Mertens-Van der Stappen: 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-Van der Stappen
Largest movements
- Receivables within one year +€102,167
up €102,167 (+192%), from €53,316 to €155,483
of which Other amounts receivable: +€110,498
- Current investments -€96,000
down €96,000 (-78.7%), from €122,000 to €26,000
- Cash +€70,661
up €70,661 (+235%), from €30,026 to €100,687
mainly Net result for the year (+€128,390) and Current investments (+€96,000)
- Tangible fixed assets -€8,612
down €8,612 (-2.7%), from €322,345 to €313,734
of which Land and buildings: -€7,830
- Reserves +€75,000
up €75,000 (+33.6%), from €223,500 to €298,500
- Other debts +€45,000
new in 2025: €45,000
- Trade debts -€36,437
down €36,437 (-73.0%), from €49,905 to €13,468
- Debts after one year -€13,508
down €13,508 (-5.8%), from €231,667 to €218,158
- Tax, wage and social debts -€10,704
down €10,704 (-36.4%), from €29,405 to €18,701
of which Taxes: -€9,704
- Gross operating margin +€76,213
up €76,213 (+73.0%), from €104,470 to €180,683
- Taxes +€4,714
up €4,714 (+15.9%), from €29,639 to €34,353
- Depreciation +€3,947
up €3,947 (+84.6%), from €4,665 to €8,612
- Financial charges +€3,940
up €3,940 (+61.2%), from €6,435 to €10,375
of which Financial charges: +€3,505
- Financial income -€2,948
down €2,948 (-56.8%), from €5,186 to €2,238
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 | €567,687 | €635,904 | +€68,216 | +12.0% |
| Fixed assets | 21/28 | €362,345 | €353,734 | -€8,612 | -2.4% |
| Tangible fixed assets | 22/27 | €322,345 | €313,734 | -€8,612 | -2.7% |
| Land and buildings | 22 | €319,374 | €311,544 | -€7,830 | -2.5% |
| Plant, machinery and equipment | 23 | €2,971 | €2,189 | -€782 | -26.3% |
| Financial fixed assets | 28 | €40,000 | €40,000 | = | 0.0% |
| Current assets | 29/58 | €205,342 | €282,170 | +€76,828 | +37.4% |
| Amounts receivable within one year | 40/41 | €53,316 | €155,483 | +€102,167 | +192% |
| Trade receivables | 40 | €20,431 | €12,100 | -€8,331 | -40.8% |
| Other amounts receivable | 41 | €32,885 | €143,383 | +€110,498 | +336% |
| Current investments | 50/53 | €122,000 | €26,000 | -€96,000 | -78.7% |
| Cash at bank and in hand | 54/58 | €30,026 | €100,687 | +€70,661 | +235% |
| Total equity and liabilities | 10/49 | €567,687 | €635,904 | +€68,216 | +12.0% |
| Equity | 10/15 | €243,674 | €327,064 | +€83,390 | +34.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €223,500 | €298,500 | +€75,000 | +33.6% |
| Distributable reserves | 133 | €223,500 | €298,500 | +€75,000 | +33.6% |
| Profit (loss) carried forward | 14 | €1,574 | €9,964 | +€8,390 | +533% |
| Amounts payable | 17/49 | €324,014 | €308,839 | -€15,174 | -4.7% |
| Amounts payable after more than one year | 17 | €231,667 | €218,158 | -€13,508 | -5.8% |
| Financial debts | 170/4 | €231,667 | €218,158 | -€13,508 | -5.8% |
| Amounts payable within one year | 42/48 | €92,347 | €90,681 | -€1,666 | -1.8% |
| Current portion of amounts payable after more than one year | 42 | €13,037 | €13,511 | +€474 | +3.6% |
| Trade debts | 44 | €49,905 | €13,468 | -€36,437 | -73.0% |
| Suppliers | 440/4 | €49,905 | €13,468 | -€36,437 | -73.0% |
| Taxes, remuneration and social security | 45 | €29,405 | €18,701 | -€10,704 | -36.4% |
| Taxes | 450/3 | €28,405 | €18,701 | -€9,704 | -34.2% |
| Remuneration and social security | 454/9 | €1,000 | - | -€1,000 | |
| Other amounts payable | 47/48 | - | €45,000 | +€45,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,665 | €8,612 | +€3,947 | +84.6% |
| Other operating charges | 640/8 | €742 | €1,191 | +€449 | +60.5% |
| Gross operating margin | 9900 | €104,470 | €180,683 | +€76,213 | +73.0% |
| Operating profit (loss) | 9901 | €99,063 | €170,880 | +€71,817 | +72.5% |
| Financial income | 75/76B | €5,186 | €2,238 | -€2,948 | -56.8% |
| Recurring financial income | 75 | €5,186 | €2,238 | -€2,948 | -56.8% |
| Financial charges | 65/66B | €6,435 | €10,375 | +€3,940 | +61.2% |
| Recurring financial charges | 65 | €6,435 | €9,939 | +€3,505 | +54.5% |
| Non-recurring financial charges | 66B | - | €436 | +€436 | |
| Profit (loss) for the period before taxes | 9903 | €97,814 | €162,743 | +€64,929 | +66.4% |
| Income taxes | 67/77 | €29,639 | €34,353 | +€4,714 | +15.9% |
| Profit (loss) for the period | 9904 | €68,175 | €128,390 | +€60,215 | +88.3% |
| Profit (loss) for the period to be appropriated | 9905 | €68,175 | €128,390 | +€60,215 | +88.3% |
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 28 October 2026 via checked.be.