MARUANI & MERCIER: 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.
What changed
MARUANI & MERCIER
NACE 47.791, Retail sale of antiques
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€605,425
2024 · €448,359+€157,066
Equity
€3.3m
2024 · €2.6m+€691,722
Cash
€872,001
2024 · €330,314+€541,687
Balance sheet total
€13.0m
2024 · €12.1m+€913,422
Largest movements
Assets
- Tangible fixed assets +€1.9m
up €1.9m (+453%), from €412,258 to €2.3m
of which Land and buildings: +€1.4m
- Receivables within one year -€1.4m
down €1.4m (-69.8%), from €2.0m to €604,117
of which Trade receivables: -€842,607
- Cash +€541,687
up €541,687 (+164%), from €330,314 to €872,001
mainly Receivables within one year (+€1.4m) and Debts after one year (+€1.4m)
Equity and liabilities
- Trade debts -€1.4m
down €1.4m (-20.3%), from €6.8m to €5.4m
- Debts after one year +€1.4m
up €1.4m (+118%), from €1.2m to €2.5m
- Profit (loss) carried forward +€605,425
up €605,425 (+23.8%), from €2.5m to €3.1m
- Short-term financial debts +€356,868
up €356,868 (+988%), from €36,114 to €392,982
- Advances received -€198,476
down €198,476 (-18.1%), from €1.1m to €899,411
Income statement
- Turnover -€2.0m
down €2.0m (-14.0%), from €14.3m to €12.3m
- Services and other goods -€1.2m
down €1.2m (-32.5%), from €3.7m to €2.5m
- Write-downs -€505,781
down €505,781, from €500,391 to -€5,389
- Staff costs -€416,075
down €416,075 (-40.7%), from €1.0m to €607,207
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.
Result 2024
€448,359
Turnover
-€2.0m
Other operating income
+€102,175
Goods and materials
-€16,386
Services and other goods
+€1.2m
Staff costs
+€416,075
Depreciation
+€80,087
Write-downs
+€505,781
Other operating charges
+€10,978
Other operating items
-€161,152
Financial income
-€428
Financial charges
+€1,040
Result 2025
€605,425
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€646,230
Investment
-€2.0m
Financing
+€1.9m
Cash 2024
€330,314
From operations (derived)
+€646,230
Net result for the year
+€605,425
Depreciation
+€112,282
Stocks and contracts
+€122,995
Receivables within one year
+€1.4m
Deferred charges and accrued income
-€20,555
Trade debts
-€1.4m
Smaller working-capital items
-€3,422
Advances received
-€198,476
Other debts
+€12,903
Investment (derived)
-€2.0m
Investment in fixed assets (net)
-€2.0m
Financing
+€1.9m
Debts after one year
+€1.4m
Current portion of long-term debt
+€76,532
Short-term financial debts
+€356,868
Contributions, distributions and other
+€86,297
Cash 2025
€872,001
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €12,101,386 | €13,014,809 | +€913,422 | +7.5% |
| Fixed assets | 21/28 | €1,502,726 | €3,372,040 | +€1.9m | +124% |
| Tangible fixed assets | 22/27 | €412,258 | €2,281,572 | +€1.9m | +453% |
| Land and buildings | 22 | €204,131 | €1,600,997 | +€1.4m | +684% |
| Plant, machinery and equipment | 23 | €25,291 | €11,257 | -€14,035 | -55.5% |
| Furniture and vehicles | 24 | €82,132 | €30,218 | -€51,914 | -63.2% |
| Other tangible fixed assets | 26 | €100,704 | €58,913 | -€41,791 | -41.5% |
| Assets under construction and advance payments | 27 | - | €580,188 | +€580,188 | |
| Financial fixed assets | 28 | €1,090,468 | €1,090,468 | = | 0.0% |
| Affiliated companies | 280/1 | €1,089,509 | €1,089,509 | = | 0.0% |
| Participating interests | 280 | €1,084,002 | €1,084,002 | = | 0.0% |
| Amounts receivable | 281 | €5,507 | €5,507 | = | 0.0% |
| Other financial fixed assets | 284/8 | €958 | €958 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €958 | €958 | = | 0.0% |
| Current assets | 29/58 | €10,598,661 | €9,642,769 | -€955,892 | -9.0% |
| Stocks and contracts in progress | 3 | €8,122,045 | €7,999,049 | -€122,995 | -1.5% |
| Stocks | 30/36 | €8,122,045 | €7,999,049 | -€122,995 | -1.5% |
| Goods purchased for resale | 34 | €8,122,045 | €7,999,049 | -€122,995 | -1.5% |
| Amounts receivable within one year | 40/41 | €1,999,255 | €604,117 | -€1.4m | -69.8% |
| Trade receivables | 40 | €1,372,087 | €529,480 | -€842,607 | -61.4% |
| Other amounts receivable | 41 | €627,167 | €74,637 | -€552,531 | -88.1% |
