DR. ELS VAN MOER: 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. ELS VAN MOER
Largest movements
- Cash -€23,337
down €23,337 (-9.6%), from €242,818 to €219,481
mainly Contributions, distributions and other (-€188,300) and Tax, wage and social debts (-€20,731)
- Current investments +€11,966
up €11,966 (+2.0%), from €598,024 to €609,990
- Receivables within one year +€11,161
up €11,161 (+14.1%), from €79,017 to €90,179
- Tax, wage and social debts -€20,731
down €20,731 (-52.8%), from €39,251 to €18,520
of which Taxes: -€20,731
- Other debts +€14,760
up €14,760 (+17.2%), from €86,029 to €100,790
- Reserves -€14,130
down €14,130 (-1.6%), from €887,398 to €873,268
- Accrued charges and deferred income +€11,387
up €11,387 (+417%), from €2,729 to €14,116
- Gross operating margin +€35,208
up €35,208 (+15.4%), from €228,122 to €263,329
- Taxes +€9,569
up €9,569 (+14.4%), from €66,359 to €75,928
- Financial charges -€3,389
down €3,389 (-97.1%), from €3,491 to €102
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 | €1,027,994 | €1,019,284 | -€8,710 | -0.8% |
| Fixed assets | 21/28 | €108,135 | €99,635 | -€8,500 | -7.9% |
| Tangible fixed assets | 22/27 | €108,135 | €99,635 | -€8,500 | -7.9% |
| Land and buildings | 22 | €102,960 | €95,040 | -€7,920 | -7.7% |
| Other tangible fixed assets | 26 | €5,175 | €4,595 | -€580 | -11.2% |
| Current assets | 29/58 | €919,859 | €919,649 | -€210 | 0.0% |
| Amounts receivable within one year | 40/41 | €79,017 | €90,179 | +€11,161 | +14.1% |
| Trade receivables | 40 | €79,017 | €90,179 | +€11,161 | +14.1% |
| Current investments | 50/53 | €598,024 | €609,990 | +€11,966 | +2.0% |
| Cash at bank and in hand | 54/58 | €242,818 | €219,481 | -€23,337 | -9.6% |
| Total equity and liabilities | 10/49 | €1,027,994 | €1,019,284 | -€8,710 | -0.8% |
| Equity | 10/15 | €899,955 | €885,828 | -€14,127 | -1.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €887,398 | €873,268 | -€14,130 | -1.6% |
| Distributable reserves | 133 | €887,398 | €873,268 | -€14,130 | -1.6% |
| Profit (loss) carried forward | 14 | €158 | €160 | +€3 | +1.8% |
| Amounts payable | 17/49 | €128,039 | €133,456 | +€5,417 | +4.2% |
| Amounts payable within one year | 42/48 | €125,310 | €119,340 | -€5,970 | -4.8% |
| Trade debts | 44 | €29 | €30 | +€1 | +2.9% |
| Suppliers | 440/4 | €29 | €30 | +€1 | +2.9% |
| Taxes, remuneration and social security | 45 | €39,251 | €18,520 | -€20,731 | -52.8% |
| Taxes | 450/3 | €37,251 | €16,520 | -€20,731 | -55.7% |
| Remuneration and social security | 454/9 | €2,000 | €2,000 | = | 0.0% |
| Other amounts payable | 47/48 | €86,029 | €100,790 | +€14,760 | +17.2% |
| Accrued charges and deferred income | 492/3 | €2,729 | €14,116 | +€11,387 | +417% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,500 | €8,500 | = | 0.0% |
| Other operating charges | 640/8 | €4,448 | €3,848 | -€600 | -13.5% |
| Non-recurring operating charges | 66A | - | €3,000 | +€3,000 | |
| Gross operating margin | 9900 | €228,122 | €263,329 | +€35,208 | +15.4% |
| Operating profit (loss) | 9901 | €215,174 | €247,981 | +€32,807 | +15.2% |
| Financial income | 75/76B | €1,277 | €2,221 | +€944 | +74.0% |
| Recurring financial income | 75 | €1,277 | €2,221 | +€944 | +74.0% |
| Financial charges | 65/66B | €3,491 | €102 | -€3,389 | -97.1% |
| Recurring financial charges | 65 | €3,491 | €102 | -€3,389 | -97.1% |
| Profit (loss) for the period before taxes | 9903 | €212,959 | €250,100 | +€37,141 | +17.4% |
| Income taxes | 67/77 | €66,359 | €75,928 | +€9,569 | +14.4% |
| Profit (loss) for the period | 9904 | €146,601 | €174,173 | +€27,572 | +18.8% |
| Profit (loss) for the period to be appropriated | 9905 | €146,601 | €174,173 | +€27,572 | +18.8% |
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 23 October 2026 via checked.be.