MERCO: 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.
MERCO
Largest movements
- Receivables within one year +€22,341
up €22,341 (+12395.2%), from €180 to €22,521
of which Trade receivables: +€22,350
- Cash +€13,791
up €13,791 (+148.0%), from €9,316 to €23,107
mainly Net result for the year (+€20,150) and Tax, wage and social debts (+€12,489)
- Intangible fixed assets +€2,881
up €2,881 (+165.5%), from €1,740 to €4,621
- Current investments -€2,116
no longer reported in 2025 (was €2,116)
- Deferred charges and accrued income -€584
no longer reported in 2025 (was €584)
- Profit (loss) carried forward +€20,150
up €20,150 (+62.6%), from -€32,176 to -€12,026
- Tax, wage and social debts +€12,489
up €12,489 (+155.2%), from €8,049 to €20,538
of which Taxes: +€8,273
- Trade debts +€5,565
up €5,565 (+61.5%), from €9,048 to €14,614
- Debts after one year -€1,892
down €1,892 (-46.1%), from €4,102 to €2,210
- Gross operating margin +€28,506
up €28,506 (+1767.7%), from €1,613 to €30,119
- Taxes +€8,312
new in 2025: €8,312
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 | €13,961 | €50,274 | +€36,313 | +260.1% |
| Fixed assets | 21/28 | €1,765 | €4,646 | +€2,881 | +163.2% |
| Intangible fixed assets | 21 | €1,740 | €4,621 | +€2,881 | +165.5% |
| Tangible fixed assets | 22/27 | - | €0 | = | |
| Furniture and vehicles | 24 | - | €0 | = | |
| Financial fixed assets | 28 | €25 | €25 | = | 0.0% |
| Current assets | 29/58 | €12,196 | €45,628 | +€33,432 | +274.1% |
| Amounts receivable within one year | 40/41 | €180 | €22,521 | +€22,341 | +12395.2% |
| Trade receivables | 40 | €171 | €22,521 | +€22,350 | +13036.6% |
| Other amounts receivable | 41 | €9 | - | -€9 | |
| Current investments | 50/53 | €2,116 | - | -€2,116 | |
| Cash at bank and in hand | 54/58 | €9,316 | €23,107 | +€13,791 | +148.0% |
| Deferred charges and accrued income | 490/1 | €584 | - | -€584 | |
| Total equity and liabilities | 10/49 | €13,961 | €50,274 | +€36,313 | +260.1% |
| Equity | 10/15 | -€7,238 | €12,912 | +€20,150 | |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €6,346 | €6,346 | = | 0.0% |
| Tax-exempt reserves | 132 | €4,487 | €4,487 | = | 0.0% |
| Distributable reserves | 133 | €1,859 | €1,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€32,176 | -€12,026 | +€20,150 | +62.6% |
| Amounts payable | 17/49 | €21,199 | €37,362 | +€16,163 | +76.2% |
| Amounts payable after more than one year | 17 | €4,102 | €2,210 | -€1,892 | -46.1% |
| Other amounts payable | 178/9 | €4,102 | €2,210 | -€1,892 | -46.1% |
| Amounts payable within one year | 42/48 | €17,097 | €35,151 | +€18,054 | +105.6% |
| Trade debts | 44 | €9,048 | €14,614 | +€5,565 | +61.5% |
| Suppliers | 440/4 | €9,048 | €14,614 | +€5,565 | +61.5% |
| Taxes, remuneration and social security | 45 | €8,049 | €20,538 | +€12,489 | +155.2% |
| Taxes | 450/3 | €4,570 | €12,844 | +€8,273 | +181.0% |
| Remuneration and social security | 454/9 | €3,479 | €7,694 | +€4,216 | +121.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €614 | €619 | +€6 | +0.9% |
| Other operating charges | 640/8 | €531 | €400 | -€131 | -24.7% |
| Gross operating margin | 9900 | €1,613 | €30,119 | +€28,506 | +1767.7% |
| Operating profit (loss) | 9901 | €468 | €29,100 | +€28,632 | +6115.6% |
| Financial income | 75/76B | €31 | €5 | -€25 | -82.9% |
| Recurring financial income | 75 | €31 | €5 | -€25 | -82.9% |
| Financial charges | 65/66B | €450 | €643 | +€194 | +43.1% |
| Recurring financial charges | 65 | €450 | €643 | +€194 | +43.1% |
| Profit (loss) for the period before taxes | 9903 | €49 | €28,462 | +€28,412 | +57713.7% |
| Income taxes | 67/77 | - | €8,312 | +€8,312 | |
| Profit (loss) for the period | 9904 | €49 | €20,150 | +€20,101 | +40830.5% |
| Profit (loss) for the period to be appropriated | 9905 | €49 | €20,150 | +€20,101 | +40830.5% |
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 12 October 2026 via checked.be.