FRANK MERTENS: what changed
FRANK MERTENS
Largest movements
- Cash +€140,781
up €140,781 (+112%), from €125,274 to €266,055
mainly Net result for the year (+€196,576) and Depreciation (+€88,142)
- Current investments -€79,887
down €79,887 (-18.7%), from €427,378 to €347,490
- Deferred charges and accrued income +€34,676
up €34,676 (+21.3%), from €162,430 to €197,106
- Tangible fixed assets -€24,195
down €24,195 (-5.1%), from €478,339 to €454,144
of which Land and buildings: -€20,892
- Intangible fixed assets -€16,757
down €16,757 (-11.3%), from €148,387 to €131,630
- Reserves +€86,503
up €86,503 (+11.0%), from €789,843 to €876,347
of which Distributable reserves: +€86,503
- Debts after one year -€46,705
down €46,705 (-14.5%), from €322,349 to €275,644
- Other debts +€23,359
up €23,359 (+27.0%), from €86,671 to €110,030
- Financial income +€47,459
up €47,459 (+1,073%), from €4,424 to €51,883
- Staff costs -€42,049
down €42,049 (-17.0%), from €247,153 to €205,103
- Financial charges +€28,367
up €28,367, from -€17,561 to €10,807
- Gross operating margin -€26,876
down €26,876 (-4.7%), from €572,561 to €545,684
- Taxes +€9,354
up €9,354 (+11.8%), from €79,487 to €88,841
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 | €1,344,742 | €1,399,538 | +€54,797 | +4.1% |
| Fixed assets | 21/28 | €626,726 | €585,774 | -€40,951 | -6.5% |
| Intangible fixed assets | 21 | €148,387 | €131,630 | -€16,757 | -11.3% |
| Tangible fixed assets | 22/27 | €478,339 | €454,144 | -€24,195 | -5.1% |
| Land and buildings | 22 | €358,798 | €337,907 | -€20,892 | -5.8% |
| Plant, machinery and equipment | 23 | €6,500 | €6,484 | -€15 | -0.2% |
| Furniture and vehicles | 24 | €113,041 | €109,753 | -€3,288 | -2.9% |
| Current assets | 29/58 | €718,016 | €813,764 | +€95,748 | +13.3% |
| Amounts receivable within one year | 40/41 | €2,934 | €3,113 | +€179 | +6.1% |
| Trade receivables | 40 | - | €179 | +€179 | |
| Other amounts receivable | 41 | €2,934 | €2,934 | = | 0.0% |
| Current investments | 50/53 | €427,378 | €347,490 | -€79,887 | -18.7% |
| Cash at bank and in hand | 54/58 | €125,274 | €266,055 | +€140,781 | +112% |
| Deferred charges and accrued income | 490/1 | €162,430 | €197,106 | +€34,676 | +21.3% |
| Total equity and liabilities | 10/49 | €1,344,742 | €1,399,538 | +€54,797 | +4.1% |
| Equity | 10/15 | €808,443 | €894,947 | +€86,503 | +10.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €789,843 | €876,347 | +€86,503 | +11.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Other | 1319 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €787,983 | €874,487 | +€86,503 | +11.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €536,298 | €504,592 | -€31,707 | -5.9% |
| Amounts payable after more than one year | 17 | €322,349 | €275,644 | -€46,705 | -14.5% |
| Financial debts | 170/4 | €322,349 | €275,644 | -€46,705 | -14.5% |
| Amounts payable within one year | 42/48 | €207,040 | €225,704 | +€18,664 | +9.0% |
| Current portion of amounts payable after more than one year | 42 | €45,655 | €46,705 | +€1,050 | +2.3% |
| Trade debts | 44 | €1,788 | €6,938 | +€5,150 | +288% |
| Suppliers | 440/4 | €1,788 | €6,938 | +€5,150 | +288% |
| Taxes, remuneration and social security | 45 | €72,926 | €62,031 | -€10,895 | -14.9% |
| Taxes | 450/3 | €28,707 | €31,838 | +€3,130 | +10.9% |
| Remuneration and social security | 454/9 | €44,219 | €30,193 | -€14,026 | -31.7% |
| Other amounts payable | 47/48 | €86,671 | €110,030 | +€23,359 | +27.0% |
| Accrued charges and deferred income | 492/3 | €6,909 | €3,243 | -€3,666 | -53.1% |
| Remuneration, social security and pensions | 62 | €247,153 | €205,103 | -€42,049 | -17.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €87,074 | €88,142 | +€1,068 | +1.2% |
| Other operating charges | 640/8 | €7,815 | €8,099 | +€283 | +3.6% |
| Gross operating margin | 9900 | €572,561 | €545,684 | -€26,876 | -4.7% |
| Operating profit (loss) | 9901 | €230,519 | €244,341 | +€13,822 | +6.0% |
| Financial income | 75/76B | €4,424 | €51,883 | +€47,459 | +1,073% |
| Recurring financial income | 75 | €4,424 | €51,883 | +€47,459 | +1,073% |
| Financial charges | 65/66B | -€17,561 | €10,807 | +€28,367 | |
| Recurring financial charges | 65 | -€17,561 | €10,807 | +€28,367 | |
| Profit (loss) for the period before taxes | 9903 | €252,503 | €285,417 | +€32,914 | +13.0% |
| Income taxes | 67/77 | €79,487 | €88,841 | +€9,354 | +11.8% |
| Profit (loss) for the period | 9904 | €173,016 | €196,576 | +€23,559 | +13.6% |
| Profit (loss) for the period to be appropriated | 9905 | €173,016 | €196,576 | +€23,559 | +13.6% |
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.