MERCATOR: 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.
MERCATOR
Largest movements
- Cash +€203,415
up €203,415 (+39.9%), from €509,266 to €712,681
mainly Net result for the year (+€217,493) and Current investments (+€138,596)
- Current investments -€138,596
down €138,596 (-31.8%), from €435,508 to €296,912
- Receivables within one year -€93,332
down €93,332 (-39.7%), from €235,179 to €141,847
- Tangible fixed assets -€89,493
down €89,493 (-22.1%), from €405,502 to €316,009
of which Furniture and vehicles: -€56,300
- Debts after one year -€64,444
down €64,444 (-48.8%), from €132,099 to €67,655
- Reserves -€32,507
down €32,507 (-3.3%), from €976,144 to €943,638
of which Distributable reserves: -€32,507
- Gross operating margin +€120,883
up €120,883 (+7.5%), from €1.6m to €1.7m
- Staff costs +€82,556
up €82,556 (+7.0%), from €1.2m to €1.3m
- Financial charges -€31,985
down €31,985 (-40.8%), from €78,327 to €46,341
- Taxes +€17,802
up €17,802 (+29.5%), from €60,365 to €78,167
- Other operating charges +€17,777
up €17,777 (+1,718%), from €1,035 to €18,812
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 | €1,643,242 | €1,532,497 | -€110,745 | -6.7% |
| Fixed assets | 21/28 | €446,256 | €360,294 | -€85,962 | -19.3% |
| Intangible fixed assets | 21 | €40,754 | €44,286 | +€3,532 | +8.7% |
| Tangible fixed assets | 22/27 | €405,502 | €316,009 | -€89,493 | -22.1% |
| Land and buildings | 22 | €52,331 | €34,076 | -€18,255 | -34.9% |
| Plant, machinery and equipment | 23 | €1,768 | €997 | -€771 | -43.6% |
| Furniture and vehicles | 24 | €279,289 | €222,989 | -€56,300 | -20.2% |
| Leasing and similar rights | 25 | €72,114 | €57,947 | -€14,167 | -19.6% |
| Current assets | 29/58 | €1,196,986 | €1,172,202 | -€24,783 | -2.1% |
| Amounts receivable within one year | 40/41 | €235,179 | €141,847 | -€93,332 | -39.7% |
| Trade receivables | 40 | €235,179 | €141,847 | -€93,332 | -39.7% |
| Current investments | 50/53 | €435,508 | €296,912 | -€138,596 | -31.8% |
| Cash at bank and in hand | 54/58 | €509,266 | €712,681 | +€203,415 | +39.9% |
| Deferred charges and accrued income | 490/1 | €17,033 | €20,762 | +€3,729 | +21.9% |
| Total equity and liabilities | 10/49 | €1,643,242 | €1,532,497 | -€110,745 | -6.7% |
| Equity | 10/15 | €1,037,644 | €1,005,138 | -€32,507 | -3.1% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €976,144 | €943,638 | -€32,507 | -3.3% |
| Non-distributable reserves | 130/1 | €10,800 | €10,800 | = | 0.0% |
| Legal reserve | 130 | €10,800 | €10,800 | = | 0.0% |
| Tax-exempt reserves | 132 | €15,000 | €15,000 | = | 0.0% |
| Distributable reserves | 133 | €950,344 | €917,838 | -€32,507 | -3.4% |
| Amounts payable | 17/49 | €605,597 | €527,359 | -€78,238 | -12.9% |
| Amounts payable after more than one year | 17 | €132,099 | €67,655 | -€64,444 | -48.8% |
| Financial debts | 170/4 | €132,099 | €67,655 | -€64,444 | -48.8% |
| Amounts payable within one year | 42/48 | €473,498 | €459,704 | -€13,794 | -2.9% |
| Current portion of amounts payable after more than one year | 42 | €71,693 | €64,444 | -€7,249 | -10.1% |
| Trade debts | 44 | €251,001 | €253,273 | +€2,272 | +0.9% |
| Suppliers | 440/4 | €251,001 | €253,273 | +€2,272 | +0.9% |
| Taxes, remuneration and social security | 45 | €150,805 | €141,987 | -€8,818 | -5.8% |
| Taxes | 450/3 | €36,028 | €42,571 | +€6,542 | +18.2% |
| Remuneration and social security | 454/9 | €114,777 | €99,416 | -€15,360 | -13.4% |
| Non-recurring operating income | 76A | €15,893 | - | -€15,893 | |
| Remuneration, social security and pensions | 62 | €1,171,802 | €1,254,357 | +€82,556 | +7.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €135,739 | €121,343 | -€14,396 | -10.6% |
| Other operating charges | 640/8 | €1,035 | €18,812 | +€17,777 | +1,718% |
| Gross operating margin | 9900 | €1,612,513 | €1,733,396 | +€120,883 | +7.5% |
| Operating profit (loss) | 9901 | €303,938 | €338,884 | +€34,947 | +11.5% |
| Financial income | 75/76B | €2,620 | €3,118 | +€497 | +19.0% |
| Recurring financial income | 75 | €2,620 | €3,118 | +€497 | +19.0% |
| Financial charges | 65/66B | €78,327 | €46,341 | -€31,985 | -40.8% |
| Recurring financial charges | 65 | €78,327 | €46,341 | -€31,985 | -40.8% |
| Profit (loss) for the period before taxes | 9903 | €228,231 | €295,661 | +€67,429 | +29.5% |
| Income taxes | 67/77 | €60,365 | €78,167 | +€17,802 | +29.5% |
| Profit (loss) for the period | 9904 | €167,866 | €217,493 | +€49,628 | +29.6% |
| Profit (loss) for the period to be appropriated | 9905 | €167,866 | €217,493 | +€49,628 | +29.6% |
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 23 October 2026 via checked.be.