HANS MOERMAN: what changed
Two fiscal 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.
HANS MOERMAN
Largest movements
- Receivables within one year +€72,809
up €72,809 (+97.5%), from €74,656 to €147,465
of which Trade receivables: +€69,247
- Cash -€31,671
down €31,671 (-98.0%), from €32,301 to €631
mainly Receivables within one year (-€72,809) and Investment in fixed assets (net) (-€22,769)
- Stocks and contracts -€10,000
down €10,000 (-40.0%), from €25,000 to €15,000
- Tangible fixed assets +€5,145
up €5,145 (+7.4%), from €69,865 to €75,010
of which Other tangible fixed assets: +€19,183
- Receivables after one year +€5,139
new in 2025: €5,139
- Trade debts +€31,043
up €31,043 (+97.3%), from €31,910 to €62,953
- Short-term financial debts +€13,121
new in 2025: €13,121
- Reserves +€9,109
up €9,109 (+10.5%), from €86,551 to €95,660
- Debts after one year -€4,811
down €4,811 (-12.0%), from €40,036 to €35,225
- Tax, wage and social debts -€4,184
down €4,184 (-65.0%), from €6,439 to €2,255
of which Taxes: -€6,439
- Gross operating margin -€4,040
down €4,040 (-10.1%), from €39,947 to €35,907
- Other operating charges -€3,357
down €3,357 (-71.3%), from €4,706 to €1,349
- Depreciation +€2,231
up €2,231 (+14.5%), from €15,393 to €17,624
- Financial charges +€647
up €647 (+24.8%), from €2,605 to €3,252
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.
Cash bridge derived
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 | €202,007 | €243,640 | +€41,633 | +20.6% |
| Fixed assets | 21/28 | €70,050 | €75,195 | +€5,145 | +7.3% |
| Tangible fixed assets | 22/27 | €69,865 | €75,010 | +€5,145 | +7.4% |
| Plant, machinery and equipment | 23 | €5,825 | €3,929 | -€1,896 | -32.6% |
| Furniture and vehicles | 24 | €1,823 | €681 | -€1,142 | -62.6% |
| Leasing and similar rights | 25 | €47,486 | €36,486 | -€11,000 | -23.2% |
| Other tangible fixed assets | 26 | €14,730 | €33,914 | +€19,183 | +130.2% |
| Financial fixed assets | 28 | €185 | €185 | = | 0.0% |
| Current assets | 29/58 | €131,957 | €168,445 | +€36,488 | +27.7% |
| Amounts receivable after more than one year | 29 | - | €5,139 | +€5,139 | |
| Other amounts receivable | 291 | - | €5,139 | +€5,139 | |
| Stocks and contracts in progress | 3 | €25,000 | €15,000 | -€10,000 | -40.0% |
| Contracts in progress | 37 | €25,000 | €15,000 | -€10,000 | -40.0% |
| Amounts receivable within one year | 40/41 | €74,656 | €147,465 | +€72,809 | +97.5% |
| Trade receivables | 40 | €52,335 | €121,582 | +€69,247 | +132.3% |
| Other amounts receivable | 41 | €22,321 | €25,884 | +€3,563 | +16.0% |
| Cash at bank and in hand | 54/58 | €32,301 | €631 | -€31,671 | -98.0% |
| Deferred charges and accrued income | 490/1 | - | €210 | +€210 | |
| Total equity and liabilities | 10/49 | €202,007 | €243,640 | +€41,633 | +20.6% |
| Equity | 10/15 | €105,952 | €115,060 | +€9,109 | +8.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €86,551 | €95,660 | +€9,109 | +10.5% |
| Distributable reserves | 133 | €86,551 | €95,660 | +€9,109 | +10.5% |
| Profit (loss) carried forward | 14 | €801 | €801 | = | 0.0% |
| Amounts payable | 17/49 | €96,055 | €128,579 | +€32,524 | +33.9% |
| Amounts payable after more than one year | 17 | €40,036 | €35,225 | -€4,811 | -12.0% |
| Financial debts | 170/4 | €40,036 | €35,225 | -€4,811 | -12.0% |
| Amounts payable within one year | 42/48 | €56,020 | €92,930 | +€36,911 | +65.9% |
| Current portion of amounts payable after more than one year | 42 | €13,997 | €14,189 | +€192 | +1.4% |
| Financial debts | 43 | - | €13,121 | +€13,121 | |
| Credit institutions | 430/8 | - | €13,121 | +€13,121 | |
| Trade debts | 44 | €31,910 | €62,953 | +€31,043 | +97.3% |
| Suppliers | 440/4 | €31,910 | €62,953 | +€31,043 | +97.3% |
| Advances received on contracts in progress | 46 | €3,008 | €0 | -€3,008 | -100.0% |
| Taxes, remuneration and social security | 45 | €6,439 | €2,255 | -€4,184 | -65.0% |
| Taxes | 450/3 | €6,439 | €0 | -€6,439 | -100.0% |
| Remuneration and social security | 454/9 | - | €2,255 | +€2,255 | |
| Other amounts payable | 47/48 | €665 | €412 | -€253 | -38.1% |
| Accrued charges and deferred income | 492/3 | - | €424 | +€424 | |
| Remuneration, social security and pensions | 62 | €1,512 | €1,521 | +€9 | +0.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,393 | €17,624 | +€2,231 | +14.5% |
| Other operating charges | 640/8 | €4,706 | €1,349 | -€3,357 | -71.3% |
| Non-recurring operating charges | 66A | €1,595 | €0 | -€1,595 | -100.0% |
| Gross operating margin | 9900 | €39,947 | €35,907 | -€4,040 | -10.1% |
| Operating profit (loss) | 9901 | €16,740 | €15,413 | -€1,328 | -7.9% |
| Financial income | 75/76B | €240 | €172 | -€68 | -28.4% |
| Recurring financial income | 75 | €240 | €172 | -€68 | -28.4% |
| Financial charges | 65/66B | €2,605 | €3,252 | +€647 | +24.8% |
| Recurring financial charges | 65 | €2,605 | €3,252 | +€647 | +24.8% |
| Profit (loss) for the period before taxes | 9903 | €14,375 | €12,333 | -€2,042 | -14.2% |
| Income taxes | 67/77 | €3,078 | €3,224 | +€145 | +4.7% |
| Profit (loss) for the period | 9904 | €11,297 | €9,109 | -€2,188 | -19.4% |
| Profit (loss) for the period to be appropriated | 9905 | €11,297 | €9,109 | -€2,188 | -19.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.