CLAUDINE 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.
CLAUDINE MOERMAN
Largest movements
- Tangible fixed assets -€29,028
down €29,028 (-5.6%), from €513,958 to €484,930
of which Furniture and vehicles: -€15,301
- Cash +€15,239
up €15,239 (+25.4%), from €59,995 to €75,234
mainly Net result for the year (+€28,817) and Depreciation (+€26,539)
- Receivables within one year +€6,848
up €6,848 (+61.7%), from €11,101 to €17,949
of which Other amounts receivable: +€5,298
- Debts after one year -€34,015
down €34,015 (-12.5%), from €271,220 to €237,205
- Reserves +€28,817
up €28,817 (+12.4%), from €232,928 to €261,745
of which Distributable reserves: +€28,817
- Gross operating margin +€6,923
up €6,923 (+9.2%), from €75,245 to €82,168
- Depreciation +€2,873
up €2,873 (+12.1%), from €23,666 to €26,539
- Financial charges +€2,031
up €2,031 (+17.8%), from €11,404 to €13,435
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 | €585,567 | €578,626 | -€6,941 | -1.2% |
| Fixed assets | 21/28 | €513,987 | €484,959 | -€29,028 | -5.6% |
| Tangible fixed assets | 22/27 | €513,958 | €484,930 | -€29,028 | -5.6% |
| Land and buildings | 22 | €449,812 | €436,203 | -€13,609 | -3.0% |
| Plant, machinery and equipment | 23 | €3,443 | €3,325 | -€118 | -3.4% |
| Furniture and vehicles | 24 | €60,703 | €45,402 | -€15,301 | -25.2% |
| Financial fixed assets | 28 | €29 | €29 | = | 0.0% |
| Current assets | 29/58 | €71,580 | €93,667 | +€22,087 | +30.9% |
| Amounts receivable within one year | 40/41 | €11,101 | €17,949 | +€6,848 | +61.7% |
| Trade receivables | 40 | €600 | €2,150 | +€1,550 | +258.3% |
| Other amounts receivable | 41 | €10,501 | €15,799 | +€5,298 | +50.5% |
| Cash at bank and in hand | 54/58 | €59,995 | €75,234 | +€15,239 | +25.4% |
| Deferred charges and accrued income | 490/1 | €484 | €484 | = | 0.0% |
| Total equity and liabilities | 10/49 | €585,567 | €578,626 | -€6,941 | -1.2% |
| Equity | 10/15 | €271,702 | €300,519 | +€28,817 | +10.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Revaluation surpluses | 12 | €20,174 | €20,174 | = | 0.0% |
| Reserves | 13 | €232,928 | €261,745 | +€28,817 | +12.4% |
| Tax-exempt reserves | 132 | €440 | €440 | = | 0.0% |
| Distributable reserves | 133 | €232,488 | €261,305 | +€28,817 | +12.4% |
| Amounts payable | 17/49 | €313,865 | €278,107 | -€35,758 | -11.4% |
| Amounts payable after more than one year | 17 | €271,220 | €237,205 | -€34,015 | -12.5% |
| Financial debts | 170/4 | €271,220 | €237,205 | -€34,015 | -12.5% |
| Amounts payable within one year | 42/48 | €41,403 | €39,762 | -€1,641 | -4.0% |
| Current portion of amounts payable after more than one year | 42 | €32,416 | €34,015 | +€1,599 | +4.9% |
| Trade debts | 44 | €2,737 | €2,354 | -€383 | -14.0% |
| Suppliers | 440/4 | €2,737 | €2,354 | -€383 | -14.0% |
| Taxes, remuneration and social security | 45 | €6,160 | €3,393 | -€2,767 | -44.9% |
| Taxes | 450/3 | €2,789 | - | -€2,789 | |
| Remuneration and social security | 454/9 | €3,371 | €3,393 | +€22 | +0.7% |
| Other amounts payable | 47/48 | €90 | - | -€90 | |
| Accrued charges and deferred income | 492/3 | €1,242 | €1,140 | -€102 | -8.2% |
| Non-recurring operating income | 76A | - | €8,721 | +€8,721 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,666 | €26,539 | +€2,873 | +12.1% |
| Other operating charges | 640/8 | €2,716 | €2,137 | -€579 | -21.3% |
| Gross operating margin | 9900 | €75,245 | €82,168 | +€6,923 | +9.2% |
| Operating profit (loss) | 9901 | €48,863 | €53,492 | +€4,629 | +9.5% |
| Financial income | 75/76B | €239 | €392 | +€153 | +64.0% |
| Recurring financial income | 75 | €239 | €392 | +€153 | +64.0% |
| Financial charges | 65/66B | €11,404 | €13,435 | +€2,031 | +17.8% |
| Recurring financial charges | 65 | €11,404 | €13,435 | +€2,031 | +17.8% |
| Profit (loss) for the period before taxes | 9903 | €37,698 | €40,449 | +€2,751 | +7.3% |
| Income taxes | 67/77 | €11,148 | €11,632 | +€484 | +4.3% |
| Profit (loss) for the period | 9904 | €26,550 | €28,817 | +€2,267 | +8.5% |
| Profit (loss) for the period to be appropriated | 9905 | €26,550 | €28,817 | +€2,267 | +8.5% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.