MERCOR: 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.
MERCOR
Largest movements
- Cash -€157,550
down €157,550 (-78.1%), from €201,820 to €44,271
mainly Short-term financial debts (-€72,964) and Net result for the year (-€72,454)
- Receivables within one year -€43,331
down €43,331 (-6.0%), from €725,224 to €681,893
of which Trade receivables: -€47,394
- Short-term financial debts -€72,964
down €72,964 (-16.0%), from €456,323 to €383,359
- Profit (loss) carried forward -€72,454
down €72,454 (-332.6%), from -€21,786 to -€94,240
- Trade debts -€71,089
down €71,089 (-47.1%), from €150,795 to €79,706
- Provisions +€31,474
new in 2025: €31,474
- Tax, wage and social debts -€21,094
down €21,094 (-11.5%), from €183,418 to €162,324
of which Remuneration and social security: -€51,665
- Turnover -€444,353
down €444,353 (-17.7%), from €2.5m to €2.1m
- Staff costs -€285,214
down €285,214 (-18.7%), from €1.5m to €1.2m
- Services and other goods -€61,695
down €61,695 (-27.4%), from €224,891 to €163,197
- Other operating charges -€32,949
down €32,949 (-14.8%), from €222,886 to €189,937
- Provisions +€31,474
new in 2025: €31,474
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 | €948,750 | €744,237 | -€204,512 | -21.6% |
| Fixed assets | 21/28 | €300 | €2,166 | +€1,866 | +622.1% |
| Tangible fixed assets | 22/27 | €0 | €1,866 | +€1,866 | |
| Furniture and vehicles | 24 | €0 | €1,866 | +€1,866 | |
| Financial fixed assets | 28 | €300 | €300 | = | 0.0% |
| Other financial fixed assets | 284/8 | €300 | €300 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €300 | €300 | = | 0.0% |
| Current assets | 29/58 | €948,450 | €742,071 | -€206,379 | -21.8% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €725,224 | €681,893 | -€43,331 | -6.0% |
| Trade receivables | 40 | €441,981 | €394,587 | -€47,394 | -10.7% |
| Other amounts receivable | 41 | €283,243 | €287,305 | +€4,062 | +1.4% |
| Cash at bank and in hand | 54/58 | €201,820 | €44,271 | -€157,550 | -78.1% |
| Deferred charges and accrued income | 490/1 | €21,406 | €15,908 | -€5,498 | -25.7% |
| Total equity and liabilities | 10/49 | €948,750 | €744,237 | -€204,512 | -21.6% |
| Equity | 10/15 | €158,214 | €85,760 | -€72,454 | -45.8% |
| Contributions | 10/11 | €180,000 | €180,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€21,786 | -€94,240 | -€72,454 | -332.6% |
| Provisions and deferred taxes | 16 | - | €31,474 | +€31,474 | |
| Provisions for liabilities and charges | 160/5 | - | €31,474 | +€31,474 | |
| Other liabilities and charges | 164/5 | - | €31,474 | +€31,474 | |
| Amounts payable | 17/49 | €790,536 | €627,003 | -€163,533 | -20.7% |
| Amounts payable within one year | 42/48 | €790,536 | €625,389 | -€165,147 | -20.9% |
| Financial debts | 43 | €456,323 | €383,359 | -€72,964 | -16.0% |
| Credit institutions | 430/8 | €456,323 | €383,359 | -€72,964 | -16.0% |
| Trade debts | 44 | €150,795 | €79,706 | -€71,089 | -47.1% |
| Suppliers | 440/4 | €150,795 | €79,706 | -€71,089 | -47.1% |
| Taxes, remuneration and social security | 45 | €183,418 | €162,324 | -€21,094 | -11.5% |
| Taxes | 450/3 | €19,619 | €50,190 | +€30,572 | +155.8% |
| Remuneration and social security | 454/9 | €163,799 | €112,134 | -€51,665 | -31.5% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €0 | €1,614 | +€1,614 | |
| Operating income | 70/76A | €2,516,637 | €2,086,557 | -€430,080 | -17.1% |
| Turnover | 70 | €2,515,037 | €2,070,684 | -€444,353 | -17.7% |
| Other operating income | 74 | €1,600 | €15,873 | +€14,273 | +892.1% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Operating charges | 60/66A | €2,426,426 | €2,112,073 | -€314,353 | -13.0% |
| Goods for resale, raw materials and consumables | 60 | €449,238 | €458,117 | +€8,878 | +2.0% |
| Purchases | 600/8 | €449,238 | €458,117 | +€8,878 | +2.0% |
| Services and other goods | 61 | €224,891 | €163,197 | -€61,695 | -27.4% |
| Remuneration, social security and pensions | 62 | €1,528,803 | €1,243,589 | -€285,214 | -18.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €606 | €388 | -€219 | -36.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €25,371 | +€25,371 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €31,474 | +€31,474 | |
| Other operating charges | 640/8 | €222,886 | €189,937 | -€32,949 | -14.8% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Operating profit (loss) | 9901 | €90,211 | -€25,516 | -€115,727 | |
| Financial income | 75/76B | €31,370 | €5,442 | -€25,928 | -82.7% |
| Recurring financial income | 75 | €31,370 | €5,442 | -€25,928 | -82.7% |
| Income from current assets | 751 | €19,247 | €5,441 | -€13,806 | -71.7% |
| Other financial income | 752/9 | €12,123 | €1 | -€12,122 | -100.0% |
| Financial charges | 65/66B | €46,727 | €49,014 | +€2,287 | +4.9% |
| Recurring financial charges | 65 | €46,727 | €49,014 | +€2,287 | +4.9% |
| Debt charges | 650 | €44,177 | €47,982 | +€3,804 | +8.6% |
| Other financial charges | 652/9 | €2,550 | €1,033 | -€1,517 | -59.5% |
| Profit (loss) for the period before taxes | 9903 | €74,855 | -€69,088 | -€143,943 | |
| Income taxes | 67/77 | €34,114 | €3,365 | -€30,749 | -90.1% |
| Taxes | 670/3 | €34,114 | €3,365 | -€30,749 | -90.1% |
| Profit (loss) for the period | 9904 | €40,740 | -€72,454 | -€113,194 | |
| Profit (loss) for the period to be appropriated | 9905 | €40,740 | -€72,454 | -€113,194 |
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 30 September 2026 via checked.be.