LC MERCA: 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.
LC MERCA
Largest movements
- Cash -€612,603
down €612,603 (-75.0%), from €816,734 to €204,131
mainly Other debts (-€356,611) and Contributions, distributions and other (-€206,158)
- Receivables within one year +€181,393
up €181,393 (+6744.6%), from €2,689 to €184,082
of which Other amounts receivable: +€179,176
- Tangible fixed assets -€13,126
down €13,126 (-6.6%), from €197,465 to €184,339
of which Plant, machinery and equipment: -€32,880
- Other debts -€356,611
down €356,611 (-70.3%), from €507,146 to €150,535
- Trade debts -€51,165
down €51,165 (-28.7%), from €178,051 to €126,885
- Debts after one year -€45,237
down €45,237 (-36.0%), from €125,783 to €80,546
of which Financial debts: -€45,237
- Current portion of long-term debt +€26,636
up €26,636 (+59.8%), from €44,578 to €71,214
- Gross operating margin +€32,881
up €32,881 (+6.4%), from €516,014 to €548,895
- Depreciation -€21,675
down €21,675 (-32.8%), from €65,997 to €44,322
- Other operating charges +€14,211
up €14,211 (+1189.2%), from €1,195 to €15,406
- Staff costs +€14,194
up €14,194 (+6.4%), from €222,693 to €236,886
- Taxes -€8,966
down €8,966 (-16.9%), from €53,135 to €44,168
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 | €1,131,398 | €690,916 | -€440,482 | -38.9% |
| Fixed assets | 21/28 | €197,465 | €184,339 | -€13,126 | -6.6% |
| Tangible fixed assets | 22/27 | €197,465 | €184,339 | -€13,126 | -6.6% |
| Plant, machinery and equipment | 23 | €165,068 | €132,188 | -€32,880 | -19.9% |
| Furniture and vehicles | 24 | €32,397 | €52,150 | +€19,754 | +61.0% |
| Current assets | 29/58 | €933,933 | €506,577 | -€427,356 | -45.8% |
| Stocks and contracts in progress | 3 | €113,166 | €114,351 | +€1,185 | +1.0% |
| Stocks | 30/36 | €113,166 | €114,351 | +€1,185 | +1.0% |
| Amounts receivable within one year | 40/41 | €2,689 | €184,082 | +€181,393 | +6744.6% |
| Trade receivables | 40 | €2,340 | €4,557 | +€2,217 | +94.7% |
| Other amounts receivable | 41 | €349 | €179,525 | +€179,176 | +51286.9% |
| Cash at bank and in hand | 54/58 | €816,734 | €204,131 | -€612,603 | -75.0% |
| Deferred charges and accrued income | 490/1 | €1,343 | €4,013 | +€2,670 | +198.8% |
| Total equity and liabilities | 10/49 | €1,131,398 | €690,916 | -€440,482 | -38.9% |
| Equity | 10/15 | €180,966 | €178,699 | -€2,267 | -1.3% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €78,200 | €78,200 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €72,000 | €72,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €11,004 | €14,895 | +€3,891 | +35.4% |
| Investment grants | 15 | €29,762 | €23,604 | -€6,158 | -20.7% |
| Amounts payable | 17/49 | €950,432 | €512,217 | -€438,215 | -46.1% |
| Amounts payable after more than one year | 17 | €125,783 | €80,546 | -€45,237 | -36.0% |
| Financial debts | 170/4 | €64,283 | €19,046 | -€45,237 | -70.4% |
| Other amounts payable | 178/9 | €61,500 | €61,500 | = | 0.0% |
| Amounts payable within one year | 42/48 | €799,112 | €407,180 | -€391,931 | -49.0% |
| Current portion of amounts payable after more than one year | 42 | €44,578 | €71,214 | +€26,636 | +59.8% |
| Trade debts | 44 | €178,051 | €126,885 | -€51,165 | -28.7% |
| Suppliers | 440/4 | €178,051 | €126,885 | -€51,165 | -28.7% |
| Taxes, remuneration and social security | 45 | €69,337 | €58,546 | -€10,791 | -15.6% |
| Taxes | 450/3 | €35,727 | €19,399 | -€16,328 | -45.7% |
| Remuneration and social security | 454/9 | €33,611 | €39,147 | +€5,537 | +16.5% |
| Other amounts payable | 47/48 | €507,146 | €150,535 | -€356,611 | -70.3% |
| Accrued charges and deferred income | 492/3 | €25,537 | €24,490 | -€1,047 | -4.1% |
| Remuneration, social security and pensions | 62 | €222,693 | €236,886 | +€14,194 | +6.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €65,997 | €44,322 | -€21,675 | -32.8% |
| Other operating charges | 640/8 | €1,195 | €15,406 | +€14,211 | +1189.2% |
| Gross operating margin | 9900 | €516,014 | €548,895 | +€32,881 | +6.4% |
| Operating profit (loss) | 9901 | €226,129 | €252,280 | +€26,151 | +11.6% |
| Financial income | 75/76B | €7,412 | €6,547 | -€865 | -11.7% |
| Recurring financial income | 75 | €7,412 | €6,547 | -€865 | -11.7% |
| Financial charges | 65/66B | €10,926 | €10,768 | -€158 | -1.4% |
| Recurring financial charges | 65 | €10,926 | €10,768 | -€158 | -1.4% |
| Profit (loss) for the period before taxes | 9903 | €222,615 | €248,059 | +€25,444 | +11.4% |
| Income taxes | 67/77 | €53,135 | €44,168 | -€8,966 | -16.9% |
| Profit (loss) for the period | 9904 | €169,480 | €203,891 | +€34,411 | +20.3% |
| Profit (loss) for the period to be appropriated | 9905 | €169,480 | €203,891 | +€34,411 | +20.3% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.