Pascal Mercier: 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.
Pascal Mercier
Largest movements
- Receivables within one year +€81,606
up €81,606 (+144%), from €56,662 to €138,268
of which Other amounts receivable: +€76,358
- Cash -€55,390
down €55,390 (-70.5%), from €78,616 to €23,225
mainly Receivables within one year (-€81,606) and Investment in fixed assets (net) (-€11,380)
- Tangible fixed assets -€19,188
down €19,188 (-5.7%), from €334,093 to €314,905
of which Furniture and vehicles: -€13,276
- Reserves +€21,134
up €21,134 (+6.2%), from €339,213 to €360,347
of which Distributable reserves: +€24,900
- Trade debts -€6,651
down €6,651 (-42.2%), from €15,751 to €9,099
- Staff costs -€71,309
down €71,309 (-58.0%), from €122,958 to €51,648
- Gross operating margin -€46,843
down €46,843 (-25.3%), from €184,974 to €138,131
- Depreciation -€21,386
down €21,386 (-41.2%), from €51,955 to €30,568
- Taxes +€12,144
up €12,144 (+1,307%), from €929 to €13,073
- Other operating charges +€4,808
up €4,808 (+106%), from €4,533 to €9,341
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 | €581,679 | €590,708 | +€9,030 | +1.6% |
| Fixed assets | 21/28 | €334,093 | €314,905 | -€19,188 | -5.7% |
| Tangible fixed assets | 22/27 | €334,093 | €314,905 | -€19,188 | -5.7% |
| Land and buildings | 22 | €234,481 | €225,652 | -€8,829 | -3.8% |
| Plant, machinery and equipment | 23 | €17,878 | €20,795 | +€2,916 | +16.3% |
| Furniture and vehicles | 24 | €81,734 | €68,458 | -€13,276 | -16.2% |
| Current assets | 29/58 | €247,586 | €275,803 | +€28,218 | +11.4% |
| Stocks and contracts in progress | 3 | €107,806 | €111,306 | +€3,500 | +3.2% |
| Stocks | 30/36 | €107,806 | €111,306 | +€3,500 | +3.2% |
| Amounts receivable within one year | 40/41 | €56,662 | €138,268 | +€81,606 | +144% |
| Trade receivables | 40 | €15,720 | €20,968 | +€5,248 | +33.4% |
| Other amounts receivable | 41 | €40,941 | €117,300 | +€76,358 | +187% |
| Cash at bank and in hand | 54/58 | €78,616 | €23,225 | -€55,390 | -70.5% |
| Deferred charges and accrued income | 490/1 | €4,502 | €3,004 | -€1,498 | -33.3% |
| Total equity and liabilities | 10/49 | €581,679 | €590,708 | +€9,030 | +1.6% |
| Equity | 10/15 | €485,791 | €507,167 | +€21,377 | +4.4% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €339,213 | €360,347 | +€21,134 | +6.2% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Tax-exempt reserves | 132 | €102,833 | €99,067 | -€3,766 | -3.7% |
| Distributable reserves | 133 | €234,521 | €259,421 | +€24,900 | +10.6% |
| Profit (loss) carried forward | 14 | €127,986 | €128,228 | +€242 | +0.2% |
| Provisions and deferred taxes | 16 | €41,414 | €39,559 | -€1,855 | -4.5% |
| Deferred taxes | 168 | €41,414 | €39,559 | -€1,855 | -4.5% |
| Amounts payable | 17/49 | €54,474 | €43,982 | -€10,492 | -19.3% |
| Amounts payable after more than one year | 17 | €4,500 | - | -€4,500 | |
| Other amounts payable | 178/9 | €4,500 | - | -€4,500 | |
| Amounts payable within one year | 42/48 | €49,074 | €43,082 | -€5,992 | -12.2% |
| Trade debts | 44 | €15,751 | €9,099 | -€6,651 | -42.2% |
| Suppliers | 440/4 | €15,751 | €9,099 | -€6,651 | -42.2% |
| Taxes, remuneration and social security | 45 | €19,020 | €18,289 | -€731 | -3.8% |
| Taxes | 450/3 | €1,677 | €14,099 | +€12,422 | +741% |
| Remuneration and social security | 454/9 | €17,343 | €4,190 | -€13,153 | -75.8% |
| Other amounts payable | 47/48 | €14,304 | €15,694 | +€1,390 | +9.7% |
| Accrued charges and deferred income | 492/3 | €900 | €900 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €122,958 | €51,648 | -€71,309 | -58.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51,955 | €30,568 | -€21,386 | -41.2% |
| Other operating charges | 640/8 | €4,533 | €9,341 | +€4,808 | +106% |
| Non-recurring operating charges | 66A | - | €12,042 | +€12,042 | |
| Gross operating margin | 9900 | €184,974 | €138,131 | -€46,843 | -25.3% |
| Operating profit (loss) | 9901 | €5,529 | €34,532 | +€29,002 | +525% |
| Financial income | 75/76B | €76 | €11 | -€65 | -85.6% |
| Recurring financial income | 75 | €76 | €11 | -€65 | -85.6% |
| Financial charges | 65/66B | €1,003 | €1,948 | +€945 | +94.1% |
| Recurring financial charges | 65 | €1,003 | €1,948 | +€945 | +94.1% |
| Profit (loss) for the period before taxes | 9903 | €4,602 | €32,595 | +€27,993 | +608% |
| Transfer from deferred taxes | 780 | €1,855 | €1,855 | = | 0.0% |
| Income taxes | 67/77 | €929 | €13,073 | +€12,144 | +1,307% |
| Profit (loss) for the period | 9904 | €5,527 | €21,377 | +€15,849 | +287% |
| Transfer from tax-exempt reserves | 789 | €3,766 | €3,766 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €9,293 | €25,142 | +€15,849 | +171% |
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 16 October 2026 via checked.be.