DR. G. MOERMANS: 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. G. MOERMANS
Largest movements
- Current investments +€86,134
up €86,134 (+32.4%), from €265,772 to €351,906
- Cash -€47,835
down €47,835 (-39.8%), from €120,222 to €72,387
mainly Current investments (-€86,134) and Contributions, distributions and other (-€44,236)
- Tangible fixed assets -€20,387
down €20,387 (-45.6%), from €44,754 to €24,367
of which Furniture and vehicles: -€17,087
- Reserves +€41,961
up €41,961 (+9.2%), from €457,399 to €499,360
- Other debts -€13,343
down €13,343 (-50.9%), from €26,195 to €12,852
- Tax, wage and social debts -€7,603
no longer reported in 2025 (was €7,603)
- Gross operating margin -€14,875
down €14,875 (-9.1%), from €162,679 to €147,804
- Financial income -€4,006
down €4,006 (-64.9%), from €6,177 to €2,171
- Depreciation -€3,632
down €3,632 (-15.0%), from €24,278 to €20,646
- Taxes -€2,616
down €2,616 (-6.6%), from €39,457 to €36,841
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.
Cash bridge derived
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 | €493,595 | €515,719 | +€22,124 | +4.5% |
| Fixed assets | 21/28 | €45,013 | €24,367 | -€20,646 | -45.9% |
| Intangible fixed assets | 21 | €259 | - | -€259 | |
| Tangible fixed assets | 22/27 | €44,754 | €24,367 | -€20,387 | -45.6% |
| Plant, machinery and equipment | 23 | €4,867 | €1,566 | -€3,301 | -67.8% |
| Furniture and vehicles | 24 | €34,778 | €17,691 | -€17,087 | -49.1% |
| Other tangible fixed assets | 26 | €5,109 | €5,110 | +€1 | 0.0% |
| Current assets | 29/58 | €448,582 | €491,352 | +€42,770 | +9.5% |
| Amounts receivable within one year | 40/41 | €44,619 | €49,745 | +€5,126 | +11.5% |
| Other amounts receivable | 41 | €44,619 | €49,745 | +€5,126 | +11.5% |
| Current investments | 50/53 | €265,772 | €351,906 | +€86,134 | +32.4% |
| Cash at bank and in hand | 54/58 | €120,222 | €72,387 | -€47,835 | -39.8% |
| Deferred charges and accrued income | 490/1 | €17,969 | €17,314 | -€655 | -3.6% |
| Total equity and liabilities | 10/49 | €493,595 | €515,719 | +€22,124 | +4.5% |
| Equity | 10/15 | €457,399 | €499,360 | +€41,961 | +9.2% |
| Reserves | 13 | €457,399 | €499,360 | +€41,961 | +9.2% |
| Distributable reserves | 133 | €457,399 | €499,360 | +€41,961 | +9.2% |
| Amounts payable | 17/49 | €36,196 | €16,359 | -€19,837 | -54.8% |
| Amounts payable within one year | 42/48 | €36,196 | €16,359 | -€19,837 | -54.8% |
| Trade debts | 44 | €2,398 | €3,507 | +€1,109 | +46.2% |
| Suppliers | 440/4 | €2,398 | €3,507 | +€1,109 | +46.2% |
| Taxes, remuneration and social security | 45 | €7,603 | - | -€7,603 | |
| Taxes | 450/3 | €7,603 | - | -€7,603 | |
| Other amounts payable | 47/48 | €26,195 | €12,852 | -€13,343 | -50.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,278 | €20,646 | -€3,632 | -15.0% |
| Other operating charges | 640/8 | €846 | €860 | +€14 | +1.7% |
| Gross operating margin | 9900 | €162,679 | €147,804 | -€14,875 | -9.1% |
| Operating profit (loss) | 9901 | €137,555 | €126,298 | -€11,257 | -8.2% |
| Financial income | 75/76B | €6,177 | €2,171 | -€4,006 | -64.9% |
| Recurring financial income | 75 | €6,177 | €2,171 | -€4,006 | -64.9% |
| Financial charges | 65/66B | €5,775 | €5,431 | -€344 | -6.0% |
| Recurring financial charges | 65 | €5,775 | €5,431 | -€344 | -6.0% |
| Profit (loss) for the period before taxes | 9903 | €137,957 | €123,038 | -€14,919 | -10.8% |
| Income taxes | 67/77 | €39,457 | €36,841 | -€2,616 | -6.6% |
| Profit (loss) for the period | 9904 | €98,500 | €86,197 | -€12,303 | -12.5% |
| Profit (loss) for the period to be appropriated | 9905 | €98,500 | €86,197 | -€12,303 | -12.5% |
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 9 October 2026 via checked.be.