DR. C. MOULART: what changed
DR. C. MOULART
Largest movements
- Current investments +€342,361
up €342,361 (+2,435%), from €14,060 to €356,420
- Tangible fixed assets -€155,467
down €155,467 (-95.1%), from €163,410 to €7,944
of which Land and buildings: -€148,434
- Receivables within one year +€72,007
up €72,007 (+42.5%), from €169,357 to €241,364
of which Other amounts receivable: +€70,890
- Cash +€8,610
up €8,610 (+1,013%), from €850 to €9,460
mainly Net result for the year (+€249,078) and Investment in fixed assets (net) (+€147,105)
- Reserves +€240,000
up €240,000 (+343%), from €70,000 to €310,000
- Other debts +€55,000
new in 2025: €55,000
- Profit (loss) carried forward -€45,922
down €45,922 (-23.2%), from €198,125 to €152,202
- Debts after one year +€19,451
up €19,451 (+70.2%), from €27,702 to €47,153
- Trade debts -€6,721
no longer reported in 2025 (was €6,721)
- Gross operating margin +€274,115
up €274,115 (+211%), from €129,994 to €404,110
- Taxes +€91,001
up €91,001 (+304%), from €29,893 to €120,894
- Other operating charges +€17,421
up €17,421 (+648%), from €2,687 to €20,108
- Depreciation -€12,376
down €12,376 (-59.7%), from €20,737 to €8,361
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 | €348,233 | €615,188 | +€266,955 | +76.7% |
| Fixed assets | 21/28 | €163,410 | €7,944 | -€155,467 | -95.1% |
| Tangible fixed assets | 22/27 | €163,410 | €7,944 | -€155,467 | -95.1% |
| Land and buildings | 22 | €148,434 | - | -€148,434 | |
| Furniture and vehicles | 24 | €14,976 | €7,944 | -€7,032 | -47.0% |
| Current assets | 29/58 | €184,823 | €607,245 | +€422,422 | +229% |
| Amounts receivable within one year | 40/41 | €169,357 | €241,364 | +€72,007 | +42.5% |
| Trade receivables | 40 | - | €1,117 | +€1,117 | |
| Other amounts receivable | 41 | €169,357 | €240,247 | +€70,890 | +41.9% |
| Current investments | 50/53 | €14,060 | €356,420 | +€342,361 | +2,435% |
| Cash at bank and in hand | 54/58 | €850 | €9,460 | +€8,610 | +1,013% |
| Deferred charges and accrued income | 490/1 | €556 | - | -€556 | |
| Total equity and liabilities | 10/49 | €348,233 | €615,188 | +€266,955 | +76.7% |
| Equity | 10/15 | €282,385 | €476,462 | +€194,078 | +68.7% |
| Contributions | 10/11 | €14,260 | €14,260 | = | 0.0% |
| Reserves | 13 | €70,000 | €310,000 | +€240,000 | +343% |
| Distributable reserves | 133 | €70,000 | €310,000 | +€240,000 | +343% |
| Profit (loss) carried forward | 14 | €198,125 | €152,202 | -€45,922 | -23.2% |
| Amounts payable | 17/49 | €65,849 | €138,726 | +€72,877 | +111% |
| Amounts payable after more than one year | 17 | €27,702 | €47,153 | +€19,451 | +70.2% |
| Financial debts | 170/4 | €27,702 | €47,153 | +€19,451 | +70.2% |
| Amounts payable within one year | 42/48 | €38,147 | €91,573 | +€53,427 | +140% |
| Current portion of amounts payable after more than one year | 42 | €31,358 | €30,573 | -€785 | -2.5% |
| Trade debts | 44 | €6,721 | - | -€6,721 | |
| Suppliers | 440/4 | €6,721 | - | -€6,721 | |
| Advances received on contracts in progress | 46 | €68 | - | -€68 | |
| Taxes, remuneration and social security | 45 | - | €6,000 | +€6,000 | |
| Taxes | 450/3 | - | €6,000 | +€6,000 | |
| Other amounts payable | 47/48 | - | €55,000 | +€55,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,737 | €8,361 | -€12,376 | -59.7% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €3 | +€3 | |
| Other operating charges | 640/8 | €2,687 | €20,108 | +€17,421 | +648% |
| Gross operating margin | 9900 | €129,994 | €404,110 | +€274,115 | +211% |
| Operating profit (loss) | 9901 | €106,571 | €375,638 | +€269,068 | +252% |
| Financial income | 75/76B | - | €12 | +€12 | |
| Recurring financial income | 75 | - | €12 | +€12 | |
| Financial charges | 65/66B | €2,214 | €5,679 | +€3,464 | +156% |
| Recurring financial charges | 65 | €2,214 | €5,679 | +€3,464 | +156% |
| Profit (loss) for the period before taxes | 9903 | €104,356 | €369,971 | +€265,615 | +255% |
| Income taxes | 67/77 | €29,893 | €120,894 | +€91,001 | +304% |
| Profit (loss) for the period | 9904 | €74,463 | €249,078 | +€174,614 | +234% |
| Profit (loss) for the period to be appropriated | 9905 | €74,463 | €249,078 | +€174,614 | +234% |
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.