Maarten Moreels: 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.
Maarten Moreels
Largest movements
- Financial fixed assets +€97,500
up €97,500 (+60.0%), from €162,500 to €260,000
- Deferred charges and accrued income +€40,094
up €40,094 (+154.2%), from €26,002 to €66,095
- Cash -€35,068
down €35,068 (-64.9%), from €54,040 to €18,972
mainly Contributions, distributions and other (-€186,000) and Investment in fixed assets (net) (-€97,500)
- Receivables within one year -€18,107
down €18,107 (-60.0%), from €30,202 to €12,095
of which Trade receivables: -€19,312
- Other debts +€150,828
up €150,828 (+377.8%), from €39,921 to €190,749
- Reserves -€101,947
down €101,947 (-54.7%), from €186,452 to €84,505
- Tax, wage and social debts +€30,623
up €30,623 (+792.3%), from €3,865 to €34,488
- Short-term financial debts +€5,047
up €5,047, from €0 to €5,047
- Financial income +€15,000
up €15,000 (+60.0%), from €25,000 to €40,000
- Gross operating margin -€2,891
down €2,891 (-4.1%), from €70,292 to €67,401
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 | €278,598 | €360,850 | +€82,252 | +29.5% |
| Fixed assets | 21/28 | €168,355 | €263,688 | +€95,334 | +56.6% |
| Tangible fixed assets | 22/27 | €5,855 | €3,688 | -€2,166 | -37.0% |
| Plant, machinery and equipment | 23 | €1,983 | €1,533 | -€450 | -22.7% |
| Furniture and vehicles | 24 | €3,871 | €2,155 | -€1,716 | -44.3% |
| Financial fixed assets | 28 | €162,500 | €260,000 | +€97,500 | +60.0% |
| Current assets | 29/58 | €110,244 | €97,162 | -€13,082 | -11.9% |
| Amounts receivable within one year | 40/41 | €30,202 | €12,095 | -€18,107 | -60.0% |
| Trade receivables | 40 | €30,202 | €10,890 | -€19,312 | -63.9% |
| Other amounts receivable | 41 | €0 | €1,205 | +€1,205 | |
| Cash at bank and in hand | 54/58 | €54,040 | €18,972 | -€35,068 | -64.9% |
| Deferred charges and accrued income | 490/1 | €26,002 | €66,095 | +€40,094 | +154.2% |
| Total equity and liabilities | 10/49 | €278,598 | €360,850 | +€82,252 | +29.5% |
| Equity | 10/15 | €226,452 | €124,505 | -€101,947 | -45.0% |
| Contributions | 10/11 | €40,000 | €40,000 | = | 0.0% |
| Reserves | 13 | €186,452 | €84,505 | -€101,947 | -54.7% |
| Distributable reserves | 133 | €186,452 | €84,505 | -€101,947 | -54.7% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €52,146 | €236,345 | +€184,199 | +353.2% |
| Amounts payable within one year | 42/48 | €49,717 | €234,111 | +€184,394 | +370.9% |
| Current portion of amounts payable after more than one year | 42 | €3,380 | €0 | -€3,380 | -100.0% |
| Financial debts | 43 | €0 | €5,047 | +€5,047 | |
| Credit institutions | 430/8 | €0 | €5,047 | +€5,047 | |
| Trade debts | 44 | €2,551 | €3,827 | +€1,276 | +50.0% |
| Suppliers | 440/4 | €2,551 | €3,827 | +€1,276 | +50.0% |
| Taxes, remuneration and social security | 45 | €3,865 | €34,488 | +€30,623 | +792.3% |
| Taxes | 450/3 | €3,865 | €34,488 | +€30,623 | +792.3% |
| Other amounts payable | 47/48 | €39,921 | €190,749 | +€150,828 | +377.8% |
| Accrued charges and deferred income | 492/3 | €2,428 | €2,234 | -€195 | -8.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,612 | €2,166 | +€555 | +34.4% |
| Other operating charges | 640/8 | €727 | €594 | -€133 | -18.3% |
| Gross operating margin | 9900 | €70,292 | €67,401 | -€2,891 | -4.1% |
| Operating profit (loss) | 9901 | €67,954 | €64,641 | -€3,313 | -4.9% |
| Financial income | 75/76B | €25,000 | €40,000 | +€15,000 | +60.0% |
| Recurring financial income | 75 | €25,000 | €40,000 | +€15,000 | +60.0% |
| Financial charges | 65/66B | €5,226 | €5,293 | +€67 | +1.3% |
| Recurring financial charges | 65 | €5,226 | €5,293 | +€67 | +1.3% |
| Profit (loss) for the period before taxes | 9903 | €87,728 | €99,348 | +€11,620 | +13.2% |
| Income taxes | 67/77 | €15,281 | €15,295 | +€14 | +0.1% |
| Profit (loss) for the period | 9904 | €72,447 | €84,053 | +€11,606 | +16.0% |
| Profit (loss) for the period to be appropriated | 9905 | €72,447 | €84,053 | +€11,606 | +16.0% |
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 4 October 2026 via checked.be.