MERCKX ATH: 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.
MERCKX ATH
Largest movements
- Stocks and contracts +€504,980
up €504,980 (+53.7%), from €939,863 to €1.4m
- Cash +€274,820
up €274,820 (+124%), from €221,729 to €496,549
mainly Trade debts (+€485,207) and Receivables within one year (+€203,788)
- Receivables within one year -€203,788
down €203,788 (-49.9%), from €408,614 to €204,827
of which Trade receivables: -€265,327
- Deferred charges and accrued income -€54,461
down €54,461 (-46.5%), from €117,070 to €62,609
- Tangible fixed assets -€31,018
down €31,018 (-4.6%), from €676,551 to €645,533
of which Land and buildings: -€31,803
- Trade debts +€485,207
up €485,207 (+42.1%), from €1.2m to €1.6m
- Short-term financial debts +€135,576
up €135,576 (+78.4%), from €172,915 to €308,490
- Advances received -€74,999
down €74,999 (-56.0%), from €133,895 to €58,896
- Debts after one year -€67,111
down €67,111 (-23.7%), from €282,662 to €215,551
- Profit (loss) carried forward +€33,498
up €33,498 (+20.0%), from €167,372 to €200,870
- Staff costs +€44,999
up €44,999 (+9.5%), from €472,261 to €517,260
- Gross operating margin -€35,934
down €35,934 (-4.0%), from €908,948 to €873,014
- Financial income +€24,138
up €24,138 (+232%), from €10,390 to €34,528
of which Non-recurring financial income: +€23,981
- Depreciation +€18,159
up €18,159 (+15.0%), from €121,349 to €139,508
- Taxes -€9,428
down €9,428 (-16.4%), from €57,614 to €48,186
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 | €2,363,878 | €2,854,411 | +€490,533 | +20.8% |
| Fixed assets | 21/28 | €676,601 | €645,583 | -€31,018 | -4.6% |
| Tangible fixed assets | 22/27 | €676,551 | €645,533 | -€31,018 | -4.6% |
| Land and buildings | 22 | €133,419 | €101,616 | -€31,803 | -23.8% |
| Plant, machinery and equipment | 23 | €191,985 | €167,464 | -€24,521 | -12.8% |
| Furniture and vehicles | 24 | €231,829 | €271,428 | +€39,598 | +17.1% |
| Other tangible fixed assets | 26 | €119,318 | €105,026 | -€14,292 | -12.0% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €1,687,276 | €2,208,828 | +€521,551 | +30.9% |
| Stocks and contracts in progress | 3 | €939,863 | €1,444,843 | +€504,980 | +53.7% |
| Stocks | 30/36 | €939,863 | €1,444,843 | +€504,980 | +53.7% |
| Amounts receivable within one year | 40/41 | €408,614 | €204,827 | -€203,788 | -49.9% |
| Trade receivables | 40 | €403,971 | €138,643 | -€265,327 | -65.7% |
| Other amounts receivable | 41 | €4,644 | €66,184 | +€61,540 | +1,325% |
| Cash at bank and in hand | 54/58 | €221,729 | €496,549 | +€274,820 | +124% |
| Deferred charges and accrued income | 490/1 | €117,070 | €62,609 | -€54,461 | -46.5% |
| Total equity and liabilities | 10/49 | €2,363,878 | €2,854,411 | +€490,533 | +20.8% |
| Equity | 10/15 | €317,372 | €350,870 | +€33,498 | +10.6% |
| Contributions | 10/11 | €150,000 | €150,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €167,372 | €200,870 | +€33,498 | +20.0% |
| Amounts payable | 17/49 | €2,046,506 | €2,503,541 | +€457,036 | +22.3% |
| Amounts payable after more than one year | 17 | €282,662 | €215,551 | -€67,111 | -23.7% |
| Financial debts | 170/4 | €282,662 | €215,551 | -€67,111 | -23.7% |
| Amounts payable within one year | 42/48 | €1,758,096 | €2,278,351 | +€520,255 | +29.6% |
| Current portion of amounts payable after more than one year | 42 | €66,276 | €67,111 | +€835 | +1.3% |
| Financial debts | 43 | €172,915 | €308,490 | +€135,576 | +78.4% |
| Credit institutions | 430/8 | €172,915 | €308,490 | +€135,576 | +78.4% |
| Trade debts | 44 | €1,153,719 | €1,638,926 | +€485,207 | +42.1% |
| Suppliers | 440/4 | €1,153,719 | €1,638,926 | +€485,207 | +42.1% |
| Advances received on contracts in progress | 46 | €133,895 | €58,896 | -€74,999 | -56.0% |
| Taxes, remuneration and social security | 45 | €84,957 | €89,443 | +€4,486 | +5.3% |
| Taxes | 450/3 | €28,981 | €23,538 | -€5,443 | -18.8% |
| Remuneration and social security | 454/9 | €55,976 | €65,905 | +€9,929 | +17.7% |
| Other amounts payable | 47/48 | €146,334 | €115,484 | -€30,850 | -21.1% |
| Accrued charges and deferred income | 492/3 | €5,748 | €9,639 | +€3,892 | +67.7% |
| Non-recurring operating income | 76A | €30,000 | €0 | -€30,000 | -100% |
| Remuneration, social security and pensions | 62 | €472,261 | €517,260 | +€44,999 | +9.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €121,349 | €139,508 | +€18,159 | +15.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€2,642 | -€974 | +€1,668 | +63.1% |
| Other operating charges | 640/8 | €26,656 | €26,586 | -€70 | -0.3% |
| Non-recurring operating charges | 66A | €3,461 | €0 | -€3,461 | -100% |
| Gross operating margin | 9900 | €908,948 | €873,014 | -€35,934 | -4.0% |
| Operating profit (loss) | 9901 | €287,862 | €190,634 | -€97,229 | -33.8% |
| Financial income | 75/76B | €10,390 | €34,528 | +€24,138 | +232% |
| Recurring financial income | 75 | €84 | €241 | +€157 | +187% |
| Non-recurring financial income | 76B | €10,306 | €34,287 | +€23,981 | +233% |
| Financial charges | 65/66B | €100,763 | €93,478 | -€7,285 | -7.2% |
| Recurring financial charges | 65 | €92,554 | €83,527 | -€9,027 | -9.8% |
| Non-recurring financial charges | 66B | €8,210 | €9,951 | +€1,741 | +21.2% |
| Profit (loss) for the period before taxes | 9903 | €197,489 | €131,684 | -€65,805 | -33.3% |
| Income taxes | 67/77 | €57,614 | €48,186 | -€9,428 | -16.4% |
| Profit (loss) for the period | 9904 | €139,874 | €83,498 | -€56,377 | -40.3% |
| Profit (loss) for the period to be appropriated | 9905 | €139,874 | €83,498 | -€56,377 | -40.3% |
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 20 October 2026 via checked.be.