MERCURIUS3: 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.
MERCURIUS3
Largest movements
- Receivables within one year -€23,720
down €23,720 (-63.7%), from €37,252 to €13,532
of which Trade receivables: -€23,331
- Receivables after one year -€18,000
down €18,000 (-92.3%), from €19,500 to €1,500
- Tangible fixed assets +€11,226
up €11,226 (+11.3%), from €99,388 to €110,614
of which Furniture and vehicles: +€26,156
- Cash -€6,870
down €6,870 (-9.9%), from €69,520 to €62,650
- Debts after one year -€33,657
down €33,657 (-35.1%), from €95,887 to €62,230
- Tax, wage and social debts -€4,858
no longer reported in 2025 (was €4,858)
- Trade debts +€2,517
up €2,517 (+206.0%), from €1,222 to €3,739
- Gross operating margin -€11,439
down €11,439 (-49.2%), from €23,251 to €11,812
- Taxes -€6,901
down €6,901, from €5,593 to -€1,308
- Other operating charges -€1,347
down €1,347 (-37.8%), from €3,560 to €2,213
- Financial charges -€388
down €388 (-13.6%), from €2,849 to €2,461
- Depreciation -€316
down €316 (-3.7%), from €8,463 to €8,147
From the 2023 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
A cash bridge needs two consecutive fiscal years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €237,954 | €202,037 | -€35,916 | -15.1% |
| Fixed assets | 21/28 | €99,388 | €110,614 | +€11,226 | +11.3% |
| Tangible fixed assets | 22/27 | €99,388 | €110,614 | +€11,226 | +11.3% |
| Land and buildings | 22 | €72,343 | €62,661 | -€9,682 | -13.4% |
| Plant, machinery and equipment | 23 | €6,936 | €1,687 | -€5,249 | -75.7% |
| Furniture and vehicles | 24 | €20,109 | €46,265 | +€26,156 | +130.1% |
| Current assets | 29/58 | €138,566 | €91,424 | -€47,142 | -34.0% |
| Amounts receivable after more than one year | 29 | €19,500 | €1,500 | -€18,000 | -92.3% |
| Other amounts receivable | 291 | €19,500 | €1,500 | -€18,000 | -92.3% |
| Amounts receivable within one year | 40/41 | €37,252 | €13,532 | -€23,720 | -63.7% |
| Trade receivables | 40 | €30,346 | €7,015 | -€23,331 | -76.9% |
| Other amounts receivable | 41 | €6,906 | €6,517 | -€389 | -5.6% |
| Cash at bank and in hand | 54/58 | €69,520 | €62,650 | -€6,870 | -9.9% |
| Deferred charges and accrued income | 490/1 | €12,293 | €13,741 | +€1,448 | +11.8% |
| Total equity and liabilities | 10/49 | €237,954 | €202,037 | -€35,916 | -15.1% |
| Equity | 10/15 | €125,438 | €127,474 | +€2,036 | +1.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Outside capital | 11 | €6,200 | €6,200 | = | 0.0% |
| Other | 1109/19 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €119,238 | €121,274 | +€2,036 | +1.7% |
| Distributable reserves | 133 | €119,238 | €121,274 | +€2,036 | +1.7% |
| Amounts payable | 17/49 | €112,516 | €74,563 | -€37,953 | -33.7% |
| Amounts payable after more than one year | 17 | €95,887 | €62,230 | -€33,657 | -35.1% |
| Financial debts | 170/4 | €95,887 | €62,230 | -€33,657 | -35.1% |
| Amounts payable within one year | 42/48 | €16,629 | €12,333 | -€4,296 | -25.8% |
| Current portion of amounts payable after more than one year | 42 | €7,044 | €5,672 | -€1,372 | -19.5% |
| Trade debts | 44 | €1,222 | €3,739 | +€2,517 | +206.0% |
| Suppliers | 440/4 | €1,222 | €3,739 | +€2,517 | +206.0% |
| Advances received on contracts in progress | 46 | - | €475 | +€475 | |
| Taxes, remuneration and social security | 45 | €4,858 | - | -€4,858 | |
| Taxes | 450/3 | €4,858 | - | -€4,858 | |
| Other amounts payable | 47/48 | €3,505 | €2,447 | -€1,058 | -30.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,463 | €8,147 | -€316 | -3.7% |
| Other operating charges | 640/8 | €3,560 | €2,213 | -€1,347 | -37.8% |
| Gross operating margin | 9900 | €23,251 | €11,812 | -€11,439 | -49.2% |
| Operating profit (loss) | 9901 | €11,228 | €1,452 | -€9,776 | -87.1% |
| Financial income | 75/76B | €28 | - | -€28 | |
| Recurring financial income | 75 | €28 | - | -€28 | |
| Financial charges | 65/66B | €2,849 | €2,461 | -€388 | -13.6% |
| Recurring financial charges | 65 | €2,849 | €2,461 | -€388 | -13.6% |
| Profit (loss) for the period before taxes | 9903 | €8,407 | -€1,009 | -€9,416 | |
| Income taxes | 67/77 | €5,593 | -€1,308 | -€6,901 | |
| Profit (loss) for the period | 9904 | €2,814 | €299 | -€2,515 | -89.4% |
| Profit (loss) for the period to be appropriated | 9905 | €2,814 | €299 | -€2,515 | -89.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.