Dr. Sarien Mertens: what changed
Dr. Sarien Mertens
Largest movements
- Cash +€86,614
up €86,614 (+149%), from €58,058 to €144,673
mainly Net result for the year (+€76,377) and Depreciation (+€14,044)
- Tangible fixed assets -€14,044
down €14,044 (-28.3%), from €49,709 to €35,664
of which Furniture and vehicles: -€12,687
- Receivables within one year +€5,794
up €5,794 (+18.4%), from €31,446 to €37,240
of which Other amounts receivable: +€4,631
- Reserves +€76,350
up €76,350 (+64.3%), from €118,700 to €195,050
- Tax, wage and social debts +€3,300
up €3,300 (+20.6%), from €16,050 to €19,350
- Gross operating margin +€14,733
up €14,733 (+15.7%), from €93,701 to €108,434
- Taxes +€3,266
up €3,266 (+20.4%), from €16,050 to €19,316
- Depreciation -€1,153
down €1,153 (-7.6%), from €15,198 to €14,044
Change in the result, 2024 to 2025
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 2024 and 2025 balance sheets and the 2025 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 | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €140,682 | €219,042 | +€78,360 | +55.7% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €49,709 | €35,664 | -€14,044 | -28.3% |
| Tangible fixed assets | 22/27 | €49,709 | €35,664 | -€14,044 | -28.3% |
| Plant, machinery and equipment | 23 | €1,145 | €1,013 | -€132 | -11.6% |
| Furniture and vehicles | 24 | €44,276 | €31,589 | -€12,687 | -28.7% |
| Other tangible fixed assets | 26 | €4,288 | €3,063 | -€1,225 | -28.6% |
| Current assets | 29/58 | €90,973 | €183,377 | +€92,404 | +102% |
| Amounts receivable within one year | 40/41 | €31,446 | €37,240 | +€5,794 | +18.4% |
| Trade receivables | 40 | €3,450 | €4,612 | +€1,162 | +33.7% |
| Other amounts receivable | 41 | €27,996 | €32,628 | +€4,631 | +16.5% |
| Cash at bank and in hand | 54/58 | €58,058 | €144,673 | +€86,614 | +149% |
| Deferred charges and accrued income | 490/1 | €1,468 | €1,465 | -€4 | -0.2% |
| Total equity and liabilities | 10/49 | €140,682 | €219,042 | +€78,360 | +55.7% |
| Equity | 10/15 | €121,809 | €198,186 | +€76,377 | +62.7% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €118,700 | €195,050 | +€76,350 | +64.3% |
| Distributable reserves | 133 | €118,700 | €195,050 | +€76,350 | +64.3% |
| Profit (loss) carried forward | 14 | €109 | €136 | +€27 | +24.4% |
| Amounts payable | 17/49 | €18,872 | €20,856 | +€1,983 | +10.5% |
| Amounts payable within one year | 42/48 | €18,872 | €20,856 | +€1,983 | +10.5% |
| Trade debts | 44 | €2,822 | €1,506 | -€1,317 | -46.7% |
| Suppliers | 440/4 | €2,822 | €1,506 | -€1,317 | -46.7% |
| Taxes, remuneration and social security | 45 | €16,050 | €19,350 | +€3,300 | +20.6% |
| Taxes | 450/3 | €16,050 | €19,350 | +€3,300 | +20.6% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,198 | €14,044 | -€1,153 | -7.6% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €93,701 | €108,434 | +€14,733 | +15.7% |
| Operating profit (loss) | 9901 | €78,116 | €93,990 | +€15,874 | +20.3% |
| Financial income | 75/76B | €1,032 | €1,856 | +€823 | +79.8% |
| Recurring financial income | 75 | €1,032 | €1,856 | +€823 | +79.8% |
| Financial charges | 65/66B | €67 | €153 | +€86 | +129% |
| Recurring financial charges | 65 | €67 | €153 | +€86 | +129% |
| Profit (loss) for the period before taxes | 9903 | €79,082 | €95,693 | +€16,611 | +21.0% |
| Income taxes | 67/77 | €16,050 | €19,316 | +€3,266 | +20.4% |
| Profit (loss) for the period | 9904 | €63,032 | €76,377 | +€13,345 | +21.2% |
| Profit (loss) for the period to be appropriated | 9905 | €63,032 | €76,377 | +€13,345 | +21.2% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.