JEAN-LUC 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.
JEAN-LUC MOERMAN
Largest movements
- Tangible fixed assets -€38,553
down €38,553 (-13.2%), from €292,622 to €254,069
of which Land and buildings: -€35,507
- Receivables within one year -€16,346
down €16,346 (-71.1%), from €23,000 to €6,654
of which Trade receivables: -€21,171
- Cash +€6,915
up €6,915 (+2,253%), from €307 to €7,222
mainly Depreciation (+€38,553) and Other debts (+€26,901)
- Profit (loss) carried forward -€43,264
down €43,264 (-11.3%), from -€382,369 to -€425,633
- Other debts +€26,901
up €26,901 (+11.8%), from €227,949 to €254,851
- Debts after one year -€25,367
down €25,367 (-7.7%), from €328,628 to €303,260
- Trade debts -€9,358
down €9,358 (-9.5%), from €98,039 to €88,681
of which Suppliers: -€29,358
- Current portion of long-term debt +€4,037
up €4,037 (+18.9%), from €21,331 to €25,367
- Gross operating margin -€50,300
down €50,300 (-67.9%), from €74,080 to €23,780
- Financial charges +€9,452
up €9,452 (+66.8%), from €14,143 to €23,595
- Other operating charges -€7,705
down €7,705 (-64.1%), from €12,022 to €4,317
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 | €365,996 | €318,011 | -€47,985 | -13.1% |
| Formation expenses | 20 | €67 | €67 | = | 0.0% |
| Fixed assets | 21/28 | €292,622 | €254,069 | -€38,553 | -13.2% |
| Tangible fixed assets | 22/27 | €292,622 | €254,069 | -€38,553 | -13.2% |
| Land and buildings | 22 | €256,928 | €221,422 | -€35,507 | -13.8% |
| Plant, machinery and equipment | 23 | - | €0 | = | |
| Furniture and vehicles | 24 | - | €0 | = | |
| Other tangible fixed assets | 26 | €35,694 | €32,648 | -€3,047 | -8.5% |
| Current assets | 29/58 | €73,307 | €63,875 | -€9,431 | -12.9% |
| Stocks and contracts in progress | 3 | €50,000 | €50,000 | = | 0.0% |
| Stocks | 30/36 | €50,000 | €50,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €23,000 | €6,654 | -€16,346 | -71.1% |
| Trade receivables | 40 | €23,000 | €1,829 | -€21,171 | -92.0% |
| Other amounts receivable | 41 | - | €4,825 | +€4,825 | |
| Cash at bank and in hand | 54/58 | €307 | €7,222 | +€6,915 | +2,253% |
| Total equity and liabilities | 10/49 | €365,996 | €318,011 | -€47,985 | -13.1% |
| Equity | 10/15 | -€374,314 | -€417,578 | -€43,264 | -11.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,855 | €1,855 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€382,369 | -€425,633 | -€43,264 | -11.3% |
| Amounts payable | 17/49 | €740,310 | €735,590 | -€4,721 | -0.6% |
| Amounts payable after more than one year | 17 | €328,628 | €303,260 | -€25,367 | -7.7% |
| Financial debts | 170/4 | €328,628 | €303,260 | -€25,367 | -7.7% |
| Amounts payable within one year | 42/48 | €411,640 | €432,329 | +€20,690 | +5.0% |
| Current portion of amounts payable after more than one year | 42 | €21,331 | €25,367 | +€4,037 | +18.9% |
| Financial debts | 43 | €50,000 | €50,000 | = | 0.0% |
| Credit institutions | 430/8 | €50,000 | €50,000 | = | 0.0% |
| Trade debts | 44 | €98,039 | €88,681 | -€9,358 | -9.5% |
| Suppliers | 440/4 | €98,039 | €68,681 | -€29,358 | -29.9% |
| Bills of exchange payable | 441 | - | €20,000 | +€20,000 | |
| Advances received on contracts in progress | 46 | €10,000 | €10,000 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €4,321 | €3,430 | -€891 | -20.6% |
| Taxes | 450/3 | €4,321 | €3,430 | -€891 | -20.6% |
| Other amounts payable | 47/48 | €227,949 | €254,851 | +€26,901 | +11.8% |
| Accrued charges and deferred income | 492/3 | €43 | - | -€43 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,553 | €38,553 | = | 0.0% |
| Other operating charges | 640/8 | €12,022 | €4,317 | -€7,705 | -64.1% |
| Gross operating margin | 9900 | €74,080 | €23,780 | -€50,300 | -67.9% |
| Operating profit (loss) | 9901 | €23,504 | -€19,090 | -€42,595 | |
| Financial charges | 65/66B | €14,143 | €23,595 | +€9,452 | +66.8% |
| Recurring financial charges | 65 | €14,143 | €23,595 | +€9,452 | +66.8% |
| Profit (loss) for the period before taxes | 9903 | €9,362 | -€42,685 | -€52,047 | |
| Income taxes | 67/77 | €570 | €579 | +€8 | +1.4% |
| Profit (loss) for the period | 9904 | €8,791 | -€43,264 | -€52,055 | |
| Profit (loss) for the period to be appropriated | 9905 | €8,791 | -€43,264 | -€52,055 |
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 16 October 2026 via checked.be.