Dr. H. MORTELE: 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. H. MORTELE
Largest movements
- Current investments -€320,937
no longer reported in 2025 (was €320,937)
- Deferred charges and accrued income -€99,405
no longer reported in 2025 (was €99,405)
- Cash -€63,870
down €63,870 (-55.0%), from €116,113 to €52,243
mainly Debts after one year (-€281,729) and Net result for the year (-€177,144)
- Tangible fixed assets -€43,171
down €43,171 (-3.8%), from €1.1m to €1.1m
of which Leasing and similar rights: -€24,093
- Debts after one year -€281,729
down €281,729 (-31.5%), from €893,855 to €612,126
- Profit (loss) carried forward -€177,144
new in 2025: -€177,144
- Current portion of long-term debt -€75,432
down €75,432 (-58.2%), from €129,501 to €54,070
- Other debts +€29,113
new in 2025: €29,113
- Trade debts -€24,160
down €24,160 (-84.3%), from €28,672 to €4,512
- Gross operating margin -€225,529
down €225,529, from €219,118 to -€6,411
- Financial charges +€17,661
up €17,661 (+31.9%), from €55,296 to €72,958
- Other operating charges +€14,019
up €14,019 (+298%), from €4,701 to €18,720
- Taxes -€7,378
down €7,378 (-24.0%), from €30,690 to €23,312
- Financial income +€6,015
up €6,015 (+272%), from €2,210 to €8,225
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 | €1,697,739 | €1,161,010 | -€536,729 | -31.6% |
| Fixed assets | 21/28 | €1,149,580 | €1,106,410 | -€43,171 | -3.8% |
| Tangible fixed assets | 22/27 | €1,148,605 | €1,105,435 | -€43,171 | -3.8% |
| Land and buildings | 22 | €1,033,638 | €1,022,381 | -€11,257 | -1.1% |
| Plant, machinery and equipment | 23 | €8,019 | €1,709 | -€6,310 | -78.7% |
| Furniture and vehicles | 24 | €3,571 | €2,061 | -€1,510 | -42.3% |
| Leasing and similar rights | 25 | €103,377 | €79,284 | -€24,093 | -23.3% |
| Financial fixed assets | 28 | €975 | €975 | = | 0.0% |
| Current assets | 29/58 | €548,159 | €54,600 | -€493,558 | -90.0% |
| Amounts receivable within one year | 40/41 | €11,703 | €2,358 | -€9,346 | -79.9% |
| Other amounts receivable | 41 | €11,703 | €2,358 | -€9,346 | -79.9% |
| Current investments | 50/53 | €320,937 | - | -€320,937 | |
| Cash at bank and in hand | 54/58 | €116,113 | €52,243 | -€63,870 | -55.0% |
| Deferred charges and accrued income | 490/1 | €99,405 | - | -€99,405 | |
| Total equity and liabilities | 10/49 | €1,697,739 | €1,161,010 | -€536,729 | -31.6% |
| Equity | 10/15 | €615,021 | €437,878 | -€177,144 | -28.8% |
| Contributions | 10/11 | €253,100 | €253,100 | = | 0.0% |
| Reserves | 13 | €361,921 | €361,921 | = | 0.0% |
| Non-distributable reserves | 130/1 | €16,113 | €16,113 | = | 0.0% |
| Reserves not available under the articles | 1311 | €16,113 | €16,113 | = | 0.0% |
| Distributable reserves | 133 | €345,808 | €345,808 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€177,144 | -€177,144 | |
| Amounts payable | 17/49 | €1,082,718 | €723,132 | -€359,585 | -33.2% |
| Amounts payable after more than one year | 17 | €893,855 | €612,126 | -€281,729 | -31.5% |
| Financial debts | 170/4 | €893,855 | €612,126 | -€281,729 | -31.5% |
| Amounts payable within one year | 42/48 | €188,862 | €111,006 | -€77,856 | -41.2% |
| Current portion of amounts payable after more than one year | 42 | €129,501 | €54,070 | -€75,432 | -58.2% |
| Trade debts | 44 | €28,672 | €4,512 | -€24,160 | -84.3% |
| Suppliers | 440/4 | €28,672 | €4,512 | -€24,160 | -84.3% |
| Taxes, remuneration and social security | 45 | €30,690 | €23,312 | -€7,378 | -24.0% |
| Taxes | 450/3 | €30,690 | €23,312 | -€7,378 | -24.0% |
| Other amounts payable | 47/48 | - | €29,113 | +€29,113 | |
| Non-recurring operating income | 76A | - | €8,553 | +€8,553 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €64,407 | €63,968 | -€439 | -0.7% |
| Other operating charges | 640/8 | €4,701 | €18,720 | +€14,019 | +298% |
| Gross operating margin | 9900 | €219,118 | -€6,411 | -€225,529 | |
| Operating profit (loss) | 9901 | €150,010 | -€89,099 | -€239,108 | |
| Financial income | 75/76B | €2,210 | €8,225 | +€6,015 | +272% |
| Recurring financial income | 75 | €2,210 | €8,225 | +€6,015 | +272% |
| Financial charges | 65/66B | €55,296 | €72,958 | +€17,661 | +31.9% |
| Recurring financial charges | 65 | €55,296 | €72,958 | +€17,661 | +31.9% |
| Profit (loss) for the period before taxes | 9903 | €96,923 | -€153,832 | -€250,755 | |
| Income taxes | 67/77 | €30,690 | €23,312 | -€7,378 | -24.0% |
| Profit (loss) for the period | 9904 | €66,234 | -€177,144 | -€243,377 | |
| Profit (loss) for the period to be appropriated | 9905 | €66,234 | -€177,144 | -€243,377 |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.