MERVIN: 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.
MERVIN
Largest movements
- Current investments +€115,384
up €115,384 (+32.3%), from €357,649 to €473,033
- Tangible fixed assets -€75,889
down €75,889 (-9.2%), from €823,015 to €747,125
of which Land and buildings: -€52,733
- Receivables within one year +€75,698
up €75,698 (+57.6%), from €131,531 to €207,229
- Cash +€22,244
up €22,244 (+7.0%), from €318,809 to €341,053
mainly Net result for the year (+€298,688) and Depreciation (+€82,069)
- Reserves +€149,067
up €149,067 (+12.9%), from €1.2m to €1.3m
- Gross operating margin +€99,133
up €99,133 (+23.5%), from €422,544 to €521,677
- Taxes +€22,806
up €22,806 (+20.0%), from €113,955 to €136,761
- Financial income -€13,777
down €13,777 (-40.6%), from €33,908 to €20,131
- Depreciation +€11,237
up €11,237 (+15.9%), from €70,832 to €82,069
- Financial charges -€10,052
down €10,052 (-32.8%), from €30,669 to €20,618
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 | €1,636,239 | €1,770,721 | +€134,482 | +8.2% |
| Fixed assets | 21/28 | €823,015 | €747,125 | -€75,889 | -9.2% |
| Tangible fixed assets | 22/27 | €823,015 | €747,125 | -€75,889 | -9.2% |
| Land and buildings | 22 | €716,845 | €664,112 | -€52,733 | -7.4% |
| Plant, machinery and equipment | 23 | €8,352 | €7,229 | -€1,123 | -13.4% |
| Furniture and vehicles | 24 | €97,817 | €75,784 | -€22,033 | -22.5% |
| Current assets | 29/58 | €813,225 | €1,023,596 | +€210,371 | +25.9% |
| Amounts receivable within one year | 40/41 | €131,531 | €207,229 | +€75,698 | +57.6% |
| Trade receivables | 40 | €131,531 | €207,229 | +€75,698 | +57.6% |
| Current investments | 50/53 | €357,649 | €473,033 | +€115,384 | +32.3% |
| Cash at bank and in hand | 54/58 | €318,809 | €341,053 | +€22,244 | +7.0% |
| Deferred charges and accrued income | 490/1 | €5,235 | €2,281 | -€2,954 | -56.4% |
| Total equity and liabilities | 10/49 | €1,636,239 | €1,770,721 | +€134,482 | +8.2% |
| Equity | 10/15 | €1,193,815 | €1,342,883 | +€149,067 | +12.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,155,854 | €1,304,921 | +€149,067 | +12.9% |
| Distributable reserves | 133 | €1,155,854 | €1,304,921 | +€149,067 | +12.9% |
| Profit (loss) carried forward | 14 | €31,762 | €31,762 | = | 0.0% |
| Amounts payable | 17/49 | €442,424 | €427,839 | -€14,585 | -3.3% |
| Amounts payable after more than one year | 17 | €61,550 | €49,244 | -€12,306 | -20.0% |
| Financial debts | 170/4 | €61,550 | €49,244 | -€12,306 | -20.0% |
| Amounts payable within one year | 42/48 | €361,541 | €361,577 | +€36 | 0.0% |
| Current portion of amounts payable after more than one year | 42 | €27,606 | €12,306 | -€15,300 | -55.4% |
| Financial debts | 43 | - | €941 | +€941 | |
| Credit institutions | 430/8 | - | €941 | +€941 | |
| Trade debts | 44 | €7,595 | €5,395 | -€2,199 | -29.0% |
| Suppliers | 440/4 | €7,595 | €5,395 | -€2,199 | -29.0% |
| Taxes, remuneration and social security | 45 | €86,194 | €102,640 | +€16,446 | +19.1% |
| Taxes | 450/3 | €82,694 | €99,140 | +€16,446 | +19.9% |
| Remuneration and social security | 454/9 | €3,500 | €3,500 | = | 0.0% |
| Other amounts payable | 47/48 | €240,147 | €240,295 | +€148 | +0.1% |
| Accrued charges and deferred income | 492/3 | €19,333 | €17,017 | -€2,316 | -12.0% |
| Non-recurring operating income | 76A | €529 | €0 | -€529 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €70,832 | €82,069 | +€11,237 | +15.9% |
| Other operating charges | 640/8 | €5,455 | €3,673 | -€1,783 | -32.7% |
| Gross operating margin | 9900 | €422,544 | €521,677 | +€99,133 | +23.5% |
| Operating profit (loss) | 9901 | €346,258 | €435,935 | +€89,678 | +25.9% |
| Financial income | 75/76B | €33,908 | €20,131 | -€13,777 | -40.6% |
| Recurring financial income | 75 | €33,908 | €20,131 | -€13,777 | -40.6% |
| Financial charges | 65/66B | €30,669 | €20,618 | -€10,052 | -32.8% |
| Recurring financial charges | 65 | €30,669 | €20,618 | -€10,052 | -32.8% |
| Profit (loss) for the period before taxes | 9903 | €349,496 | €435,448 | +€85,952 | +24.6% |
| Income taxes | 67/77 | €113,955 | €136,761 | +€22,806 | +20.0% |
| Profit (loss) for the period | 9904 | €235,541 | €298,688 | +€63,146 | +26.8% |
| Profit (loss) for the period to be appropriated | 9905 | €235,541 | €298,688 | +€63,146 | +26.8% |
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.