MERCATUM: 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.
MERCATUM
Largest movements
- Current investments -€75,000
down €75,000 (-33.3%), from €225,000 to €150,000
- Tangible fixed assets +€42,665
up €42,665 (+190%), from €22,490 to €65,155
of which Furniture and vehicles: +€43,227
- Cash +€40,604
up €40,604 (+34.7%), from €116,968 to €157,571
mainly Current investments (+€75,000) and Depreciation (+€15,396)
- Receivables within one year -€6,659
down €6,659 (-72.4%), from €9,194 to €2,535
of which Trade receivables: -€6,408
- Deferred charges and accrued income -€5,000
down €5,000 (-66.6%), from €7,506 to €2,506
- Trade debts -€12,737
down €12,737 (-98.2%), from €12,965 to €228
- Reserves +€9,921
up €9,921 (+2.8%), from €354,225 to €364,146
- Depreciation +€13,525
up €13,525 (+723%), from €1,871 to €15,396
- Gross operating margin +€10,266
up €10,266 (+68.8%), from €14,922 to €25,188
- Financial income -€4,385
down €4,385 (-43.8%), from €10,023 to €5,637
- Taxes -€2,274
down €2,274 (-31.2%), from €7,285 to €5,011
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 | €381,157 | €377,767 | -€3,390 | -0.9% |
| Fixed assets | 21/28 | €22,490 | €65,155 | +€42,665 | +190% |
| Tangible fixed assets | 22/27 | €22,490 | €65,155 | +€42,665 | +190% |
| Plant, machinery and equipment | 23 | €2,748 | €2,185 | -€562 | -20.5% |
| Furniture and vehicles | 24 | €19,742 | €62,969 | +€43,227 | +219% |
| Current assets | 29/58 | €358,667 | €312,612 | -€46,055 | -12.8% |
| Amounts receivable within one year | 40/41 | €9,194 | €2,535 | -€6,659 | -72.4% |
| Trade receivables | 40 | €6,408 | - | -€6,408 | |
| Other amounts receivable | 41 | €2,786 | €2,535 | -€251 | -9.0% |
| Current investments | 50/53 | €225,000 | €150,000 | -€75,000 | -33.3% |
| Cash at bank and in hand | 54/58 | €116,968 | €157,571 | +€40,604 | +34.7% |
| Deferred charges and accrued income | 490/1 | €7,506 | €2,506 | -€5,000 | -66.6% |
| Total equity and liabilities | 10/49 | €381,157 | €377,767 | -€3,390 | -0.9% |
| Equity | 10/15 | €366,625 | €376,546 | +€9,921 | +2.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €354,225 | €364,146 | +€9,921 | +2.8% |
| Distributable reserves | 133 | €354,225 | €364,146 | +€9,921 | +2.8% |
| Amounts payable | 17/49 | €14,531 | €1,220 | -€13,311 | -91.6% |
| Amounts payable within one year | 42/48 | €14,531 | €1,220 | -€13,311 | -91.6% |
| Trade debts | 44 | €12,965 | €228 | -€12,737 | -98.2% |
| Suppliers | 440/4 | €12,965 | €228 | -€12,737 | -98.2% |
| Taxes, remuneration and social security | 45 | €1,531 | €992 | -€538 | -35.2% |
| Taxes | 450/3 | €1,531 | €992 | -€538 | -35.2% |
| Other amounts payable | 47/48 | €36 | - | -€36 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,871 | €15,396 | +€13,525 | +723% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €14,922 | €25,188 | +€10,266 | +68.8% |
| Operating profit (loss) | 9901 | €12,664 | €9,392 | -€3,272 | -25.8% |
| Financial income | 75/76B | €10,023 | €5,637 | -€4,385 | -43.8% |
| Recurring financial income | 75 | €10,023 | €5,637 | -€4,385 | -43.8% |
| Financial charges | 65/66B | €96 | €98 | +€2 | +2.1% |
| Recurring financial charges | 65 | €96 | €98 | +€2 | +2.1% |
| Profit (loss) for the period before taxes | 9903 | €22,591 | €14,932 | -€7,659 | -33.9% |
| Income taxes | 67/77 | €7,285 | €5,011 | -€2,274 | -31.2% |
| Profit (loss) for the period | 9904 | €15,306 | €9,921 | -€5,385 | -35.2% |
| Profit (loss) for the period to be appropriated | 9905 | €15,306 | €9,921 | -€5,385 | -35.2% |
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 17 October 2026 via checked.be.