PM 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.
PM Mertens
Largest movements
- Stocks and contracts +€13,500
new in 2025: €13,500
- Tangible fixed assets -€8,504
down €8,504 (-19.1%), from €44,455 to €35,951
- Receivables within one year +€5,352
up €5,352 (+352%), from €1,519 to €6,871
of which Trade receivables: +€6,871
- Cash -€2,047
down €2,047 (-1.5%), from €133,695 to €131,647
mainly Stocks and contracts (-€13,500) and Other debts (-€6,322)
- Reserves +€16,984
up €16,984 (+11.7%), from €145,319 to €162,303
- Other debts -€6,322
down €6,322 (-67.4%), from €9,379 to €3,057
- Trade debts -€2,028
down €2,028 (-90.8%), from €2,235 to €207
- Gross operating margin -€50,182
down €50,182 (-58.4%), from €85,926 to €35,744
- Taxes -€11,009
down €11,009 (-64.1%), from €17,173 to €6,164
- Staff costs +€2,810
new in 2025: €2,810
- Financial charges +€875
up €875 (+113%), from €773 to €1,648
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 | €179,669 | €187,969 | +€8,300 | +4.6% |
| Fixed assets | 21/28 | €44,455 | €35,951 | -€8,504 | -19.1% |
| Tangible fixed assets | 22/27 | €44,455 | €35,951 | -€8,504 | -19.1% |
| Furniture and vehicles | 24 | €44,455 | €35,951 | -€8,504 | -19.1% |
| Current assets | 29/58 | €135,214 | €152,018 | +€16,804 | +12.4% |
| Stocks and contracts in progress | 3 | - | €13,500 | +€13,500 | |
| Contracts in progress | 37 | - | €13,500 | +€13,500 | |
| Amounts receivable within one year | 40/41 | €1,519 | €6,871 | +€5,352 | +352% |
| Trade receivables | 40 | - | €6,871 | +€6,871 | |
| Other amounts receivable | 41 | €1,519 | - | -€1,519 | |
| Cash at bank and in hand | 54/58 | €133,695 | €131,647 | -€2,047 | -1.5% |
| Total equity and liabilities | 10/49 | €179,669 | €187,969 | +€8,300 | +4.6% |
| Equity | 10/15 | €150,319 | €167,303 | +€16,984 | +11.3% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Capital | 10 | €5,000 | €5,000 | = | 0.0% |
| Issued capital | 100 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €145,319 | €162,303 | +€16,984 | +11.7% |
| Distributable reserves | 133 | €145,319 | €162,303 | +€16,984 | +11.7% |
| Amounts payable | 17/49 | €29,351 | €20,666 | -€8,684 | -29.6% |
| Amounts payable within one year | 42/48 | €29,351 | €20,666 | -€8,684 | -29.6% |
| Trade debts | 44 | €2,235 | €207 | -€2,028 | -90.8% |
| Suppliers | 440/4 | €2,235 | €207 | -€2,028 | -90.8% |
| Taxes, remuneration and social security | 45 | €17,737 | €17,403 | -€334 | -1.9% |
| Taxes | 450/3 | €17,737 | €17,403 | -€334 | -1.9% |
| Other amounts payable | 47/48 | €9,379 | €3,057 | -€6,322 | -67.4% |
| Remuneration, social security and pensions | 62 | - | €2,810 | +€2,810 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,504 | €8,504 | = | 0.0% |
| Other operating charges | 640/8 | €649 | - | -€649 | |
| Gross operating margin | 9900 | €85,926 | €35,744 | -€50,182 | -58.4% |
| Operating profit (loss) | 9901 | €76,772 | €24,429 | -€52,343 | -68.2% |
| Financial income | 75/76B | €0 | €367 | +€367 | +1,833,100% |
| Recurring financial income | 75 | €0 | €367 | +€367 | +1,833,100% |
| Financial charges | 65/66B | €773 | €1,648 | +€875 | +113% |
| Recurring financial charges | 65 | €773 | €1,648 | +€875 | +113% |
| Profit (loss) for the period before taxes | 9903 | €75,999 | €23,148 | -€52,851 | -69.5% |
| Income taxes | 67/77 | €17,173 | €6,164 | -€11,009 | -64.1% |
| Profit (loss) for the period | 9904 | €58,826 | €16,984 | -€41,841 | -71.1% |
| Profit (loss) for the period to be appropriated | 9905 | €58,826 | €16,984 | -€41,841 | -71.1% |
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 25 October 2026 via checked.be.