | 29/58 | €2,547,393 | €1,777,843 | -€769,550 | -30.2% |
| Stocks and contracts in progress | 3 | €728,293 | €551,318 | -€176,975 | -24.3% |
| Stocks | 30/36 | €728,293 | €551,318 | -€176,975 | -24.3% |
| Amounts receivable within one year | 40/41 | €798,538 | €878,666 | +€80,128 | +10.0% |
| Trade receivables | 40 | €796,155 | €876,018 | +€79,863 | +10.0% |
| Other amounts receivable | 41 | €2,382 | €2,647 | +€265 | +11.1% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €1,013,742 | €339,709 | -€674,033 | -66.5% |
| Deferred charges and accrued income | 490/1 | €6,820 | €8,150 | +€1,330 | +19.5% |
| Total equity and liabilities | 10/49 | €2,940,925 | €2,071,001 | -€869,924 | -29.6% |
| Equity | 10/15 | €2,388,188 | €1,690,803 | -€697,384 | -29.2% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €2,383,188 | €1,685,803 | -€697,384 | -29.3% |
| Distributable reserves | 133 | €2,383,188 | €1,685,803 | -€697,384 | -29.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €552,737 | €380,198 | -€172,539 | -31.2% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €550,237 | €380,198 | -€170,040 | -30.9% |
| Current portion of amounts payable after more than one year | 42 | €93,917 | €0 | -€93,917 | -100.0% |
| Trade debts | 44 | €228,586 | €311,291 | +€82,705 | +36.2% |
| Suppliers | 440/4 | €228,586 | €311,291 | +€82,705 | +36.2% |
| Taxes, remuneration and social security | 45 | €27,735 | €68,907 | +€41,172 | +148.4% |
| Taxes | 450/3 | €10,146 | €44,234 | +€34,088 | +336.0% |
| Remuneration and social security | 454/9 | €17,589 | €24,673 | +€7,084 | +40.3% |
| Other amounts payable | 47/48 | €200,000 | €0 | -€200,000 | -100.0% |
| Accrued charges and deferred income | 492/3 | €2,500 | €0 | -€2,500 | -100.0% |
| Remuneration, social security and pensions | 62 | €107,163 | €116,198 | +€9,035 | +8.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €101,979 | €103,507 | +€1,528 | +1.5% |
| Other operating charges | 640/8 | €1,375 | €1,482 | +€108 | +7.8% |
| Non-recurring operating charges | 66A | €3,427 | €0 | -€3,427 | -100.0% |
| Gross operating margin | 9900 | €1,544,430 | €1,280,406 | -€264,024 | -17.1% |
| Operating profit (loss) | 9901 | €1,330,486 | €1,059,219 | -€271,267 | -20.4% |
| Financial income | 75/76B | €29,093 | €13,034 | -€16,059 | -55.2% |
| Recurring financial income | 75 | €29,093 | €13,034 | -€16,059 | -55.2% |
| Financial charges | 65/66B | €6,784 | €1,632 | -€5,153 | -76.0% |
| Recurring financial charges | 65 | €6,784 | €1,632 | -€5,153 | -76.0% |
| Profit (loss) for the period before taxes | 9903 | €1,352,794 | €1,070,621 | -€282,173 | -20.9% |
| Income taxes | 67/77 | €338,764 | €268,006 | -€70,758 | -20.9% |
| Profit (loss) for the period | 9904 | €1,014,030 | €802,616 | -€211,414 | -20.8% |
| Profit (loss) for the period to be appropriated | 9905 | €1,014,030 | €802,616 | -€211,414 | -20.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.