Dr Benoit Morelle: 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 Benoit Morelle
Largest movements
- Receivables within one year -€73,256
down €73,256 (-84.6%), from €86,589 to €13,333
- Cash +€45,345
up €45,345 (+219%), from €20,719 to €66,063
mainly Net result for the year (+€91,353) and Receivables within one year (+€73,256)
- Tangible fixed assets +€10,082
up €10,082 (+29.0%), from €34,812 to €44,894
of which Other tangible fixed assets: +€7,000
- Financial fixed assets +€10,000
new in 2025: €10,000
- Deferred charges and accrued income +€3,639
up €3,639 (+169%), from €2,154 to €5,792
- Profit (loss) carried forward -€102,647
down €102,647 (-83.3%), from €123,188 to €20,541
- Other debts +€58,718
new in 2025: €58,718
- Tax, wage and social debts +€42,296
up €42,296 (+1,256%), from €3,369 to €45,665
- Debts after one year -€3,140
down €3,140 (-22.9%), from €13,721 to €10,580
- Gross operating margin +€21,371
up €21,371 (+21.7%), from €98,670 to €120,041
- Depreciation -€9,428
down €9,428 (-79.2%), from €11,898 to €2,470
- Taxes +€7,738
up €7,738 (+42.9%), from €18,058 to €25,796
- Financial income -€3,040
down €3,040 (-100.0%), from €3,040 to €0
- Financial charges -€1,454
down €1,454 (-87.8%), from €1,656 to €202
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 | €146,232 | €141,551 | -€4,680 | -3.2% |
| Fixed assets | 21/28 | €36,771 | €56,363 | +€19,592 | +53.3% |
| Intangible fixed assets | 21 | €1,959 | €1,469 | -€490 | -25.0% |
| Tangible fixed assets | 22/27 | €34,812 | €44,894 | +€10,082 | +29.0% |
| Land and buildings | 22 | €20,549 | €20,355 | -€194 | -0.9% |
| Plant, machinery and equipment | 23 | €8,680 | €12,811 | +€4,131 | +47.6% |
| Furniture and vehicles | 24 | €5,583 | €4,727 | -€856 | -15.3% |
| Other tangible fixed assets | 26 | - | €7,000 | +€7,000 | |
| Financial fixed assets | 28 | - | €10,000 | +€10,000 | |
| Current assets | 29/58 | €109,461 | €85,189 | -€24,273 | -22.2% |
| Amounts receivable within one year | 40/41 | €86,589 | €13,333 | -€73,256 | -84.6% |
| Other amounts receivable | 41 | €86,589 | €13,333 | -€73,256 | -84.6% |
| Cash at bank and in hand | 54/58 | €20,719 | €66,063 | +€45,345 | +219% |
| Deferred charges and accrued income | 490/1 | €2,154 | €5,792 | +€3,639 | +169% |
| Total equity and liabilities | 10/49 | €146,232 | €141,551 | -€4,680 | -3.2% |
| Equity | 10/15 | €124,688 | €22,041 | -€102,647 | -82.3% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €123,188 | €20,541 | -€102,647 | -83.3% |
| Amounts payable | 17/49 | €21,544 | €119,511 | +€97,967 | +455% |
| Amounts payable after more than one year | 17 | €13,721 | €10,580 | -€3,140 | -22.9% |
| Financial debts | 170/4 | €13,721 | €10,580 | -€3,140 | -22.9% |
| Amounts payable within one year | 42/48 | €7,823 | €108,930 | +€101,107 | +1,292% |
| Current portion of amounts payable after more than one year | 42 | €3,244 | €3,140 | -€104 | -3.2% |
| Trade debts | 44 | €1,210 | €1,407 | +€197 | +16.3% |
| Suppliers | 440/4 | €1,210 | €1,407 | +€197 | +16.3% |
| Taxes, remuneration and social security | 45 | €3,369 | €45,665 | +€42,296 | +1,256% |
| Taxes | 450/3 | €3,369 | €45,665 | +€42,296 | +1,256% |
| Other amounts payable | 47/48 | - | €58,718 | +€58,718 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,898 | €2,470 | -€9,428 | -79.2% |
| Other operating charges | 640/8 | €416 | €220 | -€196 | -47.2% |
| Gross operating margin | 9900 | €98,670 | €120,041 | +€21,371 | +21.7% |
| Operating profit (loss) | 9901 | €86,356 | €117,351 | +€30,995 | +35.9% |
| Financial income | 75/76B | €3,040 | €0 | -€3,040 | -100.0% |
| Recurring financial income | 75 | €3,040 | €0 | -€3,040 | -100.0% |
| Financial charges | 65/66B | €1,656 | €202 | -€1,454 | -87.8% |
| Recurring financial charges | 65 | €1,656 | €202 | -€1,454 | -87.8% |
| Profit (loss) for the period before taxes | 9903 | €87,740 | €117,149 | +€29,409 | +33.5% |
| Income taxes | 67/77 | €18,058 | €25,796 | +€7,738 | +42.9% |
| Profit (loss) for the period | 9904 | €69,682 | €91,353 | +€21,670 | +31.1% |
| Profit (loss) for the period to be appropriated | 9905 | €69,682 | €91,353 | +€21,670 | +31.1% |
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 19 October 2026 via checked.be.