MERTENS: what changed
Two fiscal 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
- Stocks and contracts +€9,440
up €9,440 (+45.2%), from €20,892 to €30,332
- Cash -€5,494
down €5,494 (-11.1%), from €49,447 to €43,953
mainly Stocks and contracts (-€9,440) and Debts after one year (-€3,715)
- Deferred charges and accrued income +€1,016
up €1,016 (+61.7%), from €1,647 to €2,663
- Profit (loss) carried forward +€12,548
up €12,548 (+22.6%), from -€55,627 to -€43,079
- Debts after one year -€3,715
down €3,715 (-4.2%), from €88,715 to €85,000
- Trade debts -€2,139
down €2,139 (-72.4%), from €2,954 to €816
- Current portion of long-term debt -€1,790
down €1,790 (-32.5%), from €5,505 to €3,715
- Other operating charges -€15,591
down €15,591 (-96.1%), from €16,217 to €625
- Gross operating margin -€7,743
down €7,743 (-36.2%), from €21,361 to €13,618
- Depreciation +€249
up €249 (+40.9%), from €609 to €857
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 | €76,030 | €81,534 | +€5,503 | +7.2% |
| Fixed assets | 21/28 | €3,392 | €4,163 | +€771 | +22.7% |
| Tangible fixed assets | 22/27 | €3,392 | €3,623 | +€231 | +6.8% |
| Plant, machinery and equipment | 23 | €3,392 | €2,561 | -€830 | -24.5% |
| Furniture and vehicles | 24 | - | €1,061 | +€1,061 | |
| Financial fixed assets | 28 | - | €540 | +€540 | |
| Current assets | 29/58 | €72,639 | €77,371 | +€4,732 | +6.5% |
| Stocks and contracts in progress | 3 | €20,892 | €30,332 | +€9,440 | +45.2% |
| Stocks | 30/36 | €20,892 | €30,332 | +€9,440 | +45.2% |
| Amounts receivable within one year | 40/41 | €653 | €422 | -€230 | -35.3% |
| Trade receivables | 40 | €215 | €422 | +€207 | +96.5% |
| Other amounts receivable | 41 | €438 | - | -€438 | |
| Cash at bank and in hand | 54/58 | €49,447 | €43,953 | -€5,494 | -11.1% |
| Deferred charges and accrued income | 490/1 | €1,647 | €2,663 | +€1,016 | +61.7% |
| Total equity and liabilities | 10/49 | €76,030 | €81,534 | +€5,503 | +7.2% |
| Equity | 10/15 | -€21,542 | -€8,994 | +€12,548 | +58.3% |
| Contributions | 10/11 | €30,987 | €30,987 | = | 0.0% |
| Reserves | 13 | €3,099 | €3,099 | = | 0.0% |
| Non-distributable reserves | 130/1 | €3,099 | €3,099 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,099 | €3,099 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€55,627 | -€43,079 | +€12,548 | +22.6% |
| Amounts payable | 17/49 | €97,573 | €90,527 | -€7,045 | -7.2% |
| Amounts payable after more than one year | 17 | €88,715 | €85,000 | -€3,715 | -4.2% |
| Financial debts | 170/4 | €88,715 | €85,000 | -€3,715 | -4.2% |
| Amounts payable within one year | 42/48 | €8,858 | €5,527 | -€3,331 | -37.6% |
| Current portion of amounts payable after more than one year | 42 | €5,505 | €3,715 | -€1,790 | -32.5% |
| Trade debts | 44 | €2,954 | €816 | -€2,139 | -72.4% |
| Suppliers | 440/4 | €2,954 | €816 | -€2,139 | -72.4% |
| Taxes, remuneration and social security | 45 | €150 | €918 | +€768 | +512.2% |
| Taxes | 450/3 | €150 | €918 | +€768 | +512.2% |
| Other amounts payable | 47/48 | €249 | €79 | -€170 | -68.3% |
| Non-recurring operating income | 76A | €1,639 | - | -€1,639 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €609 | €857 | +€249 | +40.9% |
| Other operating charges | 640/8 | €16,217 | €625 | -€15,591 | -96.1% |
| Gross operating margin | 9900 | €21,361 | €13,618 | -€7,743 | -36.2% |
| Operating profit (loss) | 9901 | €4,536 | €12,136 | +€7,600 | +167.5% |
| Financial income | 75/76B | €842 | €681 | -€161 | -19.1% |
| Recurring financial income | 75 | €842 | €681 | -€161 | -19.1% |
| Financial charges | 65/66B | €399 | €268 | -€131 | -32.8% |
| Recurring financial charges | 65 | €399 | €268 | -€131 | -32.8% |
| Profit (loss) for the period before taxes | 9903 | €4,979 | €12,548 | +€7,570 | +152.0% |
| Profit (loss) for the period | 9904 | €4,979 | €12,548 | +€7,570 | +152.0% |
| Profit (loss) for the period to be appropriated | 9905 | €4,979 | €12,548 | +€7,570 | +152.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.