Van de Mergel: 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.
Van de Mergel
Largest movements
- Intangible fixed assets -€907,052
down €907,052 (-77.0%), from €1.2m to €271,673
- Receivables within one year +€270,065
up €270,065 (+335%), from €80,653 to €350,718
of which Other amounts receivable: +€220,673
- Tangible fixed assets +€129,093
up €129,093 (+452%), from €28,551 to €157,643
of which Other tangible fixed assets: +€86,377
- Cash -€59,467
down €59,467 (-26.8%), from €221,582 to €162,115
mainly Debts after one year (-€693,550) and Receivables within one year (-€270,065)
- Debts after one year -€693,550
down €693,550 (-61.8%), from €1.1m to €428,142
- Reserves +€110,021
up €110,021 (+159%), from €69,125 to €179,146
- Current portion of long-term debt -€95,986
down €95,986 (-58.2%), from €165,044 to €69,058
- Other debts +€57,224
up €57,224, from €0 to €57,224
- Trade debts +€38,100
up €38,100 (+250%), from €15,213 to €53,313
- Depreciation -€118,693
down €118,693 (-67.9%), from €174,888 to €56,195
- Gross operating margin -€54,568
down €54,568 (-8.2%), from €665,502 to €610,934
- Staff costs -€47,965
down €47,965 (-13.0%), from €368,634 to €320,669
- Financial charges -€16,177
down €16,177 (-67.9%), from €23,830 to €7,653
- Taxes +€13,682
up €13,682 (+45.4%), from €30,155 to €43,837
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 | €1,511,697 | €945,132 | -€566,565 | -37.5% |
| Fixed assets | 21/28 | €1,207,650 | €429,690 | -€777,960 | -64.4% |
| Intangible fixed assets | 21 | €1,178,726 | €271,673 | -€907,052 | -77.0% |
| Tangible fixed assets | 22/27 | €28,551 | €157,643 | +€129,093 | +452% |
| Plant, machinery and equipment | 23 | €108 | €853 | +€744 | +687% |
| Furniture and vehicles | 24 | €25,823 | €67,795 | +€41,972 | +163% |
| Other tangible fixed assets | 26 | €2,619 | €88,996 | +€86,377 | +3,298% |
| Financial fixed assets | 28 | €374 | €374 | = | 0.0% |
| Current assets | 29/58 | €304,047 | €515,442 | +€211,395 | +69.5% |
| Amounts receivable within one year | 40/41 | €80,653 | €350,718 | +€270,065 | +335% |
| Trade receivables | 40 | €68,914 | €118,306 | +€49,391 | +71.7% |
| Other amounts receivable | 41 | €11,739 | €232,412 | +€220,673 | +1,880% |
| Cash at bank and in hand | 54/58 | €221,582 | €162,115 | -€59,467 | -26.8% |
| Deferred charges and accrued income | 490/1 | €1,812 | €2,609 | +€798 | +44.0% |
| Total equity and liabilities | 10/49 | €1,511,697 | €945,132 | -€566,565 | -37.5% |
| Equity | 10/15 | €99,125 | €205,825 | +€106,700 | +108% |
| Contributions | 10/11 | €30,000 | €26,678 | -€3,322 | -11.1% |
| Reserves | 13 | €69,125 | €179,146 | +€110,021 | +159% |
| Distributable reserves | 133 | €69,125 | €179,146 | +€110,021 | +159% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,412,572 | €739,308 | -€673,265 | -47.7% |
| Amounts payable after more than one year | 17 | €1,121,692 | €428,142 | -€693,550 | -61.8% |
| Financial debts | 170/4 | €1,121,692 | €428,142 | -€693,550 | -61.8% |
| Amounts payable within one year | 42/48 | €290,880 | €311,165 | +€20,285 | +7.0% |
| Current portion of amounts payable after more than one year | 42 | €165,044 | €69,058 | -€95,986 | -58.2% |
| Trade debts | 44 | €15,213 | €53,313 | +€38,100 | +250% |
| Suppliers | 440/4 | €15,213 | €53,313 | +€38,100 | +250% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €110,623 | €131,571 | +€20,947 | +18.9% |
| Taxes | 450/3 | €57,141 | €82,046 | +€24,904 | +43.6% |
| Remuneration and social security | 454/9 | €53,482 | €49,525 | -€3,957 | -7.4% |
| Other amounts payable | 47/48 | €0 | €57,224 | +€57,224 | |
| Remuneration, social security and pensions | 62 | €368,634 | €320,669 | -€47,965 | -13.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €174,888 | €56,195 | -€118,693 | -67.9% |
| Other operating charges | 640/8 | €1,730 | €2,123 | +€393 | +22.7% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €665,502 | €610,934 | -€54,568 | -8.2% |
| Operating profit (loss) | 9901 | €120,249 | €231,947 | +€111,698 | +92.9% |
| Financial income | 75/76B | €156 | €35 | -€121 | -77.7% |
| Recurring financial income | 75 | €156 | €35 | -€121 | -77.7% |
| Financial charges | 65/66B | €23,830 | €7,653 | -€16,177 | -67.9% |
| Recurring financial charges | 65 | €23,830 | €7,653 | -€16,177 | -67.9% |
| Profit (loss) for the period before taxes | 9903 | €96,575 | €224,329 | +€127,754 | +132% |
| Income taxes | 67/77 | €30,155 | €43,837 | +€13,682 | +45.4% |
| Profit (loss) for the period | 9904 | €66,420 | €180,492 | +€114,072 | +172% |
| Profit (loss) for the period to be appropriated | 9905 | €66,420 | €180,492 | +€114,072 | +172% |
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 21 October 2026 via checked.be.