SETH 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.
SETH MERTENS
Largest movements
- Stocks and contracts -€22,187
down €22,187 (-26.6%), from €83,294 to €61,107
- Cash +€9,077
up €9,077 (+399%), from €2,274 to €11,350
mainly Stocks and contracts (+€22,187) and Net result for the year (+€8,942)
- Tangible fixed assets +€8,212
up €8,212 (+42.0%), from €19,563 to €27,775
of which Furniture and vehicles: +€9,835
- Receivables within one year +€3,934
up €3,934 (+67.8%), from €5,801 to €9,735
of which Trade receivables: +€2,214
- Deferred charges and accrued income +€1,485
up €1,485 (+42.2%), from €3,520 to €5,006
- Trade debts -€12,109
down €12,109 (-40.0%), from €30,245 to €18,136
- Profit (loss) carried forward +€8,942
up €8,942 (+42.0%), from €21,282 to €30,224
- Tax, wage and social debts +€3,815
up €3,815 (+49.4%), from €7,716 to €11,531
- Current portion of long-term debt +€1,680
up €1,680 (+25.7%), from €6,541 to €8,221
- Gross operating margin +€33,237
up €33,237 (+874%), from €3,804 to €37,040
- Write-downs +€14,278
up €14,278 (+931%), from €1,534 to €15,811
- Taxes +€2,512
up €2,512 (+1,848%), from €136 to €2,648
- Other operating charges +€1,279
up €1,279 (+123%), from €1,041 to €2,319
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 | €114,452 | €114,973 | +€521 | +0.5% |
| Fixed assets | 21/28 | €19,563 | €27,775 | +€8,212 | +42.0% |
| Tangible fixed assets | 22/27 | €19,563 | €27,775 | +€8,212 | +42.0% |
| Plant, machinery and equipment | 23 | €17,464 | €15,841 | -€1,623 | -9.3% |
| Furniture and vehicles | 24 | €2,099 | €11,934 | +€9,835 | +469% |
| Current assets | 29/58 | €94,889 | €87,198 | -€7,690 | -8.1% |
| Stocks and contracts in progress | 3 | €83,294 | €61,107 | -€22,187 | -26.6% |
| Stocks | 30/36 | €83,294 | €61,107 | -€22,187 | -26.6% |
| Amounts receivable within one year | 40/41 | €5,801 | €9,735 | +€3,934 | +67.8% |
| Trade receivables | 40 | €514 | €2,728 | +€2,214 | +431% |
| Other amounts receivable | 41 | €5,287 | €7,006 | +€1,720 | +32.5% |
| Cash at bank and in hand | 54/58 | €2,274 | €11,350 | +€9,077 | +399% |
| Deferred charges and accrued income | 490/1 | €3,520 | €5,006 | +€1,485 | +42.2% |
| Total equity and liabilities | 10/49 | €114,452 | €114,973 | +€521 | +0.5% |
| Equity | 10/15 | €65,732 | €74,674 | +€8,942 | +13.6% |
| Contributions | 10/11 | €18,750 | €18,750 | = | 0.0% |
| Reserves | 13 | €25,700 | €25,700 | = | 0.0% |
| Tax-exempt reserves | 132 | €144 | €144 | = | 0.0% |
| Distributable reserves | 133 | €25,556 | €25,556 | = | 0.0% |
| Profit (loss) carried forward | 14 | €21,282 | €30,224 | +€8,942 | +42.0% |
| Amounts payable | 17/49 | €48,720 | €40,299 | -€8,421 | -17.3% |
| Amounts payable after more than one year | 17 | €2,937 | €2,073 | -€864 | -29.4% |
| Financial debts | 170/4 | €2,937 | €2,073 | -€864 | -29.4% |
| Amounts payable within one year | 42/48 | €44,502 | €37,888 | -€6,614 | -14.9% |
| Current portion of amounts payable after more than one year | 42 | €6,541 | €8,221 | +€1,680 | +25.7% |
| Trade debts | 44 | €30,245 | €18,136 | -€12,109 | -40.0% |
| Suppliers | 440/4 | €30,245 | €18,136 | -€12,109 | -40.0% |
| Taxes, remuneration and social security | 45 | €7,716 | €11,531 | +€3,815 | +49.4% |
| Taxes | 450/3 | €7,716 | €11,531 | +€3,815 | +49.4% |
| Accrued charges and deferred income | 492/3 | €1,281 | €338 | -€943 | -73.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,325 | €5,213 | -€112 | -2.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,534 | €15,811 | +€14,278 | +931% |
| Other operating charges | 640/8 | €1,041 | €2,319 | +€1,279 | +123% |
| Gross operating margin | 9900 | €3,804 | €37,040 | +€33,237 | +874% |
| Operating profit (loss) | 9901 | -€4,096 | €13,697 | +€17,793 | |
| Financial income | 75/76B | €266 | €534 | +€268 | +101% |
| Recurring financial income | 75 | €266 | €534 | +€268 | +101% |
| Financial charges | 65/66B | €2,333 | €2,640 | +€307 | +13.1% |
| Recurring financial charges | 65 | €2,333 | €2,640 | +€307 | +13.1% |
| Profit (loss) for the period before taxes | 9903 | -€6,164 | €11,590 | +€17,754 | |
| Income taxes | 67/77 | €136 | €2,648 | +€2,512 | +1,848% |
| Profit (loss) for the period | 9904 | -€6,300 | €8,942 | +€15,241 | |
| Profit (loss) for the period to be appropriated | 9905 | -€6,300 | €8,942 | +€15,241 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.