MARC 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.
MARC MERTENS
Largest movements
- Cash +€2.0m
up €2.0m (+1,140%), from €175,549 to €2.2m
mainly Accrued charges and deferred income (+€2.1m) and Net result for the year (+€1.0m)
- Current investments +€1.3m
up €1.3m (+4,259%), from €30,000 to €1.3m
- Receivables after one year -€727,200
no longer reported in 2025 (was €727,200)
- Tangible fixed assets -€100,030
down €100,030 (-4.2%), from €2.4m to €2.3m
of which Land and buildings: -€55,546
- Accrued charges and deferred income +€2.1m
up €2.1m (+5,466%), from €38,092 to €2.1m
- Reserves +€1.0m
up €1.0m (+90.0%), from €1.1m to €2.1m
of which Distributable reserves: +€1.0m
- Short-term financial debts -€679,200
no longer reported in 2025 (was €679,200)
- Tax, wage and social debts +€151,993
up €151,993 (+479%), from €31,712 to €183,704
of which Taxes: +€151,993
- Debts after one year -€73,131
down €73,131 (-15.1%), from €484,299 to €411,168
- Gross operating margin +€1.1m
up €1.1m (+217%), from €527,372 to €1.7m
- Taxes +€366,629
up €366,629 (+306%), from €119,897 to €486,526
- Depreciation +€44,324
up €44,324 (+42.2%), from €104,999 to €149,323
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 | €3,370,687 | €5,841,638 | +€2.5m | +73.3% |
| Fixed assets | 21/28 | €2,389,978 | €2,289,948 | -€100,030 | -4.2% |
| Tangible fixed assets | 22/27 | €2,389,403 | €2,289,373 | -€100,030 | -4.2% |
| Land and buildings | 22 | €2,175,810 | €2,120,264 | -€55,546 | -2.6% |
| Plant, machinery and equipment | 23 | €11,589 | €14,093 | +€2,505 | +21.6% |
| Furniture and vehicles | 24 | €175,283 | €131,066 | -€44,217 | -25.2% |
| Other tangible fixed assets | 26 | €26,721 | €23,950 | -€2,772 | -10.4% |
| Financial fixed assets | 28 | €575 | €575 | = | 0.0% |
| Current assets | 29/58 | €980,709 | €3,551,690 | +€2.6m | +262% |
| Amounts receivable after more than one year | 29 | €727,200 | - | -€727,200 | |
| Other amounts receivable | 291 | €727,200 | - | -€727,200 | |
| Amounts receivable within one year | 40/41 | €23,639 | €63,893 | +€40,254 | +170% |
| Trade receivables | 40 | €3,825 | €16,333 | +€12,508 | +327% |
| Other amounts receivable | 41 | €19,814 | €47,561 | +€27,747 | +140% |
| Current investments | 50/53 | €30,000 | €1,307,697 | +€1.3m | +4,259% |
| Cash at bank and in hand | 54/58 | €175,549 | €2,176,830 | +€2.0m | +1,140% |
| Deferred charges and accrued income | 490/1 | €24,321 | €3,270 | -€21,052 | -86.6% |
| Total equity and liabilities | 10/49 | €3,370,687 | €5,841,638 | +€2.5m | +73.3% |
| Equity | 10/15 | €2,018,204 | €3,026,032 | +€1.0m | +49.9% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €1,120,249 | €2,128,077 | +€1.0m | +90.0% |
| Tax-exempt reserves | 132 | €53,534 | €49,495 | -€4,039 | -7.5% |
| Distributable reserves | 133 | €1,066,716 | €2,078,582 | +€1.0m | +94.9% |
| Profit (loss) carried forward | 14 | €867,955 | €867,955 | = | 0.0% |
| Provisions and deferred taxes | 16 | €21,144 | €19,495 | -€1,650 | -7.8% |
| Deferred taxes | 168 | €21,144 | €19,495 | -€1,650 | -7.8% |
| Amounts payable | 17/49 | €1,331,338 | €2,796,111 | +€1.5m | +110% |
| Amounts payable after more than one year | 17 | €484,299 | €411,168 | -€73,131 | -15.1% |
| Financial debts | 170/4 | €484,299 | €411,168 | -€73,131 | -15.1% |
| Amounts payable within one year | 42/48 | €808,948 | €264,785 | -€544,163 | -67.3% |
| Current portion of amounts payable after more than one year | 42 | €90,575 | €73,131 | -€17,444 | -19.3% |
| Financial debts | 43 | €679,200 | - | -€679,200 | |
| Other loans | 439 | €679,200 | - | -€679,200 | |
| Trade debts | 44 | €7,461 | - | -€7,461 | |
| Suppliers | 440/4 | €7,461 | - | -€7,461 | |
| Taxes, remuneration and social security | 45 | €31,712 | €183,704 | +€151,993 | +479% |
| Taxes | 450/3 | €22,062 | €174,054 | +€151,993 | +689% |
| Remuneration and social security | 454/9 | €9,650 | €9,650 | = | 0.0% |
| Other amounts payable | 47/48 | - | €7,950 | +€7,950 | |
| Accrued charges and deferred income | 492/3 | €38,092 | €2,120,158 | +€2.1m | +5,466% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €104,999 | €149,323 | +€44,324 | +42.2% |
| Other operating charges | 640/8 | €17,568 | €11,872 | -€5,696 | -32.4% |
| Non-recurring operating charges | 66A | €16,667 | - | -€16,667 | |
| Gross operating margin | 9900 | €527,372 | €1,669,385 | +€1.1m | +217% |
| Operating profit (loss) | 9901 | €388,139 | €1,508,190 | +€1.1m | +289% |
| Financial income | 75/76B | €18,921 | €18,486 | -€435 | -2.3% |
| Recurring financial income | 75 | €18,921 | €18,486 | -€435 | -2.3% |
| Financial charges | 65/66B | €44,230 | €33,972 | -€10,258 | -23.2% |
| Recurring financial charges | 65 | €44,230 | €33,972 | -€10,258 | -23.2% |
| Profit (loss) for the period before taxes | 9903 | €362,830 | €1,492,704 | +€1.1m | +311% |
| Transfer from deferred taxes | 780 | €1,650 | €1,650 | = | 0.0% |
| Income taxes | 67/77 | €119,897 | €486,526 | +€366,629 | +306% |
| Profit (loss) for the period | 9904 | €244,582 | €1,007,828 | +€763,245 | +312% |
| Transfer from tax-exempt reserves | 789 | €4,039 | €4,039 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €248,621 | €1,011,867 | +€763,245 | +307% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.