DR.MORAD CHOUKRY: 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.MORAD CHOUKRY
Largest movements
- Receivables after one year +€125,000
up €125,000 (+41.7%), from €300,000 to €425,000
- Tangible fixed assets -€22,541
down €22,541 (-8.0%), from €280,076 to €257,535
of which Land and buildings: -€12,282
- Reserves +€86,927
up €86,927 (+28.8%), from €302,073 to €389,000
- Tax, wage and social debts +€21,302
up €21,302 (+51.0%), from €41,793 to €63,095
of which Taxes: +€26,524
- Debts after one year -€17,535
down €17,535 (-7.5%), from €233,893 to €216,358
- Gross operating margin +€4,477
up €4,477 (+2.9%), from €156,831 to €161,308
- Taxes +€3,997
up €3,997 (+11.6%), from €34,592 to €38,589
- Financial income +€2,995
up €2,995 (+54.2%), from €5,522 to €8,517
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 | €614,330 | €716,413 | +€102,083 | +16.6% |
| Fixed assets | 21/28 | €280,076 | €257,535 | -€22,541 | -8.0% |
| Tangible fixed assets | 22/27 | €280,076 | €257,535 | -€22,541 | -8.0% |
| Land and buildings | 22 | €250,449 | €238,167 | -€12,282 | -4.9% |
| Plant, machinery and equipment | 23 | €21,038 | €12,360 | -€8,678 | -41.2% |
| Furniture and vehicles | 24 | €8,589 | €7,007 | -€1,582 | -18.4% |
| Current assets | 29/58 | €334,254 | €458,878 | +€124,624 | +37.3% |
| Amounts receivable after more than one year | 29 | €300,000 | €425,000 | +€125,000 | +41.7% |
| Other amounts receivable | 291 | €300,000 | €425,000 | +€125,000 | +41.7% |
| Amounts receivable within one year | 40/41 | €329 | €4,398 | +€4,069 | +1235.9% |
| Trade receivables | 40 | - | €3,997 | +€3,997 | |
| Other amounts receivable | 41 | €329 | €401 | +€72 | +21.9% |
| Cash at bank and in hand | 54/58 | €6,768 | €520 | -€6,248 | -92.3% |
| Deferred charges and accrued income | 490/1 | €27,157 | €28,960 | +€1,803 | +6.6% |
| Total equity and liabilities | 10/49 | €614,330 | €716,413 | +€102,083 | +16.6% |
| Equity | 10/15 | €320,673 | €407,600 | +€86,927 | +27.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €302,073 | €389,000 | +€86,927 | +28.8% |
| Distributable reserves | 133 | €302,073 | €389,000 | +€86,927 | +28.8% |
| Amounts payable | 17/49 | €293,657 | €308,813 | +€15,156 | +5.2% |
| Amounts payable after more than one year | 17 | €233,893 | €216,358 | -€17,535 | -7.5% |
| Financial debts | 170/4 | €233,893 | €216,358 | -€17,535 | -7.5% |
| Amounts payable within one year | 42/48 | €59,764 | €92,455 | +€32,691 | +54.7% |
| Current portion of amounts payable after more than one year | 42 | €15,656 | €17,535 | +€1,879 | +12.0% |
| Financial debts | 43 | - | €3,383 | +€3,383 | |
| Credit institutions | 430/8 | - | €3,383 | +€3,383 | |
| Trade debts | 44 | €2,315 | €8,442 | +€6,126 | +264.6% |
| Suppliers | 440/4 | €2,315 | €8,442 | +€6,126 | +264.6% |
| Taxes, remuneration and social security | 45 | €41,793 | €63,095 | +€21,302 | +51.0% |
| Taxes | 450/3 | €36,571 | €63,095 | +€26,524 | +72.5% |
| Remuneration and social security | 454/9 | €5,222 | - | -€5,222 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,982 | €30,481 | +€500 | +1.7% |
| Other operating charges | 640/8 | €3,719 | €3,828 | +€109 | +2.9% |
| Gross operating margin | 9900 | €156,831 | €161,308 | +€4,477 | +2.9% |
| Operating profit (loss) | 9901 | €123,131 | €126,999 | +€3,868 | +3.1% |
| Financial income | 75/76B | €5,522 | €8,517 | +€2,995 | +54.2% |
| Recurring financial income | 75 | €5,522 | €8,517 | +€2,995 | +54.2% |
| Financial charges | 65/66B | €9,000 | €10,000 | +€1,000 | +11.1% |
| Recurring financial charges | 65 | €9,000 | €10,000 | +€1,000 | +11.1% |
| Profit (loss) for the period before taxes | 9903 | €119,653 | €125,516 | +€5,863 | +4.9% |
| Income taxes | 67/77 | €34,592 | €38,589 | +€3,997 | +11.6% |
| Profit (loss) for the period | 9904 | €85,062 | €86,927 | +€1,866 | +2.2% |
| Profit (loss) for the period to be appropriated | 9905 | €85,062 | €86,927 | +€1,866 | +2.2% |
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 8 October 2026 via checked.be.