MERCURE.T: 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.
What changed
MERCURE.T
NACE 68.110, Buying and selling of own real estate
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€18,629
2024 · €135,502-€116,873
Equity
€466,698
2024 · €448,069+€18,629
Cash
€19,332
2024 · €59,812-€40,481
Balance sheet total
€4.1m
2024 · €4.3m-€159,403
Largest movements
Assets
- Tangible fixed assets -€169,508
down €169,508 (-4.1%), from €4.2m to €4.0m
Equity and liabilities
- Debts after one year -€224,000
down €224,000 (-6.6%), from €3.4m to €3.2m
- Other debts +€75,674
up €75,674 (+51.7%), from €146,461 to €222,135
Income statement
- Gross operating margin -€110,384
down €110,384 (-25.5%), from €433,030 to €322,646
- Write-downs +€48,989
new in 2025: €48,989
- Taxes -€37,908
down €37,908 (-85.9%), from €44,117 to €6,210
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.
Result 2024
€135,502
Gross operating margin
-€110,384
Depreciation
-€0
Write-downs
-€48,989
Other operating charges
-€33
Financial income
+€825
Financial charges
+€3,801
Taxes
+€37,908
Result 2025
€18,629
raises the resultlowers the result
Derived cash bridge
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.
From operations
+€183,520
Investment
€0
Financing
-€224,000
Cash 2024
€59,812
From operations (derived)
+€183,520
Net result for the year
+€18,629
Depreciation
+€169,508
Receivables within one year
-€10,586
Deferred charges and accrued income
-€40,000
Trade debts
+€6,258
Tax, wage and social debts
-€16,520
Other debts
+€75,674
Accrued charges and deferred income
-€19,443
Financing
-€224,000
Debts after one year
-€224,000
Cash 2025
€19,332
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,282,804 | €4,123,401 | -€159,403 | -3.7% |
| Fixed assets | 21/28 | €4,169,979 | €4,000,471 | -€169,508 | -4.1% |
| Tangible fixed assets | 22/27 | €4,169,979 | €4,000,471 | -€169,508 | -4.1% |
| Land and buildings | 22 | €4,169,979 | €4,000,471 | -€169,508 | -4.1% |
| Current assets | 29/58 | €112,825 | €122,930 | +€10,105 | +9.0% |
| Amounts receivable within one year | 40/41 | €53,013 | €63,598 | +€10,586 | +20.0% |
| Trade receivables | 40 | €53,013 | €59,808 | +€6,796 | +12.8% |
| Other amounts receivable | 41 | €0 | €3,790 | +€3,790 | |
| Cash at bank and in hand | 54/58 | €59,812 | €19,332 | -€40,481 | -67.7% |
| Deferred charges and accrued income | 490/1 | - | €40,000 | +€40,000 | |
| Total equity and liabilities | 10/49 | €4,282,804 | €4,123,401 | -€159,403 | -3.7% |
| Equity | 10/15 | €448,069 | €466,698 | +€18,629 | +4.2% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €191,950 | €191,950 | = | 0.0% |
| Tax-exempt reserves | 132 | €170,454 | €120,590 | -€49,863 | -29.3% |
| Distributable reserves | 133 | €21,496 | €71,360 | +€49,863 | +232% |
| Profit (loss) carried forward | 14 | €231,119 | €249,748 | +€18,629 | +8.1% |
| Amounts payable | 17/49 | €3,834,735 | €3,656,703 | -€178,032 | -4.6% |
| Amounts payable after more than one year | 17 | €3,375,000 | €3,151,000 | -€224,000 | -6.6% |
| Financial debts | 170/4 | €3,375,000 | €3,151,000 | -€224,000 | -6.6% |
| Amounts payable within one year | 42/48 | €398,081 | €463,492 | +€65,411 | +16.4% |
| Current portion of amounts payable after more than one year | 42 | €224,000 | €224,000 | = | 0.0% |
| Trade debts | 44 | €8,990 | €15,247 | +€6,258 | +69.6% |
| Suppliers | 440/4 | €8,990 | €15,247 | +€6,258 | +69.6% |
| Taxes, remuneration and social security | 45 | €18,630 | €2,110 | -€16,520 | -88.7% |
| Taxes | 450/3 | €18,630 | €2,110 | -€16,520 | -88.7% |
| Other amounts payable | 47/48 | €146,461 | €222,135 | +€75,674 | +51.7% |
| Accrued charges and deferred income | 492/3 | €61,654 | €42,211 | -€19,443 | -31.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €169,508 | €169,508 | +€0 | 0.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €48,989 | +€48,989 | |
| Other operating charges | 640/8 | €1,086 | €1,118 | +€33 | +3.0% |
| Gross operating margin | 9900 | €433,030 | €322,646 | -€110,384 | -25.5% |
| Operating profit (loss) | 9901 | €262,436 | €103,031 | -€159,406 | -60.7% |
| Financial income | 75/76B | €1,039 | €1,864 | +€825 | +79.4% |
| Recurring financial income | 75 | €1,039 | €1,864 | +€825 | +79.4% |
| Financial charges | 65/66B | €83,857 | €80,056 | -€3,801 | -4.5% |
| Recurring financial charges | 65 | €83,857 | €80,056 | -€3,801 | -4.5% |
| Profit (loss) for the period before taxes | 9903 | €179,619 | €24,839 | -€154,780 | -86.2% |
| Income taxes | 67/77 | €44,117 | €6,210 | -€37,908 | -85.9% |
| Profit (loss) for the period | 9904 | €135,502 | €18,629 | -€116,873 | -86.3% |
| Transfer from tax-exempt reserves | 789 | €18,996 | €49,863 | +€30,867 | +162% |
| Transfer to tax-exempt reserves | 689 | €63,150 | €0 | -€63,150 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €91,348 | €68,493 | -€22,855 | -25.0% |
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 22 October 2026 via checked.be.