MUERMANS: what changed
What changed
MUERMANS
NACE 43.222, Installation of electric heating, air conditioning, cooling and ventilation
filed annual accounts (NBB)
Net result for the year
-€8,300
2024 · €3,281-€11,581
Equity
€430,060
2024 · €454,052-€23,993
Cash
€165,448
2024 · €197,670-€32,222
Balance sheet total
€1.0m
2024 · €1.1m-€61,604
Largest movements
Assets
- Cash -€32,222
down €32,222 (-16.3%), from €197,670 to €165,448
mainly Investment in fixed assets (net) (-€48,462) and Trade debts (-€46,065)
- Receivables within one year -€22,474
down €22,474 (-12.0%), from €186,635 to €164,161
of which Trade receivables: -€11,588
- Deferred charges and accrued income -€18,891
down €18,891 (-58.3%), from €32,409 to €13,518
Equity and liabilities
- Trade debts -€46,065
down €46,065 (-26.4%), from €174,310 to €128,245
- Reserves -€15,693
down €15,693 (-2.9%), from €532,412 to €516,719
of which Distributable reserves: -€15,693
- Other debts +€14,908
new in 2025: €14,908
Income statement
- Staff costs +€57,943
up €57,943 (+13.4%), from €433,096 to €491,039
- Gross operating margin +€44,794
up €44,794 (+9.0%), from €495,911 to €540,705
- Depreciation -€7,337
down €7,337 (-14.2%), from €51,535 to €44,198
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€3,281
Gross operating margin
+€44,794
Staff costs
-€57,943
Depreciation
+€7,337
Other operating charges
+€431
Other operating items
-€1,071
Financial income
-€5,258
Financial charges
-€71
Taxes
+€200
Result 2025
-€8,300
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€42,994
Investment
-€54,462
Financing
-€20,754
Cash 2024
€197,670
From operations (derived)
+€42,994
Net result for the year
-€8,300
Depreciation
+€44,198
Stocks and contracts
-€1,720
Receivables within one year
+€22,474
Deferred charges and accrued income
+€18,891
Trade debts
-€46,065
Tax, wage and social debts
-€1,393
Other debts
+€14,908
Investment (derived)
-€54,462
Investment in fixed assets (net)
-€48,462
Current investments
-€6,000
Financing
-€20,754
Debts after one year
-€9,578
Current portion of long-term debt
+€4,517
Contributions, distributions and other
-€15,693
Cash 2025
€165,448
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,064,760 | €1,003,156 | -€61,604 | -5.8% |
| Fixed assets | 21/28 | €482,894 | €487,157 | +€4,263 | +0.9% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €481,753 | €485,683 | +€3,930 | +0.8% |
| Land and buildings | 22 | €425,426 | €402,823 | -€22,603 | -5.3% |
| Plant, machinery and equipment | 23 | €6,079 | €4,255 | -€1,825 | -30.0% |
| Furniture and vehicles | 24 | €50,248 | €78,605 | +€28,357 | +56.4% |
| Financial fixed assets | 28 | €1,141 | €1,474 | +€333 | +29.2% |
| Current assets | 29/58 | €581,866 | €515,998 | -€65,867 | -11.3% |
| Stocks and contracts in progress | 3 | €102,106 | €103,826 | +€1,720 | +1.7% |
| Stocks | 30/36 | €86,154 | €102,495 | +€16,341 | +19.0% |
| Contracts in progress | 37 | €15,952 | €1,330 | -€14,622 | -91.7% |
| Amounts receivable within one year | 40/41 | €186,635 | €164,161 | -€22,474 | -12.0% |
| Trade receivables | 40 | €174,729 | €163,141 | -€11,588 | -6.6% |
| Other amounts receivable | 41 | €11,906 | €1,020 | -€10,886 | -91.4% |
| Current investments | 50/53 | €63,046 | €69,046 | +€6,000 | +9.5% |
| Cash at bank and in hand | 54/58 | €197,670 | €165,448 | -€32,222 | -16.3% |
| Deferred charges and accrued income | 490/1 | €32,409 | €13,518 | -€18,891 | -58.3% |
| Total equity and liabilities | 10/49 | €1,064,760 | €1,003,156 | -€61,604 | -5.8% |
| Equity | 10/15 | €454,052 | €430,060 | -€23,993 | -5.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €532,412 | €516,719 | -€15,693 | -2.9% |
| Tax-exempt reserves | 132 | €15,000 | €15,000 | = | 0.0% |
| Distributable reserves | 133 | €517,412 | €501,719 | -€15,693 | -3.0% |
| Profit (loss) carried forward | 14 | -€96,960 | -€105,260 | -€8,300 | -8.6% |
| Amounts payable | 17/49 | €610,708 | €573,096 | -€37,611 | -6.2% |
| Amounts payable after more than one year | 17 | €350,170 | €340,591 | -€9,578 | -2.7% |
| Financial debts | 170/4 | €350,170 | €340,591 | -€9,578 | -2.7% |
| Amounts payable within one year | 42/48 | €260,538 | €232,505 | -€28,033 | -10.8% |
| Current portion of amounts payable after more than one year | 42 | €48,153 | €52,670 | +€4,517 | +9.4% |
| Trade debts | 44 | €174,310 | €128,245 | -€46,065 | -26.4% |
| Suppliers | 440/4 | €174,310 | €128,245 | -€46,065 | -26.4% |
| Taxes, remuneration and social security | 45 | €38,075 | €36,682 | -€1,393 | -3.7% |
| Taxes | 450/3 | €8,207 | €7,182 | -€1,025 | -12.5% |
| Remuneration and social security | 454/9 | €29,868 | €29,501 | -€368 | -1.2% |
| Other amounts payable | 47/48 | - | €14,908 | +€14,908 | |
| Non-recurring operating income | 76A | - | €9,699 | +€9,699 | |
| Remuneration, social security and pensions | 62 | €433,096 | €491,039 | +€57,943 | +13.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51,535 | €44,198 | -€7,337 | -14.2% |
| Other operating charges | 640/8 | €7,913 | €7,481 | -€431 | -5.5% |
| Non-recurring operating charges | 66A | - | €1,071 | +€1,071 | |
| Gross operating margin | 9900 | €495,911 | €540,705 | +€44,794 | +9.0% |
| Operating profit (loss) | 9901 | €3,367 | -€3,085 | -€6,452 | |
| Financial income | 75/76B | €8,213 | €2,955 | -€5,258 | -64.0% |
| Recurring financial income | 75 | €8,213 | €2,955 | -€5,258 | -64.0% |
| Financial charges | 65/66B | €7,477 | €7,548 | +€71 | +1.0% |
| Recurring financial charges | 65 | €7,477 | €7,548 | +€71 | +1.0% |
| Profit (loss) for the period before taxes | 9903 | €4,103 | -€7,678 | -€11,781 | |
| Income taxes | 67/77 | €822 | €622 | -€200 | -24.3% |
| Profit (loss) for the period | 9904 | €3,281 | -€8,300 | -€11,581 | |
| Profit (loss) for the period to be appropriated | 9905 | €3,281 | -€8,300 | -€11,581 |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.