Fietsen 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.
Fietsen Mertens
Largest movements
- Stocks and contracts -€44,364
down €44,364 (-20.3%), from €218,937 to €174,573
- Receivables within one year -€17,129
down €17,129 (-59.6%), from €28,730 to €11,601
of which Other amounts receivable: -€11,565
- Cash -€9,737
down €9,737 (-25.3%), from €38,551 to €28,814
mainly Contributions, distributions and other (-€60,824) and Other debts (-€39,712)
- Other debts -€39,712
down €39,712 (-74.2%), from €53,527 to €13,815
- Reserves -€37,842
down €37,842 (-18.2%), from €208,435 to €170,593
- Trade debts +€3,219
up €3,219 (+104%), from €3,086 to €6,305
- Tax, wage and social debts +€3,092
up €3,092 (+105%), from €2,954 to €6,046
of which Taxes: +€3,092
- Gross operating margin -€44,419
down €44,419 (-58.2%), from €76,298 to €31,878
- Taxes -€13,067
down €13,067 (-65.7%), from €19,894 to €6,826
- Depreciation -€1,565
down €1,565 (-100%), from €1,565 to €0
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 | €286,552 | €215,309 | -€71,242 | -24.9% |
| Fixed assets | 21/28 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €0 | - | = | |
| Furniture and vehicles | 24 | €0 | - | = | |
| Current assets | 29/58 | €286,552 | €215,309 | -€71,242 | -24.9% |
| Stocks and contracts in progress | 3 | €218,937 | €174,573 | -€44,364 | -20.3% |
| Stocks | 30/36 | €218,937 | €174,573 | -€44,364 | -20.3% |
| Amounts receivable within one year | 40/41 | €28,730 | €11,601 | -€17,129 | -59.6% |
| Trade receivables | 40 | €9,991 | €4,427 | -€5,564 | -55.7% |
| Other amounts receivable | 41 | €18,739 | €7,174 | -€11,565 | -61.7% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €38,551 | €28,814 | -€9,737 | -25.3% |
| Deferred charges and accrued income | 490/1 | €334 | €322 | -€12 | -3.7% |
| Total equity and liabilities | 10/49 | €286,552 | €215,309 | -€71,242 | -24.9% |
| Equity | 10/15 | €226,985 | €189,143 | -€37,842 | -16.7% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €208,435 | €170,593 | -€37,842 | -18.2% |
| Distributable reserves | 133 | €208,435 | €170,593 | -€37,842 | -18.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €59,567 | €26,166 | -€33,401 | -56.1% |
| Amounts payable within one year | 42/48 | €59,567 | €26,166 | -€33,401 | -56.1% |
| Trade debts | 44 | €3,086 | €6,305 | +€3,219 | +104% |
| Suppliers | 440/4 | €3,086 | €6,305 | +€3,219 | +104% |
| Taxes, remuneration and social security | 45 | €2,954 | €6,046 | +€3,092 | +105% |
| Taxes | 450/3 | €2,954 | €6,046 | +€3,092 | +105% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €53,527 | €13,815 | -€39,712 | -74.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,565 | €0 | -€1,565 | -100% |
| Other operating charges | 640/8 | €1,168 | €1,260 | +€92 | +7.9% |
| Gross operating margin | 9900 | €76,298 | €31,878 | -€44,419 | -58.2% |
| Operating profit (loss) | 9901 | €73,564 | €30,618 | -€42,946 | -58.4% |
| Financial income | 75/76B | €411 | €0 | -€411 | -100% |
| Recurring financial income | 75 | €411 | €0 | -€411 | -100% |
| Financial charges | 65/66B | €554 | €809 | +€255 | +46.0% |
| Recurring financial charges | 65 | €554 | €809 | +€255 | +46.0% |
| Profit (loss) for the period before taxes | 9903 | €73,421 | €29,809 | -€43,612 | -59.4% |
| Income taxes | 67/77 | €19,894 | €6,826 | -€13,067 | -65.7% |
| Profit (loss) for the period | 9904 | €53,527 | €22,982 | -€30,544 | -57.1% |
| Profit (loss) for the period to be appropriated | 9905 | €53,527 | €22,982 | -€30,544 | -57.1% |
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 1 November 2026 via checked.be.