DR ANNE MOSTAERT: 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.
DR ANNE MOSTAERT
Largest movements
- Tangible fixed assets -€18,007
down €18,007 (-15.2%), from €118,225 to €100,218
of which Land and buildings: -€18,484
- Deferred charges and accrued income -€13,255
down €13,255 (-39.4%), from €33,655 to €20,400
- Cash -€2,945
down €2,945 (-19.7%), from €14,981 to €12,036
mainly Contributions, distributions and other (-€20,000) and Investment in fixed assets (net) (-€15,445)
- Reserves -€20,000
down €20,000 (-47.8%), from €41,860 to €21,860
of which Distributable reserves: -€20,000
- Current portion of long-term debt +€11,050
new in 2025: €11,050
- Short-term financial debts -€10,406
down €10,406 (-99.6%), from €10,446 to €40
- Debts after one year -€7,667
down €7,667 (-92.1%), from €8,323 to €655
- Trade debts -€6,518
down €6,518 (-85.2%), from €7,649 to €1,130
- Depreciation +€2,557
up €2,557 (+8.3%), from €30,895 to €33,452
- Gross operating margin -€2,414
down €2,414 (-5.9%), from €40,739 to €38,325
- Other operating charges -€1,725
down €1,725 (-34.6%), from €4,989 to €3,264
- Taxes -€1,230
down €1,230 (-33.2%), from €3,701 to €2,472
- Financial income -€466
down €466 (-59.2%), from €787 to €321
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 | €223,888 | €189,727 | -€34,161 | -15.3% |
| Fixed assets | 21/28 | €118,299 | €100,292 | -€18,007 | -15.2% |
| Tangible fixed assets | 22/27 | €118,225 | €100,218 | -€18,007 | -15.2% |
| Land and buildings | 22 | €67,206 | €48,722 | -€18,484 | -27.5% |
| Plant, machinery and equipment | 23 | €25,149 | €32,494 | +€7,345 | +29.2% |
| Furniture and vehicles | 24 | €25,870 | €19,002 | -€6,868 | -26.5% |
| Financial fixed assets | 28 | €74 | €74 | = | 0.0% |
| Current assets | 29/58 | €105,589 | €89,435 | -€16,154 | -15.3% |
| Amounts receivable within one year | 40/41 | €16,482 | €16,250 | -€232 | -1.4% |
| Trade receivables | 40 | - | €2,239 | +€2,239 | |
| Other amounts receivable | 41 | €16,482 | €14,012 | -€2,470 | -15.0% |
| Current investments | 50/53 | €40,471 | €40,749 | +€278 | +0.7% |
| Cash at bank and in hand | 54/58 | €14,981 | €12,036 | -€2,945 | -19.7% |
| Deferred charges and accrued income | 490/1 | €33,655 | €20,400 | -€13,255 | -39.4% |
| Total equity and liabilities | 10/49 | €223,888 | €189,727 | -€34,161 | -15.3% |
| Equity | 10/15 | €165,676 | €143,841 | -€21,836 | -13.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €41,860 | €21,860 | -€20,000 | -47.8% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €40,000 | €20,000 | -€20,000 | -50.0% |
| Profit (loss) carried forward | 14 | €111,416 | €109,581 | -€1,836 | -1.6% |
| Amounts payable | 17/49 | €58,212 | €45,886 | -€12,325 | -21.2% |
| Amounts payable after more than one year | 17 | €8,323 | €655 | -€7,667 | -92.1% |
| Financial debts | 170/4 | €8,323 | €655 | -€7,667 | -92.1% |
| Amounts payable within one year | 42/48 | €49,095 | €44,471 | -€4,624 | -9.4% |
| Current portion of amounts payable after more than one year | 42 | - | €11,050 | +€11,050 | |
| Financial debts | 43 | €10,446 | €40 | -€10,406 | -99.6% |
| Credit institutions | 430/8 | €10,446 | €40 | -€10,406 | -99.6% |
| Trade debts | 44 | €7,649 | €1,130 | -€6,518 | -85.2% |
| Suppliers | 440/4 | €7,649 | €1,130 | -€6,518 | -85.2% |
| Taxes, remuneration and social security | 45 | €1,000 | €6,090 | +€5,090 | +509% |
| Taxes | 450/3 | €1,000 | - | -€1,000 | |
| Remuneration and social security | 454/9 | - | €6,090 | +€6,090 | |
| Other amounts payable | 47/48 | €30,000 | €26,161 | -€3,839 | -12.8% |
| Accrued charges and deferred income | 492/3 | €794 | €760 | -€34 | -4.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,895 | €33,452 | +€2,557 | +8.3% |
| Other operating charges | 640/8 | €4,989 | €3,264 | -€1,725 | -34.6% |
| Gross operating margin | 9900 | €40,739 | €38,325 | -€2,414 | -5.9% |
| Operating profit (loss) | 9901 | €4,855 | €1,608 | -€3,247 | -66.9% |
| Financial income | 75/76B | €787 | €321 | -€466 | -59.2% |
| Recurring financial income | 75 | €787 | €321 | -€466 | -59.2% |
| Financial charges | 65/66B | €1,142 | €1,293 | +€151 | +13.2% |
| Recurring financial charges | 65 | €1,142 | €1,293 | +€151 | +13.2% |
| Profit (loss) for the period before taxes | 9903 | €4,500 | €636 | -€3,864 | -85.9% |
| Income taxes | 67/77 | €3,701 | €2,472 | -€1,230 | -33.2% |
| Profit (loss) for the period | 9904 | €798 | -€1,836 | -€2,634 | |
| Profit (loss) for the period to be appropriated | 9905 | €798 | -€1,836 | -€2,634 |
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 25 October 2026 via checked.be.