VAN GORP-MERTENS: what changed
VAN GORP-MERTENS
Largest movements
- Receivables within one year +€59,296
up €59,296 (+76.7%), from €77,275 to €136,571
of which Trade receivables: +€40,534
- Cash -€29,672
down €29,672 (-63.5%), from €46,706 to €17,034
mainly Contributions, distributions and other (-€67,714) and Receivables within one year (-€59,296)
- Tangible fixed assets +€14,663
up €14,663 (+33.4%), from €43,869 to €58,532
of which Other tangible fixed assets: +€10,517
- Other debts +€29,420
up €29,420 (+45.0%), from €65,422 to €94,842
- Reserves +€25,000
up €25,000 (+11.2%), from €222,914 to €247,914
of which Distributable reserves: +€26,860
- Debts after one year -€18,746
down €18,746 (-84.8%), from €22,118 to €3,372
- Short-term financial debts +€17,560
new in 2025: €17,560
- Current portion of long-term debt -€14,824
down €14,824 (-37.7%), from €39,371 to €24,547
- Gross operating margin +€10,472
up €10,472 (+9.5%), from €110,423 to €120,894
- Financial income +€10,040
up €10,040 (+121%), from €8,317 to €18,358
- Taxes +€4,568
up €4,568 (+16.4%), from €27,828 to €32,396
- Other operating charges -€3,740
down €3,740 (-87.6%), from €4,272 to €531
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €370,547 | €415,018 | +€44,471 | +12.0% |
| Fixed assets | 21/28 | €243,869 | €258,532 | +€14,663 | +6.0% |
| Tangible fixed assets | 22/27 | €43,869 | €58,532 | +€14,663 | +33.4% |
| Plant, machinery and equipment | 23 | €812 | - | -€812 | |
| Furniture and vehicles | 24 | €5,853 | €10,812 | +€4,959 | +84.7% |
| Other tangible fixed assets | 26 | €37,203 | €47,720 | +€10,517 | +28.3% |
| Financial fixed assets | 28 | €200,000 | €200,000 | = | 0.0% |
| Current assets | 29/58 | €126,678 | €156,486 | +€29,807 | +23.5% |
| Amounts receivable within one year | 40/41 | €77,275 | €136,571 | +€59,296 | +76.7% |
| Trade receivables | 40 | €23,595 | €64,129 | +€40,534 | +172% |
| Other amounts receivable | 41 | €53,680 | €72,442 | +€18,762 | +35.0% |
| Cash at bank and in hand | 54/58 | €46,706 | €17,034 | -€29,672 | -63.5% |
| Deferred charges and accrued income | 490/1 | €2,698 | €2,881 | +€183 | +6.8% |
| Total equity and liabilities | 10/49 | €370,547 | €415,018 | +€44,471 | +12.0% |
| Equity | 10/15 | €229,114 | €254,114 | +€25,000 | +10.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €222,914 | €247,914 | +€25,000 | +11.2% |
| Non-distributable reserves | 130/1 | €1,860 | - | -€1,860 | |
| Reserves not available under the articles | 1311 | €1,860 | - | -€1,860 | |
| Distributable reserves | 133 | €221,054 | €247,914 | +€26,860 | +12.2% |
| Amounts payable | 17/49 | €141,433 | €160,904 | +€19,471 | +13.8% |
| Amounts payable after more than one year | 17 | €22,118 | €3,372 | -€18,746 | -84.8% |
| Financial debts | 170/4 | €22,118 | €3,372 | -€18,746 | -84.8% |
| Amounts payable within one year | 42/48 | €119,316 | €157,532 | +€38,217 | +32.0% |
| Current portion of amounts payable after more than one year | 42 | €39,371 | €24,547 | -€14,824 | -37.7% |
| Financial debts | 43 | - | €17,560 | +€17,560 | |
| Credit institutions | 430/8 | - | €17,560 | +€17,560 | |
| Trade debts | 44 | €1,257 | €1,535 | +€278 | +22.1% |
| Suppliers | 440/4 | €1,257 | €1,535 | +€278 | +22.1% |
| Taxes, remuneration and social security | 45 | €13,266 | €19,047 | +€5,782 | +43.6% |
| Taxes | 450/3 | €13,266 | €19,047 | +€5,782 | +43.6% |
| Other amounts payable | 47/48 | €65,422 | €94,842 | +€29,420 | +45.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,331 | €12,207 | -€124 | -1.0% |
| Other operating charges | 640/8 | €4,272 | €531 | -€3,740 | -87.6% |
| Gross operating margin | 9900 | €110,423 | €120,894 | +€10,472 | +9.5% |
| Operating profit (loss) | 9901 | €93,820 | €108,156 | +€14,336 | +15.3% |
| Financial income | 75/76B | €8,317 | €18,358 | +€10,040 | +121% |
| Recurring financial income | 75 | €8,317 | €18,358 | +€10,040 | +121% |
| Financial charges | 65/66B | €1,585 | €1,404 | -€181 | -11.4% |
| Recurring financial charges | 65 | €1,585 | €1,404 | -€181 | -11.4% |
| Profit (loss) for the period before taxes | 9903 | €100,552 | €125,110 | +€24,557 | +24.4% |
| Income taxes | 67/77 | €27,828 | €32,396 | +€4,568 | +16.4% |
| Profit (loss) for the period | 9904 | €72,724 | €92,714 | +€19,990 | +27.5% |
| Profit (loss) for the period to be appropriated | 9905 | €72,724 | €92,714 | +€19,990 | +27.5% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.