Park Merlo: 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.
Park Merlo
Largest movements
- Current investments +€66,044
up €66,044 (+12.9%), from €513,220 to €579,264
- Tangible fixed assets -€55,317
down €55,317 (-97.9%), from €56,511 to €1,193
of which Land and buildings: -€28,650
- Cash -€14,336
down €14,336 (-11.9%), from €120,842 to €106,506
mainly Current investments (-€66,044) and Trade debts (-€37,145)
- Reserves +€43,117
up €43,117 (+17.0%), from €254,031 to €297,148
of which Distributable reserves: +€43,117
- Trade debts -€37,145
down €37,145 (-68.0%), from €54,648 to €17,503
- Accrued charges and deferred income -€28,053
down €28,053 (-95.4%), from €29,400 to €1,347
- Tax, wage and social debts +€7,491
up €7,491 (+62.3%), from €12,019 to €19,510
- Depreciation -€15,203
down €15,203 (-96.2%), from €15,809 to €606
- Other operating charges -€13,478
down €13,478 (-79.1%), from €17,033 to €3,555
- Financial income -€4,977
down €4,977 (-40.1%), from €12,412 to €7,435
- Gross operating margin -€4,244
down €4,244 (-5.1%), from €82,959 to €78,714
- Taxes +€2,822
up €2,822 (+15.1%), from €18,699 to €21,521
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 | €707,354 | €692,629 | -€14,725 | -2.1% |
| Fixed assets | 21/28 | €56,511 | €1,193 | -€55,317 | -97.9% |
| Tangible fixed assets | 22/27 | €56,511 | €1,193 | -€55,317 | -97.9% |
| Land and buildings | 22 | €28,650 | - | -€28,650 | |
| Plant, machinery and equipment | 23 | €26,061 | - | -€26,061 | |
| Furniture and vehicles | 24 | €1,799 | €1,193 | -€606 | -33.7% |
| Current assets | 29/58 | €650,843 | €691,436 | +€40,592 | +6.2% |
| Amounts receivable within one year | 40/41 | €11,698 | €5,254 | -€6,445 | -55.1% |
| Trade receivables | 40 | €492 | €102 | -€389 | -79.2% |
| Other amounts receivable | 41 | €11,207 | €5,151 | -€6,055 | -54.0% |
| Current investments | 50/53 | €513,220 | €579,264 | +€66,044 | +12.9% |
| Cash at bank and in hand | 54/58 | €120,842 | €106,506 | -€14,336 | -11.9% |
| Deferred charges and accrued income | 490/1 | €5,083 | €412 | -€4,671 | -91.9% |
| Total equity and liabilities | 10/49 | €707,354 | €692,629 | -€14,725 | -2.1% |
| Equity | 10/15 | €611,031 | €654,148 | +€43,117 | +7.1% |
| Contributions | 10/11 | €357,000 | €357,000 | = | 0.0% |
| Capital | 10 | €357,000 | €357,000 | = | 0.0% |
| Issued capital | 100 | €357,000 | €357,000 | = | 0.0% |
| Reserves | 13 | €254,031 | €297,148 | +€43,117 | +17.0% |
| Non-distributable reserves | 130/1 | €35,700 | €35,700 | = | 0.0% |
| Legal reserve | 130 | €35,700 | €35,700 | = | 0.0% |
| Tax-exempt reserves | 132 | €15,043 | €15,043 | = | 0.0% |
| Distributable reserves | 133 | €203,288 | €246,405 | +€43,117 | +21.2% |
| Amounts payable | 17/49 | €96,322 | €38,481 | -€57,842 | -60.1% |
| Amounts payable within one year | 42/48 | €66,923 | €37,134 | -€29,789 | -44.5% |
| Trade debts | 44 | €54,648 | €17,503 | -€37,145 | -68.0% |
| Suppliers | 440/4 | €54,648 | €17,503 | -€37,145 | -68.0% |
| Taxes, remuneration and social security | 45 | €12,019 | €19,510 | +€7,491 | +62.3% |
| Taxes | 450/3 | €12,019 | €19,510 | +€7,491 | +62.3% |
| Other amounts payable | 47/48 | €256 | €120 | -€136 | -53.0% |
| Accrued charges and deferred income | 492/3 | €29,400 | €1,347 | -€28,053 | -95.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,809 | €606 | -€15,203 | -96.2% |
| Other operating charges | 640/8 | €17,033 | €3,555 | -€13,478 | -79.1% |
| Non-recurring operating charges | 66A | - | €13,711 | +€13,711 | |
| Gross operating margin | 9900 | €82,959 | €78,714 | -€4,244 | -5.1% |
| Operating profit (loss) | 9901 | €50,117 | €60,842 | +€10,726 | +21.4% |
| Financial income | 75/76B | €12,412 | €7,435 | -€4,977 | -40.1% |
| Recurring financial income | 75 | €12,412 | €7,435 | -€4,977 | -40.1% |
| Financial charges | 65/66B | €2,941 | €3,639 | +€699 | +23.8% |
| Recurring financial charges | 65 | €2,941 | €3,639 | +€699 | +23.8% |
| Profit (loss) for the period before taxes | 9903 | €59,588 | €64,638 | +€5,050 | +8.5% |
| Income taxes | 67/77 | €18,699 | €21,521 | +€2,822 | +15.1% |
| Profit (loss) for the period | 9904 | €40,889 | €43,117 | +€2,228 | +5.4% |
| Profit (loss) for the period to be appropriated | 9905 | €40,889 | €43,117 | +€2,228 | +5.4% |
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 20 October 2026 via checked.be.