DR. A-M MOREL: what changed
DR. A-M MOREL
Largest movements
- Cash -€69,641
down €69,641 (-42.3%), from €164,822 to €95,180
mainly Contributions, distributions and other (-€85,000) and Investment in fixed assets (net) (-€58,437)
- Tangible fixed assets +€45,609
up €45,609 (+216%), from €21,098 to €66,707
of which Furniture and vehicles: +€49,515
- Current investments -€6,814
down €6,814 (-3.2%), from €209,685 to €202,871
- Reserves -€53,015
down €53,015 (-23.0%), from €230,168 to €177,154
of which Distributable reserves: -€49,825
- Other debts +€25,588
up €25,588 (+23.1%), from €110,850 to €136,438
- Financial income +€4,409
up €4,409 (+587%), from €750 to €5,159
- Depreciation -€2,348
down €2,348 (-15.5%), from €15,176 to €12,828
- Gross operating margin +€1,397
up €1,397 (+2.4%), from €58,495 to €59,891
- Taxes +€1,315
up €1,315 (+8.1%), from €16,265 to €17,580
- Financial charges +€852
up €852 (+111%), from €767 to €1,619
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €404,284 | €376,045 | -€28,240 | -7.0% |
| Fixed assets | 21/28 | €21,098 | €66,707 | +€45,609 | +216% |
| Tangible fixed assets | 22/27 | €21,098 | €66,707 | +€45,609 | +216% |
| Plant, machinery and equipment | 23 | €9,147 | €5,241 | -€3,905 | -42.7% |
| Furniture and vehicles | 24 | €11,951 | €61,466 | +€49,515 | +414% |
| Current assets | 29/58 | €383,186 | €309,337 | -€73,849 | -19.3% |
| Amounts receivable within one year | 40/41 | €4,536 | €6,325 | +€1,789 | +39.4% |
| Trade receivables | 40 | €4,266 | €3,291 | -€975 | -22.9% |
| Other amounts receivable | 41 | €270 | €3,034 | +€2,764 | +1,025% |
| Current investments | 50/53 | €209,685 | €202,871 | -€6,814 | -3.2% |
| Cash at bank and in hand | 54/58 | €164,822 | €95,180 | -€69,641 | -42.3% |
| Deferred charges and accrued income | 490/1 | €4,143 | €4,961 | +€817 | +19.7% |
| Total equity and liabilities | 10/49 | €404,284 | €376,045 | -€28,240 | -7.0% |
| Equity | 10/15 | €282,063 | €229,048 | -€53,015 | -18.8% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €230,168 | €177,154 | -€53,015 | -23.0% |
| Tax-exempt reserves | 132 | €21,767 | €18,576 | -€3,190 | -14.7% |
| Distributable reserves | 133 | €208,402 | €158,577 | -€49,825 | -23.9% |
| Profit (loss) carried forward | 14 | €39,495 | €39,495 | = | 0.0% |
| Amounts payable | 17/49 | €122,221 | €146,996 | +€24,775 | +20.3% |
| Amounts payable within one year | 42/48 | €122,221 | €146,996 | +€24,775 | +20.3% |
| Trade debts | 44 | €362 | €1,714 | +€1,352 | +374% |
| Suppliers | 440/4 | €362 | €1,714 | +€1,352 | +374% |
| Taxes, remuneration and social security | 45 | €11,010 | €8,845 | -€2,165 | -19.7% |
| Taxes | 450/3 | €11,010 | €8,845 | -€2,165 | -19.7% |
| Other amounts payable | 47/48 | €110,850 | €136,438 | +€25,588 | +23.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,176 | €12,828 | -€2,348 | -15.5% |
| Other operating charges | 640/8 | €1,221 | €1,038 | -€183 | -15.0% |
| Gross operating margin | 9900 | €58,495 | €59,891 | +€1,397 | +2.4% |
| Operating profit (loss) | 9901 | €42,098 | €46,025 | +€3,927 | +9.3% |
| Financial income | 75/76B | €750 | €5,159 | +€4,409 | +587% |
| Recurring financial income | 75 | €750 | €5,159 | +€4,409 | +587% |
| Financial charges | 65/66B | €767 | €1,619 | +€852 | +111% |
| Recurring financial charges | 65 | €767 | €1,619 | +€852 | +111% |
| Profit (loss) for the period before taxes | 9903 | €42,081 | €49,565 | +€7,484 | +17.8% |
| Income taxes | 67/77 | €16,265 | €17,580 | +€1,315 | +8.1% |
| Profit (loss) for the period | 9904 | €25,816 | €31,985 | +€6,169 | +23.9% |
| Transfer from tax-exempt reserves | 789 | €3,190 | €3,190 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €29,007 | €35,175 | +€6,169 | +21.3% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.