Mercurius Value Creation: 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.
Mercurius Value Creation
Largest movements
- Receivables within one year +€38,112
up €38,112 (+125%), from €30,611 to €68,723
of which Trade receivables: +€38,112
- Cash -€22,022
down €22,022 (-54.1%), from €40,680 to €18,658
mainly Debts after one year (-€55,772) and Receivables within one year (-€38,112)
- Debts after one year -€55,772
down €55,772 (-7.6%), from €729,558 to €673,786
- Reserves +€44,662
up €44,662 (+12.2%), from €366,981 to €411,643
- Tax, wage and social debts +€16,000
up €16,000 (+144%), from €11,076 to €27,077
- Gross operating margin +€24,265
up €24,265 (+15.5%), from €156,338 to €180,603
- Taxes +€18,268
up €18,268 (+83.3%), from €21,925 to €40,192
- Financial charges +€4,630
up €4,630 (+17.0%), from €27,172 to €31,803
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,192,017 | €1,200,758 | +€8,741 | +0.7% |
| Fixed assets | 21/28 | €1,113,547 | €1,108,378 | -€5,169 | -0.5% |
| Tangible fixed assets | 22/27 | €1,113,547 | €1,108,378 | -€5,169 | -0.5% |
| Land and buildings | 22 | €448,000 | €448,000 | = | 0.0% |
| Plant, machinery and equipment | 23 | €30,572 | €24,759 | -€5,813 | -19.0% |
| Furniture and vehicles | 24 | €10,325 | €7,807 | -€2,517 | -24.4% |
| Leasing and similar rights | 25 | €475,155 | €454,571 | -€20,584 | -4.3% |
| Other tangible fixed assets | 26 | €149,495 | €173,241 | +€23,746 | +15.9% |
| Current assets | 29/58 | €78,470 | €92,380 | +€13,910 | +17.7% |
| Amounts receivable within one year | 40/41 | €30,611 | €68,723 | +€38,112 | +125% |
| Trade receivables | 40 | €30,611 | €68,723 | +€38,112 | +125% |
| Other amounts receivable | 41 | €0 | €0 | -€0 | -100% |
| Current investments | 50/53 | €5,000 | €5,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €40,680 | €18,658 | -€22,022 | -54.1% |
| Deferred charges and accrued income | 490/1 | €2,180 | €0 | -€2,180 | -100% |
| Total equity and liabilities | 10/49 | €1,192,017 | €1,200,758 | +€8,741 | +0.7% |
| Equity | 10/15 | €387,441 | €432,103 | +€44,662 | +11.5% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €366,981 | €411,643 | +€44,662 | +12.2% |
| Distributable reserves | 133 | €366,981 | €411,643 | +€44,662 | +12.2% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €804,576 | €768,655 | -€35,921 | -4.5% |
| Amounts payable after more than one year | 17 | €729,558 | €673,786 | -€55,772 | -7.6% |
| Financial debts | 170/4 | €729,558 | €673,786 | -€55,772 | -7.6% |
| Amounts payable within one year | 42/48 | €75,018 | €94,664 | +€19,646 | +26.2% |
| Current portion of amounts payable after more than one year | 42 | €55,737 | €57,522 | +€1,785 | +3.2% |
| Trade debts | 44 | €8,204 | €10,047 | +€1,842 | +22.5% |
| Suppliers | 440/4 | €8,204 | €10,047 | +€1,842 | +22.5% |
| Taxes, remuneration and social security | 45 | €11,076 | €27,077 | +€16,000 | +144% |
| Taxes | 450/3 | €11,076 | €27,077 | +€16,000 | +144% |
| Other amounts payable | 47/48 | - | €19 | +€19 | |
| Accrued charges and deferred income | 492/3 | - | €205 | +€205 | |
| Remuneration, social security and pensions | 62 | €16,464 | €17,737 | +€1,273 | +7.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,030 | €40,676 | +€646 | +1.6% |
| Other operating charges | 640/8 | €2,083 | €1,666 | -€416 | -20.0% |
| Non-recurring operating charges | 66A | - | €3,870 | +€3,870 | |
| Gross operating margin | 9900 | €156,338 | €180,603 | +€24,265 | +15.5% |
| Operating profit (loss) | 9901 | €97,762 | €116,654 | +€18,893 | +19.3% |
| Financial income | 75/76B | €0 | €3 | +€3 | +3,775% |
| Recurring financial income | 75 | €0 | €3 | +€3 | +3,775% |
| Financial charges | 65/66B | €27,172 | €31,803 | +€4,630 | +17.0% |
| Recurring financial charges | 65 | €27,172 | €31,803 | +€4,630 | +17.0% |
| Profit (loss) for the period before taxes | 9903 | €70,589 | €84,855 | +€14,265 | +20.2% |
| Income taxes | 67/77 | €21,925 | €40,192 | +€18,268 | +83.3% |
| Profit (loss) for the period | 9904 | €48,665 | €44,662 | -€4,002 | -8.2% |
| Profit (loss) for the period to be appropriated | 9905 | €48,665 | €44,662 | -€4,002 | -8.2% |
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 14 October 2026 via checked.be.