DOCTEUR MORVAN: 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.
DOCTEUR MORVAN
Largest movements
- Receivables within one year +€128,611
up €128,611 (+32.4%), from €396,772 to €525,383
- Tangible fixed assets +€13,708
up €13,708 (+40.3%), from €34,014 to €47,721
- Reserves +€128,195
up €128,195 (+32.7%), from €392,145 to €520,339
- Tax, wage and social debts +€36,348
up €36,348 (+48.1%), from €75,527 to €111,875
- Current portion of long-term debt -€12,501
no longer reported in 2025 (was €12,501)
- Gross operating margin +€24,450
up €24,450 (+13.0%), from €187,653 to €212,102
- Taxes +€9,339
up €9,339 (+15.4%), from €60,683 to €70,022
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 | €492,998 | €645,098 | +€152,100 | +30.9% |
| Fixed assets | 21/28 | €34,014 | €47,721 | +€13,708 | +40.3% |
| Tangible fixed assets | 22/27 | €34,014 | €47,721 | +€13,708 | +40.3% |
| Furniture and vehicles | 24 | €34,014 | €47,721 | +€13,708 | +40.3% |
| Current assets | 29/58 | €458,984 | €597,377 | +€138,393 | +30.2% |
| Amounts receivable within one year | 40/41 | €396,772 | €525,383 | +€128,611 | +32.4% |
| Other amounts receivable | 41 | €396,772 | €525,383 | +€128,611 | +32.4% |
| Cash at bank and in hand | 54/58 | €4,963 | €10,480 | +€5,517 | +111% |
| Deferred charges and accrued income | 490/1 | €57,250 | €61,514 | +€4,265 | +7.4% |
| Total equity and liabilities | 10/49 | €492,998 | €645,098 | +€152,100 | +30.9% |
| Equity | 10/15 | €404,545 | €532,739 | +€128,195 | +31.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €392,145 | €520,339 | +€128,195 | +32.7% |
| Distributable reserves | 133 | €392,145 | €520,339 | +€128,195 | +32.7% |
| Amounts payable | 17/49 | €88,453 | €112,359 | +€23,906 | +27.0% |
| Amounts payable within one year | 42/48 | €88,028 | €112,359 | +€24,331 | +27.6% |
| Current portion of amounts payable after more than one year | 42 | €12,501 | - | -€12,501 | |
| Trade debts | 44 | - | €484 | +€484 | |
| Suppliers | 440/4 | - | €484 | +€484 | |
| Taxes, remuneration and social security | 45 | €75,527 | €111,875 | +€36,348 | +48.1% |
| Taxes | 450/3 | €75,527 | €111,875 | +€36,348 | +48.1% |
| Accrued charges and deferred income | 492/3 | €425 | - | -€425 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,791 | €11,292 | +€1,501 | +15.3% |
| Other operating charges | 640/8 | €761 | €1,759 | +€998 | +131% |
| Gross operating margin | 9900 | €187,653 | €212,102 | +€24,450 | +13.0% |
| Operating profit (loss) | 9901 | €177,100 | €199,051 | +€21,951 | +12.4% |
| Financial income | 75/76B | €4 | - | -€4 | |
| Recurring financial income | 75 | €4 | - | -€4 | |
| Financial charges | 65/66B | €1,954 | €834 | -€1,120 | -57.3% |
| Recurring financial charges | 65 | €1,954 | €834 | -€1,120 | -57.3% |
| Profit (loss) for the period before taxes | 9903 | €175,149 | €198,216 | +€23,067 | +13.2% |
| Income taxes | 67/77 | €60,683 | €70,022 | +€9,339 | +15.4% |
| Profit (loss) for the period | 9904 | €114,466 | €128,195 | +€13,728 | +12.0% |
| Profit (loss) for the period to be appropriated | 9905 | €114,466 | €128,195 | +€13,728 | +12.0% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.