Kurt 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.
Kurt Mertens
Largest movements
- Cash +€204,682
up €204,682 (+37.5%), from €545,889 to €750,571
mainly Net result for the year (+€222,305) and Depreciation (+€128,898)
- Intangible fixed assets -€97,096
down €97,096 (-13.6%), from €715,073 to €617,977
- Receivables within one year -€69,662
down €69,662 (-47.6%), from €146,367 to €76,705
of which Other amounts receivable: -€70,552
- Tangible fixed assets -€31,802
down €31,802 (-9.3%), from €341,793 to €309,991
of which Land and buildings: -€17,500
- Debts after one year -€101,495
down €101,495 (-16.0%), from €636,206 to €534,711
- Reserves +€96,180
up €96,180 (+16.1%), from €597,502 to €693,682
- Gross operating margin -€20,095
down €20,095 (-2.4%), from €823,808 to €803,713
- Staff costs -€15,155
down €15,155 (-4.4%), from €343,848 to €328,694
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 | €1,758,525 | €1,766,914 | +€8,388 | +0.5% |
| Fixed assets | 21/28 | €1,056,866 | €927,967 | -€128,898 | -12.2% |
| Intangible fixed assets | 21 | €715,073 | €617,977 | -€97,096 | -13.6% |
| Tangible fixed assets | 22/27 | €341,793 | €309,991 | -€31,802 | -9.3% |
| Land and buildings | 22 | €280,575 | €263,075 | -€17,500 | -6.2% |
| Plant, machinery and equipment | 23 | €889 | - | -€889 | |
| Furniture and vehicles | 24 | €36,889 | €26,707 | -€10,182 | -27.6% |
| Other tangible fixed assets | 26 | €23,439 | €20,209 | -€3,231 | -13.8% |
| Current assets | 29/58 | €701,660 | €838,946 | +€137,286 | +19.6% |
| Amounts receivable within one year | 40/41 | €146,367 | €76,705 | -€69,662 | -47.6% |
| Trade receivables | 40 | €75,816 | €76,705 | +€890 | +1.2% |
| Other amounts receivable | 41 | €70,552 | - | -€70,552 | |
| Cash at bank and in hand | 54/58 | €545,889 | €750,571 | +€204,682 | +37.5% |
| Deferred charges and accrued income | 490/1 | €9,404 | €11,670 | +€2,266 | +24.1% |
| Total equity and liabilities | 10/49 | €1,758,525 | €1,766,914 | +€8,388 | +0.5% |
| Equity | 10/15 | €952,502 | €1,048,682 | +€96,180 | +10.1% |
| Contributions | 10/11 | €355,000 | €355,000 | = | 0.0% |
| Contributions outside capital | 11 | €355,000 | €355,000 | = | 0.0% |
| Share premium | 1100/10 | €355,000 | €355,000 | = | 0.0% |
| Reserves | 13 | €597,502 | €693,682 | +€96,180 | +16.1% |
| Distributable reserves | 133 | €597,502 | €693,682 | +€96,180 | +16.1% |
| Amounts payable | 17/49 | €806,023 | €718,232 | -€87,791 | -10.9% |
| Amounts payable after more than one year | 17 | €636,206 | €534,711 | -€101,495 | -16.0% |
| Financial debts | 170/4 | €636,206 | €534,711 | -€101,495 | -16.0% |
| Amounts payable within one year | 42/48 | €166,551 | €180,115 | +€13,565 | +8.1% |
| Current portion of amounts payable after more than one year | 42 | €99,361 | €101,495 | +€2,134 | +2.1% |
| Trade debts | 44 | €8,400 | €17,476 | +€9,075 | +108% |
| Suppliers | 440/4 | €8,400 | €17,476 | +€9,075 | +108% |
| Taxes, remuneration and social security | 45 | €58,789 | €57,686 | -€1,103 | -1.9% |
| Taxes | 450/3 | €16,534 | €16,349 | -€185 | -1.1% |
| Remuneration and social security | 454/9 | €42,255 | €41,337 | -€918 | -2.2% |
| Other amounts payable | 47/48 | - | €3,458 | +€3,458 | |
| Accrued charges and deferred income | 492/3 | €3,266 | €3,405 | +€139 | +4.3% |
| Remuneration, social security and pensions | 62 | €343,848 | €328,694 | -€15,155 | -4.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €128,979 | €128,898 | -€81 | -0.1% |
| Other operating charges | 640/8 | €2,140 | €2,269 | +€129 | +6.0% |
| Gross operating margin | 9900 | €823,808 | €803,713 | -€20,095 | -2.4% |
| Operating profit (loss) | 9901 | €348,841 | €343,852 | -€4,989 | -1.4% |
| Financial income | 75/76B | €4,831 | €86 | -€4,745 | -98.2% |
| Recurring financial income | 75 | €4,831 | €86 | -€4,745 | -98.2% |
| Financial charges | 65/66B | €18,634 | €20,200 | +€1,566 | +8.4% |
| Recurring financial charges | 65 | €18,634 | €20,200 | +€1,566 | +8.4% |
| Profit (loss) for the period before taxes | 9903 | €335,038 | €323,737 | -€11,301 | -3.4% |
| Income taxes | 67/77 | €104,010 | €101,432 | -€2,578 | -2.5% |
| Profit (loss) for the period | 9904 | €231,028 | €222,305 | -€8,723 | -3.8% |
| Profit (loss) for the period to be appropriated | 9905 | €231,028 | €222,305 | -€8,723 | -3.8% |
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 30 October 2026 via checked.be.