Dr. Bart Mortelé: 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. Bart Mortelé
Largest movements
- Cash +€565,412
up €565,412 (+70.8%), from €798,119 to €1.4m
mainly Net result for the year (+€990,726) and Investment in fixed assets (net) (+€218,184)
- Current investments +€371,795
up €371,795 (+21.5%), from €1.7m to €2.1m
- Tangible fixed assets -€352,749
down €352,749 (-16.0%), from €2.2m to €1.9m
of which Land and buildings: -€272,560
- Receivables within one year +€114,511
up €114,511 (+13.5%), from €851,378 to €965,889
of which Trade receivables: +€132,500
- Deferred charges and accrued income +€70,422
up €70,422 (+1,342%), from €5,247 to €75,669
- Reserves +€641,650
up €641,650 (+14.1%), from €4.5m to €5.2m
of which Distributable reserves: +€389,050
- Other debts +€187,813
up €187,813 (+26.6%), from €705,261 to €893,074
- Debts after one year -€78,712
down €78,712 (-58.9%), from €133,729 to €55,017
- Gross operating margin +€178,758
up €178,758 (+12.8%), from €1.4m to €1.6m
- Taxes +€48,691
up €48,691 (+12.7%), from €383,866 to €432,557
- Financial income +€18,226
up €18,226 (+52.4%), from €34,793 to €53,018
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 | €5,591,527 | €6,360,918 | +€769,391 | +13.8% |
| Fixed assets | 21/28 | €2,208,804 | €1,856,055 | -€352,749 | -16.0% |
| Tangible fixed assets | 22/27 | €2,208,804 | €1,856,055 | -€352,749 | -16.0% |
| Land and buildings | 22 | €1,717,489 | €1,444,929 | -€272,560 | -15.9% |
| Plant, machinery and equipment | 23 | €2,691 | €1,016 | -€1,675 | -62.2% |
| Furniture and vehicles | 24 | €119,600 | €76,882 | -€42,719 | -35.7% |
| Other tangible fixed assets | 26 | €369,023 | €333,229 | -€35,795 | -9.7% |
| Current assets | 29/58 | €3,382,723 | €4,504,863 | +€1.1m | +33.2% |
| Amounts receivable within one year | 40/41 | €851,378 | €965,889 | +€114,511 | +13.5% |
| Trade receivables | 40 | €824,900 | €957,400 | +€132,500 | +16.1% |
| Other amounts receivable | 41 | €26,478 | €8,489 | -€17,989 | -67.9% |
| Current investments | 50/53 | €1,727,979 | €2,099,775 | +€371,795 | +21.5% |
| Cash at bank and in hand | 54/58 | €798,119 | €1,363,530 | +€565,412 | +70.8% |
| Deferred charges and accrued income | 490/1 | €5,247 | €75,669 | +€70,422 | +1,342% |
| Total equity and liabilities | 10/49 | €5,591,527 | €6,360,918 | +€769,391 | +13.8% |
| Equity | 10/15 | €4,617,142 | €5,258,793 | +€641,650 | +13.9% |
| Contributions | 10/11 | €27,353 | €27,353 | = | 0.0% |
| Reserves | 13 | €4,535,769 | €5,177,420 | +€641,650 | +14.1% |
| Tax-exempt reserves | 132 | €526,250 | €778,850 | +€252,600 | +48.0% |
| Distributable reserves | 133 | €4,009,519 | €4,398,570 | +€389,050 | +9.7% |
| Profit (loss) carried forward | 14 | €54,020 | €54,020 | = | 0.0% |
| Amounts payable | 17/49 | €974,385 | €1,102,126 | +€127,741 | +13.1% |
| Amounts payable after more than one year | 17 | €133,729 | €55,017 | -€78,712 | -58.9% |
| Financial debts | 170/4 | €133,729 | €55,017 | -€78,712 | -58.9% |
| Amounts payable within one year | 42/48 | €834,689 | €1,041,111 | +€206,422 | +24.7% |
| Current portion of amounts payable after more than one year | 42 | €86,618 | €80,601 | -€6,017 | -6.9% |
| Trade debts | 44 | €29,016 | €27,724 | -€1,292 | -4.5% |
| Suppliers | 440/4 | €29,016 | €27,724 | -€1,292 | -4.5% |
| Taxes, remuneration and social security | 45 | €13,794 | €39,712 | +€25,918 | +188% |
| Taxes | 450/3 | €13,794 | €39,712 | +€25,918 | +188% |
| Other amounts payable | 47/48 | €705,261 | €893,074 | +€187,813 | +26.6% |
| Accrued charges and deferred income | 492/3 | €5,968 | €5,998 | +€31 | +0.5% |
| Non-recurring operating income | 76A | €25,000 | €161,701 | +€136,701 | +547% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €143,447 | €134,565 | -€8,882 | -6.2% |
| Other operating charges | 640/8 | €17,728 | €10,946 | -€6,782 | -38.3% |
| Gross operating margin | 9900 | €1,401,478 | €1,580,236 | +€178,758 | +12.8% |
| Operating profit (loss) | 9901 | €1,240,303 | €1,434,726 | +€194,422 | +15.7% |
| Financial income | 75/76B | €34,793 | €53,018 | +€18,226 | +52.4% |
| Recurring financial income | 75 | €34,793 | €53,018 | +€18,226 | +52.4% |
| Financial charges | 65/66B | €53,206 | €64,461 | +€11,255 | +21.2% |
| Recurring financial charges | 65 | €53,206 | €64,461 | +€11,255 | +21.2% |
| Profit (loss) for the period before taxes | 9903 | €1,221,890 | €1,423,283 | +€201,393 | +16.5% |
| Income taxes | 67/77 | €383,866 | €432,557 | +€48,691 | +12.7% |
| Profit (loss) for the period | 9904 | €838,023 | €990,726 | +€152,703 | +18.2% |
| Transfer from tax-exempt reserves | 789 | €290,000 | - | -€290,000 | |
| Transfer to tax-exempt reserves | 689 | €294,700 | €252,600 | -€42,100 | -14.3% |
| Profit (loss) for the period to be appropriated | 9905 | €833,323 | €738,126 | -€95,197 | -11.4% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.