BE MERCHTEM: 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.
BE MERCHTEM
Largest movements
- Financial fixed assets +€1.6m
new in 2025: €1.6m
- Receivables within one year -€250,082
down €250,082 (-77.2%), from €323,764 to €73,683
of which Trade receivables: -€256,000
- Cash -€220,188
down €220,188 (-58.5%), from €376,247 to €156,059
mainly Investment in fixed assets (net) (-€1.6m) and Trade debts (-€213,975)
- Debts after one year +€1.5m
new in 2025: €1.5m
- Trade debts -€213,975
down €213,975 (-49.0%), from €436,691 to €222,716
- Other debts -€52,387
down €52,387 (-41.8%), from €125,288 to €72,901
- Profit (loss) carried forward -€30,510
down €30,510 (-30.5%), from €100,019 to €69,510
- Tax, wage and social debts -€29,025
down €29,025 (-100%), from €29,025 to €0
- Gross operating margin +€77,112
up €77,112 (+76.6%), from -€100,700 to -€23,587
- Write-downs -€5,789
down €5,789 (-100%), from €5,789 to €0
- Other operating charges +€3,204
up €3,204 (+334%), from €960 to €4,164
- Financial income -€2,420
down €2,420 (-77.3%), from €3,130 to €710
- Financial charges -€1,454
down €1,454 (-29.5%), from €4,923 to €3,469
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 | €700,011 | €1,871,327 | +€1.2m | +167% |
| Fixed assets | 21/28 | - | €1,636,591 | +€1.6m | |
| Financial fixed assets | 28 | - | €1,636,591 | +€1.6m | |
| Current assets | 29/58 | €700,011 | €234,736 | -€465,276 | -66.5% |
| Stocks and contracts in progress | 3 | - | €4,994 | +€4,994 | |
| Stocks | 30/36 | - | €4,994 | +€4,994 | |
| Amounts receivable within one year | 40/41 | €323,764 | €73,683 | -€250,082 | -77.2% |
| Trade receivables | 40 | €322,876 | €66,876 | -€256,000 | -79.3% |
| Other amounts receivable | 41 | €888 | €6,806 | +€5,918 | +667% |
| Cash at bank and in hand | 54/58 | €376,247 | €156,059 | -€220,188 | -58.5% |
| Total equity and liabilities | 10/49 | €700,011 | €1,871,327 | +€1.2m | +167% |
| Equity | 10/15 | €106,219 | €75,710 | -€30,510 | -28.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €100,019 | €69,510 | -€30,510 | -30.5% |
| Amounts payable | 17/49 | €593,792 | €1,795,617 | +€1.2m | +202% |
| Amounts payable after more than one year | 17 | - | €1,500,000 | +€1.5m | |
| Financial debts | 170/4 | - | €1,500,000 | +€1.5m | |
| Amounts payable within one year | 42/48 | €591,004 | €295,617 | -€295,387 | -50.0% |
| Trade debts | 44 | €436,691 | €222,716 | -€213,975 | -49.0% |
| Suppliers | 440/4 | €436,691 | €222,716 | -€213,975 | -49.0% |
| Taxes, remuneration and social security | 45 | €29,025 | €0 | -€29,025 | -100% |
| Taxes | 450/3 | €29,025 | €0 | -€29,025 | -100% |
| Other amounts payable | 47/48 | €125,288 | €72,901 | -€52,387 | -41.8% |
| Accrued charges and deferred income | 492/3 | €2,788 | €0 | -€2,788 | -100% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €5,789 | €0 | -€5,789 | -100% |
| Other operating charges | 640/8 | €960 | €4,164 | +€3,204 | +334% |
| Gross operating margin | 9900 | -€100,700 | -€23,587 | +€77,112 | +76.6% |
| Operating profit (loss) | 9901 | -€107,449 | -€27,752 | +€79,698 | +74.2% |
| Financial income | 75/76B | €3,130 | €710 | -€2,420 | -77.3% |
| Recurring financial income | 75 | €3,130 | €710 | -€2,420 | -77.3% |
| Financial charges | 65/66B | €4,923 | €3,469 | -€1,454 | -29.5% |
| Recurring financial charges | 65 | €4,923 | €3,469 | -€1,454 | -29.5% |
| Profit (loss) for the period before taxes | 9903 | -€109,242 | -€30,510 | +€78,732 | +72.1% |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€109,242 | -€30,510 | +€78,732 | +72.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€109,242 | -€30,510 | +€78,732 | +72.1% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.