ILSE MERTENS: what changed
ILSE MERTENS
Largest movements
- Cash +€19,154
up €19,154 (+20.5%), from €93,226 to €112,380
mainly Net result for the year (+€31,527) and Tax, wage and social debts (+€9,077)
- Tangible fixed assets -€7,608
down €7,608 (-38.7%), from €19,641 to €12,033
of which Furniture and vehicles: -€6,913
- Receivables within one year -€4,882
down €4,882 (-12.7%), from €38,456 to €33,575
of which Trade receivables: -€7,200
- Reserves +€18,879
up €18,879 (+19.7%), from €95,750 to €114,629
- Other debts -€15,896
no longer reported in 2025 (was €15,896)
- Tax, wage and social debts +€9,077
up €9,077 (+266%), from €3,414 to €12,492
of which Taxes: +€12,077
- Debts after one year -€6,462
down €6,462 (-62.8%), from €10,286 to €3,824
- Gross operating margin +€39,211
up €39,211 (+210%), from €18,650 to €57,861
- Taxes +€15,010
up €15,010 (+405%), from €3,702 to €18,712
- Financial income +€2,011
new in 2025: €2,011
- Financial charges -€890
down €890 (-44.9%), from €1,983 to €1,093
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 | €152,326 | €159,437 | +€7,111 | +4.7% |
| Fixed assets | 21/28 | €19,641 | €12,033 | -€7,608 | -38.7% |
| Tangible fixed assets | 22/27 | €19,641 | €12,033 | -€7,608 | -38.7% |
| Plant, machinery and equipment | 23 | €1,029 | €334 | -€695 | -67.5% |
| Furniture and vehicles | 24 | €18,612 | €11,699 | -€6,913 | -37.1% |
| Current assets | 29/58 | €132,685 | €147,404 | +€14,719 | +11.1% |
| Amounts receivable within one year | 40/41 | €38,456 | €33,575 | -€4,882 | -12.7% |
| Trade receivables | 40 | €31,363 | €24,163 | -€7,200 | -23.0% |
| Other amounts receivable | 41 | €7,093 | €9,412 | +€2,319 | +32.7% |
| Cash at bank and in hand | 54/58 | €93,226 | €112,380 | +€19,154 | +20.5% |
| Deferred charges and accrued income | 490/1 | €1,002 | €1,449 | +€447 | +44.6% |
| Total equity and liabilities | 10/49 | €152,326 | €159,437 | +€7,111 | +4.7% |
| Equity | 10/15 | €107,617 | €127,029 | +€19,412 | +18.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €95,750 | €114,629 | +€18,879 | +19.7% |
| Distributable reserves | 133 | €95,750 | €114,629 | +€18,879 | +19.7% |
| Profit (loss) carried forward | 14 | -€534 | - | +€534 | |
| Amounts payable | 17/49 | €44,709 | €32,408 | -€12,301 | -27.5% |
| Amounts payable after more than one year | 17 | €10,286 | €3,824 | -€6,462 | -62.8% |
| Financial debts | 170/4 | €10,286 | €3,824 | -€6,462 | -62.8% |
| Amounts payable within one year | 42/48 | €34,423 | €28,583 | -€5,839 | -17.0% |
| Current portion of amounts payable after more than one year | 42 | €7,988 | €8,502 | +€514 | +6.4% |
| Trade debts | 44 | €7,125 | €7,590 | +€465 | +6.5% |
| Suppliers | 440/4 | €7,125 | €7,590 | +€465 | +6.5% |
| Taxes, remuneration and social security | 45 | €3,414 | €12,492 | +€9,077 | +266% |
| Taxes | 450/3 | €415 | €12,492 | +€12,077 | +2,913% |
| Remuneration and social security | 454/9 | €3,000 | - | -€3,000 | |
| Other amounts payable | 47/48 | €15,896 | - | -€15,896 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,608 | €7,608 | = | 0.0% |
| Other operating charges | 640/8 | €962 | €931 | -€31 | -3.2% |
| Gross operating margin | 9900 | €18,650 | €57,861 | +€39,211 | +210% |
| Operating profit (loss) | 9901 | €10,080 | €49,322 | +€39,241 | +389% |
| Financial income | 75/76B | - | €2,011 | +€2,011 | |
| Recurring financial income | 75 | - | €2,011 | +€2,011 | |
| Financial charges | 65/66B | €1,983 | €1,093 | -€890 | -44.9% |
| Recurring financial charges | 65 | €1,983 | €1,093 | -€890 | -44.9% |
| Profit (loss) for the period before taxes | 9903 | €8,098 | €50,240 | +€42,142 | +520% |
| Income taxes | 67/77 | €3,702 | €18,712 | +€15,010 | +405% |
| Profit (loss) for the period | 9904 | €4,395 | €31,527 | +€27,132 | +617% |
| Profit (loss) for the period to be appropriated | 9905 | €4,395 | €31,527 | +€27,132 | +617% |
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 4 November 2026 via checked.be.