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.
What changed
Mertens
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€1.2m
2024 · €1.3m-€118,829
Equity
€6.7m
2024 · €5.9m+€831,169
Cash
€78,970
2024 · €48,898+€30,072
Balance sheet total
€13.9m
2024 · €12.9m+€996,040
Largest movements
Assets
- Receivables within one year +€1.1m
up €1.1m (+27.7%), from €4.0m to €5.1m
of which Other amounts receivable: +€1.2m
- Tangible fixed assets -€325,472
down €325,472 (-5.5%), from €5.9m to €5.6m
- Deferred charges and accrued income +€179,025
up €179,025 (+59.9%), from €299,021 to €478,045
Equity and liabilities
- Profit (loss) carried forward +€978,698
up €978,698 (+26.6%), from €3.7m to €4.7m
- Debts after one year +€223,233
up €223,233 (+15.3%), from €1.5m to €1.7m
- Other debts +€216,129
up €216,129 (+5.8%), from €3.8m to €4.0m
- Reserves -€147,530
down €147,530 (-6.8%), from €2.2m to €2.0m
of which Tax-exempt reserves: -€147,530
Income statement
- Gross operating margin -€233,714
down €233,714 (-20.7%), from €1.1m to €897,206
- Taxes -€54,756
down €54,756 (-48.4%), from €113,105 to €58,349
- Depreciation +€48,087
up €48,087 (+7.3%), from €659,564 to €707,651
- Financial charges +€38,957
up €38,957 (+19.1%), from €204,003 to €242,960
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.
Result 2024
€1.3m
Gross operating margin
-€233,714
Depreciation
-€48,087
Other operating charges
-€2,839
Financial income
-€1,503
Financial charges
-€38,957
Taxes
+€54,756
Deferred taxes and other
+€151,517
Result 2025
€1.2m
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€682,635
Investment
-€382,180
Financing
-€270,383
Cash 2024
€48,898
From operations (derived)
+€682,635
Net result for the year
+€1.2m
Depreciation
+€707,651
Receivables within one year
-€1.1m
Deferred charges and accrued income
-€179,025
Provisions
-€49,177
Trade debts
-€129,472
Tax, wage and social debts
-€18,209
Other debts
+€216,129
Accrued charges and deferred income
+€18,453
Investment (derived)
-€382,180
Investment in fixed assets (net)
-€382,180
Financing
-€270,383
Debts after one year
+€223,233
Current portion of long-term debt
-€96,086
Contributions, distributions and other
-€397,530
Cash 2025
€78,970
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €12,861,992 | €13,858,032 | +€996,040 | +7.7% |
| Fixed assets | 21/28 | €8,498,127 | €8,172,656 | -€325,472 | -3.8% |
| Tangible fixed assets | 22/27 | €5,924,099 | €5,598,627 | -€325,472 | -5.5% |
| Land and buildings | 22 | €3,437,632 | €3,296,903 | -€140,730 | -4.1% |
| Plant, machinery and equipment | 23 | €2,410,611 | €2,253,735 | -€156,877 | -6.5% |
| Furniture and vehicles | 24 | €43,564 | €27,097 | -€16,467 | -37.8% |
| Leasing and similar rights | 25 | €32,292 | €20,893 | -€11,399 | -35.3% |
| Financial fixed assets | 28 | €2,574,029 | €2,574,029 | = | 0.0% |
| Current assets | 29/58 | €4,363,864 | €5,685,377 | +€1.3m | +30.3% |
| Amounts receivable within one year | 40/41 | €4,015,946 | €5,128,361 | +€1.1m | +27.7% |
| Trade receivables | 40 | €283,403 | €160,552 | -€122,851 | -43.3% |
| Other amounts receivable | 41 | €3,732,543 | €4,967,809 | +€1.2m | +33.1% |
| Cash at bank and in hand | 54/58 | €48,898 | €78,970 | +€30,072 | +61.5% |
