Mats 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.
Mats Mertens
Largest movements
- Receivables after one year +€19,000
up €19,000 (+54.3%), from €35,000 to €54,000
- Receivables within one year -€18,458
down €18,458 (-8.3%), from €221,226 to €202,768
of which Trade receivables: -€19,229
- Cash +€8,359
up €8,359 (+138%), from €6,057 to €14,415
mainly Other debts (+€196,212) and Net result for the year (+€88,175)
- Profit (loss) carried forward -€211,825
down €211,825 (-49.6%), from €427,252 to €215,427
- Other debts +€196,212
up €196,212 (+358%), from €54,797 to €251,009
- Reserves +€50,000
up €50,000 (+2,688%), from €1,860 to €51,860
- Current portion of long-term debt -€18,893
down €18,893 (-66.5%), from €28,427 to €9,533
- Debts after one year -€9,533
down €9,533 (-13.7%), from €69,533 to €60,000
- Financial charges +€6,089
up €6,089 (+99.7%), from €6,106 to €12,195
- Taxes +€4,899
up €4,899 (+14.9%), from €32,867 to €37,766
- Financial income +€3,217
up €3,217 (+246%), from €1,309 to €4,526
- Gross operating margin +€2,720
up €2,720 (+2.0%), from €135,543 to €138,263
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 | €655,321 | €666,174 | +€10,853 | +1.7% |
| Fixed assets | 21/28 | €331,734 | €327,798 | -€3,936 | -1.2% |
| Tangible fixed assets | 22/27 | €14,654 | €10,718 | -€3,936 | -26.9% |
| Furniture and vehicles | 24 | €14,654 | €10,718 | -€3,936 | -26.9% |
| Financial fixed assets | 28 | €317,080 | €317,080 | = | 0.0% |
| Current assets | 29/58 | €323,588 | €338,376 | +€14,789 | +4.6% |
| Amounts receivable after more than one year | 29 | €35,000 | €54,000 | +€19,000 | +54.3% |
| Other amounts receivable | 291 | €35,000 | €54,000 | +€19,000 | +54.3% |
| Amounts receivable within one year | 40/41 | €221,226 | €202,768 | -€18,458 | -8.3% |
| Trade receivables | 40 | €221,226 | €201,997 | -€19,229 | -8.7% |
| Other amounts receivable | 41 | - | €772 | +€772 | |
| Current investments | 50/53 | €61,305 | €67,193 | +€5,888 | +9.6% |
| Cash at bank and in hand | 54/58 | €6,057 | €14,415 | +€8,359 | +138% |
| Total equity and liabilities | 10/49 | €655,321 | €666,174 | +€10,853 | +1.7% |
| Equity | 10/15 | €447,712 | €285,887 | -€161,825 | -36.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €51,860 | +€50,000 | +2,688% |
| Distributable reserves | 133 | €1,860 | €51,860 | +€50,000 | +2,688% |
| Profit (loss) carried forward | 14 | €427,252 | €215,427 | -€211,825 | -49.6% |
| Amounts payable | 17/49 | €207,609 | €380,287 | +€172,678 | +83.2% |
| Amounts payable after more than one year | 17 | €69,533 | €60,000 | -€9,533 | -13.7% |
| Financial debts | 170/4 | €69,533 | €60,000 | -€9,533 | -13.7% |
| Amounts payable within one year | 42/48 | €138,076 | €320,287 | +€182,211 | +132% |
| Current portion of amounts payable after more than one year | 42 | €28,427 | €9,533 | -€18,893 | -66.5% |
| Financial debts | 43 | €6,397 | €9,531 | +€3,134 | +49.0% |
| Other loans | 439 | €6,397 | €9,531 | +€3,134 | +49.0% |
| Trade debts | 44 | €44 | €19 | -€25 | -56.0% |
| Suppliers | 440/4 | €44 | €19 | -€25 | -56.0% |
| Taxes, remuneration and social security | 45 | €48,412 | €50,195 | +€1,783 | +3.7% |
| Taxes | 450/3 | €48,412 | €50,195 | +€1,783 | +3.7% |
| Other amounts payable | 47/48 | €54,797 | €251,009 | +€196,212 | +358% |
| Non-recurring operating income | 76A | €13,378 | - | -€13,378 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,520 | €3,936 | -€584 | -12.9% |
| Other operating charges | 640/8 | €558 | €717 | +€158 | +28.3% |
| Gross operating margin | 9900 | €135,543 | €138,263 | +€2,720 | +2.0% |
| Operating profit (loss) | 9901 | €130,465 | €133,610 | +€3,145 | +2.4% |
| Financial income | 75/76B | €1,309 | €4,526 | +€3,217 | +246% |
| Recurring financial income | 75 | €1,309 | €4,526 | +€3,217 | +246% |
| Financial charges | 65/66B | €6,106 | €12,195 | +€6,089 | +99.7% |
| Recurring financial charges | 65 | €6,106 | €12,195 | +€6,089 | +99.7% |
| Profit (loss) for the period before taxes | 9903 | €125,668 | €125,942 | +€274 | +0.2% |
| Income taxes | 67/77 | €32,867 | €37,766 | +€4,899 | +14.9% |
| Profit (loss) for the period | 9904 | €92,801 | €88,175 | -€4,626 | -5.0% |
| Profit (loss) for the period to be appropriated | 9905 | €92,801 | €88,175 | -€4,626 | -5.0% |
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 1 November 2026 via checked.be.