MERVEKO: 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.
MERVEKO
Largest movements
- Current investments +€400,000
new in 2025: €400,000
- Cash -€344,620
down €344,620 (-75.2%), from €458,052 to €113,432
mainly Current investments (-€400,000) and Debts after one year (-€180,000)
- Profit (loss) carried forward +€386,515
up €386,515 (+15.4%), from €2.5m to €2.9m
- Debts after one year -€180,000
down €180,000 (-19.7%), from €915,000 to €735,000
- Other debts -€150,000
down €150,000 (-100%), from €150,000 to €0
- Gross operating margin +€21,925
up €21,925 (+16.3%), from €134,474 to €156,399
- Staff costs +€11,238
new in 2025: €11,238
- Financial charges -€6,961
down €6,961 (-15.0%), from €46,341 to €39,380
- Taxes +€4,476
up €4,476 (+20.4%), from €21,963 to €26,438
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 | €5,653,523 | €5,703,534 | +€50,011 | +0.9% |
| Fixed assets | 21/28 | €5,165,963 | €5,165,963 | = | 0.0% |
| Financial fixed assets | 28 | €5,165,963 | €5,165,963 | = | 0.0% |
| Current assets | 29/58 | €487,560 | €537,571 | +€50,011 | +10.3% |
| Amounts receivable within one year | 40/41 | €29,508 | €24,140 | -€5,369 | -18.2% |
| Trade receivables | 40 | €22,990 | €24,140 | +€1,150 | +5.0% |
| Other amounts receivable | 41 | €6,518 | €0 | -€6,518 | -100% |
| Current investments | 50/53 | - | €400,000 | +€400,000 | |
| Cash at bank and in hand | 54/58 | €458,052 | €113,432 | -€344,620 | -75.2% |
| Total equity and liabilities | 10/49 | €5,653,523 | €5,703,534 | +€50,011 | +0.9% |
| Equity | 10/15 | €4,346,340 | €4,732,854 | +€386,515 | +8.9% |
| Contributions | 10/11 | €1,805,000 | €1,805,000 | = | 0.0% |
| Reserves | 13 | €30,000 | €30,000 | = | 0.0% |
| Distributable reserves | 133 | €30,000 | €30,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,511,340 | €2,897,854 | +€386,515 | +15.4% |
| Amounts payable | 17/49 | €1,307,183 | €970,680 | -€336,504 | -25.7% |
| Amounts payable after more than one year | 17 | €915,000 | €735,000 | -€180,000 | -19.7% |
| Other amounts payable | 178/9 | €915,000 | €735,000 | -€180,000 | -19.7% |
| Amounts payable within one year | 42/48 | €350,509 | €200,431 | -€150,079 | -42.8% |
| Current portion of amounts payable after more than one year | 42 | €180,000 | €180,000 | = | 0.0% |
| Trade debts | 44 | - | €125 | +€125 | |
| Suppliers | 440/4 | - | €125 | +€125 | |
| Taxes, remuneration and social security | 45 | €20,509 | €20,306 | -€204 | -1.0% |
| Taxes | 450/3 | €20,509 | €20,306 | -€204 | -1.0% |
| Other amounts payable | 47/48 | €150,000 | €0 | -€150,000 | -100% |
| Accrued charges and deferred income | 492/3 | €41,674 | €35,249 | -€6,425 | -15.4% |
| Remuneration, social security and pensions | 62 | - | €11,238 | +€11,238 | |
| Other operating charges | 640/8 | €1,208 | €1,243 | +€35 | +2.9% |
| Gross operating margin | 9900 | €134,474 | €156,399 | +€21,925 | +16.3% |
| Operating profit (loss) | 9901 | €133,266 | €143,919 | +€10,653 | +8.0% |
| Financial income | 75/76B | €308,125 | €308,414 | +€289 | +0.1% |
| Recurring financial income | 75 | €308,125 | €308,414 | +€289 | +0.1% |
| Financial charges | 65/66B | €46,341 | €39,380 | -€6,961 | -15.0% |
| Recurring financial charges | 65 | €46,341 | €39,380 | -€6,961 | -15.0% |
| Profit (loss) for the period before taxes | 9903 | €395,050 | €412,953 | +€17,903 | +4.5% |
| Income taxes | 67/77 | €21,963 | €26,438 | +€4,476 | +20.4% |
| Profit (loss) for the period | 9904 | €373,088 | €386,515 | +€13,427 | +3.6% |
| Profit (loss) for the period to be appropriated | 9905 | €373,088 | €386,515 | +€13,427 | +3.6% |
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 27 October 2026 via checked.be.