Mercator Immo: what changed
Two fiscal 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
Mercator Immo
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€6.9m
2024 · -€122,899-€6.8m
Equity
€3.3m
2024 · €10.2m-€6.9m
Cash
€522,535
2024 · €1.5m-€939,676
Balance sheet total
€39.2m
2024 · €47.9m-€8.7m
Largest movements
Assets
- Tangible fixed assets -€7.3m
down €7.3m (-16.1%), from €45.7m to €38.3m
- Cash -€939,676
down €939,676 (-64.3%), from €1.5m to €522,535
mainly Net result for the year (-€6.9m) and Debts after one year (-€2.5m)
Equity and liabilities
- Profit (loss) carried forward -€6.8m
down €6.8m (-186.3%), from -€3.6m to -€10.4m
- Debts after one year -€2.5m
down €2.5m (-6.9%), from €36.0m to €33.5m
- Trade debts +€825,688
new in 2025: €825,688
Income statement
- Gross operating margin -€1.3m
down €1.3m (-40.2%), from €3.3m to €2.0m
- Other operating charges -€530,023
down €530,023 (-46.9%), from €1.1m to €599,807
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
-€122,899
Gross operating margin
-€1.3m
Depreciation
-€618
Other operating charges
+€530,023
Other operating items
-€6.0m
Financial income
+€6,460
Financial charges
-€6,542
Taxes
-€489
Result 2025
-€6.9m
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.
From operations
-€4.3m
Investment
+€5.8m
Financing
-€2.5m
Cash 2024
€1.5m
From operations (derived)
-€4.3m
Net result for the year
-€6.9m
Depreciation
+€1.5m
Receivables within one year
+€414,002
Deferred charges and accrued income
+€16,171
Provisions
-€44,829
Trade debts
+€825,688
Other debts
+€47,179
Accrued charges and deferred income
-€109,453
Investment (derived)
+€5.8m
Investment in fixed assets (net)
+€5.8m
Financing
-€2.5m
Debts after one year
-€2.5m
Cash 2025
€522,535
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €47,927,648 | €39,226,924 | -€8.7m | -18.2% |
| Fixed assets | 21/28 | €45,718,548 | €38,387,673 | -€7.3m | -16.0% |
| Tangible fixed assets | 22/27 | €45,663,298 | €38,332,422 | -€7.3m | -16.1% |
| Land and buildings | 22 | €45,663,298 | €38,332,422 | -€7.3m | -16.1% |
| Financial fixed assets | 28 | €55,251 | €55,251 | = | 0.0% |
| Current assets | 29/58 | €2,209,100 | €839,251 | -€1.4m | -62.0% |
| Amounts receivable within one year | 40/41 | €566,818 | €152,816 | -€414,002 | -73.0% |
| Trade receivables | 40 | €488,645 | €64,101 | -€424,544 | -86.9% |
| Other amounts receivable | 41 | €78,173 | €88,715 | +€10,542 | +13.5% |
| Cash at bank and in hand | 54/58 | €1,462,211 | €522,535 | -€939,676 | -64.3% |
| Deferred charges and accrued income | 490/1 | €180,071 | €163,901 | -€16,171 | -9.0% |
| Total equity and liabilities | 10/49 | €47,927,648 | €39,226,924 | -€8.7m | -18.2% |
| Equity | 10/15 | €10,210,424 | €3,291,114 | -€6.9m | -67.8% |
| Contributions | 10/11 | €8,763,000 | €8,763,000 | = | 0.0% |
| Capital | 10 | €8,763,000 | €8,763,000 | = | 0.0% |
| Issued capital | 100 | €8,763,000 | €8,763,000 | = | 0.0% |
| Reserves | 13 | €5,088,709 | €4,954,223 | -€134,486 | -2.6% |
| Non-distributable reserves | 130/1 | €876,300 | €876,300 | = | 0.0% |
| Legal reserve | 130 | €876,300 | €876,300 | = | 0.0% |
| Tax-exempt reserves | 132 | €4,212,409 | €4,077,923 | -€134,486 | -3.2% |
| Profit (loss) carried forward | 14 | -€3,641,284 | -€10,426,109 | -€6.8m | -186.3% |
| Provisions and deferred taxes | 16 | €1,404,136 | €1,359,308 | -€44,829 | -3.2% |
| Deferred taxes | 168 | €1,404,136 | €1,359,308 | -€44,829 | -3.2% |
| Amounts payable | 17/49 | €36,313,088 | €34,576,502 | -€1.7m | -4.8% |
| Amounts payable after more than one year | 17 | €36,000,000 | €33,500,000 | -€2.5m | -6.9% |
| Financial debts | 170/4 | €36,000,000 | €33,500,000 | -€2.5m | -6.9% |
| Amounts payable within one year | 42/48 | €164,166 | €1,037,034 | +€872,867 | +531.7% |
| Trade debts | 44 | - | €825,688 | +€825,688 | |
| Suppliers | 440/4 | - | €825,688 | +€825,688 | |
| Other amounts payable | 47/48 | €164,166 | €211,345 | +€47,179 | +28.7% |
| Accrued charges and deferred income | 492/3 | €148,921 | €39,468 | -€109,453 | -73.5% |
| Non-recurring operating income | 76A | €241,236 | €1,424 | -€239,812 | -99.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,486,340 | €1,486,958 | +€618 | 0.0% |
| Other operating charges | 640/8 | €1,129,830 | €599,807 | -€530,023 | -46.9% |
| Non-recurring operating charges | 66A | - | €6,000,000 | +€6.0m | |
| Gross operating margin | 9900 | €3,294,735 | €1,969,489 | -€1.3m | -40.2% |
| Operating profit (loss) | 9901 | €678,564 | -€6,117,275 | -€6.8m | |
| Financial income | 75/76B | €58,530 | €64,990 | +€6,460 | +11.0% |
| Recurring financial income | 75 | €58,530 | €64,990 | +€6,460 | +11.0% |
| Financial charges | 65/66B | €905,311 | €911,853 | +€6,542 | +0.7% |
| Recurring financial charges | 65 | €905,311 | €911,853 | +€6,542 | +0.7% |
| Profit (loss) for the period before taxes | 9903 | -€168,217 | -€6,964,139 | -€6.8m | -4040.0% |
| Transfer from deferred taxes | 780 | €44,829 | €44,829 | +€0 | 0.0% |
| Income taxes | 67/77 | -€489 | - | +€489 | |
| Profit (loss) for the period | 9904 | -€122,899 | -€6,919,310 | -€6.8m | -5530.1% |
| Transfer from tax-exempt reserves | 789 | €134,486 | €134,486 | -€0 | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €11,587 | -€6,784,825 | -€6.8m |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.