Mermans-Segers: 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.
Mermans-Segers
Largest movements
- Tangible fixed assets +€83,586
up €83,586 (+6.9%), from €1.2m to €1.3m
of which Land and buildings: +€118,187
- Other debts +€78,251
up €78,251 (+17.1%), from €457,879 to €536,130
- Profit (loss) carried forward -€60,191
down €60,191 (-7.3%), from -€828,649 to -€888,841
- Debts after one year +€41,205
up €41,205 (+10.6%), from €389,099 to €430,304
- Gross operating margin +€28,811
up €28,811 (+86.6%), from -€33,267 to -€4,455
- Depreciation +€20,760
up €20,760 (+150%), from €13,840 to €34,601
- Financial charges +€17,161
up €17,161 (+1,520%), from €1,129 to €18,291
- Other operating charges +€629
up €629 (+36.3%), from €1,731 to €2,360
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 | €3,326,967 | €3,403,047 | +€76,081 | +2.3% |
| Fixed assets | 21/28 | €3,278,068 | €3,361,654 | +€83,586 | +2.5% |
| Tangible fixed assets | 22/27 | €1,203,068 | €1,286,654 | +€83,586 | +6.9% |
| Land and buildings | 22 | €1,043,905 | €1,162,091 | +€118,187 | +11.3% |
| Furniture and vehicles | 24 | €159,163 | €124,563 | -€34,601 | -21.7% |
| Financial fixed assets | 28 | €2,075,000 | €2,075,000 | = | 0.0% |
| Current assets | 29/58 | €48,898 | €41,393 | -€7,505 | -15.3% |
| Amounts receivable within one year | 40/41 | €20,572 | €852 | -€19,721 | -95.9% |
| Trade receivables | 40 | €10,000 | €0 | -€10,000 | -100% |
| Other amounts receivable | 41 | €10,572 | €852 | -€9,721 | -91.9% |
| Cash at bank and in hand | 54/58 | €26,377 | €38,572 | +€12,195 | +46.2% |
| Deferred charges and accrued income | 490/1 | €1,949 | €1,969 | +€21 | +1.1% |
| Total equity and liabilities | 10/49 | €3,326,967 | €3,403,047 | +€76,081 | +2.3% |
| Equity | 10/15 | €2,466,351 | €2,406,159 | -€60,191 | -2.4% |
| Contributions | 10/11 | €3,295,000 | €3,295,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€828,649 | -€888,841 | -€60,191 | -7.3% |
| Amounts payable | 17/49 | €860,616 | €996,888 | +€136,272 | +15.8% |
| Amounts payable after more than one year | 17 | €389,099 | €430,304 | +€41,205 | +10.6% |
| Financial debts | 170/4 | €389,099 | €430,304 | +€41,205 | +10.6% |
| Amounts payable within one year | 42/48 | €471,517 | €566,584 | +€95,067 | +20.2% |
| Current portion of amounts payable after more than one year | 42 | €9,901 | €26,368 | +€16,467 | +166% |
| Trade debts | 44 | €3,736 | €198 | -€3,538 | -94.7% |
| Suppliers | 440/4 | €3,736 | €198 | -€3,538 | -94.7% |
| Taxes, remuneration and social security | 45 | - | €3,887 | +€3,887 | |
| Taxes | 450/3 | - | €325 | +€325 | |
| Remuneration and social security | 454/9 | - | €3,562 | +€3,562 | |
| Other amounts payable | 47/48 | €457,879 | €536,130 | +€78,251 | +17.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,840 | €34,601 | +€20,760 | +150% |
| Other operating charges | 640/8 | €1,731 | €2,360 | +€629 | +36.3% |
| Non-recurring operating charges | 66A | €155,081 | €0 | -€155,081 | -100% |
| Gross operating margin | 9900 | -€33,267 | -€4,455 | +€28,811 | +86.6% |
| Operating profit (loss) | 9901 | -€203,919 | -€41,416 | +€162,503 | +79.7% |
| Financial income | 75/76B | - | €18 | +€18 | |
| Recurring financial income | 75 | - | €18 | +€18 | |
| Financial charges | 65/66B | €1,129 | €18,291 | +€17,161 | +1,520% |
| Recurring financial charges | 65 | €1,129 | €18,291 | +€17,161 | +1,520% |
| Profit (loss) for the period before taxes | 9903 | -€205,048 | -€59,688 | +€145,360 | +70.9% |
| Income taxes | 67/77 | €212 | €503 | +€291 | +137% |
| Profit (loss) for the period | 9904 | -€205,260 | -€60,191 | +€145,068 | +70.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€205,260 | -€60,191 | +€145,068 | +70.7% |
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.