The Merode: 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.
The Merode
Largest movements
- Tangible fixed assets +€289,887
up €289,887 (+17.6%), from €1.6m to €1.9m
of which Plant, machinery and equipment: +€235,064
- Financial fixed assets +€221,506
up €221,506 (+30.3%), from €731,501 to €953,007
- Intangible fixed assets +€114,541
up €114,541 (+21.2%), from €540,484 to €655,025
- Receivables within one year -€78,343
down €78,343 (-8.4%), from €931,132 to €852,788
of which Trade receivables: -€145,923
- Trade debts +€282,633
up €282,633 (+20.4%), from €1.4m to €1.7m
- Debts after one year +€261,036
up €261,036 (+12.4%), from €2.1m to €2.4m
- Gross operating margin -€1.1m
down €1.1m (-41.6%), from €2.8m to €1.6m
- Staff costs +€75,444
up €75,444 (+7.7%), from €981,872 to €1.1m
- Depreciation +€71,129
up €71,129 (+22.2%), from €320,549 to €391,678
- Taxes -€61,700
down €61,700 (-98.2%), from €62,804 to €1,103
- Financial charges -€47,144
down €47,144 (-23.1%), from €204,365 to €157,221
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 | €3,873,795 | €4,422,077 | +€548,282 | +14.2% |
| Fixed assets | 21/28 | €2,919,752 | €3,545,687 | +€625,934 | +21.4% |
| Intangible fixed assets | 21 | €540,484 | €655,025 | +€114,541 | +21.2% |
| Tangible fixed assets | 22/27 | €1,647,767 | €1,937,654 | +€289,887 | +17.6% |
| Plant, machinery and equipment | 23 | €1,312,489 | €1,547,553 | +€235,064 | +17.9% |
| Furniture and vehicles | 24 | €324,778 | €379,601 | +€54,824 | +16.9% |
| Other tangible fixed assets | 26 | €10,500 | €10,500 | = | 0.0% |
| Financial fixed assets | 28 | €731,501 | €953,007 | +€221,506 | +30.3% |
| Current assets | 29/58 | €954,043 | €876,391 | -€77,652 | -8.1% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €931,132 | €852,788 | -€78,343 | -8.4% |
| Trade receivables | 40 | €893,112 | €747,189 | -€145,923 | -16.3% |
| Other amounts receivable | 41 | €38,020 | €105,599 | +€67,579 | +177.7% |
| Cash at bank and in hand | 54/58 | €7,182 | €11,303 | +€4,121 | +57.4% |
| Deferred charges and accrued income | 490/1 | €15,729 | €12,299 | -€3,430 | -21.8% |
| Total equity and liabilities | 10/49 | €3,873,795 | €4,422,077 | +€548,282 | +14.2% |
| Equity | 10/15 | €16,857 | €40,581 | +€23,724 | +140.7% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €6,150 | €6,150 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€50,793 | -€27,069 | +€23,724 | +46.7% |
| Amounts payable | 17/49 | €3,856,938 | €4,381,496 | +€524,558 | +13.6% |
| Amounts payable after more than one year | 17 | €2,107,259 | €2,368,295 | +€261,036 | +12.4% |
| Financial debts | 170/4 | €2,107,259 | €2,368,295 | +€261,036 | +12.4% |
| Amounts payable within one year | 42/48 | €1,666,614 | €1,926,186 | +€259,572 | +15.6% |
| Current portion of amounts payable after more than one year | 42 | €98,197 | €98,916 | +€720 | +0.7% |
| Trade debts | 44 | €1,388,746 | €1,671,379 | +€282,633 | +20.4% |
| Suppliers | 440/4 | €1,388,746 | €1,671,379 | +€282,633 | +20.4% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €176,172 | €155,891 | -€20,281 | -11.5% |
| Taxes | 450/3 | €79,140 | €42,093 | -€37,047 | -46.8% |
| Remuneration and social security | 454/9 | €97,032 | €113,798 | +€16,766 | +17.3% |
| Other amounts payable | 47/48 | €3,500 | €0 | -€3,500 | -100.0% |
| Accrued charges and deferred income | 492/3 | €83,066 | €87,015 | +€3,949 | +4.8% |
| Non-recurring operating income | 76A | €3,865,102 | €3,726,718 | -€138,384 | -3.6% |
| Remuneration, social security and pensions | 62 | €981,872 | €1,057,316 | +€75,444 | +7.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €320,549 | €391,678 | +€71,129 | +22.2% |
| Other operating charges | 640/8 | €8,928 | €10,101 | +€1,173 | +13.1% |
| Gross operating margin | 9900 | €2,759,699 | €1,612,849 | -€1.1m | -41.6% |
| Operating profit (loss) | 9901 | €1,448,350 | €153,754 | -€1.3m | -89.4% |
| Financial income | 75/76B | €60,725 | €28,295 | -€32,430 | -53.4% |
| Recurring financial income | 75 | €60,725 | €28,295 | -€32,430 | -53.4% |
| Financial charges | 65/66B | €204,365 | €157,221 | -€47,144 | -23.1% |
| Recurring financial charges | 65 | €204,365 | €157,221 | -€47,144 | -23.1% |
| Profit (loss) for the period before taxes | 9903 | €1,304,709 | €24,828 | -€1.3m | -98.1% |
| Income taxes | 67/77 | €62,804 | €1,103 | -€61,700 | -98.2% |
| Profit (loss) for the period | 9904 | €1,241,906 | €23,724 | -€1.2m | -98.1% |
| Profit (loss) for the period to be appropriated | 9905 | €1,241,906 | €23,724 | -€1.2m | -98.1% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.