MERVI: 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.
MERVI
Largest movements
- Current investments -€600,000
no longer reported in 2025 (was €600,000)
- Receivables within one year +€123,211
up €123,211 (+14.5%), from €850,760 to €973,971
of which Other amounts receivable: +€190,535
- Stocks and contracts +€109,529
up €109,529 (+37.6%), from €291,298 to €400,827
- Cash +€82,232
up €82,232 (+8.1%), from €1.0m to €1.1m
mainly Current investments (+€600,000) and Net result for the year (+€112,756)
- Tangible fixed assets -€53,676
down €53,676 (-38.4%), from €139,791 to €86,115
of which Furniture and vehicles: -€46,295
- Other debts -€330,133
down €330,133 (-82.3%), from €401,334 to €71,201
- Profit (loss) carried forward +€112,756
up €112,756 (+6.0%), from €1.9m to €2.0m
- Trade debts -€102,718
down €102,718 (-23.2%), from €442,461 to €339,743
- Gross operating margin +€37,660
up €37,660 (+16.0%), from €234,813 to €272,473
- Financial income -€12,256
down €12,256 (-19.2%), from €63,678 to €51,422
- Staff costs -€10,424
down €10,424 (-11.3%), from €92,643 to €82,220
- Taxes +€9,318
up €9,318 (+26.0%), from €35,804 to €45,121
- Depreciation +€8,604
up €8,604 (+13.5%), from €63,669 to €72,273
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 | €2,923,961 | €2,577,576 | -€346,386 | -11.8% |
| Fixed assets | 21/28 | €141,211 | €87,534 | -€53,676 | -38.0% |
| Tangible fixed assets | 22/27 | €139,791 | €86,115 | -€53,676 | -38.4% |
| Land and buildings | 22 | €8,370 | €4,185 | -€4,185 | -50.0% |
| Plant, machinery and equipment | 23 | €3,196 | €0 | -€3,196 | -100.0% |
| Furniture and vehicles | 24 | €128,225 | €81,930 | -€46,295 | -36.1% |
| Financial fixed assets | 28 | €1,420 | €1,420 | = | 0.0% |
| Current assets | 29/58 | €2,782,750 | €2,490,041 | -€292,709 | -10.5% |
| Stocks and contracts in progress | 3 | €291,298 | €400,827 | +€109,529 | +37.6% |
| Stocks | 30/36 | €291,298 | €400,827 | +€109,529 | +37.6% |
| Amounts receivable within one year | 40/41 | €850,760 | €973,971 | +€123,211 | +14.5% |
| Trade receivables | 40 | €531,322 | €463,998 | -€67,324 | -12.7% |
| Other amounts receivable | 41 | €319,439 | €509,973 | +€190,535 | +59.6% |
| Current investments | 50/53 | €600,000 | - | -€600,000 | |
| Cash at bank and in hand | 54/58 | €1,015,681 | €1,097,913 | +€82,232 | +8.1% |
| Deferred charges and accrued income | 490/1 | €25,011 | €17,330 | -€7,681 | -30.7% |
| Total equity and liabilities | 10/49 | €2,923,961 | €2,577,576 | -€346,386 | -11.8% |
| Equity | 10/15 | €2,012,470 | €2,125,226 | +€112,756 | +5.6% |
| Contributions | 10/11 | €124,000 | €124,000 | = | 0.0% |
| Capital | 10 | €124,000 | €124,000 | = | 0.0% |
| Issued capital | 100 | €124,000 | €124,000 | = | 0.0% |
| Reserves | 13 | €12,400 | €12,400 | = | 0.0% |
| Non-distributable reserves | 130/1 | €12,400 | €12,400 | = | 0.0% |
| Legal reserve | 130 | €12,400 | €12,400 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,876,070 | €1,988,826 | +€112,756 | +6.0% |
| Amounts payable | 17/49 | €911,491 | €452,350 | -€459,142 | -50.4% |
| Amounts payable within one year | 42/48 | €911,491 | €452,350 | -€459,142 | -50.4% |
| Trade debts | 44 | €442,461 | €339,743 | -€102,718 | -23.2% |
| Suppliers | 440/4 | €442,461 | €339,743 | -€102,718 | -23.2% |
| Advances received on contracts in progress | 46 | €109 | - | -€109 | |
| Taxes, remuneration and social security | 45 | €67,588 | €41,406 | -€26,182 | -38.7% |
| Taxes | 450/3 | €53,047 | €28,225 | -€24,823 | -46.8% |
| Remuneration and social security | 454/9 | €14,540 | €13,181 | -€1,359 | -9.3% |
| Other amounts payable | 47/48 | €401,334 | €71,201 | -€330,133 | -82.3% |
| Non-recurring operating income | 76A | €11,385 | - | -€11,385 | |
| Remuneration, social security and pensions | 62 | €92,643 | €82,220 | -€10,424 | -11.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €63,669 | €72,273 | +€8,604 | +13.5% |
| Other operating charges | 640/8 | €3,120 | €4,737 | +€1,617 | +51.8% |
| Gross operating margin | 9900 | €234,813 | €272,473 | +€37,660 | +16.0% |
| Operating profit (loss) | 9901 | €75,380 | €113,243 | +€37,863 | +50.2% |
| Financial income | 75/76B | €63,678 | €51,422 | -€12,256 | -19.2% |
| Recurring financial income | 75 | €63,678 | €51,422 | -€12,256 | -19.2% |
| Financial charges | 65/66B | €6,684 | €6,787 | +€103 | +1.5% |
| Recurring financial charges | 65 | €6,684 | €6,787 | +€103 | +1.5% |
| Profit (loss) for the period before taxes | 9903 | €132,374 | €157,878 | +€25,504 | +19.3% |
| Income taxes | 67/77 | €35,804 | €45,121 | +€9,318 | +26.0% |
| Profit (loss) for the period | 9904 | €96,570 | €112,756 | +€16,186 | +16.8% |
| Profit (loss) for the period to be appropriated | 9905 | €96,570 | €112,756 | +€16,186 | +16.8% |
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 12 October 2026 via checked.be.