Dr. Tom Mertens: 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.
Dr. Tom Mertens
Largest movements
- Receivables after one year -€73,000
down €73,000 (-100%), from €73,000 to €0
- Cash -€19,906
down €19,906 (-29.4%), from €67,785 to €47,879
mainly Contributions, distributions and other (-€133,800) and Other debts (-€72,420)
- Receivables within one year +€7,474
up €7,474 (+106%), from €7,031 to €14,505
of which Other amounts receivable: +€10,034
- Other debts -€72,420
down €72,420 (-68.2%), from €106,250 to €33,830
- Tax, wage and social debts -€20,714
down €20,714 (-73.0%), from €28,394 to €7,680
- Short-term financial debts +€10,114
new in 2025: €10,114
- Debts after one year +€8,580
new in 2025: €8,580
- Current portion of long-term debt -€8,544
down €8,544 (-100%), from €8,544 to €0
- Gross operating margin +€7,330
up €7,330 (+4.4%), from €165,716 to €173,046
- Taxes +€1,850
up €1,850 (+4.9%), from €37,911 to €39,761
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 | €148,313 | €62,385 | -€85,929 | -57.9% |
| Current assets | 29/58 | €148,313 | €62,385 | -€85,929 | -57.9% |
| Amounts receivable after more than one year | 29 | €73,000 | €0 | -€73,000 | -100% |
| Other amounts receivable | 291 | €73,000 | €0 | -€73,000 | -100% |
| Amounts receivable within one year | 40/41 | €7,031 | €14,505 | +€7,474 | +106% |
| Trade receivables | 40 | €2,649 | €89 | -€2,560 | -96.6% |
| Other amounts receivable | 41 | €4,382 | €14,416 | +€10,034 | +229% |
| Cash at bank and in hand | 54/58 | €67,785 | €47,879 | -€19,906 | -29.4% |
| Deferred charges and accrued income | 490/1 | €497 | €0 | -€497 | -100% |
| Total equity and liabilities | 10/49 | €148,313 | €62,385 | -€85,929 | -57.9% |
| Equity | 10/15 | €4,828 | €2,013 | -€2,815 | -58.3% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €2,828 | €13 | -€2,815 | -99.5% |
| Distributable reserves | 133 | €2,828 | €13 | -€2,815 | -99.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €143,485 | €60,372 | -€83,114 | -57.9% |
| Amounts payable after more than one year | 17 | - | €8,580 | +€8,580 | |
| Other amounts payable | 178/9 | - | €8,580 | +€8,580 | |
| Amounts payable within one year | 42/48 | €143,485 | €51,791 | -€91,694 | -63.9% |
| Current portion of amounts payable after more than one year | 42 | €8,544 | €0 | -€8,544 | -100% |
| Financial debts | 43 | - | €10,114 | +€10,114 | |
| Credit institutions | 430/8 | - | €10,114 | +€10,114 | |
| Trade debts | 44 | €298 | €167 | -€131 | -44.0% |
| Suppliers | 440/4 | €298 | €167 | -€131 | -44.0% |
| Taxes, remuneration and social security | 45 | €28,394 | €7,680 | -€20,714 | -73.0% |
| Taxes | 450/3 | €28,394 | €7,680 | -€20,714 | -73.0% |
| Other amounts payable | 47/48 | €106,250 | €33,830 | -€72,420 | -68.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €0 | - | = | |
| Other operating charges | 640/8 | €820 | €1,006 | +€186 | +22.6% |
| Gross operating margin | 9900 | €165,716 | €173,046 | +€7,330 | +4.4% |
| Operating profit (loss) | 9901 | €164,896 | €172,041 | +€7,145 | +4.3% |
| Financial income | 75/76B | €1,786 | €1,331 | -€455 | -25.5% |
| Recurring financial income | 75 | €1,786 | €1,331 | -€455 | -25.5% |
| Financial charges | 65/66B | €3,192 | €2,626 | -€566 | -17.7% |
| Recurring financial charges | 65 | €3,192 | €2,626 | -€566 | -17.7% |
| Profit (loss) for the period before taxes | 9903 | €163,489 | €170,746 | +€7,257 | +4.4% |
| Income taxes | 67/77 | €37,911 | €39,761 | +€1,850 | +4.9% |
| Profit (loss) for the period | 9904 | €125,578 | €130,985 | +€5,407 | +4.3% |
| Profit (loss) for the period to be appropriated | 9905 | €125,578 | €130,985 | +€5,407 | +4.3% |
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 30 October 2026 via checked.be.