Dr. Nada Mourad: what changed
Dr. Nada Mourad
Largest movements
- Cash +€99,052
up €99,052 (+161%), from €61,334 to €160,385
mainly Net result for the year (+€159,256) and Tax, wage and social debts (+€19,969)
- Receivables within one year +€65,879
up €65,879 (+479%), from €13,759 to €79,638
of which Trade receivables: +€53,521
- Reserves +€158,423
up €158,423 (+292%), from €54,283 to €212,706
- Tax, wage and social debts +€19,969
up €19,969 (+544%), from €3,671 to €23,640
- Accrued charges and deferred income -€14,264
down €14,264 (-100%), from €14,264 to €0
- Gross operating margin +€141,852
up €141,852 (+201%), from €70,476 to €212,328
- Taxes +€33,969
up €33,969 (+232%), from €14,671 to €48,640
- Financial charges +€4,040
up €4,040 (+1,013%), from €399 to €4,439
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €76,169 | €240,649 | +€164,480 | +216% |
| Fixed assets | 21/28 | €1,077 | €626 | -€451 | -41.9% |
| Tangible fixed assets | 22/27 | €1,077 | €626 | -€451 | -41.9% |
| Furniture and vehicles | 24 | €1,077 | €626 | -€451 | -41.9% |
| Current assets | 29/58 | €75,093 | €240,024 | +€164,931 | +220% |
| Amounts receivable within one year | 40/41 | €13,759 | €79,638 | +€65,879 | +479% |
| Trade receivables | 40 | €12,046 | €65,567 | +€53,521 | +444% |
| Other amounts receivable | 41 | €1,713 | €14,071 | +€12,358 | +721% |
| Cash at bank and in hand | 54/58 | €61,334 | €160,385 | +€99,052 | +161% |
| Total equity and liabilities | 10/49 | €76,169 | €240,649 | +€164,480 | +216% |
| Equity | 10/15 | €56,783 | €215,206 | +€158,423 | +279% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €54,283 | €212,706 | +€158,423 | +292% |
| Distributable reserves | 133 | €54,283 | €212,706 | +€158,423 | +292% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €19,386 | €25,443 | +€6,057 | +31.2% |
| Amounts payable within one year | 42/48 | €5,123 | €25,443 | +€20,321 | +397% |
| Trade debts | 44 | €1,452 | €1,803 | +€352 | +24.2% |
| Suppliers | 440/4 | €1,452 | €1,803 | +€352 | +24.2% |
| Taxes, remuneration and social security | 45 | €3,671 | €23,640 | +€19,969 | +544% |
| Taxes | 450/3 | €3,671 | €23,640 | +€19,969 | +544% |
| Accrued charges and deferred income | 492/3 | €14,264 | €0 | -€14,264 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €276 | €451 | +€175 | +63.3% |
| Other operating charges | 640/8 | €953 | €120 | -€833 | -87.4% |
| Gross operating margin | 9900 | €70,476 | €212,328 | +€141,852 | +201% |
| Operating profit (loss) | 9901 | €69,247 | €211,757 | +€142,510 | +206% |
| Financial income | 75/76B | €106 | €578 | +€472 | +447% |
| Recurring financial income | 75 | €106 | €578 | +€472 | +447% |
| Financial charges | 65/66B | €399 | €4,439 | +€4,040 | +1,013% |
| Recurring financial charges | 65 | €399 | €4,439 | +€4,040 | +1,013% |
| Profit (loss) for the period before taxes | 9903 | €68,954 | €207,896 | +€138,942 | +202% |
| Income taxes | 67/77 | €14,671 | €48,640 | +€33,969 | +232% |
| Profit (loss) for the period | 9904 | €54,283 | €159,256 | +€104,973 | +193% |
| Profit (loss) for the period to be appropriated | 9905 | €54,283 | €159,256 | +€104,973 | +193% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.