Dr. Mersch: 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.
Dr. Mersch
Largest movements
- Tangible fixed assets +€1.3m
up €1.3m (+180.7%), from €704,302 to €2.0m
of which Land and buildings: +€1.3m
- Cash +€530,037
up €530,037 (+119.0%), from €445,316 to €975,352
mainly Debts after one year (+€1.2m) and Net result for the year (+€183,987)
- Current investments -€124,460
no longer reported in 2025 (was €124,460)
- Debts after one year +€1.2m
up €1.2m (+220.8%), from €560,770 to €1.8m
- Reserves +€183,987
up €183,987 (+79.9%), from €230,358 to €414,344
- Other debts +€100,946
up €100,946 (+7682.5%), from €1,314 to €102,260
- Current portion of long-term debt +€82,580
up €82,580 (+262.1%), from €31,505 to €114,086
- Trade debts +€73,042
up €73,042 (+192.5%), from €37,951 to €110,992
- Financial charges +€40,816
up €40,816 (+523.3%), from €7,800 to €48,617
of which Financial charges: +€33,159
- Taxes -€40,327
down €40,327 (-39.5%), from €102,118 to €61,791
- Staff costs +€38,673
up €38,673 (+767.8%), from €5,037 to €43,710
- Depreciation +€36,892
up €36,892 (+38.8%), from €94,980 to €131,871
- Gross operating margin +€33,822
up €33,822 (+7.7%), from €439,127 to €472,949
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,376,514 | €3,062,088 | +€1.7m | +122.5% |
| Fixed assets | 21/28 | €704,327 | €1,978,380 | +€1.3m | +180.9% |
| Tangible fixed assets | 22/27 | €704,302 | €1,977,055 | +€1.3m | +180.7% |
| Land and buildings | 22 | €665,510 | €1,945,430 | +€1.3m | +192.3% |
| Plant, machinery and equipment | 23 | €21,555 | €19,420 | -€2,135 | -9.9% |
| Furniture and vehicles | 24 | €16,217 | €11,184 | -€5,033 | -31.0% |
| Other tangible fixed assets | 26 | €1,020 | €1,020 | = | 0.0% |
| Financial fixed assets | 28 | €25 | €1,325 | +€1,300 | +5200.0% |
| Current assets | 29/58 | €672,187 | €1,083,708 | +€411,521 | +61.2% |
| Amounts receivable within one year | 40/41 | €11,645 | €8,385 | -€3,260 | -28.0% |
| Trade receivables | 40 | €11,645 | €8,385 | -€3,260 | -28.0% |
| Current investments | 50/53 | €124,460 | - | -€124,460 | |
| Cash at bank and in hand | 54/58 | €445,316 | €975,352 | +€530,037 | +119.0% |
| Deferred charges and accrued income | 490/1 | €90,766 | €99,971 | +€9,205 | +10.1% |
| Total equity and liabilities | 10/49 | €1,376,514 | €3,062,088 | +€1.7m | +122.5% |
| Equity | 10/15 | €547,468 | €731,454 | +€183,987 | +33.6% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €230,358 | €414,344 | +€183,987 | +79.9% |
| Distributable reserves | 133 | €230,358 | €414,344 | +€183,987 | +79.9% |
| Profit (loss) carried forward | 14 | €307,110 | €307,110 | = | 0.0% |
| Amounts payable | 17/49 | €829,047 | €2,330,634 | +€1.5m | +181.1% |
| Amounts payable after more than one year | 17 | €560,770 | €1,798,955 | +€1.2m | +220.8% |
| Financial debts | 170/4 | €560,770 | €1,798,955 | +€1.2m | +220.8% |
| Amounts payable within one year | 42/48 | €268,006 | €530,188 | +€262,182 | +97.8% |
| Current portion of amounts payable after more than one year | 42 | €31,505 | €114,086 | +€82,580 | +262.1% |
| Trade debts | 44 | €37,951 | €110,992 | +€73,042 | +192.5% |
| Suppliers | 440/4 | €37,951 | €110,992 | +€73,042 | +192.5% |
| Taxes, remuneration and social security | 45 | €197,236 | €202,850 | +€5,614 | +2.8% |
| Taxes | 450/3 | €196,962 | €195,813 | -€1,150 | -0.6% |
| Remuneration and social security | 454/9 | €274 | €7,038 | +€6,764 | +2468.7% |
| Other amounts payable | 47/48 | €1,314 | €102,260 | +€100,946 | +7682.5% |
| Accrued charges and deferred income | 492/3 | €270 | €1,491 | +€1,220 | +451.1% |
| Remuneration, social security and pensions | 62 | €5,037 | €43,710 | +€38,673 | +767.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €94,980 | €131,871 | +€36,892 | +38.8% |
| Other operating charges | 640/8 | €6,511 | €23,576 | +€17,065 | +262.1% |
| Gross operating margin | 9900 | €439,127 | €472,949 | +€33,822 | +7.7% |
| Operating profit (loss) | 9901 | €332,599 | €273,792 | -€58,807 | -17.7% |
| Financial income | 75/76B | €7,677 | €20,602 | +€12,925 | +168.4% |
| Recurring financial income | 75 | €7,677 | €20,602 | +€12,925 | +168.4% |
| Financial charges | 65/66B | €7,800 | €48,617 | +€40,816 | +523.3% |
| Recurring financial charges | 65 | €7,800 | €40,959 | +€33,159 | +425.1% |
| Non-recurring financial charges | 66B | - | €7,657 | +€7,657 | |
| Profit (loss) for the period before taxes | 9903 | €332,476 | €245,777 | -€86,698 | -26.1% |
| Income taxes | 67/77 | €102,118 | €61,791 | -€40,327 | -39.5% |
| Profit (loss) for the period | 9904 | €230,358 | €183,987 | -€46,371 | -20.1% |
| Profit (loss) for the period to be appropriated | 9905 | €230,358 | €183,987 | -€46,371 | -20.1% |
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.