Dr. Wouter Van Moerkercke: 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. Wouter Van Moerkercke
Largest movements
- Receivables within one year +€309,182
up €309,182 (+292%), from €106,000 to €415,182
of which Other amounts receivable: +€309,137
- Deferred charges and accrued income -€114,632
down €114,632 (-33.6%), from €341,406 to €226,774
- Current investments -€27,000
down €27,000 (-35.1%), from €77,000 to €50,000
- Other debts -€297,775
down €297,775 (-59.1%), from €503,590 to €205,815
- Debts after one year +€219,349
new in 2025: €219,349
- Reserves +€160,734
up €160,734 (+50.9%), from €315,965 to €476,698
- Current portion of long-term debt +€61,970
new in 2025: €61,970
- Accrued charges and deferred income +€15,496
up €15,496 (+120%), from €12,892 to €28,388
- Gross operating margin -€91,032
down €91,032 (-27.2%), from €335,156 to €244,124
- Taxes -€25,300
down €25,300 (-32.8%), from €77,112 to €51,813
- Financial charges +€20,472
up €20,472 (+156%), from €13,164 to €33,635
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 | €857,775 | €1,015,687 | +€157,912 | +18.4% |
| Fixed assets | 21/28 | €7,880 | €3,194 | -€4,686 | -59.5% |
| Intangible fixed assets | 21 | €2,893 | - | -€2,893 | |
| Tangible fixed assets | 22/27 | €4,987 | €3,194 | -€1,793 | -36.0% |
| Furniture and vehicles | 24 | €4,987 | €3,194 | -€1,793 | -36.0% |
| Current assets | 29/58 | €849,895 | €1,012,493 | +€162,598 | +19.1% |
| Amounts receivable within one year | 40/41 | €106,000 | €415,182 | +€309,182 | +292% |
| Trade receivables | 40 | - | €45 | +€45 | |
| Other amounts receivable | 41 | €106,000 | €415,137 | +€309,137 | +292% |
| Current investments | 50/53 | €77,000 | €50,000 | -€27,000 | -35.1% |
| Cash at bank and in hand | 54/58 | €325,489 | €320,537 | -€4,952 | -1.5% |
| Deferred charges and accrued income | 490/1 | €341,406 | €226,774 | -€114,632 | -33.6% |
| Total equity and liabilities | 10/49 | €857,775 | €1,015,687 | +€157,912 | +18.4% |
| Equity | 10/15 | €334,515 | €495,248 | +€160,734 | +48.0% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €315,965 | €476,698 | +€160,734 | +50.9% |
| Distributable reserves | 133 | €315,965 | €476,698 | +€160,734 | +50.9% |
| Amounts payable | 17/49 | €523,260 | €520,438 | -€2,822 | -0.5% |
| Amounts payable after more than one year | 17 | - | €219,349 | +€219,349 | |
| Financial debts | 170/4 | - | €219,349 | +€219,349 | |
| Amounts payable within one year | 42/48 | €510,369 | €272,702 | -€237,667 | -46.6% |
| Current portion of amounts payable after more than one year | 42 | - | €61,970 | +€61,970 | |
| Trade debts | 44 | €699 | - | -€699 | |
| Suppliers | 440/4 | €699 | - | -€699 | |
| Taxes, remuneration and social security | 45 | €6,080 | €4,917 | -€1,163 | -19.1% |
| Taxes | 450/3 | €6,080 | €4,917 | -€1,163 | -19.1% |
| Other amounts payable | 47/48 | €503,590 | €205,815 | -€297,775 | -59.1% |
| Accrued charges and deferred income | 492/3 | €12,892 | €28,388 | +€15,496 | +120% |
| Non-recurring operating income | 76A | €1,367 | - | -€1,367 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,793 | €4,686 | -€3,107 | -39.9% |
| Other operating charges | 640/8 | €513 | €528 | +€14 | +2.8% |
| Gross operating margin | 9900 | €335,156 | €244,124 | -€91,032 | -27.2% |
| Operating profit (loss) | 9901 | €326,850 | €238,910 | -€87,940 | -26.9% |
| Financial income | 75/76B | €6,153 | €7,272 | +€1,119 | +18.2% |
| Recurring financial income | 75 | €6,153 | €7,272 | +€1,119 | +18.2% |
| Financial charges | 65/66B | €13,164 | €33,635 | +€20,472 | +156% |
| Recurring financial charges | 65 | €13,164 | €33,635 | +€20,472 | +156% |
| Profit (loss) for the period before taxes | 9903 | €319,839 | €212,546 | -€107,292 | -33.5% |
| Income taxes | 67/77 | €77,112 | €51,813 | -€25,300 | -32.8% |
| Profit (loss) for the period | 9904 | €242,726 | €160,734 | -€81,992 | -33.8% |
| Profit (loss) for the period to be appropriated | 9905 | €242,726 | €160,734 | -€81,992 | -33.8% |
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 15 October 2026 via checked.be.