Ben Mertens: 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.
Ben Mertens
Largest movements
- Receivables within one year +€61,024
up €61,024 (+197%), from €30,922 to €91,945
of which Trade receivables: +€46,814
- Cash +€50,481
up €50,481 (+78.6%), from €64,248 to €114,729
mainly Net result for the year (+€121,487) and Depreciation (+€37,391)
- Tangible fixed assets -€37,391
down €37,391 (-33.2%), from €112,612 to €75,221
of which Furniture and vehicles: -€29,765
- Stocks and contracts -€12,862
down €12,862 (-33.9%), from €37,901 to €25,039
of which Contracts in progress: -€7,482
- Deferred charges and accrued income -€3,117
down €3,117 (-46.4%), from €6,725 to €3,607
- Reserves +€70,967
up €70,967 (+53.6%), from €132,293 to €203,260
- Trade debts -€25,704
down €25,704 (-71.4%), from €36,007 to €10,303
- Tax, wage and social debts +€8,372
up €8,372 (+3,015%), from €278 to €8,650
- Other debts +€4,199
up €4,199 (+5.0%), from €83,330 to €87,529
- Gross operating margin +€168,607
up €168,607 (+298%), from €56,620 to €225,228
- Taxes +€48,183
up €48,183 (+525%), from €9,180 to €57,364
- Depreciation +€9,608
up €9,608 (+34.6%), from €27,783 to €37,391
- Staff costs +€6,275
new in 2025: €6,275
- Other operating charges +€3,701
up €3,701 (+185%), from €2,002 to €5,702
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 | €252,407 | €310,541 | +€58,134 | +23.0% |
| Fixed assets | 21/28 | €112,612 | €75,221 | -€37,391 | -33.2% |
| Tangible fixed assets | 22/27 | €112,612 | €75,221 | -€37,391 | -33.2% |
| Plant, machinery and equipment | 23 | €6,429 | €0 | -€6,429 | -100% |
| Furniture and vehicles | 24 | €104,402 | €74,637 | -€29,765 | -28.5% |
| Other tangible fixed assets | 26 | €1,781 | €584 | -€1,197 | -67.2% |
| Current assets | 29/58 | €139,796 | €235,321 | +€95,525 | +68.3% |
| Stocks and contracts in progress | 3 | €37,901 | €25,039 | -€12,862 | -33.9% |
| Stocks | 30/36 | €27,731 | €22,352 | -€5,380 | -19.4% |
| Contracts in progress | 37 | €10,170 | €2,687 | -€7,482 | -73.6% |
| Amounts receivable within one year | 40/41 | €30,922 | €91,945 | +€61,024 | +197% |
| Trade receivables | 40 | €25,897 | €72,711 | +€46,814 | +181% |
| Other amounts receivable | 41 | €5,024 | €19,234 | +€14,210 | +283% |
| Cash at bank and in hand | 54/58 | €64,248 | €114,729 | +€50,481 | +78.6% |
| Deferred charges and accrued income | 490/1 | €6,725 | €3,607 | -€3,117 | -46.4% |
| Total equity and liabilities | 10/49 | €252,407 | €310,541 | +€58,134 | +23.0% |
| Equity | 10/15 | €132,793 | €203,760 | +€70,967 | +53.4% |
| Contributions | 10/11 | €500 | €500 | = | 0.0% |
| Reserves | 13 | €132,293 | €203,260 | +€70,967 | +53.6% |
| Distributable reserves | 133 | €132,293 | €203,260 | +€70,967 | +53.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €119,614 | €106,781 | -€12,833 | -10.7% |
| Amounts payable within one year | 42/48 | €119,614 | €106,482 | -€13,133 | -11.0% |
| Trade debts | 44 | €36,007 | €10,303 | -€25,704 | -71.4% |
| Suppliers | 440/4 | €36,007 | €10,303 | -€25,704 | -71.4% |
| Taxes, remuneration and social security | 45 | €278 | €8,650 | +€8,372 | +3,015% |
| Taxes | 450/3 | €278 | €8,650 | +€8,372 | +3,015% |
| Other amounts payable | 47/48 | €83,330 | €87,529 | +€4,199 | +5.0% |
| Accrued charges and deferred income | 492/3 | - | €299 | +€299 | |
| Remuneration, social security and pensions | 62 | - | €6,275 | +€6,275 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,783 | €37,391 | +€9,608 | +34.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €2,002 | €5,702 | +€3,701 | +185% |
| Gross operating margin | 9900 | €56,620 | €225,228 | +€168,607 | +298% |
| Operating profit (loss) | 9901 | €26,836 | €175,859 | +€149,024 | +555% |
| Financial income | 75/76B | €518 | €3,032 | +€2,514 | +485% |
| Recurring financial income | 75 | €518 | €3,032 | +€2,514 | +485% |
| Financial charges | 65/66B | €39 | €41 | +€2 | +5.2% |
| Recurring financial charges | 65 | €39 | €41 | +€2 | +5.2% |
| Profit (loss) for the period before taxes | 9903 | €27,315 | €178,850 | +€151,535 | +555% |
| Income taxes | 67/77 | €9,180 | €57,364 | +€48,183 | +525% |
| Profit (loss) for the period | 9904 | €18,135 | €121,487 | +€103,352 | +570% |
| Profit (loss) for the period to be appropriated | 9905 | €18,135 | €121,487 | +€103,352 | +570% |
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 29 October 2026 via checked.be.