Walker Merlin: 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.
Walker Merlin
Largest movements
- Cash +€43,164
up €43,164 (+62.0%), from €69,626 to €112,790
mainly Net result for the year (+€46,573) and Depreciation (+€1,018)
- Reserves +€46,573
up €46,573 (+84.1%), from €55,410 to €101,984
- Tax, wage and social debts -€2,843
down €2,843 (-12.4%), from €22,841 to €19,998
- Gross operating margin -€12,953
down €12,953 (-17.5%), from €73,936 to €60,983
- Taxes -€2,026
down €2,026 (-13.2%), from €15,398 to €13,372
- Depreciation -€2,022
down €2,022 (-66.5%), from €3,040 to €1,018
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €88,081 | €131,332 | +€43,250 | +49.1% |
| Formation expenses | 20 | €150 | €0 | -€150 | -100.0% |
| Fixed assets | 21/28 | €2,284 | €1,416 | -€867 | -38.0% |
| Tangible fixed assets | 22/27 | €2,284 | €1,416 | -€867 | -38.0% |
| Furniture and vehicles | 24 | €2,284 | €1,416 | -€867 | -38.0% |
| Current assets | 29/58 | €85,647 | €129,915 | +€44,268 | +51.7% |
| Amounts receivable within one year | 40/41 | €16,022 | €16,118 | +€96 | +0.6% |
| Trade receivables | 40 | €16,022 | €16,118 | +€96 | +0.6% |
| Cash at bank and in hand | 54/58 | €69,626 | €112,790 | +€43,164 | +62.0% |
| Deferred charges and accrued income | 490/1 | - | €1,008 | +€1,008 | |
| Total equity and liabilities | 10/49 | €88,081 | €131,332 | +€43,250 | +49.1% |
| Equity | 10/15 | €60,410 | €106,984 | +€46,573 | +77.1% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €55,410 | €101,984 | +€46,573 | +84.1% |
| Distributable reserves | 133 | €55,410 | €101,984 | +€46,573 | +84.1% |
| Amounts payable | 17/49 | €27,671 | €24,348 | -€3,323 | -12.0% |
| Amounts payable within one year | 42/48 | €27,096 | €24,318 | -€2,778 | -10.3% |
| Trade debts | 44 | €757 | €841 | +€84 | +11.1% |
| Suppliers | 440/4 | €757 | €841 | +€84 | +11.1% |
| Taxes, remuneration and social security | 45 | €22,841 | €19,998 | -€2,843 | -12.4% |
| Taxes | 450/3 | €22,841 | €19,998 | -€2,843 | -12.4% |
| Other amounts payable | 47/48 | €3,498 | €3,479 | -€19 | -0.6% |
| Accrued charges and deferred income | 492/3 | €575 | €30 | -€545 | -94.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,040 | €1,018 | -€2,022 | -66.5% |
| Other operating charges | 640/8 | €30 | €120 | +€90 | +300.0% |
| Gross operating margin | 9900 | €73,936 | €60,983 | -€12,953 | -17.5% |
| Operating profit (loss) | 9901 | €70,866 | €59,846 | -€11,021 | -15.6% |
| Financial income | 75/76B | - | €178 | +€178 | |
| Recurring financial income | 75 | - | €178 | +€178 | |
| Financial charges | 65/66B | €58 | €78 | +€21 | +35.8% |
| Recurring financial charges | 65 | €58 | €78 | +€21 | +35.8% |
| Profit (loss) for the period before taxes | 9903 | €70,809 | €59,946 | -€10,863 | -15.3% |
| Income taxes | 67/77 | €15,398 | €13,372 | -€2,026 | -13.2% |
| Profit (loss) for the period | 9904 | €55,410 | €46,573 | -€8,837 | -15.9% |
| Profit (loss) for the period to be appropriated | 9905 | €55,410 | €46,573 | -€8,837 | -15.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.