CARINE MERGAERT: 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.
CARINE MERGAERT
Largest movements
- Current investments +€278,634
up €278,634 (+92.8%), from €300,184 to €578,818
- Tangible fixed assets -€94,195
down €94,195 (-95.5%), from €98,586 to €4,391
of which Land and buildings: -€93,127
- Cash +€28,425
up €28,425 (+13.3%), from €214,065 to €242,490
mainly Net result for the year (+€229,440) and Investment in fixed assets (net) (+€93,127)
- Receivables within one year -€25,000
no longer reported in 2025 (was €25,000)
- Deferred charges and accrued income +€12,246
up €12,246 (+238%), from €5,145 to €17,390
- Reserves +€173,063
up €173,063 (+30.7%), from €563,291 to €736,355
- Tax, wage and social debts +€27,117
up €27,117 (+361%), from €7,516 to €34,633
- Gross operating margin +€224,293
up €224,293 (+365%), from €61,396 to €285,689
- Taxes +€71,793
up €71,793 (+391%), from €18,365 to €90,158
- Financial income +€33,471
up €33,471 (+812%), from €4,122 to €37,594
- Depreciation -€6,684
down €6,684 (-86.2%), from €7,752 to €1,068
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 | €642,979 | €843,089 | +€200,110 | +31.1% |
| Fixed assets | 21/28 | €98,586 | €4,391 | -€94,195 | -95.5% |
| Tangible fixed assets | 22/27 | €98,586 | €4,391 | -€94,195 | -95.5% |
| Land and buildings | 22 | €93,127 | - | -€93,127 | |
| Plant, machinery and equipment | 23 | €4,178 | €3,253 | -€924 | -22.1% |
| Furniture and vehicles | 24 | €1,281 | €1,138 | -€143 | -11.2% |
| Current assets | 29/58 | €544,394 | €838,699 | +€294,305 | +54.1% |
| Amounts receivable within one year | 40/41 | €25,000 | - | -€25,000 | |
| Other amounts receivable | 41 | €25,000 | - | -€25,000 | |
| Current investments | 50/53 | €300,184 | €578,818 | +€278,634 | +92.8% |
| Cash at bank and in hand | 54/58 | €214,065 | €242,490 | +€28,425 | +13.3% |
| Deferred charges and accrued income | 490/1 | €5,145 | €17,390 | +€12,246 | +238% |
| Total equity and liabilities | 10/49 | €642,979 | €843,089 | +€200,110 | +31.1% |
| Equity | 10/15 | €575,691 | €748,755 | +€173,063 | +30.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €563,291 | €736,355 | +€173,063 | +30.7% |
| Distributable reserves | 133 | €563,291 | €736,355 | +€173,063 | +30.7% |
| Amounts payable | 17/49 | €67,288 | €94,335 | +€27,047 | +40.2% |
| Amounts payable within one year | 42/48 | €65,105 | €93,439 | +€28,334 | +43.5% |
| Trade debts | 44 | €1,357 | €1,286 | -€71 | -5.2% |
| Suppliers | 440/4 | €1,357 | €1,286 | -€71 | -5.2% |
| Taxes, remuneration and social security | 45 | €7,516 | €34,633 | +€27,117 | +361% |
| Taxes | 450/3 | €7,516 | €34,633 | +€27,117 | +361% |
| Other amounts payable | 47/48 | €56,231 | €57,519 | +€1,288 | +2.3% |
| Accrued charges and deferred income | 492/3 | €2,183 | €895 | -€1,287 | -59.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,752 | €1,068 | -€6,684 | -86.2% |
| Other operating charges | 640/8 | €1,231 | €714 | -€517 | -42.0% |
| Gross operating margin | 9900 | €61,396 | €285,689 | +€224,293 | +365% |
| Operating profit (loss) | 9901 | €52,413 | €283,907 | +€231,494 | +442% |
| Financial income | 75/76B | €4,122 | €37,594 | +€33,471 | +812% |
| Recurring financial income | 75 | €4,122 | €37,594 | +€33,471 | +812% |
| Financial charges | 65/66B | €1,514 | €1,903 | +€389 | +25.7% |
| Recurring financial charges | 65 | €1,514 | €1,903 | +€389 | +25.7% |
| Profit (loss) for the period before taxes | 9903 | €55,021 | €319,598 | +€264,577 | +481% |
| Income taxes | 67/77 | €18,365 | €90,158 | +€71,793 | +391% |
| Profit (loss) for the period | 9904 | €36,656 | €229,440 | +€192,784 | +526% |
| Profit (loss) for the period to be appropriated | 9905 | €36,656 | €229,440 | +€192,784 | +526% |
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 18 October 2026 via checked.be.