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.
MERTENS
Largest movements
- Receivables within one year +€40,810
up €40,810 (+81.6%), from €50,000 to €90,810
- Cash -€21,035
down €21,035 (-6.8%), from €308,298 to €287,263
mainly Receivables within one year (-€40,810) and Other debts (-€24,547)
- Reserves +€44,000
up €44,000 (+10.2%), from €429,279 to €473,279
of which Distributable reserves: +€44,000
- Other debts -€24,547
no longer reported in 2025 (was €24,547)
- Taxes +€4,638
up €4,638, from -€1,511 to €3,127
- Financial income -€4,377
down €4,377 (-7.3%), from €60,329 to €55,952
of which Financial income: -€4,377
- Financial charges -€2,007
down €2,007 (-32.0%), from €6,272 to €4,265
- Gross operating margin +€232
up €232 (+6.9%), from -€3,369 to -€3,137
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.
Cash bridge derived
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 | €635,494 | €655,268 | +€19,774 | +3.1% |
| Fixed assets | 21/28 | €277,195 | €277,195 | = | 0.0% |
| Financial fixed assets | 28 | €277,195 | €277,195 | = | 0.0% |
| Current assets | 29/58 | €358,298 | €378,073 | +€19,774 | +5.5% |
| Amounts receivable within one year | 40/41 | €50,000 | €90,810 | +€40,810 | +81.6% |
| Other amounts receivable | 41 | €50,000 | €90,810 | +€40,810 | +81.6% |
| Cash at bank and in hand | 54/58 | €308,298 | €287,263 | -€21,035 | -6.8% |
| Total equity and liabilities | 10/49 | €635,494 | €655,268 | +€19,774 | +3.1% |
| Equity | 10/15 | €554,210 | €599,089 | +€44,879 | +8.1% |
| Contributions | 10/11 | €62,500 | €62,500 | = | 0.0% |
| Capital | 10 | €62,500 | €62,500 | = | 0.0% |
| Issued capital | 100 | €62,500 | €62,500 | = | 0.0% |
| Reserves | 13 | €429,279 | €473,279 | +€44,000 | +10.2% |
| Non-distributable reserves | 130/1 | €6,250 | €6,250 | = | 0.0% |
| Legal reserve | 130 | €6,250 | €6,250 | = | 0.0% |
| Distributable reserves | 133 | €423,029 | €467,029 | +€44,000 | +10.4% |
| Profit (loss) carried forward | 14 | €62,431 | €63,310 | +€879 | +1.4% |
| Amounts payable | 17/49 | €81,284 | €56,179 | -€25,105 | -30.9% |
| Amounts payable after more than one year | 17 | €42,500 | €42,500 | = | 0.0% |
| Financial debts | 170/4 | €42,500 | €42,500 | = | 0.0% |
| Amounts payable within one year | 42/48 | €32,647 | €9,541 | -€23,106 | -70.8% |
| Trade debts | 44 | €3,000 | €3,100 | +€100 | +3.3% |
| Suppliers | 440/4 | €3,000 | €3,100 | +€100 | +3.3% |
| Taxes, remuneration and social security | 45 | €5,100 | €6,441 | +€1,341 | +26.3% |
| Taxes | 450/3 | €5,100 | €6,441 | +€1,341 | +26.3% |
| Other amounts payable | 47/48 | €24,547 | - | -€24,547 | |
| Accrued charges and deferred income | 492/3 | €6,137 | €4,138 | -€1,999 | -32.6% |
| Other operating charges | 640/8 | €528 | €544 | +€16 | +3.0% |
| Gross operating margin | 9900 | -€3,369 | -€3,137 | +€232 | +6.9% |
| Operating profit (loss) | 9901 | -€3,897 | -€3,681 | +€216 | +5.5% |
| Financial income | 75/76B | €60,329 | €55,952 | -€4,377 | -7.3% |
| Recurring financial income | 75 | €10,329 | €5,952 | -€4,377 | -42.4% |
| Non-recurring financial income | 76B | €50,000 | €50,000 | = | 0.0% |
| Financial charges | 65/66B | €6,272 | €4,265 | -€2,007 | -32.0% |
| Recurring financial charges | 65 | €6,272 | €4,265 | -€2,007 | -32.0% |
| Profit (loss) for the period before taxes | 9903 | €50,160 | €48,006 | -€2,154 | -4.3% |
| Income taxes | 67/77 | -€1,511 | €3,127 | +€4,638 | |
| Profit (loss) for the period | 9904 | €51,671 | €44,879 | -€6,792 | -13.1% |
| Profit (loss) for the period to be appropriated | 9905 | €51,671 | €44,879 | -€6,792 | -13.1% |
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 9 October 2026 via checked.be.