Davy Moorkens: 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.
Davy Moorkens
Largest movements
- Tangible fixed assets +€167,768
up €167,768 (+409.5%), from €40,970 to €208,738
of which Land and buildings: +€181,844
- Stocks and contracts -€25,105
down €25,105 (-92.0%), from €27,284 to €2,179
of which Contracts in progress: -€25,000
- Cash -€16,619
down €16,619 (-43.1%), from €38,517 to €21,898
mainly Investment in fixed assets (net) (-€191,091) and Contributions, distributions and other (-€30,000)
- Debts after one year +€128,731
up €128,731 (+2378.1%), from €5,413 to €134,144
- Trade debts -€16,096
down €16,096 (-87.4%), from €18,424 to €2,328
- Accrued charges and deferred income +€11,036
new in 2025: €11,036
- Gross operating margin +€42,633
up €42,633 (+138.9%), from €30,694 to €73,327
- Taxes +€9,829
up €9,829 (+380.7%), from €2,582 to €12,412
- Depreciation +€7,821
up €7,821 (+51.3%), from €15,252 to €23,072
- Financial charges +€4,237
up €4,237 (+153.0%), from €2,769 to €7,006
- Financial income +€911
up €911 (+456.0%), from €200 to €1,110
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 | €131,883 | €258,518 | +€126,635 | +96.0% |
| Fixed assets | 21/28 | €41,390 | €209,408 | +€168,018 | +405.9% |
| Tangible fixed assets | 22/27 | €40,970 | €208,738 | +€167,768 | +409.5% |
| Land and buildings | 22 | - | €181,844 | +€181,844 | |
| Plant, machinery and equipment | 23 | €9,902 | €5,881 | -€4,021 | -40.6% |
| Furniture and vehicles | 24 | €24,659 | €20,572 | -€4,087 | -16.6% |
| Leasing and similar rights | 25 | €6,409 | €441 | -€5,967 | -93.1% |
| Other tangible fixed assets | 26 | €0 | - | = | |
| Financial fixed assets | 28 | €420 | €670 | +€250 | +59.5% |
| Current assets | 29/58 | €90,494 | €49,110 | -€41,384 | -45.7% |
| Stocks and contracts in progress | 3 | €27,284 | €2,179 | -€25,105 | -92.0% |
| Stocks | 30/36 | €2,284 | €2,179 | -€105 | -4.6% |
| Contracts in progress | 37 | €25,000 | - | -€25,000 | |
| Amounts receivable within one year | 40/41 | €23,484 | €22,475 | -€1,009 | -4.3% |
| Trade receivables | 40 | €5,089 | €17,206 | +€12,117 | +238.1% |
| Other amounts receivable | 41 | €18,395 | €5,269 | -€13,126 | -71.4% |
| Cash at bank and in hand | 54/58 | €38,517 | €21,898 | -€16,619 | -43.1% |
| Deferred charges and accrued income | 490/1 | €1,208 | €2,558 | +€1,350 | +111.7% |
| Total equity and liabilities | 10/49 | €131,883 | €258,518 | +€126,635 | +96.0% |
| Equity | 10/15 | €90,886 | €91,239 | +€353 | +0.4% |
| Contributions | 10/11 | €5,100 | €5,100 | = | 0.0% |
| Reserves | 13 | €85,786 | €86,139 | +€353 | +0.4% |
| Distributable reserves | 133 | €85,786 | €86,139 | +€353 | +0.4% |
| Amounts payable | 17/49 | €40,997 | €167,279 | +€126,282 | +308.0% |
| Amounts payable after more than one year | 17 | €5,413 | €134,144 | +€128,731 | +2378.1% |
| Financial debts | 170/4 | €5,413 | €134,144 | +€128,731 | +2378.1% |
| Amounts payable within one year | 42/48 | €35,584 | €22,099 | -€13,485 | -37.9% |
| Current portion of amounts payable after more than one year | 42 | €17,160 | €17,359 | +€199 | +1.2% |
| Trade debts | 44 | €18,424 | €2,328 | -€16,096 | -87.4% |
| Suppliers | 440/4 | €18,424 | €2,328 | -€16,096 | -87.4% |
| Taxes, remuneration and social security | 45 | - | €2,412 | +€2,412 | |
| Taxes | 450/3 | - | €2,412 | +€2,412 | |
| Accrued charges and deferred income | 492/3 | - | €11,036 | +€11,036 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,252 | €23,072 | +€7,821 | +51.3% |
| Other operating charges | 640/8 | €1,049 | €1,595 | +€546 | +52.1% |
| Non-recurring operating charges | 66A | €5,039 | - | -€5,039 | |
| Gross operating margin | 9900 | €30,694 | €73,327 | +€42,633 | +138.9% |
| Operating profit (loss) | 9901 | €9,355 | €48,660 | +€39,304 | +420.1% |
| Financial income | 75/76B | €200 | €1,110 | +€911 | +456.0% |
| Recurring financial income | 75 | €200 | €1,110 | +€911 | +456.0% |
| Financial charges | 65/66B | €2,769 | €7,006 | +€4,237 | +153.0% |
| Recurring financial charges | 65 | €2,769 | €7,006 | +€4,237 | +153.0% |
| Profit (loss) for the period before taxes | 9903 | €6,786 | €42,764 | +€35,978 | +530.2% |
| Income taxes | 67/77 | €2,582 | €12,412 | +€9,829 | +380.7% |
| Profit (loss) for the period | 9904 | €4,204 | €30,353 | +€26,149 | +622.0% |
| Profit (loss) for the period to be appropriated | 9905 | €4,204 | €30,353 | +€26,149 | +622.0% |
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.