VISHANDEL MERCATOR: 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.
VISHANDEL MERCATOR
Largest movements
- Tangible fixed assets -€25,581
down €25,581 (-11.2%), from €229,416 to €203,834
of which Land and buildings: -€17,285
- Debts after one year -€31,442
down €31,442 (-18.2%), from €172,443 to €141,001
of which Financial debts: -€30,736
- Trade debts +€12,152
up €12,152 (+65.6%), from €18,515 to €30,667
- Reserves -€7,748
down €7,748 (-3.7%), from €207,823 to €200,074
- Gross operating margin -€28,088
down €28,088 (-26.8%), from €104,717 to €76,628
- Taxes -€9,005
down €9,005 (-53.7%), from €16,768 to €7,763
- Staff costs +€4,837
up €4,837 (+80.8%), from €5,990 to €10,827
- Financial charges -€1,678
down €1,678 (-16.5%), from €10,194 to €8,516
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.
Cash bridge derived
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 | €452,276 | €428,646 | -€23,629 | -5.2% |
| Fixed assets | 21/28 | €229,730 | €204,131 | -€25,599 | -11.1% |
| Tangible fixed assets | 22/27 | €229,416 | €203,834 | -€25,581 | -11.2% |
| Land and buildings | 22 | €198,045 | €180,759 | -€17,285 | -8.7% |
| Plant, machinery and equipment | 23 | €18,762 | €17,356 | -€1,407 | -7.5% |
| Furniture and vehicles | 24 | €12,608 | €5,719 | -€6,889 | -54.6% |
| Financial fixed assets | 28 | €314 | €297 | -€18 | -5.6% |
| Current assets | 29/58 | €222,545 | €224,515 | +€1,970 | +0.9% |
| Stocks and contracts in progress | 3 | €7,724 | €7,347 | -€377 | -4.9% |
| Stocks | 30/36 | €7,724 | €7,347 | -€377 | -4.9% |
| Amounts receivable within one year | 40/41 | €1,640 | €2,743 | +€1,104 | +67.3% |
| Other amounts receivable | 41 | €1,640 | €2,743 | +€1,104 | +67.3% |
| Cash at bank and in hand | 54/58 | €212,581 | €213,824 | +€1,243 | +0.6% |
| Deferred charges and accrued income | 490/1 | €601 | €601 | = | 0.0% |
| Total equity and liabilities | 10/49 | €452,276 | €428,646 | -€23,629 | -5.2% |
| Equity | 10/15 | €207,823 | €200,074 | -€7,748 | -3.7% |
| Reserves | 13 | €207,823 | €200,074 | -€7,748 | -3.7% |
| Distributable reserves | 133 | €207,823 | €200,074 | -€7,748 | -3.7% |
| Amounts payable | 17/49 | €244,453 | €228,572 | -€15,881 | -6.5% |
| Amounts payable after more than one year | 17 | €172,443 | €141,001 | -€31,442 | -18.2% |
| Financial debts | 170/4 | €167,389 | €136,653 | -€30,736 | -18.4% |
| Other amounts payable | 178/9 | €5,054 | €4,348 | -€706 | -14.0% |
| Amounts payable within one year | 42/48 | €71,576 | €87,041 | +€15,465 | +21.6% |
| Current portion of amounts payable after more than one year | 42 | €30,858 | €30,736 | -€122 | -0.4% |
| Financial debts | 43 | €2,536 | €3,365 | +€830 | +32.7% |
| Credit institutions | 430/8 | €2,536 | €3,365 | +€830 | +32.7% |
| Trade debts | 44 | €18,515 | €30,667 | +€12,152 | +65.6% |
| Suppliers | 440/4 | €18,515 | €30,667 | +€12,152 | +65.6% |
| Taxes, remuneration and social security | 45 | €16,231 | €18,941 | +€2,710 | +16.7% |
| Taxes | 450/3 | €12,687 | €14,470 | +€1,783 | +14.1% |
| Remuneration and social security | 454/9 | €3,544 | €4,471 | +€927 | +26.2% |
| Other amounts payable | 47/48 | €3,436 | €3,332 | -€104 | -3.0% |
| Accrued charges and deferred income | 492/3 | €434 | €530 | +€96 | +22.2% |
| Remuneration, social security and pensions | 62 | €5,990 | €10,827 | +€4,837 | +80.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,134 | €30,862 | +€728 | +2.4% |
| Other operating charges | 640/8 | €3,987 | €4,013 | +€26 | +0.7% |
| Gross operating margin | 9900 | €104,717 | €76,628 | -€28,088 | -26.8% |
| Operating profit (loss) | 9901 | €64,606 | €30,926 | -€33,680 | -52.1% |
| Financial income | 75/76B | €2,028 | €1,801 | -€226 | -11.2% |
| Recurring financial income | 75 | €2,028 | €1,801 | -€226 | -11.2% |
| Financial charges | 65/66B | €10,194 | €8,516 | -€1,678 | -16.5% |
| Recurring financial charges | 65 | €10,194 | €8,516 | -€1,678 | -16.5% |
| Profit (loss) for the period before taxes | 9903 | €56,440 | €24,212 | -€32,229 | -57.1% |
| Income taxes | 67/77 | €16,768 | €7,763 | -€9,005 | -53.7% |
| Profit (loss) for the period | 9904 | €39,672 | €16,448 | -€23,224 | -58.5% |
| Profit (loss) for the period to be appropriated | 9905 | €39,672 | €16,448 | -€23,224 | -58.5% |
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 11 October 2026 via checked.be.