Drs Wallaert-Moerman: 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.
Drs Wallaert-Moerman
Largest movements
- Receivables after one year -€40,000
down €40,000 (-100%), from €40,000 to €0
- Deferred charges and accrued income +€21,351
up €21,351 (+292%), from €7,301 to €28,652
- Tangible fixed assets -€11,339
down €11,339 (-40.0%), from €28,377 to €17,038
of which Furniture and vehicles: -€12,387
- Receivables within one year +€6,458
new in 2025: €6,458
- Cash -€4,629
down €4,629 (-3.0%), from €152,497 to €147,868
mainly Contributions, distributions and other (-€26,500) and Deferred charges and accrued income (-€21,351)
- Other debts -€17,993
down €17,993 (-100%), from €17,993 to €0
- Current portion of long-term debt -€12,495
down €12,495 (-100%), from €12,495 to €0
- Profit (loss) carried forward +€5,500
up €5,500, from -€5,500 to €0
- Reserves -€2,718
down €2,718 (-1.4%), from €191,325 to €188,607
of which Distributable reserves: -€2,718
- Financial charges +€151,042
up €151,042 (+332%), from €45,542 to €196,584
of which Non-recurring financial charges: +€145,000
- Financial income +€150,000
up €150,000, from €0 to €150,000
of which Financial income: +€150,000
- Gross operating margin +€37,894
up €37,894 (+53.5%), from €70,838 to €108,733
- Taxes +€9,659
up €9,659 (+419%), from €2,306 to €11,965
- Depreciation -€2,100
down €2,100 (-9.8%), from €21,408 to €19,308
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 | €230,635 | €202,476 | -€28,159 | -12.2% |
| Fixed assets | 21/28 | €30,837 | €19,498 | -€11,339 | -36.8% |
| Tangible fixed assets | 22/27 | €28,377 | €17,038 | -€11,339 | -40.0% |
| Plant, machinery and equipment | 23 | €15,759 | €16,808 | +€1,048 | +6.7% |
| Furniture and vehicles | 24 | €12,617 | €230 | -€12,387 | -98.2% |
| Financial fixed assets | 28 | €2,460 | €2,460 | = | 0.0% |
| Current assets | 29/58 | €199,798 | €182,978 | -€16,821 | -8.4% |
| Amounts receivable after more than one year | 29 | €40,000 | €0 | -€40,000 | -100% |
| Trade receivables | 290 | €40,000 | €0 | -€40,000 | -100% |
| Amounts receivable within one year | 40/41 | - | €6,458 | +€6,458 | |
| Other amounts receivable | 41 | - | €6,458 | +€6,458 | |
| Cash at bank and in hand | 54/58 | €152,497 | €147,868 | -€4,629 | -3.0% |
| Deferred charges and accrued income | 490/1 | €7,301 | €28,652 | +€21,351 | +292% |
| Total equity and liabilities | 10/49 | €230,635 | €202,476 | -€28,159 | -12.2% |
| Equity | 10/15 | €189,425 | €192,207 | +€2,782 | +1.5% |
| Contributions | 10/11 | €3,600 | €3,600 | = | 0.0% |
| Reserves | 13 | €191,325 | €188,607 | -€2,718 | -1.4% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €191,325 | €188,607 | -€2,718 | -1.4% |
| Profit (loss) carried forward | 14 | -€5,500 | €0 | +€5,500 | |
| Amounts payable | 17/49 | €41,210 | €10,269 | -€30,941 | -75.1% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €41,210 | €10,269 | -€30,941 | -75.1% |
| Current portion of amounts payable after more than one year | 42 | €12,495 | €0 | -€12,495 | -100% |
| Trade debts | 44 | €8,416 | €8,430 | +€15 | +0.2% |
| Suppliers | 440/4 | €8,416 | €8,430 | +€15 | +0.2% |
| Taxes, remuneration and social security | 45 | €2,306 | €1,839 | -€467 | -20.3% |
| Taxes | 450/3 | €2,306 | €1,839 | -€467 | -20.3% |
| Other amounts payable | 47/48 | €17,993 | €0 | -€17,993 | -100% |
| Non-recurring operating income | 76A | €28,000 | €0 | -€28,000 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,408 | €19,308 | -€2,100 | -9.8% |
| Other operating charges | 640/8 | €1,420 | €1,595 | +€175 | +12.3% |
| Gross operating margin | 9900 | €70,838 | €108,733 | +€37,894 | +53.5% |
| Operating profit (loss) | 9901 | €48,011 | €87,830 | +€39,820 | +82.9% |
| Financial income | 75/76B | €0 | €150,000 | +€150,000 | |
| Recurring financial income | 75 | €0 | €150,000 | +€150,000 | |
| Non-recurring financial income | 76B | - | €150,000 | +€150,000 | |
| Financial charges | 65/66B | €45,542 | €196,584 | +€151,042 | +332% |
| Recurring financial charges | 65 | €542 | €6,584 | +€6,042 | +1,115% |
| Non-recurring financial charges | 66B | €45,000 | €190,000 | +€145,000 | +322% |
| Profit (loss) for the period before taxes | 9903 | €2,469 | €41,247 | +€38,778 | +1,571% |
| Income taxes | 67/77 | €2,306 | €11,965 | +€9,659 | +419% |
| Profit (loss) for the period | 9904 | €163 | €29,282 | +€29,119 | +17,884% |
| Profit (loss) for the period to be appropriated | 9905 | €163 | €29,282 | +€29,119 | +17,884% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.