Dr. Gaëlle Moerman: 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. Gaëlle Moerman
Largest movements
- Cash +€119,455
up €119,455 (+98.1%), from €121,740 to €241,195
mainly Net result for the year (+€157,321) and Current investments (+€50,000)
- Current investments -€50,000
no longer reported in 2025 (was €50,000)
- Deferred charges and accrued income +€45,849
up €45,849 (+84.8%), from €54,098 to €99,947
- Tangible fixed assets +€31,773
up €31,773 (+4,623%), from €687 to €32,461
of which Other tangible fixed assets: +€32,060
- Receivables within one year -€8,162
down €8,162 (-14.1%), from €57,816 to €49,654
- Reserves +€157,321
up €157,321 (+73.7%), from €213,575 to €370,896
- Other debts -€27,065
down €27,065 (-96.5%), from €28,058 to €993
- Tax, wage and social debts +€10,988
up €10,988 (+30.5%), from €35,998 to €46,986
- Gross operating margin +€49,520
up €49,520 (+31.6%), from €156,759 to €206,280
- Taxes +€12,303
up €12,303 (+35.1%), from €35,061 to €47,364
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 | €284,341 | €423,256 | +€138,916 | +48.9% |
| Fixed assets | 21/28 | €687 | €32,461 | +€31,773 | +4,623% |
| Tangible fixed assets | 22/27 | €687 | €32,461 | +€31,773 | +4,623% |
| Furniture and vehicles | 24 | €687 | €400 | -€287 | -41.7% |
| Other tangible fixed assets | 26 | - | €32,060 | +€32,060 | |
| Current assets | 29/58 | €283,654 | €390,796 | +€107,142 | +37.8% |
| Amounts receivable within one year | 40/41 | €57,816 | €49,654 | -€8,162 | -14.1% |
| Trade receivables | 40 | €57,816 | €49,654 | -€8,162 | -14.1% |
| Current investments | 50/53 | €50,000 | - | -€50,000 | |
| Cash at bank and in hand | 54/58 | €121,740 | €241,195 | +€119,455 | +98.1% |
| Deferred charges and accrued income | 490/1 | €54,098 | €99,947 | +€45,849 | +84.8% |
| Total equity and liabilities | 10/49 | €284,341 | €423,256 | +€138,916 | +48.9% |
| Equity | 10/15 | €214,575 | €371,896 | +€157,321 | +73.3% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €213,575 | €370,896 | +€157,321 | +73.7% |
| Distributable reserves | 133 | €213,575 | €370,896 | +€157,321 | +73.7% |
| Amounts payable | 17/49 | €69,766 | €51,361 | -€18,405 | -26.4% |
| Amounts payable within one year | 42/48 | €67,578 | €49,996 | -€17,582 | -26.0% |
| Trade debts | 44 | €3,522 | €2,017 | -€1,506 | -42.7% |
| Suppliers | 440/4 | €3,522 | €2,017 | -€1,506 | -42.7% |
| Taxes, remuneration and social security | 45 | €35,998 | €46,986 | +€10,988 | +30.5% |
| Taxes | 450/3 | €35,998 | €46,986 | +€10,988 | +30.5% |
| Other amounts payable | 47/48 | €28,058 | €993 | -€27,065 | -96.5% |
| Accrued charges and deferred income | 492/3 | €2,188 | €1,365 | -€823 | -37.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €173 | €1,291 | +€1,118 | +646% |
| Other operating charges | 640/8 | €500 | €365 | -€136 | -27.1% |
| Gross operating margin | 9900 | €156,759 | €206,280 | +€49,520 | +31.6% |
| Operating profit (loss) | 9901 | €156,086 | €204,624 | +€48,538 | +31.1% |
| Financial income | 75/76B | €1,057 | €1,362 | +€305 | +28.9% |
| Recurring financial income | 75 | €1,057 | €1,362 | +€305 | +28.9% |
| Financial charges | 65/66B | €3,255 | €1,301 | -€1,954 | -60.0% |
| Recurring financial charges | 65 | €3,255 | €1,301 | -€1,954 | -60.0% |
| Profit (loss) for the period before taxes | 9903 | €153,887 | €204,684 | +€50,797 | +33.0% |
| Income taxes | 67/77 | €35,061 | €47,364 | +€12,303 | +35.1% |
| Profit (loss) for the period | 9904 | €118,827 | €157,321 | +€38,494 | +32.4% |
| Profit (loss) for the period to be appropriated | 9905 | €118,827 | €157,321 | +€38,494 | +32.4% |
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.