MERCKATOR: 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.
MERCKATOR
Largest movements
- Receivables within one year -€288,055
down €288,055 (-73.3%), from €392,883 to €104,828
of which Other amounts receivable: -€287,713
- Current investments +€200,000
up €200,000 (+8.2%), from €2.4m to €2.6m
- Cash +€194,702
up €194,702 (+39.8%), from €488,635 to €683,337
mainly Net result for the year (+€2.6m) and Receivables within one year (+€288,055)
- Profit (loss) carried forward +€809,596
up €809,596 (+107.0%), from €756,492 to €1.6m
- Other debts -€652,150
down €652,150 (-26.1%), from €2.5m to €1.8m
- Debts after one year -€44,327
down €44,327 (-9.8%), from €453,587 to €409,260
- Gross operating margin -€697,229
down €697,229 (-17.0%), from €4.1m to €3.4m
- Taxes -€176,923
down €176,923 (-17.1%), from €1.0m to €856,962
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 | €3,901,670 | €4,003,296 | +€101,626 | +2.6% |
| Fixed assets | 21/28 | €567,366 | €555,667 | -€11,699 | -2.1% |
| Tangible fixed assets | 22/27 | €567,366 | €555,667 | -€11,699 | -2.1% |
| Land and buildings | 22 | €542,073 | €524,962 | -€17,111 | -3.2% |
| Furniture and vehicles | 24 | €25,293 | €30,705 | +€5,412 | +21.4% |
| Current assets | 29/58 | €3,334,303 | €3,447,629 | +€113,325 | +3.4% |
| Amounts receivable within one year | 40/41 | €392,883 | €104,828 | -€288,055 | -73.3% |
| Trade receivables | 40 | €85,658 | €85,316 | -€342 | -0.4% |
| Other amounts receivable | 41 | €307,225 | €19,512 | -€287,713 | -93.6% |
| Current investments | 50/53 | €2,443,000 | €2,643,000 | +€200,000 | +8.2% |
| Cash at bank and in hand | 54/58 | €488,635 | €683,337 | +€194,702 | +39.8% |
| Deferred charges and accrued income | 490/1 | €9,785 | €16,463 | +€6,678 | +68.2% |
| Total equity and liabilities | 10/49 | €3,901,670 | €4,003,296 | +€101,626 | +2.6% |
| Equity | 10/15 | €875,092 | €1,684,687 | +€809,596 | +92.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €100,000 | €100,000 | = | 0.0% |
| Distributable reserves | 133 | €100,000 | €100,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €756,492 | €1,566,087 | +€809,596 | +107.0% |
| Amounts payable | 17/49 | €3,026,578 | €2,318,608 | -€707,970 | -23.4% |
| Amounts payable after more than one year | 17 | €453,587 | €409,260 | -€44,327 | -9.8% |
| Financial debts | 170/4 | €453,587 | €409,260 | -€44,327 | -9.8% |
| Amounts payable within one year | 42/48 | €2,572,991 | €1,909,349 | -€663,642 | -25.8% |
| Current portion of amounts payable after more than one year | 42 | €43,845 | €44,327 | +€483 | +1.1% |
| Trade debts | 44 | €6,603 | €5,889 | -€714 | -10.8% |
| Suppliers | 440/4 | €6,603 | €5,889 | -€714 | -10.8% |
| Taxes, remuneration and social security | 45 | €24,821 | €13,560 | -€11,261 | -45.4% |
| Taxes | 450/3 | €24,821 | €13,560 | -€11,261 | -45.4% |
| Other amounts payable | 47/48 | €2,497,723 | €1,845,572 | -€652,150 | -26.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,034 | €23,585 | +€1,551 | +7.0% |
| Other operating charges | 640/8 | €9,157 | €9,900 | +€743 | +8.1% |
| Gross operating margin | 9900 | €4,093,387 | €3,396,159 | -€697,229 | -17.0% |
| Operating profit (loss) | 9901 | €4,062,196 | €3,362,673 | -€699,523 | -17.2% |
| Financial income | 75/76B | €40,640 | €64,872 | +€24,233 | +59.6% |
| Recurring financial income | 75 | €40,640 | €64,872 | +€24,233 | +59.6% |
| Financial charges | 65/66B | €12,523 | €10,988 | -€1,534 | -12.3% |
| Recurring financial charges | 65 | €12,523 | €10,988 | -€1,534 | -12.3% |
| Profit (loss) for the period before taxes | 9903 | €4,090,313 | €3,416,557 | -€673,756 | -16.5% |
| Income taxes | 67/77 | €1,033,885 | €856,962 | -€176,923 | -17.1% |
| Profit (loss) for the period | 9904 | €3,056,428 | €2,559,596 | -€496,833 | -16.3% |
| Profit (loss) for the period to be appropriated | 9905 | €3,056,428 | €2,559,596 | -€496,833 | -16.3% |
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 6 October 2026 via checked.be.