Dr. Jacob 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. Jacob Merckx
Largest movements
- Cash +€38,109
up €38,109 (+85.1%), from €44,779 to €82,888
mainly Net result for the year (+€56,308) and Depreciation (+€29,528)
- Receivables after one year -€28,000
no longer reported in 2025 (was €28,000)
- Tangible fixed assets +€20,597
up €20,597 (+9.6%), from €213,593 to €234,190
of which Land and buildings: +€16,325
- Intangible fixed assets -€17,500
down €17,500 (-33.3%), from €52,500 to €35,000
- Receivables within one year -€6,678
down €6,678 (-91.0%), from €7,335 to €658
- Reserves +€24,700
up €24,700 (+10.5%), from €234,760 to €259,460
- Debts after one year -€10,407
down €10,407 (-42.5%), from €24,490 to €14,084
- Tax, wage and social debts +€4,719
up €4,719 (+172%), from €2,751 to €7,470
- Gross operating margin +€18,292
up €18,292 (+19.7%), from €93,042 to €111,333
- Taxes +€3,582
up €3,582 (+18.5%), from €19,342 to €22,924
- Depreciation +€3,529
up €3,529 (+13.6%), from €25,999 to €29,528
- Financial charges +€1,121
up €1,121 (+97.1%), from €1,155 to €2,277
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 | €366,742 | €381,841 | +€15,099 | +4.1% |
| Fixed assets | 21/28 | €266,093 | €269,190 | +€3,097 | +1.2% |
| Intangible fixed assets | 21 | €52,500 | €35,000 | -€17,500 | -33.3% |
| Tangible fixed assets | 22/27 | €213,593 | €234,190 | +€20,597 | +9.6% |
| Land and buildings | 22 | €205,548 | €221,873 | +€16,325 | +7.9% |
| Plant, machinery and equipment | 23 | €330 | €2,000 | +€1,670 | +506% |
| Furniture and vehicles | 24 | €5,498 | €8,642 | +€3,144 | +57.2% |
| Other tangible fixed assets | 26 | €2,217 | €1,674 | -€543 | -24.5% |
| Current assets | 29/58 | €100,649 | €112,652 | +€12,002 | +11.9% |
| Amounts receivable after more than one year | 29 | €28,000 | - | -€28,000 | |
| Other amounts receivable | 291 | €28,000 | - | -€28,000 | |
| Amounts receivable within one year | 40/41 | €7,335 | €658 | -€6,678 | -91.0% |
| Other amounts receivable | 41 | €7,335 | €658 | -€6,678 | -91.0% |
| Current investments | 50/53 | €20,000 | €25,793 | +€5,793 | +29.0% |
| Cash at bank and in hand | 54/58 | €44,779 | €82,888 | +€38,109 | +85.1% |
| Deferred charges and accrued income | 490/1 | €535 | €3,313 | +€2,778 | +519% |
| Total equity and liabilities | 10/49 | €366,742 | €381,841 | +€15,099 | +4.1% |
| Equity | 10/15 | €247,439 | €272,148 | +€24,708 | +10.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €234,760 | €259,460 | +€24,700 | +10.5% |
| Distributable reserves | 133 | €234,760 | €259,460 | +€24,700 | +10.5% |
| Profit (loss) carried forward | 14 | €279 | €288 | +€8 | +3.0% |
| Amounts payable | 17/49 | €119,303 | €109,694 | -€9,609 | -8.1% |
| Amounts payable after more than one year | 17 | €24,490 | €14,084 | -€10,407 | -42.5% |
| Financial debts | 170/4 | €24,490 | €14,084 | -€10,407 | -42.5% |
| Amounts payable within one year | 42/48 | €94,813 | €95,610 | +€797 | +0.8% |
| Current portion of amounts payable after more than one year | 42 | €10,275 | €10,407 | +€132 | +1.3% |
| Trade debts | 44 | €3,186 | €1,124 | -€2,062 | -64.7% |
| Suppliers | 440/4 | €3,186 | €1,124 | -€2,062 | -64.7% |
| Taxes, remuneration and social security | 45 | €2,751 | €7,470 | +€4,719 | +172% |
| Taxes | 450/3 | €2,751 | €7,470 | +€4,719 | +172% |
| Other amounts payable | 47/48 | €78,601 | €76,609 | -€1,992 | -2.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,999 | €29,528 | +€3,529 | +13.6% |
| Other operating charges | 640/8 | €655 | €842 | +€187 | +28.6% |
| Gross operating margin | 9900 | €93,042 | €111,333 | +€18,292 | +19.7% |
| Operating profit (loss) | 9901 | €66,388 | €80,964 | +€14,575 | +22.0% |
| Financial income | 75/76B | €942 | €545 | -€396 | -42.1% |
| Recurring financial income | 75 | €942 | €545 | -€396 | -42.1% |
| Financial charges | 65/66B | €1,155 | €2,277 | +€1,121 | +97.1% |
| Recurring financial charges | 65 | €1,155 | €2,277 | +€1,121 | +97.1% |
| Profit (loss) for the period before taxes | 9903 | €66,174 | €79,232 | +€13,058 | +19.7% |
| Income taxes | 67/77 | €19,342 | €22,924 | +€3,582 | +18.5% |
| Profit (loss) for the period | 9904 | €46,832 | €56,308 | +€9,476 | +20.2% |
| Profit (loss) for the period to be appropriated | 9905 | €46,832 | €56,308 | +€9,476 | +20.2% |
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.