MERKADO: 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.
MERKADO
Largest movements
- Cash +€36,191
up €36,191 (+127%), from €28,463 to €64,655
mainly Net result for the year (+€97,335) and Receivables within one year (+€16,874)
- Receivables within one year -€16,874
down €16,874 (-16.5%), from €102,066 to €85,193
of which Trade receivables: -€21,980
- Tangible fixed assets -€2,982
down €2,982 (-55.4%), from €5,386 to €2,404
of which Plant, machinery and equipment: -€2,532
- Deferred charges and accrued income +€2,717
new in 2025: €2,717
- Profit (loss) carried forward +€97,335
up €97,335, from -€40,337 to €56,998
- Debts after one year -€88,594
no longer reported in 2025 (was €88,594)
- Trade debts +€12,527
up €12,527 (+46.1%), from €27,202 to €39,729
- Tax, wage and social debts -€2,231
down €2,231 (-4.6%), from €48,503 to €46,272
of which Remuneration and social security: -€12,635
- Gross operating margin -€47,336
down €47,336 (-11.7%), from €405,671 to €358,335
- Staff costs -€37,958
down €37,958 (-15.0%), from €253,782 to €215,824
- Taxes +€29,601
up €29,601 (+7,400%), from €400 to €30,001
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 | €135,962 | €154,999 | +€19,037 | +14.0% |
| Fixed assets | 21/28 | €5,433 | €2,434 | -€2,998 | -55.2% |
| Intangible fixed assets | 21 | €46 | - | -€46 | |
| Tangible fixed assets | 22/27 | €5,386 | €2,404 | -€2,982 | -55.4% |
| Plant, machinery and equipment | 23 | €3,839 | €1,307 | -€2,532 | -65.9% |
| Furniture and vehicles | 24 | €1,547 | €1,097 | -€450 | -29.1% |
| Financial fixed assets | 28 | - | €30 | +€30 | |
| Current assets | 29/58 | €130,529 | €152,564 | +€22,035 | +16.9% |
| Amounts receivable within one year | 40/41 | €102,066 | €85,193 | -€16,874 | -16.5% |
| Trade receivables | 40 | €102,066 | €80,086 | -€21,980 | -21.5% |
| Other amounts receivable | 41 | - | €5,106 | +€5,106 | |
| Cash at bank and in hand | 54/58 | €28,463 | €64,655 | +€36,191 | +127% |
| Deferred charges and accrued income | 490/1 | - | €2,717 | +€2,717 | |
| Total equity and liabilities | 10/49 | €135,962 | €154,999 | +€19,037 | +14.0% |
| Equity | 10/15 | -€28,337 | €68,998 | +€97,335 | |
| Contributions | 10/11 | €12,000 | €12,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€40,337 | €56,998 | +€97,335 | |
| Amounts payable | 17/49 | €164,299 | €86,000 | -€78,298 | -47.7% |
| Amounts payable after more than one year | 17 | €88,594 | - | -€88,594 | |
| Other amounts payable | 178/9 | €88,594 | - | -€88,594 | |
| Amounts payable within one year | 42/48 | €75,705 | €86,000 | +€10,296 | +13.6% |
| Trade debts | 44 | €27,202 | €39,729 | +€12,527 | +46.1% |
| Suppliers | 440/4 | €27,202 | €39,729 | +€12,527 | +46.1% |
| Taxes, remuneration and social security | 45 | €48,503 | €46,272 | -€2,231 | -4.6% |
| Taxes | 450/3 | €17,381 | €27,784 | +€10,404 | +59.9% |
| Remuneration and social security | 454/9 | €31,122 | €18,487 | -€12,635 | -40.6% |
| Remuneration, social security and pensions | 62 | €253,782 | €215,824 | -€37,958 | -15.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,848 | €3,028 | -€2,820 | -48.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €3,813 | +€3,813 | |
| Other operating charges | 640/8 | €4,829 | €7,352 | +€2,524 | +52.3% |
| Gross operating margin | 9900 | €405,671 | €358,335 | -€47,336 | -11.7% |
| Operating profit (loss) | 9901 | €141,213 | €128,318 | -€12,895 | -9.1% |
| Financial income | 75/76B | €646 | €546 | -€99 | -15.4% |
| Recurring financial income | 75 | €646 | €546 | -€99 | -15.4% |
| Financial charges | 65/66B | €3,345 | €1,528 | -€1,817 | -54.3% |
| Recurring financial charges | 65 | €3,345 | €1,528 | -€1,817 | -54.3% |
| Profit (loss) for the period before taxes | 9903 | €138,513 | €127,336 | -€11,177 | -8.1% |
| Income taxes | 67/77 | €400 | €30,001 | +€29,601 | +7,400% |
| Profit (loss) for the period | 9904 | €138,113 | €97,335 | -€40,778 | -29.5% |
| Profit (loss) for the period to be appropriated | 9905 | €138,113 | €97,335 | -€40,778 | -29.5% |
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 20 October 2026 via checked.be.