DR. MOERAERT: what changed
Two fiscal 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. MOERAERT
Largest movements
- Cash +€81,033
up €81,033 (+102.5%), from €79,061 to €160,094
mainly Net result for the year (+€88,656) and Trade debts (+€1,638)
- Receivables within one year +€1,876
up €1,876 (+64.0%), from €2,932 to €4,808
- Reserves +€88,656
up €88,656 (+154.8%), from €57,288 to €145,944
- Other debts -€3,653
down €3,653 (-32.4%), from €11,283 to €7,630
- Tax, wage and social debts -€2,731
down €2,731 (-26.1%), from €10,483 to €7,752
- Gross operating margin +€22,802
up €22,802 (+24.9%), from €91,744 to €114,545
- Taxes +€2,869
up €2,869 (+13.1%), from €21,883 to €24,752
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 | €82,341 | €166,251 | +€83,910 | +101.9% |
| Fixed assets | 21/28 | - | €947 | +€947 | |
| Tangible fixed assets | 22/27 | - | €947 | +€947 | |
| Plant, machinery and equipment | 23 | - | €947 | +€947 | |
| Current assets | 29/58 | €82,341 | €165,304 | +€82,963 | +100.8% |
| Amounts receivable within one year | 40/41 | €2,932 | €4,808 | +€1,876 | +64.0% |
| Trade receivables | 40 | €2,932 | €4,808 | +€1,876 | +64.0% |
| Cash at bank and in hand | 54/58 | €79,061 | €160,094 | +€81,033 | +102.5% |
| Deferred charges and accrued income | 490/1 | €348 | €402 | +€54 | +15.5% |
| Total equity and liabilities | 10/49 | €82,341 | €166,251 | +€83,910 | +101.9% |
| Equity | 10/15 | €60,288 | €148,944 | +€88,656 | +147.1% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €57,288 | €145,944 | +€88,656 | +154.8% |
| Distributable reserves | 133 | €57,288 | €145,944 | +€88,656 | +154.8% |
| Amounts payable | 17/49 | €22,053 | €17,307 | -€4,746 | -21.5% |
| Amounts payable within one year | 42/48 | €22,053 | €17,307 | -€4,746 | -21.5% |
| Trade debts | 44 | €287 | €1,925 | +€1,638 | +570.6% |
| Suppliers | 440/4 | €287 | €1,925 | +€1,638 | +570.6% |
| Taxes, remuneration and social security | 45 | €10,483 | €7,752 | -€2,731 | -26.1% |
| Taxes | 450/3 | €10,483 | €7,752 | -€2,731 | -26.1% |
| Other amounts payable | 47/48 | €11,283 | €7,630 | -€3,653 | -32.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €252 | +€252 | |
| Other operating charges | 640/8 | €552 | €780 | +€228 | +41.3% |
| Gross operating margin | 9900 | €91,744 | €114,545 | +€22,802 | +24.9% |
| Operating profit (loss) | 9901 | €91,191 | €113,513 | +€22,321 | +24.5% |
| Financial charges | 65/66B | €20 | €105 | +€85 | +425.0% |
| Recurring financial charges | 65 | €20 | €105 | +€85 | +425.0% |
| Profit (loss) for the period before taxes | 9903 | €91,171 | €113,408 | +€22,236 | +24.4% |
| Income taxes | 67/77 | €21,883 | €24,752 | +€2,869 | +13.1% |
| Profit (loss) for the period | 9904 | €69,288 | €88,656 | +€19,368 | +28.0% |
| Profit (loss) for the period to be appropriated | 9905 | €69,288 | €88,656 | +€19,368 | +28.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.