MERCHERY: 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.
MERCHERY
Largest movements
- Receivables within one year +€523,013
up €523,013 (+66.3%), from €788,449 to €1.3m
of which Trade receivables: +€318,696
- Receivables after one year +€483,748
up €483,748 (+96.7%), from €500,000 to €983,748
- Cash -€159,764
down €159,764 (-21.5%), from €744,340 to €584,576
mainly Receivables within one year (-€523,013) and Receivables after one year (-€483,748)
- Intangible fixed assets -€93,369
down €93,369 (-18.8%), from €496,174 to €402,805
- Stocks and contracts +€91,616
up €91,616 (+387%), from €23,704 to €115,319
- Trade debts +€518,584
up €518,584 (+63.2%), from €820,514 to €1.3m
- Tax, wage and social debts +€215,774
up €215,774 (+102%), from €210,786 to €426,560
of which Taxes: +€123,038
- Debts after one year +€183,793
up €183,793 (+40.1%), from €458,832 to €642,625
- Profit (loss) carried forward -€114,336
down €114,336 (-64.1%), from -€178,339 to -€292,674
- Accrued charges and deferred income +€40,533
up €40,533 (+1,533%), from €2,645 to €43,178
- Staff costs +€511,191
up €511,191 (+43.2%), from €1.2m to €1.7m
- Gross operating margin +€272,885
up €272,885 (+16.7%), from €1.6m to €1.9m
- Financial charges +€89,072
up €89,072 (+74.2%), from €120,047 to €209,119
- Financial income +€51,539
up €51,539 (+416%), from €12,393 to €63,932
- Depreciation +€28,243
up €28,243 (+18.2%), from €154,808 to €183,051
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 | €2,619,364 | €3,498,440 | +€879,076 | +33.6% |
| Formation expenses | 20 | €7,215 | €3,885 | -€3,330 | -46.2% |
| Fixed assets | 21/28 | €526,507 | €455,665 | -€70,842 | -13.5% |
| Intangible fixed assets | 21 | €496,174 | €402,805 | -€93,369 | -18.8% |
| Tangible fixed assets | 22/27 | €30,331 | €52,795 | +€22,465 | +74.1% |
| Plant, machinery and equipment | 23 | €1,452 | €4,094 | +€2,643 | +182% |
| Furniture and vehicles | 24 | €26,876 | €47,473 | +€20,597 | +76.6% |
| Other tangible fixed assets | 26 | €2,003 | €1,228 | -€775 | -38.7% |
| Financial fixed assets | 28 | €1 | €64 | +€63 | +4,672% |
| Current assets | 29/58 | €2,085,642 | €3,038,890 | +€953,248 | +45.7% |
| Amounts receivable after more than one year | 29 | €500,000 | €983,748 | +€483,748 | +96.7% |
| Trade receivables | 290 | €500,000 | €983,748 | +€483,748 | +96.7% |
| Stocks and contracts in progress | 3 | €23,704 | €115,319 | +€91,616 | +387% |
| Stocks | 30/36 | €23,704 | €115,319 | +€91,616 | +387% |
| Amounts receivable within one year | 40/41 | €788,449 | €1,311,462 | +€523,013 | +66.3% |
| Trade receivables | 40 | €748,469 | €1,067,165 | +€318,696 | +42.6% |
| Other amounts receivable | 41 | €39,980 | €244,297 | +€204,317 | +511% |
| Cash at bank and in hand | 54/58 | €744,340 | €584,576 | -€159,764 | -21.5% |
| Deferred charges and accrued income | 490/1 | €29,150 | €43,785 | +€14,636 | +50.2% |
| Total equity and liabilities | 10/49 | €2,619,364 | €3,498,440 | +€879,076 | +33.6% |
| Equity | 10/15 | €822,661 | €708,326 | -€114,336 | -13.9% |
| Contributions | 10/11 | €1,001,000 | €1,001,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€178,339 | -€292,674 | -€114,336 | -64.1% |
| Amounts payable | 17/49 | €1,796,703 | €2,790,114 | +€993,411 | +55.3% |
| Amounts payable after more than one year | 17 | €458,832 | €642,625 | +€183,793 | +40.1% |
| Financial debts | 170/4 | €458,832 | €642,625 | +€183,793 | +40.1% |
| Amounts payable within one year | 42/48 | €1,335,226 | €2,104,311 | +€769,085 | +57.6% |
| Current portion of amounts payable after more than one year | 42 | €293,923 | €330,775 | +€36,852 | +12.5% |
| Financial debts | 43 | €4,443 | €1,005 | -€3,437 | -77.4% |
| Credit institutions | 430/8 | €0 | €1,005 | +€1,005 | |
| Other loans | 439 | €4,443 | €0 | -€4,443 | -100% |
| Trade debts | 44 | €820,514 | €1,339,097 | +€518,584 | +63.2% |
| Suppliers | 440/4 | €820,514 | €1,339,097 | +€518,584 | +63.2% |
| Taxes, remuneration and social security | 45 | €210,786 | €426,560 | +€215,774 | +102% |
| Taxes | 450/3 | €127,910 | €250,948 | +€123,038 | +96.2% |
| Remuneration and social security | 454/9 | €82,877 | €175,612 | +€92,736 | +112% |
| Other amounts payable | 47/48 | €5,560 | €6,873 | +€1,312 | +23.6% |
| Accrued charges and deferred income | 492/3 | €2,645 | €43,178 | +€40,533 | +1,533% |
| Non-recurring operating income | 76A | €59,728 | €44,469 | -€15,260 | -25.5% |
| Remuneration, social security and pensions | 62 | €1,183,496 | €1,694,686 | +€511,191 | +43.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €154,808 | €183,051 | +€28,243 | +18.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€3,126 | -€3,126 | |
| Other operating charges | 640/8 | €1,161 | €1,018 | -€143 | -12.3% |
| Non-recurring operating charges | 66A | €3,615 | €45 | -€3,570 | -98.8% |
| Gross operating margin | 9900 | €1,633,641 | €1,906,525 | +€272,885 | +16.7% |
| Operating profit (loss) | 9901 | €290,561 | €30,851 | -€259,710 | -89.4% |
| Financial income | 75/76B | €12,393 | €63,932 | +€51,539 | +416% |
| Recurring financial income | 75 | €12,393 | €63,932 | +€51,539 | +416% |
| Financial charges | 65/66B | €120,047 | €209,119 | +€89,072 | +74.2% |
| Recurring financial charges | 65 | €120,047 | €209,119 | +€89,072 | +74.2% |
| Profit (loss) for the period before taxes | 9903 | €182,907 | -€114,336 | -€297,243 | |
| Profit (loss) for the period | 9904 | €182,907 | -€114,336 | -€297,243 | |
| Profit (loss) for the period to be appropriated | 9905 | €182,907 | -€114,336 | -€297,243 |
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.