THIERRY VAN DE MERCKT: 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.
THIERRY VAN DE MERCKT
Largest movements
- Cash +€513,996
up €513,996 (+6,378%), from €8,060 to €522,056
mainly Receivables within one year (+€333,848) and Investment in fixed assets (net) (+€137,655)
- Receivables within one year -€333,848
down €333,848 (-94.3%), from €354,063 to €20,214
of which Other amounts receivable: -€322,319
- Tangible fixed assets -€154,468
down €154,468 (-81.2%), from €190,314 to €35,846
of which Land and buildings: -€139,348
- Deferred charges and accrued income -€9,974
down €9,974 (-88.1%), from €11,319 to €1,345
- Reserves +€20,700
up €20,700 (+3.9%), from €528,000 to €548,700
of which Distributable reserves: +€20,700
- Tax, wage and social debts -€14,129
down €14,129 (-61.0%), from €23,159 to €9,031
of which Taxes: -€11,691
- Other debts +€8,547
up €8,547 (+164%), from €5,200 to €13,747
- Depreciation -€49,065
down €49,065 (-74.5%), from €65,878 to €16,813
- Taxes +€13,651
up €13,651 (+113%), from €12,117 to €25,768
- Gross operating margin -€11,994
down €11,994 (-11.5%), from €104,083 to €92,089
- Financial income -€3,013
down €3,013 (-83.9%), from €3,589 to €576
- Other operating charges -€1,655
down €1,655 (-80.2%), from €2,065 to €410
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 | €563,863 | €579,569 | +€15,705 | +2.8% |
| Fixed assets | 21/28 | €190,422 | €35,954 | -€154,468 | -81.1% |
| Tangible fixed assets | 22/27 | €190,314 | €35,846 | -€154,468 | -81.2% |
| Land and buildings | 22 | €153,867 | €14,520 | -€139,348 | -90.6% |
| Plant, machinery and equipment | 23 | €351 | €312 | -€39 | -11.0% |
| Furniture and vehicles | 24 | €36,096 | €21,014 | -€15,082 | -41.8% |
| Financial fixed assets | 28 | €108 | €108 | = | 0.0% |
| Current assets | 29/58 | €373,441 | €543,615 | +€170,173 | +45.6% |
| Amounts receivable within one year | 40/41 | €354,063 | €20,214 | -€333,848 | -94.3% |
| Trade receivables | 40 | €28,798 | €17,269 | -€11,529 | -40.0% |
| Other amounts receivable | 41 | €325,265 | €2,945 | -€322,319 | -99.1% |
| Cash at bank and in hand | 54/58 | €8,060 | €522,056 | +€513,996 | +6,378% |
| Deferred charges and accrued income | 490/1 | €11,319 | €1,345 | -€9,974 | -88.1% |
| Total equity and liabilities | 10/49 | €563,863 | €579,569 | +€15,705 | +2.8% |
| Equity | 10/15 | €535,327 | €556,101 | +€20,774 | +3.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €528,000 | €548,700 | +€20,700 | +3.9% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €528,000 | €548,700 | +€20,700 | +3.9% |
| Profit (loss) carried forward | 14 | €1,127 | €1,201 | +€74 | +6.6% |
| Amounts payable | 17/49 | €28,536 | €23,467 | -€5,069 | -17.8% |
| Amounts payable within one year | 42/48 | €28,536 | €23,467 | -€5,069 | -17.8% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €177 | €689 | +€513 | +290% |
| Suppliers | 440/4 | €177 | €689 | +€513 | +290% |
| Taxes, remuneration and social security | 45 | €23,159 | €9,031 | -€14,129 | -61.0% |
| Taxes | 450/3 | €20,722 | €9,031 | -€11,691 | -56.4% |
| Remuneration and social security | 454/9 | €2,438 | €0 | -€2,438 | -100% |
| Other amounts payable | 47/48 | €5,200 | €13,747 | +€8,547 | +164% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €65,878 | €16,813 | -€49,065 | -74.5% |
| Other operating charges | 640/8 | €2,065 | €410 | -€1,655 | -80.2% |
| Gross operating margin | 9900 | €104,083 | €92,089 | -€11,994 | -11.5% |
| Operating profit (loss) | 9901 | €36,140 | €74,866 | +€38,726 | +107% |
| Financial income | 75/76B | €3,589 | €576 | -€3,013 | -83.9% |
| Recurring financial income | 75 | €3,589 | €576 | -€3,013 | -83.9% |
| Financial charges | 65/66B | €424 | €200 | -€224 | -52.8% |
| Recurring financial charges | 65 | €424 | €200 | -€224 | -52.8% |
| Profit (loss) for the period before taxes | 9903 | €39,305 | €75,242 | +€35,937 | +91.4% |
| Income taxes | 67/77 | €12,117 | €25,768 | +€13,651 | +113% |
| Profit (loss) for the period | 9904 | €27,188 | €49,474 | +€22,286 | +82.0% |
| Profit (loss) for the period to be appropriated | 9905 | €27,188 | €49,474 | +€22,286 | +82.0% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 October 2026 via checked.be.