V.MERRY: 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.
V.MERRY
Largest movements
- Tangible fixed assets -€17,404
down €17,404 (-17.1%), from €101,957 to €84,553
- Receivables within one year -€13,436
down €13,436 (-86.2%), from €15,588 to €2,152
of which Trade receivables: -€13,764
- Cash +€11,002
up €11,002 (+13.6%), from €80,674 to €91,676
mainly Depreciation (+€20,364) and Receivables within one year (+€13,436)
- Stocks and contracts +€5,301
up €5,301 (+45.1%), from €11,765 to €17,066
- Intangible fixed assets -€2,960
down €2,960 (-55.4%), from €5,341 to €2,381
- Debts after one year -€16,928
down €16,928 (-18.0%), from €93,863 to €76,935
of which Financial debts: -€16,928
- Profit (loss) carried forward +€3,899
up €3,899 (+6.9%), from €56,294 to €60,193
- Trade debts -€3,680
down €3,680 (-23.5%), from €15,664 to €11,984
- Tax, wage and social debts -€3,237
down €3,237 (-14.2%), from €22,769 to €19,533
of which Taxes: -€4,687
- Other debts +€2,835
up €2,835 (+262%), from €1,081 to €3,916
- Staff costs -€13,991
down €13,991 (-17.9%), from €78,116 to €64,125
- Gross operating margin -€4,573
down €4,573 (-4.6%), from €98,862 to €94,290
- Depreciation +€1,905
up €1,905 (+10.3%), from €18,459 to €20,364
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 | €231,193 | €212,170 | -€19,023 | -8.2% |
| Fixed assets | 21/28 | €117,385 | €97,022 | -€20,364 | -17.3% |
| Intangible fixed assets | 21 | €5,341 | €2,381 | -€2,960 | -55.4% |
| Tangible fixed assets | 22/27 | €101,957 | €84,553 | -€17,404 | -17.1% |
| Plant, machinery and equipment | 23 | €49,497 | €41,313 | -€8,184 | -16.5% |
| Furniture and vehicles | 24 | €26,580 | €20,498 | -€6,082 | -22.9% |
| Other tangible fixed assets | 26 | €25,879 | €22,741 | -€3,138 | -12.1% |
| Financial fixed assets | 28 | €10,088 | €10,088 | = | 0.0% |
| Current assets | 29/58 | €113,808 | €115,149 | +€1,341 | +1.2% |
| Stocks and contracts in progress | 3 | €11,765 | €17,066 | +€5,301 | +45.1% |
| Stocks | 30/36 | €11,765 | €17,066 | +€5,301 | +45.1% |
| Amounts receivable within one year | 40/41 | €15,588 | €2,152 | -€13,436 | -86.2% |
| Trade receivables | 40 | €15,588 | €1,824 | -€13,764 | -88.3% |
| Other amounts receivable | 41 | - | €328 | +€328 | |
| Cash at bank and in hand | 54/58 | €80,674 | €91,676 | +€11,002 | +13.6% |
| Deferred charges and accrued income | 490/1 | €5,781 | €4,255 | -€1,526 | -26.4% |
| Total equity and liabilities | 10/49 | €231,193 | €212,170 | -€19,023 | -8.2% |
| Equity | 10/15 | €76,294 | €80,193 | +€3,899 | +5.1% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €56,294 | €60,193 | +€3,899 | +6.9% |
| Amounts payable | 17/49 | €154,899 | €131,977 | -€22,922 | -14.8% |
| Amounts payable after more than one year | 17 | €93,863 | €76,935 | -€16,928 | -18.0% |
| Financial debts | 170/4 | €43,863 | €26,935 | -€16,928 | -38.6% |
| Other amounts payable | 178/9 | €50,000 | €50,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €61,035 | €54,823 | -€6,213 | -10.2% |
| Current portion of amounts payable after more than one year | 42 | €21,521 | €19,390 | -€2,131 | -9.9% |
| Trade debts | 44 | €15,664 | €11,984 | -€3,680 | -23.5% |
| Suppliers | 440/4 | €15,664 | €11,984 | -€3,680 | -23.5% |
| Taxes, remuneration and social security | 45 | €22,769 | €19,533 | -€3,237 | -14.2% |
| Taxes | 450/3 | €14,005 | €9,318 | -€4,687 | -33.5% |
| Remuneration and social security | 454/9 | €8,765 | €10,215 | +€1,450 | +16.5% |
| Other amounts payable | 47/48 | €1,081 | €3,916 | +€2,835 | +262% |
| Accrued charges and deferred income | 492/3 | - | €219 | +€219 | |
| Remuneration, social security and pensions | 62 | €78,116 | €64,125 | -€13,991 | -17.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,459 | €20,364 | +€1,905 | +10.3% |
| Other operating charges | 640/8 | €1,289 | €1,773 | +€484 | +37.5% |
| Gross operating margin | 9900 | €98,862 | €94,290 | -€4,573 | -4.6% |
| Operating profit (loss) | 9901 | €999 | €8,028 | +€7,030 | +704% |
| Financial income | 75/76B | €322 | €373 | +€51 | +15.8% |
| Recurring financial income | 75 | €322 | €373 | +€51 | +15.8% |
| Financial charges | 65/66B | €4,235 | €4,430 | +€195 | +4.6% |
| Recurring financial charges | 65 | €4,235 | €4,430 | +€195 | +4.6% |
| Profit (loss) for the period before taxes | 9903 | -€2,915 | €3,971 | +€6,885 | |
| Income taxes | 67/77 | €108 | €71 | -€37 | -34.0% |
| Profit (loss) for the period | 9904 | -€3,023 | €3,899 | +€6,922 | |
| Profit (loss) for the period to be appropriated | 9905 | -€3,023 | €3,899 | +€6,922 |
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 16 October 2026 via checked.be.