Lyn 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.
Lyn Mertens
Largest movements
- Receivables within one year -€8,648
down €8,648 (-70.7%), from €12,233 to €3,585
of which Trade receivables: -€12,233
- Cash -€7,741
down €7,741 (-28.2%), from €27,425 to €19,684
mainly Other debts (-€12,318) and Tax, wage and social debts (-€7,362)
- Stocks and contracts -€2,176
down €2,176 (-13.9%), from €15,611 to €13,435
of which Contracts in progress: -€1,308
- Tangible fixed assets +€1,958
up €1,958 (+154%), from €1,271 to €3,229
of which Furniture and vehicles: +€2,308
- Other debts -€12,318
down €12,318 (-28.9%), from €42,664 to €30,346
- Tax, wage and social debts -€7,362
down €7,362 (-72.7%), from €10,129 to €2,768
- Reserves +€3,660
up €3,660, from €0 to €3,660
- Gross operating margin -€17,531
down €17,531 (-71.3%), from €24,575 to €7,044
- Taxes -€3,995
down €3,995 (-81.4%), from €4,910 to €915
- Depreciation +€1,316
up €1,316 (+384%), from €343 to €1,659
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 | €57,017 | €40,468 | -€16,550 | -29.0% |
| Fixed assets | 21/28 | €1,271 | €3,229 | +€1,958 | +154% |
| Tangible fixed assets | 22/27 | €1,271 | €3,229 | +€1,958 | +154% |
| Plant, machinery and equipment | 23 | €1,271 | €921 | -€350 | -27.5% |
| Furniture and vehicles | 24 | - | €2,308 | +€2,308 | |
| Current assets | 29/58 | €55,746 | €37,238 | -€18,508 | -33.2% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Stocks and contracts in progress | 3 | €15,611 | €13,435 | -€2,176 | -13.9% |
| Stocks | 30/36 | €3,111 | €2,243 | -€868 | -27.9% |
| Contracts in progress | 37 | €12,500 | €11,192 | -€1,308 | -10.5% |
| Amounts receivable within one year | 40/41 | €12,233 | €3,585 | -€8,648 | -70.7% |
| Trade receivables | 40 | €12,233 | €0 | -€12,233 | -100% |
| Other amounts receivable | 41 | - | €3,585 | +€3,585 | |
| Cash at bank and in hand | 54/58 | €27,425 | €19,684 | -€7,741 | -28.2% |
| Deferred charges and accrued income | 490/1 | €477 | €534 | +€57 | +11.9% |
| Total equity and liabilities | 10/49 | €57,017 | €40,468 | -€16,550 | -29.0% |
| Equity | 10/15 | €2,500 | €6,160 | +€3,660 | +146% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €0 | €3,660 | +€3,660 | |
| Distributable reserves | 133 | €0 | €3,660 | +€3,660 | |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €54,517 | €34,307 | -€20,210 | -37.1% |
| Amounts payable within one year | 42/48 | €54,517 | €34,307 | -€20,210 | -37.1% |
| Trade debts | 44 | €1,724 | €1,194 | -€530 | -30.7% |
| Suppliers | 440/4 | €1,724 | €1,194 | -€530 | -30.7% |
| Taxes, remuneration and social security | 45 | €10,129 | €2,768 | -€7,362 | -72.7% |
| Taxes | 450/3 | €10,129 | €2,768 | -€7,362 | -72.7% |
| Other amounts payable | 47/48 | €42,664 | €30,346 | -€12,318 | -28.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €343 | €1,659 | +€1,316 | +384% |
| Other operating charges | 640/8 | €780 | €700 | -€80 | -10.3% |
| Gross operating margin | 9900 | €24,575 | €7,044 | -€17,531 | -71.3% |
| Operating profit (loss) | 9901 | €23,452 | €4,685 | -€18,767 | -80.0% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €105 | €110 | +€5 | +4.4% |
| Recurring financial charges | 65 | €105 | €110 | +€5 | +4.4% |
| Profit (loss) for the period before taxes | 9903 | €23,347 | €4,575 | -€18,772 | -80.4% |
| Income taxes | 67/77 | €4,910 | €915 | -€3,995 | -81.4% |
| Profit (loss) for the period | 9904 | €18,437 | €3,660 | -€14,777 | -80.1% |
| Profit (loss) for the period to be appropriated | 9905 | €18,437 | €3,660 | -€14,777 | -80.1% |
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 27 October 2026 via checked.be.