ED MERC: 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.
ED MERC
Largest movements
- Tangible fixed assets -€496,944
down €496,944 (-95.9%), from €518,396 to €21,452
of which Land and buildings: -€485,280
- Receivables within one year -€70,312
down €70,312 (-41.8%), from €168,064 to €97,752
of which Other amounts receivable: -€62,752
- Deferred charges and accrued income -€8,028
down €8,028 (-77.0%), from €10,422 to €2,395
- Debts after one year -€336,352
down €336,352 (-100.0%), from €336,352 to €0
- Other debts -€169,082
down €169,082 (-70.1%), from €241,328 to €72,246
- Current portion of long-term debt -€49,050
down €49,050 (-100.0%), from €49,050 to €0
- Accrued charges and deferred income -€15,065
down €15,065 (-80.9%), from €18,631 to €3,566
- Financial charges -€16,229
down €16,229 (-63.5%), from €25,562 to €9,333
- Gross operating margin -€14,298
down €14,298 (-32.8%), from €43,576 to €29,278
- Financial income -€8,525
down €8,525 (-78.1%), from €10,922 to €2,397
- Depreciation -€7,451
down €7,451 (-39.0%), from €19,115 to €11,664
- Taxes +€3,430
up €3,430 (+75.6%), from €4,536 to €7,966
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.
Cash bridge derived
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 | €696,883 | €126,179 | -€570,705 | -81.9% |
| Fixed assets | 21/28 | €518,396 | €21,452 | -€496,944 | -95.9% |
| Tangible fixed assets | 22/27 | €518,396 | €21,452 | -€496,944 | -95.9% |
| Land and buildings | 22 | €489,630 | €4,350 | -€485,280 | -99.1% |
| Plant, machinery and equipment | 23 | €1,096 | €767 | -€330 | -30.1% |
| Furniture and vehicles | 24 | €27,670 | €16,336 | -€11,335 | -41.0% |
| Current assets | 29/58 | €178,487 | €104,726 | -€73,761 | -41.3% |
| Amounts receivable within one year | 40/41 | €168,064 | €97,752 | -€70,312 | -41.8% |
| Trade receivables | 40 | €7,560 | €0 | -€7,560 | -100.0% |
| Other amounts receivable | 41 | €160,504 | €97,752 | -€62,752 | -39.1% |
| Cash at bank and in hand | 54/58 | - | €4,579 | +€4,579 | |
| Deferred charges and accrued income | 490/1 | €10,422 | €2,395 | -€8,028 | -77.0% |
| Total equity and liabilities | 10/49 | €696,883 | €126,179 | -€570,705 | -81.9% |
| Equity | 10/15 | €19,416 | €20,573 | +€1,156 | +6.0% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €300 | €300 | = | 0.0% |
| Non-distributable reserves | 130/1 | €300 | €300 | = | 0.0% |
| Reserves not available under the articles | 1311 | €300 | €300 | = | 0.0% |
| Profit (loss) carried forward | 14 | €16,116 | €17,273 | +€1,156 | +7.2% |
| Amounts payable | 17/49 | €677,467 | €105,606 | -€571,861 | -84.4% |
| Amounts payable after more than one year | 17 | €336,352 | €0 | -€336,352 | -100.0% |
| Financial debts | 170/4 | €336,352 | €0 | -€336,352 | -100.0% |
| Amounts payable within one year | 42/48 | €322,484 | €102,040 | -€220,444 | -68.4% |
| Current portion of amounts payable after more than one year | 42 | €49,050 | €0 | -€49,050 | -100.0% |
| Financial debts | 43 | €4,979 | €0 | -€4,979 | -100.0% |
| Credit institutions | 430/8 | €4,979 | €0 | -€4,979 | -100.0% |
| Trade debts | 44 | €3,129 | €4,755 | +€1,626 | +52.0% |
| Suppliers | 440/4 | €3,129 | €4,755 | +€1,626 | +52.0% |
| Advances received on contracts in progress | 46 | €7,865 | €3,025 | -€4,840 | -61.5% |
| Taxes, remuneration and social security | 45 | €16,133 | €22,015 | +€5,882 | +36.5% |
| Taxes | 450/3 | €16,133 | €22,015 | +€5,882 | +36.5% |
| Other amounts payable | 47/48 | €241,328 | €72,246 | -€169,082 | -70.1% |
| Accrued charges and deferred income | 492/3 | €18,631 | €3,566 | -€15,065 | -80.9% |
| Non-recurring operating income | 76A | - | €780 | +€780 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,115 | €11,664 | -€7,451 | -39.0% |
| Other operating charges | 640/8 | €2,417 | €1,555 | -€862 | -35.7% |
| Gross operating margin | 9900 | €43,576 | €29,278 | -€14,298 | -32.8% |
| Operating profit (loss) | 9901 | €22,044 | €16,059 | -€5,985 | -27.2% |
| Financial income | 75/76B | €10,922 | €2,397 | -€8,525 | -78.1% |
| Recurring financial income | 75 | €10,922 | €2,397 | -€8,525 | -78.1% |
| Financial charges | 65/66B | €25,562 | €9,333 | -€16,229 | -63.5% |
| Recurring financial charges | 65 | €25,562 | €9,333 | -€16,229 | -63.5% |
| Profit (loss) for the period before taxes | 9903 | €7,403 | €9,122 | +€1,719 | +23.2% |
| Income taxes | 67/77 | €4,536 | €7,966 | +€3,430 | +75.6% |
| Profit (loss) for the period | 9904 | €2,867 | €1,156 | -€1,711 | -59.7% |
| Profit (loss) for the period to be appropriated | 9905 | €2,867 | €1,156 | -€1,711 | -59.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.