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
- Cash +€280,610
up €280,610 (+472%), from €59,450 to €340,060
mainly Depreciation (+€213,587) and Net result for the year (+€120,742)
- Receivables within one year -€115,223
down €115,223 (-28.1%), from €410,490 to €295,267
of which Trade receivables: -€117,147
- Tangible fixed assets -€112,890
down €112,890 (-9.4%), from €1.2m to €1.1m
of which Furniture and vehicles: -€107,878
- Deferred charges and accrued income -€22,000
down €22,000 (-100%), from €22,000 to €0
- Reserves +€120,735
up €120,735 (+24.6%), from €491,248 to €611,983
of which Distributable reserves: +€128,760
- Other debts -€40,762
down €40,762 (-15.6%), from €260,634 to €219,872
- Debts after one year -€26,083
down €26,083 (-5.0%), from €519,552 to €493,469
- Tax, wage and social debts -€25,299
down €25,299 (-22.6%), from €111,739 to €86,440
of which Taxes: -€28,239
- Gross operating margin -€72,563
down €72,563 (-8.6%), from €840,550 to €767,987
- Taxes -€26,092
down €26,092 (-31.7%), from €82,393 to €56,302
- Staff costs +€10,188
up €10,188 (+3.0%), from €335,497 to €345,685
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 | €1,695,758 | €1,726,254 | +€30,497 | +1.8% |
| Fixed assets | 21/28 | €1,203,818 | €1,090,927 | -€112,890 | -9.4% |
| Tangible fixed assets | 22/27 | €1,202,333 | €1,089,442 | -€112,890 | -9.4% |
| Land and buildings | 22 | €505,954 | €514,670 | +€8,716 | +1.7% |
| Plant, machinery and equipment | 23 | €42,146 | €28,419 | -€13,727 | -32.6% |
| Furniture and vehicles | 24 | €654,232 | €546,354 | -€107,878 | -16.5% |
| Financial fixed assets | 28 | €1,485 | €1,485 | = | 0.0% |
| Current assets | 29/58 | €491,940 | €635,327 | +€143,387 | +29.1% |
| Amounts receivable within one year | 40/41 | €410,490 | €295,267 | -€115,223 | -28.1% |
| Trade receivables | 40 | €410,490 | €293,343 | -€117,147 | -28.5% |
| Other amounts receivable | 41 | €0 | €1,924 | +€1,924 | |
| Cash at bank and in hand | 54/58 | €59,450 | €340,060 | +€280,610 | +472% |
| Deferred charges and accrued income | 490/1 | €22,000 | €0 | -€22,000 | -100% |
| Total equity and liabilities | 10/49 | €1,695,758 | €1,726,254 | +€30,497 | +1.8% |
| Equity | 10/15 | €498,882 | €619,624 | +€120,742 | +24.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €491,248 | €611,983 | +€120,735 | +24.6% |
| Tax-exempt reserves | 132 | €15,005 | €6,980 | -€8,025 | -53.5% |
| Distributable reserves | 133 | €476,242 | €605,002 | +€128,760 | +27.0% |
| Profit (loss) carried forward | 14 | €1,434 | €1,442 | +€7 | +0.5% |
| Provisions and deferred taxes | 16 | €35,002 | €32,327 | -€2,675 | -7.6% |
| Provisions for liabilities and charges | 160/5 | €30,000 | €30,000 | = | 0.0% |
| Environmental obligations | 163 | €30,000 | €30,000 | = | 0.0% |
| Deferred taxes | 168 | €5,002 | €2,327 | -€2,675 | -53.5% |
| Amounts payable | 17/49 | €1,161,874 | €1,074,303 | -€87,571 | -7.5% |
| Amounts payable after more than one year | 17 | €519,552 | €493,469 | -€26,083 | -5.0% |
| Financial debts | 170/4 | €519,552 | €493,469 | -€26,083 | -5.0% |
| Amounts payable within one year | 42/48 | €642,321 | €577,233 | -€65,088 | -10.1% |
| Current portion of amounts payable after more than one year | 42 | €117,230 | €114,183 | -€3,047 | -2.6% |
| Financial debts | 43 | €9,713 | €13,316 | +€3,603 | +37.1% |
| Credit institutions | 430/8 | €9,713 | €13,316 | +€3,603 | +37.1% |
| Trade debts | 44 | €143,006 | €143,423 | +€417 | +0.3% |
| Suppliers | 440/4 | €143,006 | €143,423 | +€417 | +0.3% |
| Taxes, remuneration and social security | 45 | €111,739 | €86,440 | -€25,299 | -22.6% |
| Taxes | 450/3 | €75,346 | €47,107 | -€28,239 | -37.5% |
| Remuneration and social security | 454/9 | €36,393 | €39,333 | +€2,940 | +8.1% |
| Other amounts payable | 47/48 | €260,634 | €219,872 | -€40,762 | -15.6% |
| Accrued charges and deferred income | 492/3 | €0 | €3,601 | +€3,601 | |
| Non-recurring operating income | 76A | €23,500 | €0 | -€23,500 | -100% |
| Remuneration, social security and pensions | 62 | €335,497 | €345,685 | +€10,188 | +3.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €206,540 | €213,587 | +€7,047 | +3.4% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €0 | - | = | |
| Other operating charges | 640/8 | €3,621 | €4,011 | +€390 | +10.8% |
| Gross operating margin | 9900 | €840,550 | €767,987 | -€72,563 | -8.6% |
| Operating profit (loss) | 9901 | €294,892 | €204,704 | -€90,188 | -30.6% |
| Financial income | 75/76B | €1,418 | €0 | -€1,418 | -100% |
| Recurring financial income | 75 | €1,418 | €0 | -€1,418 | -100% |
| Financial charges | 65/66B | €26,997 | €30,335 | +€3,338 | +12.4% |
| Recurring financial charges | 65 | €26,997 | €30,335 | +€3,338 | +12.4% |
| Profit (loss) for the period before taxes | 9903 | €269,313 | €174,369 | -€94,944 | -35.3% |
| Transfer from deferred taxes | 780 | €2,675 | €2,675 | = | 0.0% |
| Income taxes | 67/77 | €82,393 | €56,302 | -€26,092 | -31.7% |
| Profit (loss) for the period | 9904 | €189,595 | €120,742 | -€68,853 | -36.3% |
| Transfer from tax-exempt reserves | 789 | €8,025 | €8,025 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €197,620 | €128,767 | -€68,853 | -34.8% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.