Maarten Moreels: 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.
Maarten Moreels
Largest movements
- Tangible fixed assets +€641,341
up €641,341 (+2,525%), from €25,396 to €666,736
of which Land and buildings: +€632,953
- Receivables after one year -€303,000
no longer reported in 2025 (was €303,000)
- Cash +€288,833
up €288,833 (+99.7%), from €289,679 to €578,512
mainly Net result for the year (+€385,139) and Receivables after one year (+€303,000)
- Reserves +€385,139
up €385,139 (+187%), from €205,953 to €591,092
- Debts after one year +€279,232
up €279,232 (+291%), from €96,000 to €375,232
- Other debts -€173,188
down €173,188 (-100.0%), from €173,225 to €37
- Tax, wage and social debts +€135,862
up €135,862 (+208%), from €65,359 to €201,221
of which Taxes: +€135,862
- Current portion of long-term debt +€18,293
up €18,293 (+38.1%), from €48,000 to €66,293
- Gross operating margin +€444,630
up €444,630 (+217%), from €204,695 to €649,325
- Taxes +€116,503
up €116,503 (+196%), from €59,434 to €175,937
- Other operating charges +€76,533
up €76,533 (+10,120%), from €756 to €77,289
- Depreciation +€7,109
up €7,109 (+151%), from €4,713 to €11,822
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 | €624,750 | €1,252,966 | +€628,216 | +101% |
| Fixed assets | 21/28 | €25,396 | €669,236 | +€643,841 | +2,535% |
| Tangible fixed assets | 22/27 | €25,396 | €666,736 | +€641,341 | +2,525% |
| Land and buildings | 22 | €19,676 | €652,629 | +€632,953 | +3,217% |
| Furniture and vehicles | 24 | €5,720 | €14,108 | +€8,388 | +147% |
| Financial fixed assets | 28 | - | €2,500 | +€2,500 | |
| Current assets | 29/58 | €599,354 | €583,729 | -€15,625 | -2.6% |
| Amounts receivable after more than one year | 29 | €303,000 | - | -€303,000 | |
| Other amounts receivable | 291 | €303,000 | - | -€303,000 | |
| Amounts receivable within one year | 40/41 | €65 | €3,994 | +€3,929 | +6,059% |
| Other amounts receivable | 41 | €65 | €3,994 | +€3,929 | +6,059% |
| Cash at bank and in hand | 54/58 | €289,679 | €578,512 | +€288,833 | +99.7% |
| Deferred charges and accrued income | 490/1 | €6,611 | €1,224 | -€5,387 | -81.5% |
| Total equity and liabilities | 10/49 | €624,750 | €1,252,966 | +€628,216 | +101% |
| Equity | 10/15 | €220,953 | €606,092 | +€385,139 | +174% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Reserves | 13 | €205,953 | €591,092 | +€385,139 | +187% |
| Distributable reserves | 133 | €205,953 | €591,092 | +€385,139 | +187% |
| Amounts payable | 17/49 | €403,797 | €646,874 | +€243,077 | +60.2% |
| Amounts payable after more than one year | 17 | €96,000 | €375,232 | +€279,232 | +291% |
| Financial debts | 170/4 | €96,000 | €375,232 | +€279,232 | +291% |
| Amounts payable within one year | 42/48 | €298,370 | €271,642 | -€26,728 | -9.0% |
| Current portion of amounts payable after more than one year | 42 | €48,000 | €66,293 | +€18,293 | +38.1% |
| Trade debts | 44 | €11,787 | €4,092 | -€7,694 | -65.3% |
| Suppliers | 440/4 | €11,787 | €4,092 | -€7,694 | -65.3% |
| Taxes, remuneration and social security | 45 | €65,359 | €201,221 | +€135,862 | +208% |
| Taxes | 450/3 | €63,109 | €198,971 | +€135,862 | +215% |
| Remuneration and social security | 454/9 | €2,250 | €2,250 | = | 0.0% |
| Other amounts payable | 47/48 | €173,225 | €37 | -€173,188 | -100.0% |
| Accrued charges and deferred income | 492/3 | €9,427 | - | -€9,427 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,713 | €11,822 | +€7,109 | +151% |
| Other operating charges | 640/8 | €756 | €77,289 | +€76,533 | +10,120% |
| Gross operating margin | 9900 | €204,695 | €649,325 | +€444,630 | +217% |
| Operating profit (loss) | 9901 | €199,226 | €560,213 | +€360,988 | +181% |
| Financial income | 75/76B | €6,319 | €9,415 | +€3,096 | +49.0% |
| Recurring financial income | 75 | €6,319 | €9,415 | +€3,096 | +49.0% |
| Financial charges | 65/66B | €13,264 | €8,553 | -€4,711 | -35.5% |
| Recurring financial charges | 65 | €13,264 | €8,553 | -€4,711 | -35.5% |
| Profit (loss) for the period before taxes | 9903 | €192,280 | €561,076 | +€368,795 | +192% |
| Income taxes | 67/77 | €59,434 | €175,937 | +€116,503 | +196% |
| Profit (loss) for the period | 9904 | €132,847 | €385,139 | +€252,292 | +190% |
| Profit (loss) for the period to be appropriated | 9905 | €132,847 | €385,139 | +€252,292 | +190% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.