MERDIN: 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.
MERDIN
Largest movements
- Cash +€19,829
up €19,829 (+746%), from €2,658 to €22,488
mainly Net result for the year (+€12,881) and Investment in fixed assets (net) (+€6,720)
- Financial fixed assets -€6,720
no longer reported in 2025 (was €6,720)
- Tangible fixed assets -€6,221
down €6,221 (-3.3%), from €190,930 to €184,709
of which Land and buildings: -€5,416
- Profit (loss) carried forward +€12,881
up €12,881 (+52.5%), from €24,517 to €37,398
- Other debts -€5,820
down €5,820 (-2.2%), from €264,137 to €258,317
- Gross operating margin +€2,486
up €2,486 (+9.4%), from €26,489 to €28,976
- Other operating charges +€1,317
up €1,317 (+31.7%), from €4,148 to €5,465
- Taxes +€296
up €296 (+7.3%), from €4,023 to €4,319
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 | €378,654 | €386,264 | +€7,610 | +2.0% |
| Fixed assets | 21/28 | €197,650 | €184,709 | -€12,941 | -6.5% |
| Tangible fixed assets | 22/27 | €190,930 | €184,709 | -€6,221 | -3.3% |
| Land and buildings | 22 | €179,660 | €174,244 | -€5,416 | -3.0% |
| Plant, machinery and equipment | 23 | €11,270 | €10,465 | -€805 | -7.1% |
| Financial fixed assets | 28 | €6,720 | - | -€6,720 | |
| Current assets | 29/58 | €181,004 | €201,555 | +€20,551 | +11.4% |
| Stocks and contracts in progress | 3 | €169,035 | €169,035 | = | 0.0% |
| Stocks | 30/36 | €169,035 | €169,035 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €8,974 | €9,662 | +€689 | +7.7% |
| Trade receivables | 40 | €992 | - | -€992 | |
| Other amounts receivable | 41 | €7,981 | €9,662 | +€1,681 | +21.1% |
| Cash at bank and in hand | 54/58 | €2,658 | €22,488 | +€19,829 | +746% |
| Deferred charges and accrued income | 490/1 | €337 | €370 | +€33 | +9.7% |
| Total equity and liabilities | 10/49 | €378,654 | €386,264 | +€7,610 | +2.0% |
| Equity | 10/15 | €114,517 | €127,398 | +€12,881 | +11.2% |
| Contributions | 10/11 | €90,000 | €90,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €24,517 | €37,398 | +€12,881 | +52.5% |
| Amounts payable | 17/49 | €264,137 | €258,866 | -€5,271 | -2.0% |
| Amounts payable within one year | 42/48 | €264,137 | €258,866 | -€5,271 | -2.0% |
| Trade debts | 44 | - | €549 | +€549 | |
| Suppliers | 440/4 | - | €549 | +€549 | |
| Other amounts payable | 47/48 | €264,137 | €258,317 | -€5,820 | -2.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,221 | €6,221 | +€0 | 0.0% |
| Other operating charges | 640/8 | €4,148 | €5,465 | +€1,317 | +31.7% |
| Gross operating margin | 9900 | €26,489 | €28,976 | +€2,486 | +9.4% |
| Operating profit (loss) | 9901 | €16,120 | €17,290 | +€1,169 | +7.3% |
| Financial charges | 65/66B | €104 | €90 | -€14 | -13.3% |
| Recurring financial charges | 65 | €104 | €90 | -€14 | -13.3% |
| Profit (loss) for the period before taxes | 9903 | €16,017 | €17,200 | +€1,183 | +7.4% |
| Income taxes | 67/77 | €4,023 | €4,319 | +€296 | +7.3% |
| Profit (loss) for the period | 9904 | €11,994 | €12,881 | +€887 | +7.4% |
| Profit (loss) for the period to be appropriated | 9905 | €11,994 | €12,881 | +€887 | +7.4% |
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 23 October 2026 via checked.be.