MERYTHERM: 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.
MERYTHERM
Largest movements
- Current investments -€61,455
down €61,455 (-42.6%), from €144,208 to €82,752
- Tangible fixed assets -€41,234
down €41,234 (-3.5%), from €1.2m to €1.1m
of which Plant, machinery and equipment: -€55,820
- Cash -€23,978
down €23,978 (-67.1%), from €35,756 to €11,778
mainly Debts after one year (-€86,157) and Investment in fixed assets (net) (-€41,949)
- Debts after one year -€86,157
down €86,157 (-14.6%), from €588,659 to €502,502
of which Financial debts: -€86,067
- Provisions -€32,612
down €32,612 (-16.8%), from €194,459 to €161,848
of which Provisions for liabilities and charges: -€20,000
- Profit (loss) carried forward +€32,081
up €32,081 (+13.3%), from €241,865 to €273,946
- Reserves -€28,151
down €28,151 (-6.9%), from €409,517 to €381,365
of which Tax-exempt reserves: -€28,151
- Financial income -€61,818
down €61,818 (-84.3%), from €73,320 to €11,503
- Other operating charges +€36,149
up €36,149 (+1,311%), from €2,758 to €38,907
- Provisions -€20,000
new in 2025: -€20,000
- Gross operating margin +€14,436
up €14,436 (+16.6%), from €87,182 to €101,618
- Depreciation +€5,244
up €5,244 (+6.7%), from €77,939 to €83,183
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 | €1,898,236 | €1,786,109 | -€112,127 | -5.9% |
| Fixed assets | 21/28 | €1,617,195 | €1,575,960 | -€41,234 | -2.5% |
| Tangible fixed assets | 22/27 | €1,169,730 | €1,128,495 | -€41,234 | -3.5% |
| Land and buildings | 22 | €35,236 | €49,822 | +€14,586 | +41.4% |
| Plant, machinery and equipment | 23 | €1,134,494 | €1,078,673 | -€55,820 | -4.9% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Financial fixed assets | 28 | €447,465 | €447,465 | = | 0.0% |
| Current assets | 29/58 | €281,041 | €210,148 | -€70,892 | -25.2% |
| Amounts receivable within one year | 40/41 | €101,078 | €115,618 | +€14,541 | +14.4% |
| Trade receivables | 40 | €22,608 | €37,023 | +€14,415 | +63.8% |
| Other amounts receivable | 41 | €78,469 | €78,595 | +€126 | +0.2% |
| Current investments | 50/53 | €144,208 | €82,752 | -€61,455 | -42.6% |
| Cash at bank and in hand | 54/58 | €35,756 | €11,778 | -€23,978 | -67.1% |
| Total equity and liabilities | 10/49 | €1,898,236 | €1,786,109 | -€112,127 | -5.9% |
| Equity | 10/15 | €970,743 | €963,513 | -€7,230 | -0.7% |
| Contributions | 10/11 | €174,281 | €174,281 | = | 0.0% |
| Capital | 10 | €174,281 | €174,281 | = | 0.0% |
| Issued capital | 100 | €174,281 | €174,281 | = | 0.0% |
| Reserves | 13 | €409,517 | €381,365 | -€28,151 | -6.9% |
| Non-distributable reserves | 130/1 | €14,450 | €14,450 | = | 0.0% |
| Legal reserve | 130 | €14,450 | €14,450 | = | 0.0% |
| Tax-exempt reserves | 132 | €395,067 | €366,916 | -€28,151 | -7.1% |
| Profit (loss) carried forward | 14 | €241,865 | €273,946 | +€32,081 | +13.3% |
| Investment grants | 15 | €145,080 | €133,920 | -€11,160 | -7.7% |
| Provisions and deferred taxes | 16 | €194,459 | €161,848 | -€32,612 | -16.8% |
| Provisions for liabilities and charges | 160/5 | €20,000 | €0 | -€20,000 | -100% |
| Environmental obligations | 163 | €20,000 | €0 | -€20,000 | -100% |
| Deferred taxes | 168 | €174,459 | €161,848 | -€12,612 | -7.2% |
| Amounts payable | 17/49 | €733,033 | €660,749 | -€72,285 | -9.9% |
| Amounts payable after more than one year | 17 | €588,659 | €502,502 | -€86,157 | -14.6% |
| Financial debts | 170/4 | €578,442 | €492,375 | -€86,067 | -14.9% |
| Other amounts payable | 178/9 | €10,217 | €10,127 | -€90 | -0.9% |
| Amounts payable within one year | 42/48 | €144,374 | €158,246 | +€13,872 | +9.6% |
| Current portion of amounts payable after more than one year | 42 | €84,010 | €86,067 | +€2,057 | +2.4% |
| Trade debts | 44 | €46,087 | €43,437 | -€2,650 | -5.7% |
| Suppliers | 440/4 | €46,087 | €43,437 | -€2,650 | -5.7% |
| Taxes, remuneration and social security | 45 | €1,277 | €1,608 | +€330 | +25.9% |
| Taxes | 450/3 | €1,277 | €1,608 | +€330 | +25.9% |
| Other amounts payable | 47/48 | €13,000 | €27,135 | +€14,135 | +109% |
| Remuneration, social security and pensions | 62 | - | €132 | +€132 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €77,939 | €83,183 | +€5,244 | +6.7% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | -€20,000 | -€20,000 | |
| Other operating charges | 640/8 | €2,758 | €38,907 | +€36,149 | +1,311% |
| Gross operating margin | 9900 | €87,182 | €101,618 | +€14,436 | +16.6% |
| Operating profit (loss) | 9901 | €6,485 | -€604 | -€7,089 | |
| Financial income | 75/76B | €73,320 | €11,503 | -€61,818 | -84.3% |
| Recurring financial income | 75 | €73,320 | €11,503 | -€61,818 | -84.3% |
| Financial charges | 65/66B | €21,845 | €19,572 | -€2,273 | -10.4% |
| Recurring financial charges | 65 | €21,845 | €19,572 | -€2,273 | -10.4% |
| Profit (loss) for the period before taxes | 9903 | €57,961 | -€8,673 | -€66,634 | |
| Transfer from deferred taxes | 780 | €11,233 | €12,612 | +€1,379 | +12.3% |
| Transfer to deferred taxes | 680 | €15,168 | €0 | -€15,168 | -100% |
| Income taxes | 67/77 | €68 | €9 | -€59 | -87.0% |
| Profit (loss) for the period | 9904 | €53,957 | €3,930 | -€50,028 | -92.7% |
| Transfer from tax-exempt reserves | 789 | €24,014 | €28,151 | +€4,137 | +17.2% |
| Transfer to tax-exempt reserves | 689 | €45,504 | €0 | -€45,504 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €32,468 | €32,081 | -€387 | -1.2% |
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 31 October 2026 via checked.be.