Merckx: what changed
Merckx
Largest movements
- Cash +€18,295
up €18,295 (+33.9%), from €53,960 to €72,255
mainly Net result for the year (+€23,005) and Depreciation (+€6,770)
- Tangible fixed assets -€6,770
down €6,770 (-22.1%), from €30,673 to €23,903
of which Leasing and similar rights: -€6,096
- Receivables within one year +€5,885
up €5,885 (+151%), from €3,908 to €9,792
of which Trade receivables: +€5,885
- Reserves +€23,005
up €23,005 (+49.7%), from €46,304 to €69,309
- Debts after one year -€5,968
down €5,968 (-26.7%), from €22,373 to €16,405
- Gross operating margin +€6,956
up €6,956 (+22.5%), from €30,930 to €37,886
- Depreciation +€4,261
up €4,261 (+170%), from €2,509 to €6,770
- Financial charges +€424
up €424 (+67.3%), from €630 to €1,054
- Other operating charges +€405
up €405 (+198%), from €204 to €610
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €89,283 | €106,701 | +€17,419 | +19.5% |
| Fixed assets | 21/28 | €30,673 | €23,903 | -€6,770 | -22.1% |
| Tangible fixed assets | 22/27 | €30,673 | €23,903 | -€6,770 | -22.1% |
| Land and buildings | 22 | €1,605 | €1,265 | -€340 | -21.2% |
| Furniture and vehicles | 24 | €708 | €375 | -€333 | -47.1% |
| Leasing and similar rights | 25 | €28,360 | €22,263 | -€6,096 | -21.5% |
| Current assets | 29/58 | €58,610 | €82,798 | +€24,188 | +41.3% |
| Amounts receivable within one year | 40/41 | €3,908 | €9,792 | +€5,885 | +151% |
| Trade receivables | 40 | €3,536 | €9,421 | +€5,885 | +166% |
| Other amounts receivable | 41 | €372 | €372 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €53,960 | €72,255 | +€18,295 | +33.9% |
| Deferred charges and accrued income | 490/1 | €743 | €751 | +€9 | +1.2% |
| Total equity and liabilities | 10/49 | €89,283 | €106,701 | +€17,419 | +19.5% |
| Equity | 10/15 | €49,904 | €72,909 | +€23,005 | +46.1% |
| Contributions | 10/11 | €3,600 | €3,600 | = | 0.0% |
| Reserves | 13 | €46,304 | €69,309 | +€23,005 | +49.7% |
| Distributable reserves | 133 | €46,304 | €69,309 | +€23,005 | +49.7% |
| Amounts payable | 17/49 | €39,378 | €33,792 | -€5,587 | -14.2% |
| Amounts payable after more than one year | 17 | €22,373 | €16,405 | -€5,968 | -26.7% |
| Financial debts | 170/4 | €22,373 | €16,405 | -€5,968 | -26.7% |
| Amounts payable within one year | 42/48 | €17,005 | €17,387 | +€381 | +2.2% |
| Current portion of amounts payable after more than one year | 42 | €5,765 | €5,968 | +€203 | +3.5% |
| Trade debts | 44 | €0 | €336 | +€336 | |
| Suppliers | 440/4 | €0 | €336 | +€336 | |
| Taxes, remuneration and social security | 45 | €11,240 | €11,083 | -€157 | -1.4% |
| Taxes | 450/3 | €11,240 | €11,083 | -€157 | -1.4% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,509 | €6,770 | +€4,261 | +170% |
| Other operating charges | 640/8 | €204 | €610 | +€405 | +198% |
| Gross operating margin | 9900 | €30,930 | €37,886 | +€6,956 | +22.5% |
| Operating profit (loss) | 9901 | €28,217 | €30,507 | +€2,290 | +8.1% |
| Financial income | 75/76B | €0 | €0 | -€0 | -20.0% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -20.0% |
| Financial charges | 65/66B | €630 | €1,054 | +€424 | +67.3% |
| Recurring financial charges | 65 | €630 | €1,054 | +€424 | +67.3% |
| Profit (loss) for the period before taxes | 9903 | €27,587 | €29,453 | +€1,866 | +6.8% |
| Income taxes | 67/77 | €6,138 | €6,448 | +€309 | +5.0% |
| Profit (loss) for the period | 9904 | €21,448 | €23,005 | +€1,557 | +7.3% |
| Profit (loss) for the period to be appropriated | 9905 | €21,448 | €23,005 | +€1,557 | +7.3% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.