MERTAM: 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.
MERTAM
Largest movements
- Cash -€110,112
down €110,112 (-85.6%), from €128,692 to €18,581
mainly Receivables within one year (-€35,138) and Other debts (-€30,000)
- Receivables within one year +€35,138
up €35,138 (+3.3%), from €1.1m to €1.1m
- Other debts -€30,000
down €30,000 (-11.4%), from €263,437 to €233,437
- Tax, wage and social debts -€21,469
no longer reported in 2025 (was €21,469)
- Financial charges -€161,017
down €161,017 (-97.2%), from €165,707 to €4,690
of which Non-recurring financial charges: -€160,000
- Gross operating margin -€30,920
down €30,920, from €9,393 to -€21,527
- Financial income +€21,719
up €21,719 (+256%), from €8,474 to €30,193
- Taxes -€3,204
down €3,204 (-49.1%), from €6,525 to €3,320
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 | €1,558,056 | €1,495,963 | -€62,093 | -4.0% |
| Current assets | 29/58 | €1,558,056 | €1,495,963 | -€62,093 | -4.0% |
| Amounts receivable within one year | 40/41 | €1,055,000 | €1,090,138 | +€35,138 | +3.3% |
| Other amounts receivable | 41 | €1,055,000 | €1,090,138 | +€35,138 | +3.3% |
| Current investments | 50/53 | €374,364 | €384,179 | +€9,814 | +2.6% |
| Cash at bank and in hand | 54/58 | €128,692 | €18,581 | -€110,112 | -85.6% |
| Deferred charges and accrued income | 490/1 | - | €3,067 | +€3,067 | |
| Total equity and liabilities | 10/49 | €1,558,056 | €1,495,963 | -€62,093 | -4.0% |
| Equity | 10/15 | €1,182,940 | €1,181,833 | -€1,107 | -0.1% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €1,162,940 | €1,161,833 | -€1,107 | -0.1% |
| Distributable reserves | 133 | €1,162,940 | €1,161,833 | -€1,107 | -0.1% |
| Amounts payable | 17/49 | €375,117 | €314,130 | -€60,987 | -16.3% |
| Amounts payable within one year | 42/48 | €288,918 | €233,437 | -€55,482 | -19.2% |
| Trade debts | 44 | €4,013 | - | -€4,013 | |
| Suppliers | 440/4 | €4,013 | - | -€4,013 | |
| Taxes, remuneration and social security | 45 | €21,469 | - | -€21,469 | |
| Taxes | 450/3 | €21,469 | - | -€21,469 | |
| Other amounts payable | 47/48 | €263,437 | €233,437 | -€30,000 | -11.4% |
| Accrued charges and deferred income | 492/3 | €86,198 | €80,693 | -€5,505 | -6.4% |
| Other operating charges | 640/8 | €1,668 | €1,563 | -€104 | -6.3% |
| Non-recurring operating charges | 66A | - | €200 | +€200 | |
| Gross operating margin | 9900 | €9,393 | -€21,527 | -€30,920 | |
| Operating profit (loss) | 9901 | €7,726 | -€23,290 | -€31,016 | |
| Financial income | 75/76B | €8,474 | €30,193 | +€21,719 | +256% |
| Recurring financial income | 75 | €8,474 | €30,193 | +€21,719 | +256% |
| Financial charges | 65/66B | €165,707 | €4,690 | -€161,017 | -97.2% |
| Recurring financial charges | 65 | €5,707 | €4,690 | -€1,017 | -17.8% |
| Non-recurring financial charges | 66B | €160,000 | - | -€160,000 | |
| Profit (loss) for the period before taxes | 9903 | -€149,507 | €2,214 | +€151,721 | |
| Income taxes | 67/77 | €6,525 | €3,320 | -€3,204 | -49.1% |
| Profit (loss) for the period | 9904 | -€156,032 | -€1,107 | +€154,925 | +99.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€156,032 | -€1,107 | +€154,925 | +99.3% |
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 26 October 2026 via checked.be.