Dr van Moorsel: 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 van Moorsel
Largest movements
- Receivables within one year +€67,095
up €67,095 (+56.3%), from €119,257 to €186,352
of which Other amounts receivable: +€67,095
- Cash -€26,183
down €26,183 (-48.2%), from €54,318 to €28,135
mainly Receivables within one year (-€67,095) and Current investments (-€18,848)
- Current investments +€18,848
up €18,848 (+18.0%), from €104,638 to €123,486
- Tangible fixed assets -€16,151
down €16,151 (-32.6%), from €49,604 to €33,453
of which Furniture and vehicles: -€12,578
- Reserves +€49,000
up €49,000 (+16.1%), from €304,800 to €353,800
- Tax, wage and social debts -€5,726
down €5,726 (-100%), from €5,726 to €0
- Gross operating margin -€57,114
down €57,114 (-44.0%), from €129,925 to €72,811
- Taxes -€12,084
down €12,084 (-45.6%), from €26,526 to €14,443
- Financial income +€4,549
up €4,549 (+147%), from €3,098 to €7,647
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 | €332,157 | €372,440 | +€40,283 | +12.1% |
| Fixed assets | 21/28 | €49,604 | €33,453 | -€16,151 | -32.6% |
| Tangible fixed assets | 22/27 | €49,604 | €33,453 | -€16,151 | -32.6% |
| Furniture and vehicles | 24 | €27,544 | €14,966 | -€12,578 | -45.7% |
| Other tangible fixed assets | 26 | €22,060 | €18,487 | -€3,573 | -16.2% |
| Current assets | 29/58 | €282,553 | €338,987 | +€56,434 | +20.0% |
| Amounts receivable within one year | 40/41 | €119,257 | €186,352 | +€67,095 | +56.3% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €119,257 | €186,352 | +€67,095 | +56.3% |
| Current investments | 50/53 | €104,638 | €123,486 | +€18,848 | +18.0% |
| Cash at bank and in hand | 54/58 | €54,318 | €28,135 | -€26,183 | -48.2% |
| Deferred charges and accrued income | 490/1 | €4,340 | €1,014 | -€3,326 | -76.6% |
| Total equity and liabilities | 10/49 | €332,157 | €372,440 | +€40,283 | +12.1% |
| Equity | 10/15 | €323,402 | €372,406 | +€49,003 | +15.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €304,800 | €353,800 | +€49,000 | +16.1% |
| Distributable reserves | 133 | €304,800 | €353,800 | +€49,000 | +16.1% |
| Profit (loss) carried forward | 14 | €2 | €6 | +€3 | +157% |
| Amounts payable | 17/49 | €8,755 | €34 | -€8,721 | -99.6% |
| Amounts payable within one year | 42/48 | €8,755 | €34 | -€8,721 | -99.6% |
| Trade debts | 44 | €3,028 | €34 | -€2,994 | -98.9% |
| Suppliers | 440/4 | €3,028 | €34 | -€2,994 | -98.9% |
| Taxes, remuneration and social security | 45 | €5,726 | €0 | -€5,726 | -100% |
| Taxes | 450/3 | €5,726 | €0 | -€5,726 | -100% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,821 | €16,151 | +€331 | +2.1% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €129,925 | €72,811 | -€57,114 | -44.0% |
| Operating profit (loss) | 9901 | €113,717 | €56,260 | -€57,457 | -50.5% |
| Financial income | 75/76B | €3,098 | €7,647 | +€4,549 | +147% |
| Recurring financial income | 75 | €3,098 | €7,647 | +€4,549 | +147% |
| Financial charges | 65/66B | €529 | €461 | -€68 | -12.9% |
| Recurring financial charges | 65 | €529 | €461 | -€68 | -12.9% |
| Profit (loss) for the period before taxes | 9903 | €116,286 | €63,446 | -€52,840 | -45.4% |
| Income taxes | 67/77 | €26,526 | €14,443 | -€12,084 | -45.6% |
| Profit (loss) for the period | 9904 | €89,760 | €49,003 | -€40,756 | -45.4% |
| Profit (loss) for the period to be appropriated | 9905 | €89,760 | €49,003 | -€40,756 | -45.4% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 21 October 2026 via checked.be.