EMILE MORTEHAN: what changed
You see two financial years side by side: what moved most in the balance sheet and the result, why the result rose or fell and where the money went.
EMILE MORTEHAN
Largest movements
- Receivables within one year +€50,191
up €50,191 (+147%), from €34,036 to €84,228
of which Trade receivables: +€47,598
- Tangible fixed assets +€11,266
up €11,266 (+15.9%), from €70,834 to €82,100
of which Furniture and vehicles: +€19,761
- Stocks and contracts -€3,928
down €3,928 (-28.4%), from €13,816 to €9,888
- Trade debts +€53,285
up €53,285 (+720%), from €7,398 to €60,683
- Debts after one year +€13,742
new in 2025: €13,742
- Reserves +€10,572
new in 2025: €10,572
- Other debts -€8,674
down €8,674 (-75.4%), from €11,508 to €2,834
- Profit (loss) carried forward -€7,998
down €7,998 (-7.3%), from €109,194 to €101,196
- Depreciation -€27,296
down €27,296 (-53.2%), from €51,287 to €23,990
- Gross operating margin +€6,389
up €6,389 (+18.0%), from €35,562 to €41,951
- Taxes +€910
up €910 (+616%), from €148 to €1,058
- Other operating charges -€548
down €548 (-89.3%), from €614 to €66
- Financial charges +€538
up €538 (+167%), from €323 to €862
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 | €134,589 | €194,349 | +€59,760 | +44.4% |
| Fixed assets | 21/28 | €72,174 | €83,440 | +€11,266 | +15.6% |
| Tangible fixed assets | 22/27 | €70,834 | €82,100 | +€11,266 | +15.9% |
| Land and buildings | 22 | €3,533 | €3,221 | -€313 | -8.9% |
| Plant, machinery and equipment | 23 | €15,213 | €7,900 | -€7,313 | -48.1% |
| Furniture and vehicles | 24 | €45,332 | €65,093 | +€19,761 | +43.6% |
| Other tangible fixed assets | 26 | €6,756 | €5,886 | -€870 | -12.9% |
| Financial fixed assets | 28 | €1,340 | €1,340 | = | 0.0% |
| Current assets | 29/58 | €62,415 | €110,909 | +€48,494 | +77.7% |
| Stocks and contracts in progress | 3 | €13,816 | €9,888 | -€3,928 | -28.4% |
| Stocks | 30/36 | €13,816 | €9,888 | -€3,928 | -28.4% |
| Amounts receivable within one year | 40/41 | €34,036 | €84,228 | +€50,191 | +147% |
| Trade receivables | 40 | €32,087 | €79,684 | +€47,598 | +148% |
| Other amounts receivable | 41 | €1,950 | €4,544 | +€2,594 | +133% |
| Cash at bank and in hand | 54/58 | €12,829 | €14,720 | +€1,892 | +14.7% |
| Deferred charges and accrued income | 490/1 | €1,734 | €2,073 | +€340 | +19.6% |
| Total equity and liabilities | 10/49 | €134,589 | €194,349 | +€59,760 | +44.4% |
| Equity | 10/15 | €109,194 | €111,768 | +€2,574 | +2.4% |
| Reserves | 13 | - | €10,572 | +€10,572 | |
| Distributable reserves | 133 | - | €10,572 | +€10,572 | |
| Profit (loss) carried forward | 14 | €109,194 | €101,196 | -€7,998 | -7.3% |
| Amounts payable | 17/49 | €25,395 | €82,582 | +€57,186 | +225% |
| Amounts payable after more than one year | 17 | - | €13,742 | +€13,742 | |
| Financial debts | 170/4 | - | €13,742 | +€13,742 | |
| Amounts payable within one year | 42/48 | €22,995 | €68,839 | +€45,844 | +199% |
| Current portion of amounts payable after more than one year | 42 | €1,273 | €3,914 | +€2,641 | +207% |
| Trade debts | 44 | €7,398 | €60,683 | +€53,285 | +720% |
| Suppliers | 440/4 | €7,398 | €60,683 | +€53,285 | +720% |
| Taxes, remuneration and social security | 45 | €2,817 | €1,408 | -€1,408 | -50.0% |
| Taxes | 450/3 | €308 | €1,208 | +€900 | +293% |
| Remuneration and social security | 454/9 | €2,509 | €200 | -€2,309 | -92.0% |
| Other amounts payable | 47/48 | €11,508 | €2,834 | -€8,674 | -75.4% |
| Accrued charges and deferred income | 492/3 | €2,400 | - | -€2,400 | |
| Non-recurring operating income | 76A | €5,163 | - | -€5,163 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51,287 | €23,990 | -€27,296 | -53.2% |
| Other operating charges | 640/8 | €614 | €66 | -€548 | -89.3% |
| Non-recurring operating charges | 66A | - | €6,475 | +€6,475 | |
| Gross operating margin | 9900 | €35,562 | €41,951 | +€6,389 | +18.0% |
| Operating profit (loss) | 9901 | -€16,338 | €11,420 | +€27,758 | |
| Financial income | 75/76B | €901 | €1,074 | +€173 | +19.2% |
| Recurring financial income | 75 | €901 | €1,074 | +€173 | +19.2% |
| Financial charges | 65/66B | €323 | €862 | +€538 | +167% |
| Recurring financial charges | 65 | €323 | €862 | +€538 | +167% |
| Profit (loss) for the period before taxes | 9903 | -€15,761 | €11,632 | +€27,393 | |
| Income taxes | 67/77 | €148 | €1,058 | +€910 | +616% |
| Profit (loss) for the period | 9904 | -€15,909 | €10,574 | +€26,483 | |
| Profit (loss) for the period to be appropriated | 9905 | -€15,909 | €10,574 | +€26,483 |
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 1 November 2026 via checked.be.