Koen 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.
Koen Mertens
Largest movements
- Cash +€308,351
up €308,351 (+146%), from €210,768 to €519,119
mainly Net result for the year (+€204,351) and Depreciation (+€168,762)
- Current investments -€143,000
down €143,000 (-67.3%), from €212,600 to €69,600
- Intangible fixed assets -€118,900
down €118,900 (-12.4%), from €961,434 to €842,534
- Tangible fixed assets +€80,821
up €80,821 (+17.3%), from €468,395 to €549,216
of which Furniture and vehicles: +€100,634
- Receivables within one year +€48,836
up €48,836 (+128%), from €38,294 to €87,130
- Reserves +€204,351
up €204,351 (+141%), from €144,979 to €349,330
- Debts after one year -€69,159
down €69,159 (-4.7%), from €1.5m to €1.4m
- Tax, wage and social debts +€52,521
up €52,521 (+44.8%), from €117,141 to €169,662
of which Taxes: +€67,588
- Gross operating margin +€122,078
up €122,078 (+16.0%), from €763,894 to €885,972
- Taxes +€28,094
up €28,094 (+74.3%), from €37,808 to €65,901
- Depreciation +€11,238
up €11,238 (+7.1%), from €157,524 to €168,762
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 | €1,891,491 | €2,069,748 | +€178,257 | +9.4% |
| Fixed assets | 21/28 | €1,429,829 | €1,391,751 | -€38,079 | -2.7% |
| Intangible fixed assets | 21 | €961,434 | €842,534 | -€118,900 | -12.4% |
| Tangible fixed assets | 22/27 | €468,395 | €549,216 | +€80,821 | +17.3% |
| Land and buildings | 22 | €414,865 | €391,211 | -€23,654 | -5.7% |
| Plant, machinery and equipment | 23 | €4,194 | €8,035 | +€3,841 | +91.6% |
| Furniture and vehicles | 24 | €49,335 | €149,969 | +€100,634 | +204% |
| Current assets | 29/58 | €461,662 | €677,997 | +€216,335 | +46.9% |
| Amounts receivable within one year | 40/41 | €38,294 | €87,130 | +€48,836 | +128% |
| Trade receivables | 40 | €38,294 | €87,130 | +€48,836 | +128% |
| Current investments | 50/53 | €212,600 | €69,600 | -€143,000 | -67.3% |
| Cash at bank and in hand | 54/58 | €210,768 | €519,119 | +€308,351 | +146% |
| Deferred charges and accrued income | 490/1 | - | €2,149 | +€2,149 | |
| Total equity and liabilities | 10/49 | €1,891,491 | €2,069,748 | +€178,257 | +9.4% |
| Equity | 10/15 | €149,979 | €354,330 | +€204,351 | +136% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €144,979 | €349,330 | +€204,351 | +141% |
| Distributable reserves | 133 | €144,979 | €349,330 | +€204,351 | +141% |
| Amounts payable | 17/49 | €1,741,512 | €1,715,418 | -€26,094 | -1.5% |
| Amounts payable after more than one year | 17 | €1,475,341 | €1,406,182 | -€69,159 | -4.7% |
| Financial debts | 170/4 | €1,475,341 | €1,406,182 | -€69,159 | -4.7% |
| Amounts payable within one year | 42/48 | €266,171 | €309,236 | +€43,065 | +16.2% |
| Current portion of amounts payable after more than one year | 42 | €122,539 | €132,538 | +€9,999 | +8.2% |
| Trade debts | 44 | €25,586 | €6,131 | -€19,455 | -76.0% |
| Suppliers | 440/4 | €25,586 | €6,131 | -€19,455 | -76.0% |
| Taxes, remuneration and social security | 45 | €117,141 | €169,662 | +€52,521 | +44.8% |
| Taxes | 450/3 | €47,208 | €114,796 | +€67,588 | +143% |
| Remuneration and social security | 454/9 | €69,933 | €54,866 | -€15,066 | -21.5% |
| Other amounts payable | 47/48 | €905 | €905 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €402,267 | €402,474 | +€208 | +0.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €157,524 | €168,762 | +€11,238 | +7.1% |
| Other operating charges | 640/8 | €1,067 | €6,277 | +€5,210 | +488% |
| Gross operating margin | 9900 | €763,894 | €885,972 | +€122,078 | +16.0% |
| Operating profit (loss) | 9901 | €203,036 | €308,459 | +€105,422 | +51.9% |
| Financial income | 75/76B | €937 | €8,027 | +€7,090 | +757% |
| Recurring financial income | 75 | €937 | €8,027 | +€7,090 | +757% |
| Financial charges | 65/66B | €48,465 | €46,233 | -€2,232 | -4.6% |
| Recurring financial charges | 65 | €48,465 | €46,233 | -€2,232 | -4.6% |
| Profit (loss) for the period before taxes | 9903 | €155,508 | €270,253 | +€114,745 | +73.8% |
| Income taxes | 67/77 | €37,808 | €65,901 | +€28,094 | +74.3% |
| Profit (loss) for the period | 9904 | €117,700 | €204,351 | +€86,651 | +73.6% |
| Profit (loss) for the period to be appropriated | 9905 | €117,700 | €204,351 | +€86,651 | +73.6% |
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 20 October 2026 via checked.be.