MERT FUNDATIONS: 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 FUNDATIONS
Largest movements
- Receivables within one year +€656,280
up €656,280 (+471%), from €139,463 to €795,744
of which Trade receivables: +€552,048
- Tangible fixed assets -€30,375
down €30,375 (-20.8%), from €145,910 to €115,535
of which Furniture and vehicles: -€28,798
- Cash -€9,868
no longer reported in 2025 (was €9,868)
mainly Receivables within one year (-€656,280) and Debts after one year (-€35,855)
- Trade debts +€479,992
up €479,992 (+14,530%), from €3,303 to €483,295
- Profit (loss) carried forward +€96,214
up €96,214 (+70.4%), from €136,685 to €232,900
- Short-term financial debts +€46,750
new in 2025: €46,750
- Advances received +€39,683
new in 2025: €39,683
- Debts after one year -€35,855
down €35,855 (-42.6%), from €84,100 to €48,246
- Gross operating margin +€113,419
up €113,419 (+268%), from €42,386 to €155,805
- Taxes +€29,703
up €29,703 (+1,113%), from €2,668 to €32,371
- Depreciation +€19,773
up €19,773 (+146%), from €13,503 to €33,276
- Other operating charges -€16,200
down €16,200 (-93.1%), from €17,403 to €1,203
- Financial charges -€8,508
down €8,508 (-96.5%), from €8,819 to €311
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 | €297,741 | €914,683 | +€616,942 | +207% |
| Fixed assets | 21/28 | €148,410 | €118,940 | -€29,470 | -19.9% |
| Tangible fixed assets | 22/27 | €145,910 | €115,535 | -€30,375 | -20.8% |
| Plant, machinery and equipment | 23 | €4,197 | €2,620 | -€1,577 | -37.6% |
| Furniture and vehicles | 24 | €141,713 | €112,914 | -€28,798 | -20.3% |
| Financial fixed assets | 28 | €2,500 | €3,405 | +€905 | +36.2% |
| Current assets | 29/58 | €149,332 | €795,744 | +€646,412 | +433% |
| Amounts receivable within one year | 40/41 | €139,463 | €795,744 | +€656,280 | +471% |
| Trade receivables | 40 | €66,524 | €618,571 | +€552,048 | +830% |
| Other amounts receivable | 41 | €72,940 | €177,172 | +€104,232 | +143% |
| Cash at bank and in hand | 54/58 | €9,868 | - | -€9,868 | |
| Total equity and liabilities | 10/49 | €297,741 | €914,683 | +€616,942 | +207% |
| Equity | 10/15 | €141,685 | €237,900 | +€96,214 | +67.9% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Capital | 10 | €5,000 | €5,000 | = | 0.0% |
| Issued capital | 100 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €136,685 | €232,900 | +€96,214 | +70.4% |
| Amounts payable | 17/49 | €156,056 | €676,784 | +€520,728 | +334% |
| Amounts payable after more than one year | 17 | €84,100 | €48,246 | -€35,855 | -42.6% |
| Financial debts | 170/4 | €84,100 | €48,246 | -€35,855 | -42.6% |
| Amounts payable within one year | 42/48 | €71,956 | €628,538 | +€556,582 | +774% |
| Current portion of amounts payable after more than one year | 42 | €33,809 | €33,809 | = | 0.0% |
| Financial debts | 43 | - | €46,750 | +€46,750 | |
| Credit institutions | 430/8 | - | €46,750 | +€46,750 | |
| Trade debts | 44 | €3,303 | €483,295 | +€479,992 | +14,530% |
| Suppliers | 440/4 | €3,303 | €483,295 | +€479,992 | +14,530% |
| Advances received on contracts in progress | 46 | - | €39,683 | +€39,683 | |
| Taxes, remuneration and social security | 45 | €25,000 | €25,000 | = | 0.0% |
| Taxes | 450/3 | €25,000 | €25,000 | = | 0.0% |
| Other amounts payable | 47/48 | €9,843 | - | -€9,843 | |
| Non-recurring operating income | 76A | €1,653 | - | -€1,653 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,503 | €33,276 | +€19,773 | +146% |
| Other operating charges | 640/8 | €17,403 | €1,203 | -€16,200 | -93.1% |
| Gross operating margin | 9900 | €42,386 | €155,805 | +€113,419 | +268% |
| Operating profit (loss) | 9901 | €11,480 | €121,326 | +€109,846 | +957% |
| Financial income | 75/76B | €367 | €7,570 | +€7,203 | +1,960% |
| Recurring financial income | 75 | €367 | €7,570 | +€7,203 | +1,960% |
| Financial charges | 65/66B | €8,819 | €311 | -€8,508 | -96.5% |
| Recurring financial charges | 65 | €8,819 | €311 | -€8,508 | -96.5% |
| Profit (loss) for the period before taxes | 9903 | €3,028 | €128,585 | +€125,557 | +4,147% |
| Income taxes | 67/77 | €2,668 | €32,371 | +€29,703 | +1,113% |
| Profit (loss) for the period | 9904 | €360 | €96,214 | +€95,855 | +26,634% |
| Profit (loss) for the period to be appropriated | 9905 | €360 | €96,214 | +€95,855 | +26,634% |
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 15 October 2026 via checked.be.