DE SMET - MERTENS: what changed
DE SMET - MERTENS
Largest movements
- Cash -€86,426
down €86,426 (-78.2%), from €110,580 to €24,154
mainly Net result for the year (-€84,767) and Current portion of long-term debt (-€15,387)
- Tangible fixed assets -€24,498
down €24,498 (-11.4%), from €214,743 to €190,245
of which Furniture and vehicles: -€13,036
- Profit (loss) carried forward -€84,767
down €84,767 (-41.7%), from €203,342 to €118,575
- Current portion of long-term debt -€15,387
down €15,387 (-56.7%), from €27,149 to €11,762
- Debts after one year -€11,762
down €11,762 (-19.9%), from €59,012 to €47,250
- Other debts +€3,835
new in 2026: €3,835
- Gross operating margin -€96,819
down €96,819, from €82,096 to -€14,723
- Taxes +€21,989
up €21,989 (+114%), from €19,230 to €41,219
- Financial charges -€888
down €888 (-21.3%), from €4,178 to €3,290
Change in the result, 2025 to 2026
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2025 and 2026 balance sheets and the 2026 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €325,447 | €214,523 | -€110,924 | -34.1% |
| Fixed assets | 21/28 | €214,867 | €190,369 | -€24,498 | -11.4% |
| Tangible fixed assets | 22/27 | €214,743 | €190,245 | -€24,498 | -11.4% |
| Land and buildings | 22 | €188,814 | €177,352 | -€11,462 | -6.1% |
| Furniture and vehicles | 24 | €25,929 | €12,893 | -€13,036 | -50.3% |
| Financial fixed assets | 28 | €124 | €124 | = | 0.0% |
| Current assets | 29/58 | €110,580 | €24,154 | -€86,426 | -78.2% |
| Cash at bank and in hand | 54/58 | €110,580 | €24,154 | -€86,426 | -78.2% |
| Total equity and liabilities | 10/49 | €325,447 | €214,523 | -€110,924 | -34.1% |
| Equity | 10/15 | €231,873 | €147,106 | -€84,767 | -36.6% |
| Contributions | 10/11 | €8,056 | €8,056 | = | 0.0% |
| Reserves | 13 | €20,475 | €20,475 | = | 0.0% |
| Tax-exempt reserves | 132 | €20,475 | €20,475 | = | 0.0% |
| Profit (loss) carried forward | 14 | €203,342 | €118,575 | -€84,767 | -41.7% |
| Amounts payable | 17/49 | €93,574 | €67,417 | -€26,157 | -28.0% |
| Amounts payable after more than one year | 17 | €59,012 | €47,250 | -€11,762 | -19.9% |
| Financial debts | 170/4 | €59,012 | €47,250 | -€11,762 | -19.9% |
| Amounts payable within one year | 42/48 | €28,832 | €17,297 | -€11,535 | -40.0% |
| Current portion of amounts payable after more than one year | 42 | €27,149 | €11,762 | -€15,387 | -56.7% |
| Trade debts | 44 | €1,683 | €1,700 | +€17 | +1.0% |
| Suppliers | 440/4 | €1,683 | €1,700 | +€17 | +1.0% |
| Other amounts payable | 47/48 | - | €3,835 | +€3,835 | |
| Accrued charges and deferred income | 492/3 | €5,730 | €2,870 | -€2,860 | -49.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,498 | €24,498 | = | 0.0% |
| Other operating charges | 640/8 | €2,097 | €1,609 | -€488 | -23.3% |
| Gross operating margin | 9900 | €82,096 | -€14,723 | -€96,819 | |
| Operating profit (loss) | 9901 | €55,501 | -€40,830 | -€96,331 | |
| Financial income | 75/76B | €194 | €572 | +€378 | +195% |
| Recurring financial income | 75 | €194 | €572 | +€378 | +195% |
| Financial charges | 65/66B | €4,178 | €3,290 | -€888 | -21.3% |
| Recurring financial charges | 65 | €4,178 | €3,290 | -€888 | -21.3% |
| Profit (loss) for the period before taxes | 9903 | €51,517 | -€43,548 | -€95,065 | |
| Income taxes | 67/77 | €19,230 | €41,219 | +€21,989 | +114% |
| Profit (loss) for the period | 9904 | €32,287 | -€84,767 | -€117,054 | |
| Profit (loss) for the period to be appropriated | 9905 | €32,287 | -€84,767 | -€117,054 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 28 February 2025 and 28 February 2026. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.