Merco: 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.
Merco
Largest movements
- Tangible fixed assets -€18,398
down €18,398 (-4.7%), from €394,156 to €375,759
of which Land and buildings: -€17,167
- Receivables within one year +€7,260
up €7,260 (+65.8%), from €11,027 to €18,287
of which Other amounts receivable: +€7,882
- Debts after one year -€38,392
down €38,392 (-38.5%), from €99,835 to €61,443
- Reserves +€27,273
up €27,273 (+23.4%), from €116,496 to €143,768
- Tax, wage and social debts +€11,963
up €11,963 (+320.0%), from €3,738 to €15,701
of which Taxes: +€11,963
- Current portion of long-term debt -€9,104
down €9,104 (-19.2%), from €47,496 to €38,392
- Gross operating margin +€22,616
up €22,616 (+39.8%), from €56,855 to €79,472
- Taxes +€6,671
up €6,671 (+102.1%), from €6,533 to €13,203
- Write-downs +€2,800
new in 2025: €2,800
- Staff costs -€1,458
no longer reported in 2025 (was €1,458)
- Financial charges -€1,417
down €1,417 (-18.7%), from €7,596 to €6,179
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 | €411,070 | €400,167 | -€10,903 | -2.7% |
| Fixed assets | 21/28 | €394,181 | €375,783 | -€18,398 | -4.7% |
| Tangible fixed assets | 22/27 | €394,156 | €375,759 | -€18,398 | -4.7% |
| Land and buildings | 22 | €390,788 | €373,621 | -€17,167 | -4.4% |
| Plant, machinery and equipment | 23 | €3,369 | €2,138 | -€1,231 | -36.5% |
| Financial fixed assets | 28 | €25 | €25 | = | 0.0% |
| Current assets | 29/58 | €16,889 | €24,383 | +€7,495 | +44.4% |
| Amounts receivable within one year | 40/41 | €11,027 | €18,287 | +€7,260 | +65.8% |
| Trade receivables | 40 | €1,210 | €588 | -€622 | -51.4% |
| Other amounts receivable | 41 | €9,817 | €17,699 | +€7,882 | +80.3% |
| Cash at bank and in hand | 54/58 | €5,326 | €5,021 | -€305 | -5.7% |
| Deferred charges and accrued income | 490/1 | €536 | €1,075 | +€539 | +100.7% |
| Total equity and liabilities | 10/49 | €411,070 | €400,167 | -€10,903 | -2.7% |
| Equity | 10/15 | €252,701 | €279,974 | +€27,273 | +10.8% |
| Contributions | 10/11 | €26,205 | €26,205 | = | 0.0% |
| Revaluation surpluses | 12 | €110,000 | €110,000 | = | 0.0% |
| Reserves | 13 | €116,496 | €143,768 | +€27,273 | +23.4% |
| Distributable reserves | 133 | €116,496 | €143,768 | +€27,273 | +23.4% |
| Amounts payable | 17/49 | €158,369 | €120,193 | -€38,176 | -24.1% |
| Amounts payable after more than one year | 17 | €99,835 | €61,443 | -€38,392 | -38.5% |
| Financial debts | 170/4 | €99,835 | €61,443 | -€38,392 | -38.5% |
| Amounts payable within one year | 42/48 | €57,075 | €56,862 | -€213 | -0.4% |
| Current portion of amounts payable after more than one year | 42 | €47,496 | €38,392 | -€9,104 | -19.2% |
| Financial debts | 43 | €1,825 | €172 | -€1,654 | -90.6% |
| Credit institutions | 430/8 | €1,825 | €172 | -€1,654 | -90.6% |
| Trade debts | 44 | €3,766 | €2,598 | -€1,168 | -31.0% |
| Suppliers | 440/4 | €3,766 | €2,598 | -€1,168 | -31.0% |
| Taxes, remuneration and social security | 45 | €3,738 | €15,701 | +€11,963 | +320.0% |
| Taxes | 450/3 | €1,238 | €13,201 | +€11,963 | +966.2% |
| Remuneration and social security | 454/9 | €2,500 | €2,500 | = | 0.0% |
| Other amounts payable | 47/48 | €249 | - | -€249 | |
| Accrued charges and deferred income | 492/3 | €1,459 | €1,887 | +€429 | +29.4% |
| Remuneration, social security and pensions | 62 | €1,458 | - | -€1,458 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,143 | €28,231 | +€1,089 | +4.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €2,800 | +€2,800 | |
| Other operating charges | 640/8 | €1,864 | €1,841 | -€24 | -1.3% |
| Gross operating margin | 9900 | €56,855 | €79,472 | +€22,616 | +39.8% |
| Operating profit (loss) | 9901 | €26,391 | €46,600 | +€20,209 | +76.6% |
| Financial income | 75/76B | €119 | €55 | -€65 | -54.3% |
| Recurring financial income | 75 | €119 | €55 | -€65 | -54.3% |
| Financial charges | 65/66B | €7,596 | €6,179 | -€1,417 | -18.7% |
| Recurring financial charges | 65 | €7,596 | €6,179 | -€1,417 | -18.7% |
| Profit (loss) for the period before taxes | 9903 | €18,914 | €40,476 | +€21,562 | +114.0% |
| Income taxes | 67/77 | €6,533 | €13,203 | +€6,671 | +102.1% |
| Profit (loss) for the period | 9904 | €12,381 | €27,273 | +€14,891 | +120.3% |
| Profit (loss) for the period to be appropriated | 9905 | €12,381 | €27,273 | +€14,891 | +120.3% |
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.