Mergo: 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.
Mergo
Largest movements
- Tangible fixed assets +€47,989
up €47,989 (+63.6%), from €75,425 to €123,413
of which Furniture and vehicles: +€52,133
- Deferred charges and accrued income +€37,911
up €37,911 (+1,120%), from €3,384 to €41,295
- Receivables within one year -€32,019
down €32,019 (-35.9%), from €89,078 to €57,059
of which Trade receivables: -€30,177
- Current investments -€15,500
down €15,500 (-6.9%), from €225,500 to €210,000
- Cash +€11,825
up €11,825 (+68.9%), from €17,159 to €28,984
mainly Net result for the year (+€77,632) and Receivables within one year (+€32,019)
- Reserves +€55,065
up €55,065 (+15.2%), from €362,010 to €417,075
of which Distributable reserves: +€55,065
- Gross operating margin +€13,463
up €13,463 (+10.4%), from €129,069 to €142,532
- Depreciation +€9,312
up €9,312 (+42.2%), from €22,073 to €31,385
- Taxes +€6,833
up €6,833 (+24.2%), from €28,192 to €35,025
- Financial income -€3,246
down €3,246 (-46.2%), from €7,028 to €3,782
- Other operating charges -€2,342
down €2,342 (-53.5%), from €4,380 to €2,038
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 | €414,754 | €464,960 | +€50,206 | +12.1% |
| Fixed assets | 21/28 | €79,633 | €127,621 | +€47,989 | +60.3% |
| Tangible fixed assets | 22/27 | €75,425 | €123,413 | +€47,989 | +63.6% |
| Land and buildings | 22 | €22,710 | €19,235 | -€3,475 | -15.3% |
| Plant, machinery and equipment | 23 | €2,733 | €2,063 | -€669 | -24.5% |
| Furniture and vehicles | 24 | €49,982 | €102,115 | +€52,133 | +104% |
| Financial fixed assets | 28 | €4,208 | €4,208 | = | 0.0% |
| Current assets | 29/58 | €335,121 | €337,339 | +€2,217 | +0.7% |
| Amounts receivable within one year | 40/41 | €89,078 | €57,059 | -€32,019 | -35.9% |
| Trade receivables | 40 | €85,704 | €55,527 | -€30,177 | -35.2% |
| Other amounts receivable | 41 | €3,374 | €1,532 | -€1,842 | -54.6% |
| Current investments | 50/53 | €225,500 | €210,000 | -€15,500 | -6.9% |
| Cash at bank and in hand | 54/58 | €17,159 | €28,984 | +€11,825 | +68.9% |
| Deferred charges and accrued income | 490/1 | €3,384 | €41,295 | +€37,911 | +1,120% |
| Total equity and liabilities | 10/49 | €414,754 | €464,960 | +€50,206 | +12.1% |
| Equity | 10/15 | €380,610 | €435,675 | +€55,065 | +14.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €362,010 | €417,075 | +€55,065 | +15.2% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €360,151 | €415,216 | +€55,065 | +15.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €34,144 | €29,285 | -€4,859 | -14.2% |
| Amounts payable within one year | 42/48 | €33,148 | €29,285 | -€3,863 | -11.7% |
| Trade debts | 44 | €2,985 | €887 | -€2,098 | -70.3% |
| Suppliers | 440/4 | €2,985 | €887 | -€2,098 | -70.3% |
| Taxes, remuneration and social security | 45 | €17,994 | €14,600 | -€3,395 | -18.9% |
| Taxes | 450/3 | €14,964 | €11,553 | -€3,411 | -22.8% |
| Remuneration and social security | 454/9 | €3,030 | €3,046 | +€16 | +0.5% |
| Other amounts payable | 47/48 | €12,169 | €13,799 | +€1,630 | +13.4% |
| Accrued charges and deferred income | 492/3 | €996 | €0 | -€996 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,073 | €31,385 | +€9,312 | +42.2% |
| Other operating charges | 640/8 | €4,380 | €2,038 | -€2,342 | -53.5% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €129,069 | €142,532 | +€13,463 | +10.4% |
| Operating profit (loss) | 9901 | €102,616 | €109,108 | +€6,492 | +6.3% |
| Financial income | 75/76B | €7,028 | €3,782 | -€3,246 | -46.2% |
| Recurring financial income | 75 | €7,028 | €3,782 | -€3,246 | -46.2% |
| Financial charges | 65/66B | €1,211 | €234 | -€977 | -80.7% |
| Recurring financial charges | 65 | €1,211 | €234 | -€977 | -80.7% |
| Profit (loss) for the period before taxes | 9903 | €108,433 | €112,657 | +€4,224 | +3.9% |
| Income taxes | 67/77 | €28,192 | €35,025 | +€6,833 | +24.2% |
| Profit (loss) for the period | 9904 | €80,241 | €77,632 | -€2,609 | -3.3% |
| Profit (loss) for the period to be appropriated | 9905 | €80,241 | €77,632 | -€2,609 | -3.3% |
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 18 October 2026 via checked.be.