MERCON: 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.
MERCON
Largest movements
- Current investments +€124,612
up €124,612 (+256.5%), from €48,583 to €173,195
- Cash -€63,296
down €63,296 (-36.4%), from €173,752 to €110,456
mainly Current investments (-€124,612) and Tax, wage and social debts (-€10,805)
- Tangible fixed assets -€9,576
down €9,576 (-37.2%), from €25,737 to €16,161
- Reserves +€64,493
up €64,493 (+41.7%), from €154,615 to €219,108
- Tax, wage and social debts -€10,805
down €10,805 (-20.1%), from €53,733 to €42,928
- Gross operating margin +€3,206
up €3,206 (+3.3%), from €96,095 to €99,301
- Financial charges +€2,717
up €2,717 (+292.0%), from €931 to €3,648
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 | €263,397 | €317,458 | +€54,061 | +20.5% |
| Fixed assets | 21/28 | €25,737 | €16,161 | -€9,576 | -37.2% |
| Tangible fixed assets | 22/27 | €25,737 | €16,161 | -€9,576 | -37.2% |
| Furniture and vehicles | 24 | €25,737 | €16,161 | -€9,576 | -37.2% |
| Current assets | 29/58 | €237,660 | €301,297 | +€63,637 | +26.8% |
| Amounts receivable within one year | 40/41 | €15,325 | €17,646 | +€2,321 | +15.1% |
| Trade receivables | 40 | €15,321 | €15,646 | +€325 | +2.1% |
| Other amounts receivable | 41 | €4 | €2,000 | +€1,996 | +53375.9% |
| Current investments | 50/53 | €48,583 | €173,195 | +€124,612 | +256.5% |
| Cash at bank and in hand | 54/58 | €173,752 | €110,456 | -€63,296 | -36.4% |
| Total equity and liabilities | 10/49 | €263,397 | €317,458 | +€54,061 | +20.5% |
| Equity | 10/15 | €159,615 | €224,108 | +€64,493 | +40.4% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Capital | 10 | €5,000 | €5,000 | = | 0.0% |
| Issued capital | 100 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €154,615 | €219,108 | +€64,493 | +41.7% |
| Distributable reserves | 133 | €154,615 | €219,108 | +€64,493 | +41.7% |
| Amounts payable | 17/49 | €103,782 | €93,350 | -€10,432 | -10.1% |
| Amounts payable within one year | 42/48 | €103,782 | €93,350 | -€10,432 | -10.1% |
| Trade debts | 44 | €713 | €1,086 | +€373 | +52.4% |
| Suppliers | 440/4 | €713 | €1,086 | +€373 | +52.4% |
| Taxes, remuneration and social security | 45 | €53,733 | €42,928 | -€10,805 | -20.1% |
| Taxes | 450/3 | €53,733 | €42,928 | -€10,805 | -20.1% |
| Other amounts payable | 47/48 | €49,336 | €49,336 | +€0 | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,576 | €9,576 | -€0 | 0.0% |
| Other operating charges | 640/8 | €558 | €933 | +€375 | +67.2% |
| Gross operating margin | 9900 | €96,095 | €99,301 | +€3,206 | +3.3% |
| Operating profit (loss) | 9901 | €85,961 | €88,792 | +€2,831 | +3.3% |
| Financial income | 75/76B | €2,667 | €3,360 | +€693 | +26.0% |
| Recurring financial income | 75 | €2,667 | €3,360 | +€693 | +26.0% |
| Financial charges | 65/66B | €931 | €3,648 | +€2,717 | +292.0% |
| Recurring financial charges | 65 | €931 | €3,648 | +€2,717 | +292.0% |
| Profit (loss) for the period before taxes | 9903 | €87,697 | €88,504 | +€807 | +0.9% |
| Income taxes | 67/77 | €24,035 | €24,011 | -€24 | -0.1% |
| Profit (loss) for the period | 9904 | €63,662 | €64,493 | +€831 | +1.3% |
| Profit (loss) for the period to be appropriated | 9905 | €63,662 | €64,493 | +€831 | +1.3% |
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 12 October 2026 via checked.be.