Mercurian: what changed
What changed
Mercurian
NACE 94.999, Other membership organisations
filed annual accounts (NBB)
Net result for the year
€18.8m
2024 · -€4.2m+€22.9m
Equity
€101.2m
2024 · €82.4m+€18.8m
Cash
€1.5m
2024 · €459,881+€991,146
Balance sheet total
€105.1m
2024 · €86.8m+€18.3m
Largest movements
Assets
- Financial fixed assets +€18.0m
up €18.0m (+31.8%), from €56.6m to €74.5m
- Current investments -€7.2m
down €7.2m (-43.6%), from €16.5m to €9.3m
- Receivables within one year +€4.8m
up €4.8m (+1,146%), from €414,978 to €5.2m
of which Other amounts receivable: +€4.8m
- Tangible fixed assets +€1.1m
up €1.1m (+8.6%), from €12.5m to €13.6m
of which Assets under construction and advance payments: +€1.1m
Equity and liabilities
- Reserves +€18.8m
up €18.8m (+32.3%), from €58.0m to €76.8m
Income statement
- Financial income +€21.6m
up €21.6m (+1,811%), from €1.2m to €22.8m
of which Non-recurring financial income: +€20.2m
- Gross operating margin +€979,302
up €979,302 (+129%), from €759,045 to €1.7m
- Financial charges -€605,797
down €605,797, from €393,500 to -€212,297
- Other operating charges +€221,669
up €221,669 (+5.2%), from €4.3m to €4.5m
- Depreciation +€66,539
up €66,539 (+8.4%), from €788,789 to €855,328
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.
Result 2024
-€4.2m
Gross operating margin
+€979,302
Staff costs
-€34,890
Depreciation
-€66,539
Other operating charges
-€221,669
Financial income
+€21.6m
Financial charges
+€605,797
Taxes
+€56,467
Result 2025
€18.8m
raises the resultlowers the result
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.
From operations
+€13.7m
Investment
-€12.7m
Financing
€0
Cash 2024
€459,881
From operations (derived)
+€13.7m
Net result for the year
+€18.8m
Depreciation
+€855,328
Receivables after one year
-€418,859
Receivables within one year
-€4.8m
Deferred charges and accrued income
-€301,045
Debts within one year
-€481,281
Accrued charges and deferred income
+€18,420
Investment (derived)
-€12.7m
Investment in fixed assets (net)
-€19.9m
Current investments
+€7.2m
Cash 2025
€1.5m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €86,789,582 | €105,100,047 | +€18.3m | +21.1% |
| Fixed assets | 21/28 | €69,074,589 | €88,120,436 | +€19.0m | +27.6% |
| Tangible fixed assets | 22/27 | €12,507,775 | €13,584,086 | +€1.1m | +8.6% |
| Land and buildings | 22 | €9,399,542 | €8,994,610 | -€404,932 | -4.3% |
| Plant, machinery and equipment | 23 | €2,569,196 | €2,993,390 | +€424,194 | +16.5% |
| Furniture and vehicles | 24 | €34,864 | €34,695 | -€169 | -0.5% |
| Assets under construction and advance payments | 27 | €504,173 | €1,561,391 | +€1.1m | +210% |
| Financial fixed assets | 28 | €56,566,814 | €74,536,350 | +€18.0m | +31.8% |
| Current assets | 29/58 | €17,714,993 | €16,979,611 | -€735,382 | -4.2% |
| Amounts receivable after more than one year | 29 | €284,800 | €703,659 | +€418,859 | +147% |
| Other amounts receivable | 291 | €284,800 | €703,659 | +€418,859 | +147% |
| Amounts receivable within one year | 40/41 | €414,978 | €5,169,959 | +€4.8m | +1,146% |
| Trade receivables | 40 | €18,434 | €16,434 | -€2,000 | -10.8% |
| Other amounts receivable | 41 | €396,544 | €5,153,525 | +€4.8m | +1,200% |
| Current investments | 50/53 | €16,520,953 | €9,319,540 | -€7.2m | -43.6% |
| Cash at bank and in hand | 54/58 | €459,881 | €1,451,027 | +€991,146 | +216% |
| Deferred charges and accrued income | 490/1 | €34,381 | €335,426 | +€301,045 | +876% |
| Total equity and liabilities | 10/49 | €86,789,582 | €105,100,047 | +€18.3m | +21.1% |
| Equity | 10/15 | €82,387,982 | €101,161,308 | +€18.8m | +22.8% |
| Contributions | 10/11 | €24,348,602 | €24,348,602 | = | 0.0% |
| Capital | 10 | €24,348,602 | €24,348,602 | = | 0.0% |
| Reserves | 13 | €58,039,380 | €76,812,706 | +€18.8m | +32.3% |
| Amounts payable | 17/49 | €4,401,600 | €3,938,739 | -€462,861 | -10.5% |
| Amounts payable after more than one year | 17 | €7,000 | €7,000 | = | 0.0% |
| Other amounts payable | 178/9 | €7,000 | €7,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €3,672,106 | €3,190,825 | -€481,281 | -13.1% |
| Trade debts | 44 | €173,633 | €881,989 | +€708,356 | +408% |
| Suppliers | 440/4 | €173,633 | €881,989 | +€708,356 | +408% |
| Taxes, remuneration and social security | 45 | €80,922 | €70,844 | -€10,078 | -12.5% |
| Taxes | 450/3 | €1,986 | €479 | -€1,507 | -75.9% |
| Remuneration and social security | 454/9 | €78,936 | €70,365 | -€8,571 | -10.9% |
| Accrued charges and deferred income | 492/3 | €722,494 | €740,914 | +€18,420 | +2.5% |
| Remuneration, social security and pensions | 62 | €505,814 | €540,704 | +€34,890 | +6.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €788,789 | €855,328 | +€66,539 | +8.4% |
| Other operating charges | 640/8 | €4,265,988 | €4,487,657 | +€221,669 | +5.2% |
| Gross operating margin | 9900 | €759,045 | €1,738,347 | +€979,302 | +129% |
| Operating profit (loss) | 9901 | -€4,801,546 | -€4,145,342 | +€656,204 | +13.7% |
| Financial income | 75/76B | €1,194,078 | €22,820,766 | +€21.6m | +1,811% |
| Recurring financial income | 75 | €924,532 | €2,307,417 | +€1.4m | +150% |
| Non-recurring financial income | 76B | €269,546 | €20,513,349 | +€20.2m | +7,510% |
| Financial charges | 65/66B | €393,500 | -€212,297 | -€605,797 | |
| Recurring financial charges | 65 | €393,500 | -€212,297 | -€605,797 | |
| Profit (loss) for the period before taxes | 9903 | -€4,000,968 | €18,887,721 | +€22.9m | |
| Income taxes | 67/77 | €170,862 | €114,395 | -€56,467 | -33.0% |
| Profit (loss) for the period | 9904 | -€4,171,830 | €18,773,326 | +€22.9m | |
| Profit (loss) for the period to be appropriated | 9905 | -€4,171,830 | €18,773,326 | +€22.9m |
Next steps
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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 2 November 2026 via checked.be.