ETS MERSCH: 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.
ETS MERSCH
Largest movements
- Cash -€7,594
down €7,594 (-16.2%), from €46,965 to €39,371
mainly Net result for the year (-€8,320) and Receivables within one year (-€4,186)
- Receivables within one year +€4,186
up €4,186 (+103.5%), from €4,045 to €8,231
of which Trade receivables: +€3,252
- Tangible fixed assets -€3,969
down €3,969 (-16.3%), from €24,339 to €20,371
of which Land and buildings: -€3,501
- Profit (loss) carried forward -€8,320
down €8,320 (-14.0%), from -€59,629 to -€67,950
- Trade debts +€1,854
up €1,854 (+616.5%), from €301 to €2,155
- Gross operating margin +€11,329
up €11,329 (+93.7%), from -€12,087 to -€758
- Other operating charges -€2,438
down €2,438 (-57.4%), from €4,245 to €1,807
- Staff costs +€572
up €572 (+72.2%), from €793 to €1,366
- Depreciation -€525
down €525 (-11.7%), from €4,493 to €3,969
- Financial income -€436
down €436 (-64.8%), from €672 to €236
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 | €79,099 | €72,117 | -€6,982 | -8.8% |
| Fixed assets | 21/28 | €24,339 | €20,371 | -€3,969 | -16.3% |
| Tangible fixed assets | 22/27 | €24,339 | €20,371 | -€3,969 | -16.3% |
| Land and buildings | 22 | €23,872 | €20,371 | -€3,501 | -14.7% |
| Plant, machinery and equipment | 23 | €468 | - | -€468 | |
| Current assets | 29/58 | €54,760 | €51,746 | -€3,014 | -5.5% |
| Amounts receivable within one year | 40/41 | €4,045 | €8,231 | +€4,186 | +103.5% |
| Trade receivables | 40 | €1,819 | €5,071 | +€3,252 | +178.8% |
| Other amounts receivable | 41 | €2,226 | €3,160 | +€934 | +42.0% |
| Cash at bank and in hand | 54/58 | €46,965 | €39,371 | -€7,594 | -16.2% |
| Deferred charges and accrued income | 490/1 | €3,750 | €4,144 | +€394 | +10.5% |
| Total equity and liabilities | 10/49 | €79,099 | €72,117 | -€6,982 | -8.8% |
| Equity | 10/15 | €77,980 | €69,659 | -€8,320 | -10.7% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €37,609 | €37,609 | = | 0.0% |
| Non-distributable reserves | 130/1 | €10,000 | €10,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €10,000 | €10,000 | = | 0.0% |
| Distributable reserves | 133 | €27,609 | €27,609 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€59,629 | -€67,950 | -€8,320 | -14.0% |
| Amounts payable | 17/49 | €1,119 | €2,457 | +€1,338 | +119.5% |
| Amounts payable within one year | 42/48 | €1,119 | €2,457 | +€1,338 | +119.5% |
| Trade debts | 44 | €301 | €2,155 | +€1,854 | +616.5% |
| Suppliers | 440/4 | €301 | €2,155 | +€1,854 | +616.5% |
| Taxes, remuneration and social security | 45 | €819 | €302 | -€517 | -63.1% |
| Taxes | 450/3 | €819 | €302 | -€517 | -63.1% |
| Non-recurring operating income | 76A | €500 | €8,250 | +€7,750 | +1550.0% |
| Remuneration, social security and pensions | 62 | €793 | €1,366 | +€572 | +72.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,493 | €3,969 | -€525 | -11.7% |
| Other operating charges | 640/8 | €4,245 | €1,807 | -€2,438 | -57.4% |
| Gross operating margin | 9900 | -€12,087 | -€758 | +€11,329 | +93.7% |
| Operating profit (loss) | 9901 | -€21,618 | -€7,899 | +€13,719 | +63.5% |
| Financial income | 75/76B | €672 | €236 | -€436 | -64.8% |
| Recurring financial income | 75 | €672 | €236 | -€436 | -64.8% |
| Financial charges | 65/66B | €820 | €658 | -€163 | -19.8% |
| Recurring financial charges | 65 | €820 | €658 | -€163 | -19.8% |
| Profit (loss) for the period before taxes | 9903 | -€21,766 | -€8,320 | +€13,446 | +61.8% |
| Profit (loss) for the period | 9904 | -€21,766 | -€8,320 | +€13,446 | +61.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€21,766 | -€8,320 | +€13,446 | +61.8% |
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 11 October 2026 via checked.be.