MERCURIUS: 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.
MERCURIUS
Largest movements
- Financial fixed assets -€795,556
no longer reported in 2025 (was €795,556)
- Receivables within one year +€410,349
up €410,349 (+14500.5%), from €2,830 to €413,179
of which Other amounts receivable: +€411,631
- Intangible fixed assets +€270,264
new in 2025: €270,264
- Tangible fixed assets +€222,175
up €222,175 (+18.0%), from €1.2m to €1.5m
of which Land and buildings: +€222,571
- Reserves +€542,625
up €542,625 (+928.5%), from €58,440 to €601,065
of which Tax-exempt reserves: +€580,622
- Other debts -€373,805
down €373,805 (-53.0%), from €704,976 to €331,171
- Provisions +€193,381
up €193,381 (+6238.3%), from €3,100 to €196,481
- Profit (loss) carried forward -€171,213
down €171,213, from €71,271 to -€99,942
- Current portion of long-term debt -€91,425
down €91,425 (-57.7%), from €158,530 to €67,105
- Gross operating margin +€615,139
up €615,139 (+528.5%), from €116,390 to €731,528
- Depreciation +€35,831
up €35,831 (+50.6%), from €70,757 to €106,588
- Financial charges +€14,423
up €14,423 (+20.2%), from €71,493 to €85,916
of which Financial charges: +€14,049
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 | €2,043,515 | €2,168,261 | +€124,746 | +6.1% |
| Fixed assets | 21/28 | €2,030,747 | €1,727,630 | -€303,117 | -14.9% |
| Intangible fixed assets | 21 | - | €270,264 | +€270,264 | |
| Tangible fixed assets | 22/27 | €1,235,191 | €1,457,366 | +€222,175 | +18.0% |
| Land and buildings | 22 | €1,234,152 | €1,456,722 | +€222,571 | +18.0% |
| Plant, machinery and equipment | 23 | €250 | €254 | +€5 | +2.0% |
| Furniture and vehicles | 24 | €790 | €389 | -€401 | -50.8% |
| Financial fixed assets | 28 | €795,556 | - | -€795,556 | |
| Current assets | 29/58 | €12,769 | €440,631 | +€427,863 | +3350.8% |
| Amounts receivable within one year | 40/41 | €2,830 | €413,179 | +€410,349 | +14500.5% |
| Trade receivables | 40 | €1,887 | €605 | -€1,282 | -67.9% |
| Other amounts receivable | 41 | €943 | €412,574 | +€411,631 | +43657.2% |
| Cash at bank and in hand | 54/58 | €6,892 | €23,988 | +€17,096 | +248.1% |
| Deferred charges and accrued income | 490/1 | €3,047 | €3,464 | +€417 | +13.7% |
| Total equity and liabilities | 10/49 | €2,043,515 | €2,168,261 | +€124,746 | +6.1% |
| Equity | 10/15 | €479,711 | €851,123 | +€371,412 | +77.4% |
| Contributions | 10/11 | €350,000 | €350,000 | = | 0.0% |
| Reserves | 13 | €58,440 | €601,065 | +€542,625 | +928.5% |
| Tax-exempt reserves | 132 | €7,380 | €588,002 | +€580,622 | +7867.7% |
| Distributable reserves | 133 | €51,060 | €13,064 | -€37,997 | -74.4% |
| Profit (loss) carried forward | 14 | €71,271 | -€99,942 | -€171,213 | |
| Provisions and deferred taxes | 16 | €3,100 | €196,481 | +€193,381 | +6238.3% |
| Deferred taxes | 168 | €3,100 | €196,481 | +€193,381 | +6238.3% |
| Amounts payable | 17/49 | €1,560,704 | €1,120,657 | -€440,047 | -28.2% |
| Amounts payable after more than one year | 17 | €650,961 | €660,531 | +€9,570 | +1.5% |
| Financial debts | 170/4 | €650,961 | €660,531 | +€9,570 | +1.5% |
| Amounts payable within one year | 42/48 | €865,084 | €398,280 | -€466,804 | -54.0% |
| Current portion of amounts payable after more than one year | 42 | €158,530 | €67,105 | -€91,425 | -57.7% |
| Trade debts | 44 | €1,578 | - | -€1,578 | |
| Suppliers | 440/4 | €1,578 | - | -€1,578 | |
| Taxes, remuneration and social security | 45 | - | €3 | +€3 | |
| Taxes | 450/3 | - | €3 | +€3 | |
| Other amounts payable | 47/48 | €704,976 | €331,171 | -€373,805 | -53.0% |
| Accrued charges and deferred income | 492/3 | €44,659 | €61,847 | +€17,187 | +38.5% |
| Non-recurring operating income | 76A | - | €643,466 | +€643,466 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €70,757 | €106,588 | +€35,831 | +50.6% |
| Other operating charges | 640/8 | €12,159 | €15,273 | +€3,114 | +25.6% |
| Gross operating margin | 9900 | €116,390 | €731,528 | +€615,139 | +528.5% |
| Operating profit (loss) | 9901 | €33,474 | €609,668 | +€576,194 | +1721.3% |
| Financial income | 75/76B | €15 | €3,613 | +€3,598 | +24446.1% |
| Recurring financial income | 75 | €15 | €3,613 | +€3,598 | +24446.1% |
| Financial charges | 65/66B | €71,493 | €85,916 | +€14,423 | +20.2% |
| Recurring financial charges | 65 | €71,493 | €85,542 | +€14,049 | +19.7% |
| Non-recurring financial charges | 66B | - | €374 | +€374 | |
| Profit (loss) for the period before taxes | 9903 | -€38,004 | €527,365 | +€565,370 | |
| Transfer from deferred taxes | 780 | €11,849 | €2,880 | -€8,969 | -75.7% |
| Transfer to deferred taxes | 680 | - | €158,834 | +€158,834 | |
| Income taxes | 67/77 | -€3 | - | +€3 | |
| Profit (loss) for the period | 9904 | -€26,152 | €371,412 | +€397,563 | |
| Transfer from tax-exempt reserves | 789 | €28,209 | €8,163 | -€20,047 | -71.1% |
| Transfer to tax-exempt reserves | 689 | - | €479,516 | +€479,516 | |
| Profit (loss) for the period to be appropriated | 9905 | €2,058 | -€99,942 | -€102,000 |
Source: filed annual accounts (NBB), fiscal years ended 30 December 2024 and 30 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.