STEVEN 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.
STEVEN MERTENS
Largest movements
- Current investments +€94,193
up €94,193 (+31.1%), from €302,462 to €396,655
- Tangible fixed assets -€47,891
down €47,891 (-11.7%), from €407,620 to €359,729
of which Land and buildings: -€28,417
- Intangible fixed assets -€42,143
down €42,143 (-17.7%), from €238,546 to €196,403
- Receivables within one year +€13,980
up €13,980 (+24.7%), from €56,530 to €70,510
of which Trade receivables: +€14,303
- Reserves +€124,696
up €124,696 (+25.7%), from €485,046 to €609,742
of which Distributable reserves: +€124,696
- Debts after one year -€100,242
down €100,242 (-23.6%), from €424,133 to €323,891
- Gross operating margin +€65,609
up €65,609 (+14.7%), from €445,850 to €511,459
- Taxes +€15,138
up €15,138 (+24.5%), from €61,693 to €76,831
- Staff costs +€12,492
up €12,492 (+8.7%), from €142,998 to €155,490
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 | €1,063,333 | €1,087,811 | +€24,478 | +2.3% |
| Fixed assets | 21/28 | €696,166 | €606,132 | -€90,034 | -12.9% |
| Intangible fixed assets | 21 | €238,546 | €196,403 | -€42,143 | -17.7% |
| Tangible fixed assets | 22/27 | €407,620 | €359,729 | -€47,891 | -11.7% |
| Land and buildings | 22 | €374,807 | €346,390 | -€28,417 | -7.6% |
| Plant, machinery and equipment | 23 | €2,373 | €2,067 | -€306 | -12.9% |
| Furniture and vehicles | 24 | €30,440 | €11,272 | -€19,168 | -63.0% |
| Financial fixed assets | 28 | €50,000 | €50,000 | = | 0.0% |
| Current assets | 29/58 | €367,167 | €481,679 | +€114,512 | +31.2% |
| Amounts receivable within one year | 40/41 | €56,530 | €70,510 | +€13,980 | +24.7% |
| Trade receivables | 40 | €44,312 | €58,615 | +€14,303 | +32.3% |
| Other amounts receivable | 41 | €12,218 | €11,895 | -€323 | -2.6% |
| Current investments | 50/53 | €302,462 | €396,655 | +€94,193 | +31.1% |
| Cash at bank and in hand | 54/58 | €2,852 | €9,630 | +€6,778 | +238% |
| Deferred charges and accrued income | 490/1 | €5,323 | €4,884 | -€439 | -8.2% |
| Total equity and liabilities | 10/49 | €1,063,333 | €1,087,811 | +€24,478 | +2.3% |
| Equity | 10/15 | €491,246 | €615,942 | +€124,696 | +25.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €485,046 | €609,742 | +€124,696 | +25.7% |
| Tax-exempt reserves | 132 | €2,442 | €2,442 | = | 0.0% |
| Distributable reserves | 133 | €482,604 | €607,300 | +€124,696 | +25.8% |
| Amounts payable | 17/49 | €572,087 | €471,869 | -€100,218 | -17.5% |
| Amounts payable after more than one year | 17 | €424,133 | €323,891 | -€100,242 | -23.6% |
| Financial debts | 170/4 | €424,133 | €323,891 | -€100,242 | -23.6% |
| Amounts payable within one year | 42/48 | €137,139 | €137,163 | +€24 | 0.0% |
| Current portion of amounts payable after more than one year | 42 | €98,513 | €100,242 | +€1,729 | +1.8% |
| Trade debts | 44 | €15,540 | €12,700 | -€2,840 | -18.3% |
| Suppliers | 440/4 | €15,540 | €12,700 | -€2,840 | -18.3% |
| Taxes, remuneration and social security | 45 | €21,420 | €22,555 | +€1,135 | +5.3% |
| Taxes | 450/3 | €4,830 | €5,164 | +€334 | +6.9% |
| Remuneration and social security | 454/9 | €16,590 | €17,391 | +€801 | +4.8% |
| Other amounts payable | 47/48 | €1,666 | €1,666 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €10,815 | €10,815 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €142,998 | €155,490 | +€12,492 | +8.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €95,695 | €95,164 | -€531 | -0.6% |
| Other operating charges | 640/8 | €3,783 | €4,551 | +€768 | +20.3% |
| Gross operating margin | 9900 | €445,850 | €511,459 | +€65,609 | +14.7% |
| Operating profit (loss) | 9901 | €203,374 | €256,254 | +€52,880 | +26.0% |
| Financial income | 75/76B | €5,036 | €5,250 | +€214 | +4.2% |
| Recurring financial income | 75 | €5,036 | €5,250 | +€214 | +4.2% |
| Financial charges | 65/66B | €13,214 | €11,797 | -€1,417 | -10.7% |
| Recurring financial charges | 65 | €13,214 | €11,797 | -€1,417 | -10.7% |
| Profit (loss) for the period before taxes | 9903 | €195,196 | €249,707 | +€54,511 | +27.9% |
| Income taxes | 67/77 | €61,693 | €76,831 | +€15,138 | +24.5% |
| Profit (loss) for the period | 9904 | €133,503 | €172,876 | +€39,373 | +29.5% |
| Profit (loss) for the period to be appropriated | 9905 | €133,503 | €172,876 | +€39,373 | +29.5% |
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 26 October 2026 via checked.be.