David Moermans: 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.
David Moermans
Largest movements
- Tangible fixed assets -€51,150
down €51,150 (-16.5%), from €309,877 to €258,727
of which Furniture and vehicles: -€47,066
- Receivables within one year +€41,870
up €41,870 (+143.9%), from €29,090 to €70,960
of which Trade receivables: +€31,548
- Cash +€29,630
up €29,630 (+4831.9%), from €613 to €30,243
mainly Depreciation (+€57,684) and Other debts (+€41,863)
- Other debts +€41,863
up €41,863 (+25.0%), from €167,277 to €209,140
- Debts after one year -€39,050
down €39,050 (-21.9%), from €178,191 to €139,141
- Trade debts +€21,313
up €21,313 (+139.4%), from €15,284 to €36,597
- Gross operating margin +€12,544
up €12,544 (+18.3%), from €68,616 to €81,160
- Taxes +€4,905
up €4,905 (+5168.8%), from €95 to €5,000
- Financial charges +€1,839
up €1,839 (+20.5%), from €8,970 to €10,809
- Staff costs +€1,072
new in 2025: €1,072
- Depreciation -€1,051
down €1,051 (-1.8%), from €58,736 to €57,684
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 | €440,281 | €461,501 | +€21,220 | +4.8% |
| Fixed assets | 21/28 | €410,147 | €358,997 | -€51,150 | -12.5% |
| Tangible fixed assets | 22/27 | €309,877 | €258,727 | -€51,150 | -16.5% |
| Plant, machinery and equipment | 23 | €86,881 | €82,978 | -€3,903 | -4.5% |
| Furniture and vehicles | 24 | €222,230 | €175,165 | -€47,066 | -21.2% |
| Leasing and similar rights | 25 | €291 | €158 | -€133 | -45.8% |
| Other tangible fixed assets | 26 | €474 | €426 | -€48 | -10.1% |
| Financial fixed assets | 28 | €100,270 | €100,270 | = | 0.0% |
| Current assets | 29/58 | €30,134 | €102,505 | +€72,370 | +240.2% |
| Amounts receivable within one year | 40/41 | €29,090 | €70,960 | +€41,870 | +143.9% |
| Trade receivables | 40 | €21,747 | €53,295 | +€31,548 | +145.1% |
| Other amounts receivable | 41 | €7,343 | €17,665 | +€10,322 | +140.6% |
| Cash at bank and in hand | 54/58 | €613 | €30,243 | +€29,630 | +4831.9% |
| Deferred charges and accrued income | 490/1 | €431 | €1,301 | +€870 | +202.0% |
| Total equity and liabilities | 10/49 | €440,281 | €461,501 | +€21,220 | +4.8% |
| Equity | 10/15 | €10,673 | €11,394 | +€721 | +6.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €20,342 | €19,533 | -€809 | -4.0% |
| Tax-exempt reserves | 132 | €1,194 | €385 | -€809 | -67.7% |
| Distributable reserves | 133 | €19,147 | €19,147 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€15,869 | -€14,339 | +€1,530 | +9.6% |
| Provisions and deferred taxes | 16 | €398 | €128 | -€270 | -67.7% |
| Deferred taxes | 168 | €398 | €128 | -€270 | -67.7% |
| Amounts payable | 17/49 | €429,210 | €449,979 | +€20,769 | +4.8% |
| Amounts payable after more than one year | 17 | €178,191 | €139,141 | -€39,050 | -21.9% |
| Financial debts | 170/4 | €178,191 | €139,141 | -€39,050 | -21.9% |
| Amounts payable within one year | 42/48 | €250,154 | €309,878 | +€59,724 | +23.9% |
| Current portion of amounts payable after more than one year | 42 | €58,874 | €58,324 | -€550 | -0.9% |
| Trade debts | 44 | €15,284 | €36,597 | +€21,313 | +139.4% |
| Suppliers | 440/4 | €15,284 | €36,597 | +€21,313 | +139.4% |
| Taxes, remuneration and social security | 45 | €8,719 | €5,817 | -€2,901 | -33.3% |
| Taxes | 450/3 | €7,719 | €5,565 | -€2,154 | -27.9% |
| Remuneration and social security | 454/9 | €1,000 | €253 | -€747 | -74.7% |
| Other amounts payable | 47/48 | €167,277 | €209,140 | +€41,863 | +25.0% |
| Accrued charges and deferred income | 492/3 | €865 | €960 | +€95 | +11.0% |
| Non-recurring operating income | 76A | €4,635 | €0 | -€4,635 | -100.0% |
| Remuneration, social security and pensions | 62 | - | €1,072 | +€1,072 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €58,736 | €57,684 | -€1,051 | -1.8% |
| Other operating charges | 640/8 | €4,636 | €4,667 | +€31 | +0.7% |
| Non-recurring operating charges | 66A | - | €1,505 | +€1,505 | |
| Gross operating margin | 9900 | €68,616 | €81,160 | +€12,544 | +18.3% |
| Operating profit (loss) | 9901 | €5,244 | €16,231 | +€10,987 | +209.5% |
| Financial income | 75/76B | €89 | €28 | -€60 | -68.1% |
| Recurring financial income | 75 | €89 | €28 | -€60 | -68.1% |
| Financial charges | 65/66B | €8,970 | €10,809 | +€1,839 | +20.5% |
| Recurring financial charges | 65 | €8,970 | €10,809 | +€1,839 | +20.5% |
| Profit (loss) for the period before taxes | 9903 | -€3,637 | €5,451 | +€9,088 | |
| Transfer from deferred taxes | 780 | €282 | €270 | -€12 | -4.4% |
| Income taxes | 67/77 | €95 | €5,000 | +€4,905 | +5168.8% |
| Profit (loss) for the period | 9904 | -€3,450 | €721 | +€4,170 | |
| Transfer from tax-exempt reserves | 789 | €846 | €809 | -€37 | -4.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€2,604 | €1,530 | +€4,134 |
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 10 October 2026 via checked.be.