Dr. Indy Merckx: 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.
Dr. Indy Merckx
Largest movements
- Cash +€119,685
up €119,685 (+953%), from €12,557 to €132,242
mainly Net result for the year (+€119,364) and Deferred charges and accrued income (+€1,250)
- Reserves +€118,531
up €118,531 (+328%), from €36,168 to €154,699
- Gross operating margin +€108,241
up €108,241 (+233%), from €46,390 to €154,631
- Taxes +€25,286
up €25,286 (+264%), from €9,582 to €34,869
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 | €38,668 | €157,199 | +€118,531 | +307% |
| Fixed assets | 21/28 | €2,745 | €2,221 | -€524 | -19.1% |
| Tangible fixed assets | 22/27 | €2,745 | €2,221 | -€524 | -19.1% |
| Plant, machinery and equipment | 23 | €1,737 | €1,557 | -€180 | -10.4% |
| Furniture and vehicles | 24 | €1,007 | €664 | -€344 | -34.1% |
| Current assets | 29/58 | €35,923 | €154,979 | +€119,055 | +331% |
| Amounts receivable within one year | 40/41 | €22,116 | €22,737 | +€621 | +2.8% |
| Trade receivables | 40 | €18,700 | €18,601 | -€99 | -0.5% |
| Other amounts receivable | 41 | €3,416 | €4,136 | +€719 | +21.1% |
| Cash at bank and in hand | 54/58 | €12,557 | €132,242 | +€119,685 | +953% |
| Deferred charges and accrued income | 490/1 | €1,250 | €0 | -€1,250 | -100% |
| Total equity and liabilities | 10/49 | €38,668 | €157,199 | +€118,531 | +307% |
| Equity | 10/15 | €38,668 | €157,199 | +€118,531 | +307% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €36,168 | €154,699 | +€118,531 | +328% |
| Distributable reserves | 133 | €36,168 | €154,699 | +€118,531 | +328% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €90 | €524 | +€434 | +481% |
| Other operating charges | 640/8 | €538 | €0 | -€538 | -100% |
| Gross operating margin | 9900 | €46,390 | €154,631 | +€108,241 | +233% |
| Operating profit (loss) | 9901 | €45,761 | €154,107 | +€108,346 | +237% |
| Financial income | 75/76B | €8 | €171 | +€163 | +2,090% |
| Recurring financial income | 75 | €8 | €171 | +€163 | +2,090% |
| Financial charges | 65/66B | €19 | €45 | +€26 | +140% |
| Recurring financial charges | 65 | €19 | €45 | +€26 | +140% |
| Profit (loss) for the period before taxes | 9903 | €45,750 | €154,233 | +€108,483 | +237% |
| Income taxes | 67/77 | €9,582 | €34,869 | +€25,286 | +264% |
| Profit (loss) for the period | 9904 | €36,168 | €119,364 | +€83,196 | +230% |
| Profit (loss) for the period to be appropriated | 9905 | €36,168 | €119,364 | +€83,196 | +230% |
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 1 November 2026 via checked.be.