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 +€859,332
up €859,332 (+438%), from €196,282 to €1.1m
mainly Net result for the year (+€911,195) and Debts after one year (+€636,693)
- Current investments +€382,056
up €382,056 (+48.5%), from €788,160 to €1.2m
- Financial fixed assets -€335,000
down €335,000 (-15.5%), from €2.2m to €1.8m
- Receivables after one year -€226,372
down €226,372 (-14.2%), from €1.6m to €1.4m
- Tangible fixed assets +€225,655
up €225,655 (+6.9%), from €3.3m to €3.5m
of which Land and buildings: +€194,451
- Profit (loss) carried forward +€911,195
up €911,195 (+16.0%), from €5.7m to €6.6m
- Debts after one year +€636,693
up €636,693 (+218%), from €292,471 to €929,164
- Current portion of long-term debt -€599,820
down €599,820 (-77.4%), from €774,538 to €174,717
- Other debts -€250,500
down €250,500 (-80.2%), from €312,415 to €61,915
- Short-term financial debts +€225,000
up €225,000 (+37.5%), from €599,545 to €824,545
- Financial charges -€55,186
down €55,186 (-45.2%), from €122,217 to €67,031
- Depreciation +€45,946
up €45,946 (+19.4%), from €237,385 to €283,331
- Gross operating margin +€38,077
up €38,077 (+43.2%), from €88,155 to €126,232
- Financial income -€37,414
down €37,414 (-3.0%), from €1.3m to €1.2m
- Staff costs -€24,951
down €24,951 (-23.6%), from €105,697 to €80,746
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 | €9,142,753 | €10,007,878 | +€865,125 | +9.5% |
| Fixed assets | 21/28 | €5,454,459 | €5,345,115 | -€109,345 | -2.0% |
| Tangible fixed assets | 22/27 | €3,292,831 | €3,518,487 | +€225,655 | +6.9% |
| Land and buildings | 22 | €3,023,358 | €3,217,809 | +€194,451 | +6.4% |
| Plant, machinery and equipment | 23 | €178,483 | €133,745 | -€44,738 | -25.1% |
| Furniture and vehicles | 24 | €55,529 | €147,222 | +€91,693 | +165% |
| Leasing and similar rights | 25 | €35,461 | €19,710 | -€15,750 | -44.4% |
| Financial fixed assets | 28 | €2,161,628 | €1,826,628 | -€335,000 | -15.5% |
| Current assets | 29/58 | €3,688,293 | €4,662,763 | +€974,470 | +26.4% |
| Amounts receivable after more than one year | 29 | €1,599,029 | €1,372,657 | -€226,372 | -14.2% |
| Other amounts receivable | 291 | €1,599,029 | €1,372,657 | -€226,372 | -14.2% |
| Stocks and contracts in progress | 3 | €25,640 | €26,890 | +€1,250 | +4.9% |
| Stocks | 30/36 | €25,640 | €26,890 | +€1,250 | +4.9% |
| Amounts receivable within one year | 40/41 | €1,051,368 | €954,759 | -€96,610 | -9.2% |
| Trade receivables | 40 | €63,010 | €25,433 | -€37,576 | -59.6% |
| Other amounts receivable | 41 | €988,359 | €929,325 | -€59,033 | -6.0% |
| Current investments | 50/53 | €788,160 | €1,170,216 | +€382,056 | +48.5% |
| Cash at bank and in hand | 54/58 | €196,282 | €1,055,614 | +€859,332 | +438% |
| Deferred charges and accrued income | 490/1 | €27,814 | €82,627 | +€54,813 | +197% |
| Total equity and liabilities | 10/49 | €9,142,753 | €10,007,878 | +€865,125 | +9.5% |
| Equity | 10/15 | €7,033,477 | €7,944,672 | +€911,195 | +13.0% |
| Contributions | 10/11 | €1,271,859 | €1,271,859 | = | 0.0% |
| Reserves | 13 | €48,811 | €48,811 | = | 0.0% |
| Tax-exempt reserves | 132 | €3,811 | €3,811 | = | 0.0% |
| Distributable reserves | 133 | €45,000 | €45,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €5,712,807 | €6,624,002 | +€911,195 | +16.0% |
| Amounts payable | 17/49 | €2,109,276 | €2,063,206 | -€46,070 | -2.2% |
| Amounts payable after more than one year | 17 | €292,471 | €929,164 | +€636,693 | +218% |
| Financial debts | 170/4 | €292,471 | €929,164 | +€636,693 | +218% |
| Amounts payable within one year | 42/48 | €1,801,016 | €1,127,128 | -€673,888 | -37.4% |
| Current portion of amounts payable after more than one year | 42 | €774,538 | €174,717 | -€599,820 | -77.4% |
| Financial debts | 43 | €599,545 | €824,545 | +€225,000 | +37.5% |
| Credit institutions | 430/8 | €599,545 | €824,545 | +€225,000 | +37.5% |
| Trade debts | 44 | €101,376 | €41,137 | -€60,239 | -59.4% |
| Suppliers | 440/4 | €101,376 | €41,137 | -€60,239 | -59.4% |
| Taxes, remuneration and social security | 45 | €13,142 | €24,814 | +€11,671 | +88.8% |
| Taxes | 450/3 | €4,217 | €3,866 | -€351 | -8.3% |
| Remuneration and social security | 454/9 | €8,926 | €20,948 | +€12,022 | +135% |
| Other amounts payable | 47/48 | €312,415 | €61,915 | -€250,500 | -80.2% |
| Accrued charges and deferred income | 492/3 | €15,789 | €6,914 | -€8,875 | -56.2% |
| Non-recurring operating income | 76A | - | €20,000 | +€20,000 | |
| Remuneration, social security and pensions | 62 | €105,697 | €80,746 | -€24,951 | -23.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €237,385 | €283,331 | +€45,946 | +19.4% |
| Other operating charges | 640/8 | €6,644 | €9,243 | +€2,599 | +39.1% |
| Gross operating margin | 9900 | €88,155 | €126,232 | +€38,077 | +43.2% |
| Operating profit (loss) | 9901 | -€261,571 | -€247,089 | +€14,483 | +5.5% |
| Financial income | 75/76B | €1,264,916 | €1,227,502 | -€37,414 | -3.0% |
| Recurring financial income | 75 | €1,264,916 | €1,227,502 | -€37,414 | -3.0% |
| Financial charges | 65/66B | €122,217 | €67,031 | -€55,186 | -45.2% |
| Recurring financial charges | 65 | €122,217 | €67,031 | -€55,186 | -45.2% |
| Profit (loss) for the period before taxes | 9903 | €881,128 | €913,383 | +€32,255 | +3.7% |
| Income taxes | 67/77 | €2,575 | €2,188 | -€388 | -15.1% |
| Profit (loss) for the period | 9904 | €878,552 | €911,195 | +€32,642 | +3.7% |
| Profit (loss) for the period to be appropriated | 9905 | €878,552 | €911,195 | +€32,642 | +3.7% |
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 25 October 2026 via checked.be.