Dr. E. Mertens: what changed
Two fiscal 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.
What changed
Dr. E. Mertens
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€70,300
2024 · €133,941-€63,640
Equity
€1.8m
2024 · €2.1m-€298,121
Cash
€9,174
2024 · €22,830-€13,656
Balance sheet total
€2.7m
2024 · €2.6m+€110,261
Largest movements
Assets
- Receivables after one year +€156,826
up €156,826 (+10.8%), from €1.5m to €1.6m
- Tangible fixed assets -€30,526
down €30,526 (-7.1%), from €430,546 to €400,021
of which Land and buildings: -€24,641
Equity and liabilities
- Other debts +€518,111
up €518,111 (+1006.6%), from €51,469 to €569,580
- Reserves -€298,121
down €298,121 (-15.1%), from €2.0m to €1.7m
- Debts after one year -€95,942
down €95,942 (-28.2%), from €340,308 to €244,366
Income statement
- Gross operating margin -€55,748
down €55,748 (-31.3%), from €178,045 to €122,297
- Financial charges +€37,882
up €37,882 (+44.2%), from €85,800 to €123,682
- Financial income +€16,900
up €16,900 (+16.5%), from €102,353 to €119,252
- Other operating charges -€10,964
down €10,964 (-67.3%), from €16,290 to €5,326
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.
Result 2024
€133,941
Gross operating margin
-€55,748
Depreciation
+€448
Other operating charges
+€10,964
Financial income
+€16,900
Financial charges
-€37,882
Taxes
+€1,678
Result 2025
€70,300
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.
From operations
+€451,819
Investment
€0
Financing
-€465,475
Cash 2024
€22,830
From operations (derived)
+€451,819
Net result for the year
+€70,300
Depreciation
+€30,526
Receivables after one year
-€156,826
Receivables within one year
+€5,364
Deferred charges and accrued income
-€2,981
Trade debts
-€4,610
Tax, wage and social debts
-€12,244
Other debts
+€518,111
Accrued charges and deferred income
+€4,178
Financing
-€465,475
Debts after one year
-€95,942
Current portion of long-term debt
+€1,016
Short-term financial debts
-€2,127
Contributions, distributions and other
-€368,421
Cash 2025
€9,174
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,619,937 | €2,730,198 | +€110,261 | +4.2% |
| Fixed assets | 21/28 | €433,202 | €402,676 | -€30,526 | -7.0% |
| Tangible fixed assets | 22/27 | €430,546 | €400,021 | -€30,526 | -7.1% |
| Land and buildings | 22 | €402,061 | €377,420 | -€24,641 | -6.1% |
| Plant, machinery and equipment | 23 | €6,150 | €5,330 | -€820 | -13.3% |
| Furniture and vehicles | 24 | €9,835 | €4,771 | -€5,064 | -51.5% |
| Other tangible fixed assets | 26 | €12,500 | €12,500 | = | 0.0% |
| Financial fixed assets | 28 | €2,655 | €2,655 | = | 0.0% |
| Current assets | 29/58 | €2,186,736 | €2,327,522 | +€140,787 | +6.4% |
| Amounts receivable after more than one year | 29 | €1,456,453 | €1,613,279 | +€156,826 | +10.8% |
| Other amounts receivable | 291 | €1,456,453 | €1,613,279 | +€156,826 | +10.8% |
| Amounts receivable within one year | 40/41 | €475,677 | €470,313 | -€5,364 | -1.1% |
| Trade receivables | 40 | €35,377 | €29,312 | -€6,065 | -17.1% |
| Other amounts receivable | 41 | €440,300 | €441,001 | +€701 | +0.2% |
| Current investments | 50/53 | €146,800 | €146,800 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €22,830 | €9,174 | -€13,656 | -59.8% |
| Deferred charges and accrued income | 490/1 | €84,976 | €87,956 | +€2,981 | +3.5% |
| Total equity and liabilities | 10/49 | €2,619,937 | €2,730,198 | +€110,261 | +4.2% |
| Equity | 10/15 | €2,092,061 | €1,793,940 | -€298,121 | -14.3% |
| Contributions | 10/11 | €120,000 | €120,000 | = | 0.0% |
| Reserves | 13 | €1,972,061 | €1,673,940 | -€298,121 | -15.1% |
| Distributable reserves | 133 | €1,972,061 | €1,673,940 | -€298,121 | -15.1% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €527,877 | €936,259 | +€408,382 | +77.4% |
| Amounts payable after more than one year | 17 | €340,308 | €244,366 | -€95,942 | -28.2% |
| Financial debts | 170/4 | €340,308 | €244,366 | -€95,942 | -28.2% |
| Amounts payable within one year | 42/48 | €184,948 | €685,093 | +€500,146 | +270.4% |
| Current portion of amounts payable after more than one year | 42 | €94,926 | €95,942 | +€1,016 | +1.1% |
| Financial debts | 43 | €2,127 | €0 | -€2,127 | -100.0% |
| Credit institutions | 430/8 | €2,127 | €0 | -€2,127 | -100.0% |
| Other loans | 439 | €0 | - | = | |
| Trade debts | 44 | €5,736 | €1,126 | -€4,610 | -80.4% |
| Suppliers | 440/4 | €5,736 | €1,126 | -€4,610 | -80.4% |
| Taxes, remuneration and social security | 45 | €30,690 | €18,445 | -€12,244 | -39.9% |
| Taxes | 450/3 | €30,690 | €18,445 | -€12,244 | -39.9% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €51,469 | €569,580 | +€518,111 | +1006.6% |
| Accrued charges and deferred income | 492/3 | €2,622 | €6,800 | +€4,178 | +159.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,973 | €30,526 | -€448 | -1.4% |
| Other operating charges | 640/8 | €16,290 | €5,326 | -€10,964 | -67.3% |
| Gross operating margin | 9900 | €178,045 | €122,297 | -€55,748 | -31.3% |
| Operating profit (loss) | 9901 | €130,782 | €86,445 | -€44,337 | -33.9% |
| Financial income | 75/76B | €102,353 | €119,252 | +€16,900 | +16.5% |
| Recurring financial income | 75 | €102,353 | €119,252 | +€16,900 | +16.5% |
| Financial charges | 65/66B | €85,800 | €123,682 | +€37,882 | +44.2% |
| Recurring financial charges | 65 | €85,800 | €123,682 | +€37,882 | +44.2% |
| Profit (loss) for the period before taxes | 9903 | €147,335 | €82,016 | -€65,319 | -44.3% |
| Income taxes | 67/77 | €13,394 | €11,716 | -€1,678 | -12.5% |
| Profit (loss) for the period | 9904 | €133,941 | €70,300 | -€63,640 | -47.5% |
| Profit (loss) for the period to be appropriated | 9905 | €133,941 | €70,300 | -€63,640 | -47.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.