MERWO: 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.
MERWO
Largest movements
- Receivables within one year -€20,826
down €20,826 (-76.4%), from €27,242 to €6,416
- Tangible fixed assets -€1,956
down €1,956 (-16.1%), from €12,115 to €10,159
of which Furniture and vehicles: -€2,987
- Tax, wage and social debts -€22,500
down €22,500 (-80.2%), from €28,071 to €5,571
- Profit (loss) carried forward -€2,748
new in 2025: -€2,748
- Trade debts +€2,210
up €2,210 (+581.3%), from €380 to €2,590
- Gross operating margin -€18,177
down €18,177 (-74.3%), from €24,465 to €6,288
- Taxes -€3,222
down €3,222 (-64.7%), from €4,981 to €1,759
- Other operating charges +€1,760
up €1,760 (+606.7%), from €290 to €2,050
- Financial charges -€1,291
down €1,291 (-45.7%), from €2,823 to €1,532
- Depreciation +€613
up €613 (+19.9%), from €3,083 to €3,696
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 | €42,921 | €19,882 | -€23,038 | -53.7% |
| Fixed assets | 21/28 | €12,115 | €10,159 | -€1,956 | -16.1% |
| Tangible fixed assets | 22/27 | €12,115 | €10,159 | -€1,956 | -16.1% |
| Plant, machinery and equipment | 23 | €774 | €1,804 | +€1,030 | +133.2% |
| Furniture and vehicles | 24 | €11,342 | €8,355 | -€2,987 | -26.3% |
| Current assets | 29/58 | €30,805 | €9,723 | -€21,082 | -68.4% |
| Amounts receivable within one year | 40/41 | €27,242 | €6,416 | -€20,826 | -76.4% |
| Other amounts receivable | 41 | €27,242 | €6,416 | -€20,826 | -76.4% |
| Cash at bank and in hand | 54/58 | €3,564 | €3,308 | -€256 | -7.2% |
| Total equity and liabilities | 10/49 | €42,921 | €19,882 | -€23,038 | -53.7% |
| Equity | 10/15 | €14,470 | €11,722 | -€2,748 | -19.0% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €13,470 | €13,470 | = | 0.0% |
| Distributable reserves | 133 | €13,470 | €13,470 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€2,748 | -€2,748 | |
| Amounts payable | 17/49 | €28,451 | €8,161 | -€20,290 | -71.3% |
| Amounts payable within one year | 42/48 | €28,451 | €8,161 | -€20,290 | -71.3% |
| Trade debts | 44 | €380 | €2,590 | +€2,210 | +581.3% |
| Suppliers | 440/4 | €380 | €2,590 | +€2,210 | +581.3% |
| Taxes, remuneration and social security | 45 | €28,071 | €5,571 | -€22,500 | -80.2% |
| Taxes | 450/3 | €28,071 | €5,571 | -€22,500 | -80.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,083 | €3,696 | +€613 | +19.9% |
| Other operating charges | 640/8 | €290 | €2,050 | +€1,760 | +606.7% |
| Gross operating margin | 9900 | €24,465 | €6,288 | -€18,177 | -74.3% |
| Operating profit (loss) | 9901 | €21,092 | €543 | -€20,549 | -97.4% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €2,823 | €1,532 | -€1,291 | -45.7% |
| Recurring financial charges | 65 | €2,823 | €1,532 | -€1,291 | -45.7% |
| Profit (loss) for the period before taxes | 9903 | €18,269 | -€989 | -€19,258 | |
| Income taxes | 67/77 | €4,981 | €1,759 | -€3,222 | -64.7% |
| Profit (loss) for the period | 9904 | €13,288 | -€2,748 | -€16,036 | |
| Profit (loss) for the period to be appropriated | 9905 | €13,288 | -€2,748 | -€16,036 |
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.