MERCATORIUS: 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.
MERCATORIUS
Largest movements
- Cash -€31,307
down €31,307 (-72.4%), from €43,224 to €11,917
mainly Receivables within one year (-€30,583) and Contributions, distributions and other (-€21,550)
- Receivables within one year +€30,583
up €30,583 (+302.4%), from €10,114 to €40,697
of which Other amounts receivable: +€33,875
- Tangible fixed assets -€17,934
down €17,934 (-90.1%), from €19,902 to €1,967
- Reserves -€21,550
no longer reported in 2025 (was €21,550)
- Profit (loss) carried forward +€5,223
up €5,223 (+124.4%), from €4,200 to €9,423
- Tax, wage and social debts -€4,686
down €4,686 (-97.7%), from €4,798 to €112
- Other debts +€3,670
up €3,670 (+1883.0%), from €195 to €3,865
- Trade debts -€2,920
down €2,920 (-51.6%), from €5,654 to €2,735
- Gross operating margin -€6,032
down €6,032 (-28.0%), from €21,543 to €15,511
- Depreciation -€5,305
down €5,305 (-78.0%), from €6,800 to €1,495
- Other operating charges +€2,584
up €2,584 (+125.2%), from €2,064 to €4,648
- Financial income +€482
up €482 (+47718.8%), from €1 to €483
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €74,419 | €55,364 | -€19,056 | -25.6% |
| Fixed assets | 21/28 | €19,902 | €1,967 | -€17,934 | -90.1% |
| Tangible fixed assets | 22/27 | €19,902 | €1,967 | -€17,934 | -90.1% |
| Furniture and vehicles | 24 | €19,902 | €1,967 | -€17,934 | -90.1% |
| Current assets | 29/58 | €54,518 | €53,396 | -€1,122 | -2.1% |
| Amounts receivable within one year | 40/41 | €10,114 | €40,697 | +€30,583 | +302.4% |
| Trade receivables | 40 | €10,114 | €6,822 | -€3,292 | -32.6% |
| Other amounts receivable | 41 | - | €33,875 | +€33,875 | |
| Cash at bank and in hand | 54/58 | €43,224 | €11,917 | -€31,307 | -72.4% |
| Deferred charges and accrued income | 490/1 | €1,180 | €782 | -€398 | -33.7% |
| Total equity and liabilities | 10/49 | €74,419 | €55,364 | -€19,056 | -25.6% |
| Equity | 10/15 | €47,750 | €31,423 | -€16,327 | -34.2% |
| Contributions | 10/11 | €22,000 | €22,000 | = | 0.0% |
| Reserves | 13 | €21,550 | - | -€21,550 | |
| Distributable reserves | 133 | €21,550 | - | -€21,550 | |
| Profit (loss) carried forward | 14 | €4,200 | €9,423 | +€5,223 | +124.4% |
| Amounts payable | 17/49 | €26,670 | €23,941 | -€2,728 | -10.2% |
| Amounts payable after more than one year | 17 | €9,464 | €10,848 | +€1,383 | +14.6% |
| Other amounts payable | 178/9 | €9,464 | €10,848 | +€1,383 | +14.6% |
| Amounts payable within one year | 42/48 | €10,647 | €6,711 | -€3,935 | -37.0% |
| Trade debts | 44 | €5,654 | €2,735 | -€2,920 | -51.6% |
| Suppliers | 440/4 | €5,654 | €2,735 | -€2,920 | -51.6% |
| Taxes, remuneration and social security | 45 | €4,798 | €112 | -€4,686 | -97.7% |
| Taxes | 450/3 | €4,798 | €112 | -€4,686 | -97.7% |
| Other amounts payable | 47/48 | €195 | €3,865 | +€3,670 | +1883.0% |
| Accrued charges and deferred income | 492/3 | €6,558 | €6,382 | -€176 | -2.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,800 | €1,495 | -€5,305 | -78.0% |
| Other operating charges | 640/8 | €2,064 | €4,648 | +€2,584 | +125.2% |
| Non-recurring operating charges | 66A | €7,408 | - | -€7,408 | |
| Gross operating margin | 9900 | €21,543 | €15,511 | -€6,032 | -28.0% |
| Operating profit (loss) | 9901 | €5,271 | €9,369 | +€4,097 | +77.7% |
| Financial income | 75/76B | €1 | €483 | +€482 | +47718.8% |
| Recurring financial income | 75 | €1 | €483 | +€482 | +47718.8% |
| Financial charges | 65/66B | €226 | €232 | +€6 | +2.5% |
| Recurring financial charges | 65 | €226 | €232 | +€6 | +2.5% |
| Profit (loss) for the period before taxes | 9903 | €5,046 | €9,620 | +€4,573 | +90.6% |
| Income taxes | 67/77 | €4,485 | €4,397 | -€88 | -2.0% |
| Profit (loss) for the period | 9904 | €561 | €5,223 | +€4,661 | +830.4% |
| Profit (loss) for the period to be appropriated | 9905 | €561 | €5,223 | +€4,661 | +830.4% |
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 2 October 2026 via checked.be.