Mert 26: 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.
Mert 26
Largest movements
- Cash -€134,667
down €134,667 (-52.5%), from €256,629 to €121,962
mainly Contributions, distributions and other (-€350,000) and Receivables within one year (-€32,719)
- Receivables within one year +€32,719
up €32,719 (+27.0%), from €121,171 to €153,890
of which Trade receivables: +€32,206
- Reserves -€206,782
down €206,782 (-71.2%), from €290,582 to €83,800
- Other debts +€128,309
up €128,309 (+2,169%), from €5,916 to €134,225
- Tax, wage and social debts +€20,387
up €20,387 (+78.4%), from €26,009 to €46,396
of which Taxes: +€19,225
- Trade debts -€18,202
down €18,202 (-34.5%), from €52,767 to €34,565
- Accrued charges and deferred income -€10,558
no longer reported in 2025 (was €10,558)
- Gross operating margin +€58,864
up €58,864 (+25.4%), from €231,895 to €290,759
- Taxes +€15,717
up €15,717 (+49.5%), from €31,765 to €47,481
- Staff costs +€11,886
up €11,886 (+19.8%), from €59,954 to €71,840
- Write-downs -€5,063
no longer reported in 2025 (was €5,063)
- Depreciation +€4,549
up €4,549 (+27.4%), from €16,595 to €21,143
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 | €415,917 | €317,263 | -€98,654 | -23.7% |
| Fixed assets | 21/28 | €38,117 | €39,473 | +€1,357 | +3.6% |
| Tangible fixed assets | 22/27 | €38,117 | €39,473 | +€1,357 | +3.6% |
| Plant, machinery and equipment | 23 | €3,477 | €746 | -€2,731 | -78.6% |
| Furniture and vehicles | 24 | €34,640 | €38,727 | +€4,088 | +11.8% |
| Current assets | 29/58 | €377,801 | €277,790 | -€100,011 | -26.5% |
| Amounts receivable within one year | 40/41 | €121,171 | €153,890 | +€32,719 | +27.0% |
| Trade receivables | 40 | €117,671 | €149,877 | +€32,206 | +27.4% |
| Other amounts receivable | 41 | €3,500 | €4,013 | +€513 | +14.6% |
| Cash at bank and in hand | 54/58 | €256,629 | €121,962 | -€134,667 | -52.5% |
| Deferred charges and accrued income | 490/1 | - | €1,937 | +€1,937 | |
| Total equity and liabilities | 10/49 | €415,917 | €317,263 | -€98,654 | -23.7% |
| Equity | 10/15 | €295,582 | €88,800 | -€206,782 | -70.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €290,582 | €83,800 | -€206,782 | -71.2% |
| Distributable reserves | 133 | €290,582 | €83,800 | -€206,782 | -71.2% |
| Amounts payable | 17/49 | €120,335 | €228,463 | +€108,128 | +89.9% |
| Amounts payable after more than one year | 17 | €6,865 | - | -€6,865 | |
| Financial debts | 170/4 | €6,865 | - | -€6,865 | |
| Amounts payable within one year | 42/48 | €102,912 | €228,463 | +€125,552 | +122% |
| Current portion of amounts payable after more than one year | 42 | €17,625 | €13,277 | -€4,348 | -24.7% |
| Trade debts | 44 | €52,767 | €34,565 | -€18,202 | -34.5% |
| Suppliers | 440/4 | €52,767 | €34,565 | -€18,202 | -34.5% |
| Advances received on contracts in progress | 46 | €595 | - | -€595 | |
| Taxes, remuneration and social security | 45 | €26,009 | €46,396 | +€20,387 | +78.4% |
| Taxes | 450/3 | €17,309 | €36,534 | +€19,225 | +111% |
| Remuneration and social security | 454/9 | €8,700 | €9,862 | +€1,162 | +13.4% |
| Other amounts payable | 47/48 | €5,916 | €134,225 | +€128,309 | +2,169% |
| Accrued charges and deferred income | 492/3 | €10,558 | - | -€10,558 | |
| Remuneration, social security and pensions | 62 | €59,954 | €71,840 | +€11,886 | +19.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,595 | €21,143 | +€4,549 | +27.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €5,063 | - | -€5,063 | |
| Other operating charges | 640/8 | €3,758 | €4,718 | +€960 | +25.6% |
| Non-recurring operating charges | 66A | €465 | - | -€465 | |
| Gross operating margin | 9900 | €231,895 | €290,759 | +€58,864 | +25.4% |
| Operating profit (loss) | 9901 | €146,061 | €193,058 | +€46,997 | +32.2% |
| Financial income | 75/76B | - | €482 | +€482 | |
| Recurring financial income | 75 | - | €482 | +€482 | |
| Financial charges | 65/66B | €1,299 | €2,841 | +€1,542 | +119% |
| Recurring financial charges | 65 | €1,299 | €2,841 | +€1,542 | +119% |
| Profit (loss) for the period before taxes | 9903 | €144,762 | €190,699 | +€45,937 | +31.7% |
| Income taxes | 67/77 | €31,765 | €47,481 | +€15,717 | +49.5% |
| Profit (loss) for the period | 9904 | €112,997 | €143,218 | +€30,220 | +26.7% |
| Profit (loss) for the period to be appropriated | 9905 | €112,997 | €143,218 | +€30,220 | +26.7% |
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 21 October 2026 via checked.be.