Alena Moerman: what changed
Two fiscal 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.
Alena Moerman
Largest movements
- Cash +€53,446
up €53,446 (+51.0%), from €104,834 to €158,280
mainly Net result for the year (+€88,668) and Tax, wage and social debts (+€15,197)
- Tangible fixed assets -€3,858
down €3,858 (-7.8%), from €49,365 to €45,507
of which Furniture and vehicles: -€7,715
- Deferred charges and accrued income +€3,815
up €3,815 (+22.3%), from €17,110 to €20,925
- Reserves +€88,668
up €88,668 (+120.9%), from €73,326 to €161,995
- Other debts -€51,092
down €51,092 (-91.1%), from €56,085 to €4,993
- Tax, wage and social debts +€15,197
up €15,197 (+43.8%), from €34,730 to €49,928
of which Taxes: +€18,566
- Gross operating margin +€30,559
up €30,559 (+32.6%), from €93,628 to €124,187
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.
Cash bridge derived
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 | €171,309 | €224,712 | +€53,403 | +31.2% |
| Fixed assets | 21/28 | €49,365 | €45,507 | -€3,858 | -7.8% |
| Tangible fixed assets | 22/27 | €49,365 | €45,507 | -€3,858 | -7.8% |
| Plant, machinery and equipment | 23 | €1,549 | €3,221 | +€1,673 | +108.0% |
| Furniture and vehicles | 24 | €34,443 | €26,728 | -€7,715 | -22.4% |
| Other tangible fixed assets | 26 | €13,373 | €15,558 | +€2,184 | +16.3% |
| Current assets | 29/58 | €121,944 | €179,205 | +€57,261 | +47.0% |
| Cash at bank and in hand | 54/58 | €104,834 | €158,280 | +€53,446 | +51.0% |
| Deferred charges and accrued income | 490/1 | €17,110 | €20,925 | +€3,815 | +22.3% |
| Total equity and liabilities | 10/49 | €171,309 | €224,712 | +€53,403 | +31.2% |
| Equity | 10/15 | €78,326 | €166,995 | +€88,668 | +113.2% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €73,326 | €161,995 | +€88,668 | +120.9% |
| Distributable reserves | 133 | €73,326 | €161,995 | +€88,668 | +120.9% |
| Amounts payable | 17/49 | €92,983 | €57,717 | -€35,266 | -37.9% |
| Amounts payable within one year | 42/48 | €92,562 | €56,940 | -€35,622 | -38.5% |
| Trade debts | 44 | €1,747 | €2,020 | +€273 | +15.6% |
| Suppliers | 440/4 | €1,747 | €2,020 | +€273 | +15.6% |
| Taxes, remuneration and social security | 45 | €34,730 | €49,928 | +€15,197 | +43.8% |
| Taxes | 450/3 | €27,962 | €46,528 | +€18,566 | +66.4% |
| Remuneration and social security | 454/9 | €6,768 | €3,400 | -€3,369 | -49.8% |
| Other amounts payable | 47/48 | €56,085 | €4,993 | -€51,092 | -91.1% |
| Accrued charges and deferred income | 492/3 | €421 | €777 | +€356 | +84.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,676 | €11,257 | +€581 | +5.4% |
| Other operating charges | 640/8 | €291 | €694 | +€403 | +138.8% |
| Gross operating margin | 9900 | €93,628 | €124,187 | +€30,559 | +32.6% |
| Operating profit (loss) | 9901 | €82,662 | €112,236 | +€29,574 | +35.8% |
| Financial income | 75/76B | - | €11 | +€11 | |
| Recurring financial income | 75 | - | €11 | +€11 | |
| Financial charges | 65/66B | €59 | €45 | -€14 | -23.1% |
| Recurring financial charges | 65 | €59 | €45 | -€14 | -23.1% |
| Profit (loss) for the period before taxes | 9903 | €82,603 | €112,202 | +€29,598 | +35.8% |
| Income taxes | 67/77 | €22,995 | €23,533 | +€539 | +2.3% |
| Profit (loss) for the period | 9904 | €59,609 | €88,668 | +€29,060 | +48.8% |
| Profit (loss) for the period to be appropriated | 9905 | €59,609 | €88,668 | +€29,060 | +48.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.