Aurélie Mortier: 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.
Aurélie Mortier
Largest movements
- Current investments +€54,000
up €54,000 (+56.8%), from €95,150 to €149,150
- Tangible fixed assets -€32,331
down €32,331 (-31.4%), from €103,017 to €70,686
of which Other tangible fixed assets: -€16,912
- Cash +€28,248
up €28,248 (+48.7%), from €57,959 to €86,207
mainly Net result for the year (+€156,357) and Depreciation (+€33,656)
- Receivables within one year +€8,711
up €8,711 (+3,228%), from €270 to €8,981
- Profit (loss) carried forward +€155,498
up €155,498 (+1,390%), from €11,184 to €166,682
- Debts after one year -€100,000
down €100,000 (-45.5%), from €220,000 to €120,000
- Other debts +€4,127
up €4,127 (+1,969%), from €210 to €4,337
- Tax, wage and social debts +€3,567
up €3,567 (+228%), from €1,566 to €5,133
of which Remuneration and social security: +€3,600
- Gross operating margin +€25,540
up €25,540 (+11.9%), from €215,324 to €240,864
- Taxes +€7,945
up €7,945 (+17.8%), from €44,752 to €52,697
- Financial income +€5,519
up €5,519 (+7,401%), from €75 to €5,594
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 | €256,646 | €315,533 | +€58,887 | +22.9% |
| Fixed assets | 21/28 | €103,017 | €70,686 | -€32,331 | -31.4% |
| Tangible fixed assets | 22/27 | €103,017 | €70,686 | -€32,331 | -31.4% |
| Plant, machinery and equipment | 23 | €44,634 | €28,845 | -€15,789 | -35.4% |
| Furniture and vehicles | 24 | €944 | €1,315 | +€370 | +39.2% |
| Other tangible fixed assets | 26 | €57,439 | €40,527 | -€16,912 | -29.4% |
| Current assets | 29/58 | €153,629 | €244,847 | +€91,218 | +59.4% |
| Amounts receivable within one year | 40/41 | €270 | €8,981 | +€8,711 | +3,228% |
| Other amounts receivable | 41 | €270 | €8,981 | +€8,711 | +3,228% |
| Current investments | 50/53 | €95,150 | €149,150 | +€54,000 | +56.8% |
| Cash at bank and in hand | 54/58 | €57,959 | €86,207 | +€28,248 | +48.7% |
| Deferred charges and accrued income | 490/1 | €250 | €509 | +€259 | +104% |
| Total equity and liabilities | 10/49 | €256,646 | €315,533 | +€58,887 | +22.9% |
| Equity | 10/15 | €29,784 | €185,282 | +€155,498 | +522% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €11,184 | €166,682 | +€155,498 | +1,390% |
| Amounts payable | 17/49 | €226,863 | €130,251 | -€96,611 | -42.6% |
| Amounts payable after more than one year | 17 | €220,000 | €120,000 | -€100,000 | -45.5% |
| Financial debts | 170/4 | €220,000 | €120,000 | -€100,000 | -45.5% |
| Amounts payable within one year | 42/48 | €6,863 | €10,251 | +€3,389 | +49.4% |
| Current portion of amounts payable after more than one year | 42 | €2,952 | - | -€2,952 | |
| Trade debts | 44 | €2,135 | €781 | -€1,353 | -63.4% |
| Suppliers | 440/4 | €2,135 | €781 | -€1,353 | -63.4% |
| Taxes, remuneration and social security | 45 | €1,566 | €5,133 | +€3,567 | +228% |
| Taxes | 450/3 | €666 | €633 | -€33 | -5.0% |
| Remuneration and social security | 454/9 | €900 | €4,500 | +€3,600 | +400% |
| Other amounts payable | 47/48 | €210 | €4,337 | +€4,127 | +1,969% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,418 | €33,656 | -€762 | -2.2% |
| Other operating charges | 640/8 | €899 | €917 | +€18 | +2.0% |
| Gross operating margin | 9900 | €215,324 | €240,864 | +€25,540 | +11.9% |
| Operating profit (loss) | 9901 | €180,007 | €206,292 | +€26,285 | +14.6% |
| Financial income | 75/76B | €75 | €5,594 | +€5,519 | +7,401% |
| Recurring financial income | 75 | €75 | €5,594 | +€5,519 | +7,401% |
| Financial charges | 65/66B | €3,228 | €2,831 | -€397 | -12.3% |
| Recurring financial charges | 65 | €3,228 | €2,831 | -€397 | -12.3% |
| Profit (loss) for the period before taxes | 9903 | €176,854 | €209,054 | +€32,201 | +18.2% |
| Income taxes | 67/77 | €44,752 | €52,697 | +€7,945 | +17.8% |
| Profit (loss) for the period | 9904 | €132,101 | €156,357 | +€24,256 | +18.4% |
| Profit (loss) for the period to be appropriated | 9905 | €132,101 | €156,357 | +€24,256 | +18.4% |
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 1 November 2026 via checked.be.