Dr. Frederik Mortier: 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. Frederik Mortier
Largest movements
- Cash +€1.0m
up €1.0m (+1,498%), from €69,603 to €1.1m
mainly Current investments (+€867,287) and Net result for the year (+€387,296)
- Current investments -€867,287
down €867,287 (-82.1%), from €1.1m to €189,609
- Tangible fixed assets -€33,501
down €33,501 (-6.0%), from €559,548 to €526,046
of which Land and buildings: -€17,586
- Receivables within one year +€31,712
up €31,712 (+214%), from €14,826 to €46,538
of which Other amounts receivable: +€32,411
- Reserves +€250,723
up €250,723 (+19.8%), from €1.3m to €1.5m
of which Distributable reserves: +€250,723
- Debts after one year -€99,408
down €99,408 (-24.8%), from €400,500 to €301,092
- Current portion of long-term debt +€25,247
new in 2025: €25,247
- Financial income +€212,569
up €212,569 (+585%), from €36,363 to €248,932
- Gross operating margin +€80,529
up €80,529 (+26.2%), from €306,823 to €387,352
- Taxes +€41,830
up €41,830 (+64.1%), from €65,271 to €107,101
- Financial charges +€33,839
up €33,839 (+198%), from €17,108 to €50,947
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 | €1,714,520 | €1,885,901 | +€171,380 | +10.0% |
| Fixed assets | 21/28 | €564,415 | €529,249 | -€35,167 | -6.2% |
| Tangible fixed assets | 22/27 | €559,548 | €526,046 | -€33,501 | -6.0% |
| Land and buildings | 22 | €452,996 | €435,409 | -€17,586 | -3.9% |
| Plant, machinery and equipment | 23 | €9,046 | €14,851 | +€5,805 | +64.2% |
| Furniture and vehicles | 24 | €52,217 | €39,928 | -€12,289 | -23.5% |
| Other tangible fixed assets | 26 | €45,289 | €35,859 | -€9,430 | -20.8% |
| Financial fixed assets | 28 | €4,868 | €3,202 | -€1,665 | -34.2% |
| Current assets | 29/58 | €1,150,105 | €1,356,652 | +€206,547 | +18.0% |
| Amounts receivable within one year | 40/41 | €14,826 | €46,538 | +€31,712 | +214% |
| Trade receivables | 40 | €699 | - | -€699 | |
| Other amounts receivable | 41 | €14,126 | €46,538 | +€32,411 | +229% |
| Current investments | 50/53 | €1,056,896 | €189,609 | -€867,287 | -82.1% |
| Cash at bank and in hand | 54/58 | €69,603 | €1,111,967 | +€1.0m | +1,498% |
| Deferred charges and accrued income | 490/1 | €8,781 | €8,538 | -€243 | -2.8% |
| Total equity and liabilities | 10/49 | €1,714,520 | €1,885,901 | +€171,380 | +10.0% |
| Equity | 10/15 | €1,277,439 | €1,528,162 | +€250,723 | +19.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,265,039 | €1,515,762 | +€250,723 | +19.8% |
| Tax-exempt reserves | 132 | €95,000 | €95,000 | = | 0.0% |
| Distributable reserves | 133 | €1,170,039 | €1,420,762 | +€250,723 | +21.4% |
| Amounts payable | 17/49 | €437,082 | €357,738 | -€79,343 | -18.2% |
| Amounts payable after more than one year | 17 | €400,500 | €301,092 | -€99,408 | -24.8% |
| Financial debts | 170/4 | €400,500 | €301,092 | -€99,408 | -24.8% |
| Amounts payable within one year | 42/48 | €26,085 | €46,354 | +€20,269 | +77.7% |
| Current portion of amounts payable after more than one year | 42 | - | €25,247 | +€25,247 | |
| Trade debts | 44 | €5,110 | €7,600 | +€2,490 | +48.7% |
| Suppliers | 440/4 | €5,110 | €7,600 | +€2,490 | +48.7% |
| Taxes, remuneration and social security | 45 | €4,934 | €12,340 | +€7,407 | +150% |
| Taxes | 450/3 | - | €7,275 | +€7,275 | |
| Remuneration and social security | 454/9 | €4,934 | €5,066 | +€132 | +2.7% |
| Other amounts payable | 47/48 | €16,041 | €1,167 | -€14,874 | -92.7% |
| Accrued charges and deferred income | 492/3 | €10,497 | €10,292 | -€205 | -1.9% |
| Non-recurring operating income | 76A | €2,500 | - | -€2,500 | |
| Remuneration, social security and pensions | 62 | €43,619 | €42,821 | -€798 | -1.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,555 | €43,347 | -€3,208 | -6.9% |
| Other operating charges | 640/8 | €2,506 | €3,730 | +€1,224 | +48.9% |
| Non-recurring operating charges | 66A | €1,942 | €1,041 | -€901 | -46.4% |
| Gross operating margin | 9900 | €306,823 | €387,352 | +€80,529 | +26.2% |
| Operating profit (loss) | 9901 | €212,201 | €296,413 | +€84,211 | +39.7% |
| Financial income | 75/76B | €36,363 | €248,932 | +€212,569 | +585% |
| Recurring financial income | 75 | €36,363 | €248,932 | +€212,569 | +585% |
| Financial charges | 65/66B | €17,108 | €50,947 | +€33,839 | +198% |
| Recurring financial charges | 65 | €17,108 | €50,947 | +€33,839 | +198% |
| Profit (loss) for the period before taxes | 9903 | €231,457 | €494,397 | +€262,941 | +114% |
| Income taxes | 67/77 | €65,271 | €107,101 | +€41,830 | +64.1% |
| Profit (loss) for the period | 9904 | €166,186 | €387,296 | +€221,110 | +133% |
| Profit (loss) for the period to be appropriated | 9905 | €166,186 | €387,296 | +€221,110 | +133% |
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 27 October 2026 via checked.be.