MARCHANT & SONS: 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.
MARCHANT & SONS
Largest movements
- Cash +€21,148
up €21,148 (+30.6%), from €69,122 to €90,270
mainly Net result for the year (+€16,026) and Receivables within one year (+€4,550)
- Receivables within one year -€4,550
down €4,550 (-43.0%), from €10,593 to €6,043
of which Trade receivables: -€4,550
- Reserves +€15,500
up €15,500 (+16.9%), from €91,472 to €106,972
- Gross operating margin +€2,038
up €2,038 (+7.7%), from €26,394 to €28,432
- Taxes +€961
up €961 (+11.6%), from €8,296 to €9,257
- Depreciation -€358
down €358 (-44.8%), from €799 to €441
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 | €102,674 | €118,670 | +€15,997 | +15.6% |
| Fixed assets | 21/28 | €6,572 | €6,130 | -€441 | -6.7% |
| Tangible fixed assets | 22/27 | €6,572 | €6,130 | -€441 | -6.7% |
| Land and buildings | 22 | €5,935 | €5,935 | = | 0.0% |
| Furniture and vehicles | 24 | €637 | €196 | -€441 | -69.2% |
| Current assets | 29/58 | €96,102 | €112,540 | +€16,438 | +17.1% |
| Stocks and contracts in progress | 3 | €13,688 | €13,661 | -€27 | -0.2% |
| Stocks | 30/36 | €13,688 | €13,661 | -€27 | -0.2% |
| Amounts receivable within one year | 40/41 | €10,593 | €6,043 | -€4,550 | -43.0% |
| Trade receivables | 40 | €10,221 | €5,671 | -€4,550 | -44.5% |
| Other amounts receivable | 41 | €372 | €372 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €69,122 | €90,270 | +€21,148 | +30.6% |
| Deferred charges and accrued income | 490/1 | €2,699 | €2,565 | -€133 | -4.9% |
| Total equity and liabilities | 10/49 | €102,674 | €118,670 | +€15,997 | +15.6% |
| Equity | 10/15 | €74,880 | €90,906 | +€16,026 | +21.4% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €91,472 | €106,972 | +€15,500 | +16.9% |
| Distributable reserves | 133 | €91,472 | €106,972 | +€15,500 | +16.9% |
| Profit (loss) carried forward | 14 | -€35,184 | -€34,658 | +€526 | +1.5% |
| Amounts payable | 17/49 | €27,794 | €27,764 | -€30 | -0.1% |
| Amounts payable within one year | 42/48 | €27,794 | €27,764 | -€30 | -0.1% |
| Trade debts | 44 | €15,559 | €16,582 | +€1,022 | +6.6% |
| Suppliers | 440/4 | €15,559 | €16,582 | +€1,022 | +6.6% |
| Taxes, remuneration and social security | 45 | €9,425 | €8,509 | -€916 | -9.7% |
| Taxes | 450/3 | €9,425 | €8,509 | -€916 | -9.7% |
| Other amounts payable | 47/48 | €2,809 | €2,673 | -€136 | -4.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €799 | €441 | -€358 | -44.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €92 | -€27 | -€119 | |
| Other operating charges | 640/8 | €2,270 | €2,386 | +€116 | +5.1% |
| Gross operating margin | 9900 | €26,394 | €28,432 | +€2,038 | +7.7% |
| Operating profit (loss) | 9901 | €23,234 | €25,633 | +€2,399 | +10.3% |
| Financial income | 75/76B | €232 | - | -€232 | |
| Recurring financial income | 75 | €232 | - | -€232 | |
| Financial charges | 65/66B | €559 | €349 | -€210 | -37.5% |
| Recurring financial charges | 65 | €559 | €349 | -€210 | -37.5% |
| Profit (loss) for the period before taxes | 9903 | €22,907 | €25,283 | +€2,377 | +10.4% |
| Income taxes | 67/77 | €8,296 | €9,257 | +€961 | +11.6% |
| Profit (loss) for the period | 9904 | €14,610 | €16,026 | +€1,416 | +9.7% |
| Profit (loss) for the period to be appropriated | 9905 | €14,610 | €16,026 | +€1,416 | +9.7% |
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 17 October 2026 via checked.be.