MERCORDI: what changed
MERCORDI
Largest movements
- Cash -€228,959
down €228,959 (-95.1%), from €240,653 to €11,694
mainly Stocks and contracts (-€222,233) and Investment in fixed assets (net) (-€208,651)
- Stocks and contracts +€222,233
up €222,233 (+80.4%), from €276,557 to €498,790
- Tangible fixed assets +€160,755
up €160,755 (+132%), from €121,406 to €282,161
of which Plant, machinery and equipment: +€153,742
- Receivables within one year +€86,106
up €86,106 (+13.9%), from €619,651 to €705,757
of which Trade receivables: +€118,497
- Tax, wage and social debts +€122,025
up €122,025 (+186%), from €65,624 to €187,649
of which Remuneration and social security: +€96,662
- Trade debts +€98,464
up €98,464 (+70.2%), from €140,215 to €238,679
- Reserves +€72,079
up €72,079 (+23.3%), from €309,810 to €381,889
of which Distributable reserves: +€72,079
- Debts after one year -€57,113
down €57,113 (-22.8%), from €250,000 to €192,887
- Staff costs +€288,202
up €288,202 (+76.3%), from €377,593 to €665,794
- Gross operating margin +€142,688
up €142,688 (+20.0%), from €713,745 to €856,433
- Other operating charges -€92,870
down €92,870 (-87.7%), from €105,934 to €13,063
- Write-downs -€77,606
no longer reported in 2025 (was €77,606)
- Depreciation +€20,460
up €20,460 (+72.1%), from €28,393 to €48,853
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,304,249 | €1,539,704 | +€235,455 | +18.1% |
| Fixed assets | 21/28 | €142,185 | €301,983 | +€159,798 | +112% |
| Intangible fixed assets | 21 | €11,980 | €11,023 | -€957 | -8.0% |
| Tangible fixed assets | 22/27 | €121,406 | €282,161 | +€160,755 | +132% |
| Plant, machinery and equipment | 23 | €97,676 | €251,418 | +€153,742 | +157% |
| Furniture and vehicles | 24 | €23,730 | €14,763 | -€8,967 | -37.8% |
| Leasing and similar rights | 25 | - | €15,981 | +€15,981 | |
| Financial fixed assets | 28 | €8,800 | €8,800 | = | 0.0% |
| Current assets | 29/58 | €1,162,064 | €1,237,721 | +€75,657 | +6.5% |
| Stocks and contracts in progress | 3 | €276,557 | €498,790 | +€222,233 | +80.4% |
| Stocks | 30/36 | €276,557 | €498,790 | +€222,233 | +80.4% |
| Amounts receivable within one year | 40/41 | €619,651 | €705,757 | +€86,106 | +13.9% |
| Trade receivables | 40 | €511,227 | €629,724 | +€118,497 | +23.2% |
| Other amounts receivable | 41 | €108,423 | €76,032 | -€32,391 | -29.9% |
| Cash at bank and in hand | 54/58 | €240,653 | €11,694 | -€228,959 | -95.1% |
| Deferred charges and accrued income | 490/1 | €25,203 | €21,480 | -€3,723 | -14.8% |
| Total equity and liabilities | 10/49 | €1,304,249 | €1,539,704 | +€235,455 | +18.1% |
| Equity | 10/15 | €848,410 | €920,489 | +€72,079 | +8.5% |
| Contributions | 10/11 | €538,600 | €538,600 | = | 0.0% |
| Reserves | 13 | €309,810 | €381,889 | +€72,079 | +23.3% |
| Non-distributable reserves | 130/1 | €6,748 | €6,748 | = | 0.0% |
| Reserves not available under the articles | 1311 | €6,748 | €6,748 | = | 0.0% |
| Tax-exempt reserves | 132 | €37,500 | €37,500 | = | 0.0% |
| Distributable reserves | 133 | €265,562 | €337,641 | +€72,079 | +27.1% |
| Amounts payable | 17/49 | €455,840 | €619,216 | +€163,376 | +35.8% |
| Amounts payable after more than one year | 17 | €250,000 | €192,887 | -€57,113 | -22.8% |
| Financial debts | 170/4 | €250,000 | €192,887 | -€57,113 | -22.8% |
| Amounts payable within one year | 42/48 | €205,840 | €426,329 | +€220,489 | +107% |
| Trade debts | 44 | €140,215 | €238,679 | +€98,464 | +70.2% |
| Suppliers | 440/4 | €140,215 | €238,679 | +€98,464 | +70.2% |
| Taxes, remuneration and social security | 45 | €65,624 | €187,649 | +€122,025 | +186% |
| Taxes | 450/3 | - | €25,363 | +€25,363 | |
| Remuneration and social security | 454/9 | €65,624 | €162,287 | +€96,662 | +147% |
| Remuneration, social security and pensions | 62 | €377,593 | €665,794 | +€288,202 | +76.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,393 | €48,853 | +€20,460 | +72.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €77,606 | - | -€77,606 | |
| Other operating charges | 640/8 | €105,934 | €13,063 | -€92,870 | -87.7% |
| Gross operating margin | 9900 | €713,745 | €856,433 | +€142,688 | +20.0% |
| Operating profit (loss) | 9901 | €124,220 | €128,723 | +€4,502 | +3.6% |
| Financial income | 75/76B | €8,293 | €796 | -€7,496 | -90.4% |
| Recurring financial income | 75 | €945 | €796 | -€148 | -15.7% |
| Non-recurring financial income | 76B | €7,348 | - | -€7,348 | |
| Financial charges | 65/66B | €12,123 | €21,287 | +€9,164 | +75.6% |
| Recurring financial charges | 65 | €12,123 | €21,162 | +€9,039 | +74.6% |
| Non-recurring financial charges | 66B | - | €125 | +€125 | |
| Profit (loss) for the period before taxes | 9903 | €120,390 | €108,232 | -€12,158 | -10.1% |
| Income taxes | 67/77 | €40,974 | €36,153 | -€4,821 | -11.8% |
| Profit (loss) for the period | 9904 | €79,415 | €72,079 | -€7,337 | -9.2% |
| Profit (loss) for the period to be appropriated | 9905 | €79,415 | €72,079 | -€7,337 | -9.2% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.