| Cash at bank and in hand | 54/58 | €330,314 | €872,001 | +€541,687 | +164% |
| Deferred charges and accrued income | 490/1 | €147,047 | €167,602 | +€20,555 | +14.0% |
| Total equity and liabilities | 10/49 | €12,101,386 | €13,014,809 | +€913,422 | +7.5% |
| Equity | 10/15 | €2,570,516 | €3,262,238 | +€691,722 | +26.9% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €2,500 | €2,500 | = | 0.0% |
| Distributable reserves | 133 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,543,016 | €3,148,441 | +€605,425 | +23.8% |
| Investment grants | 15 | - | €86,297 | +€86,297 | |
| Provisions and deferred taxes | 16 | €57,840 | €57,840 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €57,840 | €57,840 | = | 0.0% |
| Other liabilities and charges | 164/5 | €57,840 | €57,840 | = | 0.0% |
| Amounts payable | 17/49 | €9,473,031 | €9,694,731 | +€221,700 | +2.3% |
| Amounts payable after more than one year | 17 | €1,154,593 | €2,511,949 | +€1.4m | +118% |
| Financial debts | 170/4 | €1,154,593 | €2,511,949 | +€1.4m | +118% |
| Credit institutions | 173 | €1,154,593 | €2,511,949 | +€1.4m | +118% |
| Amounts payable within one year | 42/48 | €8,313,503 | €7,182,782 | -€1.1m | -13.6% |
| Current portion of amounts payable after more than one year | 42 | €263,591 | €340,122 | +€76,532 | +29.0% |
| Financial debts | 43 | €36,114 | €392,982 | +€356,868 | +988% |
| Credit institutions | 430/8 | €36,114 | €392,982 | +€356,868 | +988% |
| Trade debts | 44 | €6,810,736 | €5,430,675 | -€1.4m | -20.3% |
| Suppliers | 440/4 | €6,810,736 | €5,430,675 | -€1.4m | -20.3% |
| Advances received on contracts in progress | 46 | €1,097,887 | €899,411 | -€198,476 | -18.1% |
| Taxes, remuneration and social security | 45 | €92,334 | €93,848 | +€1,514 | +1.6% |
| Taxes | 450/3 | €36,154 | €19,926 | -€16,228 | -44.9% |
| Remuneration and social security | 454/9 | €56,181 | €73,923 | +€17,742 | +31.6% |
| Other amounts payable | 47/48 | €12,840 | €25,744 | +€12,903 | +100% |
| Accrued charges and deferred income | 492/3 | €4,936 | - | -€4,936 | |
| Operating income | 70/76A | €14,524,345 | €12,454,978 | -€2.1m | -14.2% |
| Turnover | 70 | €14,331,750 | €12,331,015 | -€2.0m | -14.0% |
| Other operating income | 74 | €20,675 | €122,850 | +€102,175 | +494% |
| Non-recurring operating income | 76A | €171,920 | €1,113 | -€170,807 | -99.4% |
| Operating charges | 60/66A | €13,991,392 | €11,765,570 | -€2.2m | -15.9% |
| Goods for resale, raw materials and consumables | 60 | €8,471,682 | €8,488,068 | +€16,386 | +0.2% |
| Purchases | 600/8 | €8,236,881 | €8,359,683 | +€122,803 | +1.5% |
| Change in stocks: decrease (increase) | 609 | €234,801 | €128,385 | -€106,417 | -45.3% |
| Services and other goods | 61 | €3,747,190 | €2,527,558 | -€1.2m | -32.5% |
| Remuneration, social security and pensions | 62 | €1,023,281 | €607,207 | -€416,075 | -40.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €192,369 | €112,282 | -€80,087 | -41.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €500,391 | -€5,389 | -€505,781 | |
| Other operating charges | 640/8 | €46,446 | €35,468 | -€10,978 | -23.6% |
| Non-recurring operating charges | 66A | €10,032 | €377 | -€9,655 | -96.2% |
| Operating profit (loss) | 9901 | €532,953 | €689,407 | +€156,455 | +29.4% |
| Financial income | 75/76B | €64,168 | €63,739 | -€428 | -0.7% |
| Recurring financial income | 75 | €64,168 | €63,739 | -€428 | -0.7% |
| Other financial income | 752/9 | €64,168 | €63,739 | -€428 | -0.7% |
| Financial charges | 65/66B | €148,761 | €147,722 | -€1,040 | -0.7% |
| Recurring financial charges | 65 | €148,761 | €147,722 | -€1,040 | -0.7% |
| Debt charges | 650 | €108,345 | €88,023 | -€20,322 | -18.8% |
| Other financial charges | 652/9 | €40,416 | €59,698 | +€19,282 | +47.7% |
| Profit (loss) for the period before taxes | 9903 | €448,359 | €605,425 | +€157,066 | +35.0% |
| Profit (loss) for the period | 9904 | €448,359 | €605,425 | +€157,066 | +35.0% |
| Profit (loss) for the period to be appropriated | 9905 | €448,359 | €605,425 | +€157,066 | +35.0% |
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 31 October 2026 via checked.be.