| Deferred charges and accrued income | 490/1 | €299,021 | €478,045 | +€179,025 | +59.9% |
| Total equity and liabilities | 10/49 | €12,861,992 | €13,858,032 | +€996,040 | +7.7% |
| Equity | 10/15 | €5,910,130 | €6,741,299 | +€831,169 | +14.1% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €2,174,907 | €2,027,377 | -€147,530 | -6.8% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €2,168,707 | €2,021,177 | -€147,530 | -6.8% |
| Profit (loss) carried forward | 14 | €3,673,223 | €4,651,922 | +€978,698 | +26.6% |
| Provisions and deferred taxes | 16 | €761,902 | €712,726 | -€49,177 | -6.5% |
| Provisions for liabilities and charges | 160/5 | €39,000 | €39,000 | = | 0.0% |
| Major repairs and maintenance | 162 | €39,000 | €39,000 | = | 0.0% |
| Deferred taxes | 168 | €722,902 | €673,726 | -€49,177 | -6.8% |
| Amounts payable | 17/49 | €6,189,960 | €6,404,008 | +€214,048 | +3.5% |
| Amounts payable after more than one year | 17 | €1,460,270 | €1,683,502 | +€223,233 | +15.3% |
| Financial debts | 170/4 | €1,460,270 | €1,683,502 | +€223,233 | +15.3% |
| Amounts payable within one year | 42/48 | €4,599,745 | €4,572,108 | -€27,638 | -0.6% |
| Current portion of amounts payable after more than one year | 42 | €581,445 | €485,359 | -€96,086 | -16.5% |
| Financial debts | 43 | €25,000 | €25,000 | = | 0.0% |
| Credit institutions | 430/8 | €25,000 | €25,000 | = | 0.0% |
| Trade debts | 44 | €219,632 | €90,160 | -€129,472 | -58.9% |
| Suppliers | 440/4 | €219,632 | €90,160 | -€129,472 | -58.9% |
| Taxes, remuneration and social security | 45 | €18,209 | - | -€18,209 | |
| Taxes | 450/3 | €18,209 | - | -€18,209 | |
| Other amounts payable | 47/48 | €3,755,460 | €3,971,589 | +€216,129 | +5.8% |
| Accrued charges and deferred income | 492/3 | €129,945 | €148,398 | +€18,453 | +14.2% |
| Non-recurring operating income | 76A | €2,735 | - | -€2,735 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €659,564 | €707,651 | +€48,087 | +7.3% |
| Other operating charges | 640/8 | €50,487 | €53,326 | +€2,839 | +5.6% |
| Gross operating margin | 9900 | €1,130,920 | €897,206 | -€233,714 | -20.7% |
| Operating profit (loss) | 9901 | €420,869 | €136,228 | -€284,641 | -67.6% |
| Financial income | 75/76B | €1,198,577 | €1,197,074 | -€1,503 | -0.1% |
| Recurring financial income | 75 | €1,198,577 | €1,197,074 | -€1,503 | -0.1% |
| Financial charges | 65/66B | €204,003 | €242,960 | +€38,957 | +19.1% |
| Recurring financial charges | 65 | €204,003 | €242,960 | +€38,957 | +19.1% |
| Profit (loss) for the period before taxes | 9903 | €1,415,443 | €1,090,342 | -€325,102 | -23.0% |
| Transfer from deferred taxes | 780 | €70,059 | €196,706 | +€126,647 | +181% |
| Transfer to deferred taxes | 680 | €24,870 | - | -€24,870 | |
| Income taxes | 67/77 | €113,105 | €58,349 | -€54,756 | -48.4% |
| Profit (loss) for the period | 9904 | €1,347,527 | €1,228,698 | -€118,829 | -8.8% |
| Transfer from tax-exempt reserves | 789 | €210,177 | - | -€210,177 | |
| Transfer to tax-exempt reserves | 689 | €74,609 | - | -€74,609 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,483,095 | €1,228,698 | -€254,397 | -17.2% |
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.