MORTSELA: 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.
MORTSELA
Largest movements
- Cash -€58,386
down €58,386 (-21.5%), from €271,401 to €213,015
mainly Contributions, distributions and other (-€250,000) and Investment in fixed assets (net) (-€91,536)
- Tangible fixed assets +€34,724
up €34,724 (+2.1%), from €1.6m to €1.7m
of which Furniture and vehicles: +€34,116
- Reserves -€117,961
down €117,961 (-19.1%), from €618,155 to €500,194
of which Distributable reserves: -€117,961
- Other debts +€115,217
up €115,217 (+24.7%), from €467,270 to €582,487
- Tax, wage and social debts +€69,132
up €69,132 (+154.2%), from €44,834 to €113,966
- Debts after one year -€50,911
down €50,911 (-7.9%), from €645,726 to €594,815
- Advances received -€35,251
down €35,251 (-100.0%), from €35,251 to €0
- Financial charges -€12,419
down €12,419 (-18.2%), from €68,269 to €55,850
- Gross operating margin +€10,624
up €10,624 (+3.8%), from €278,342 to €288,966
- Depreciation +€5,730
up €5,730 (+11.2%), from €51,082 to €56,812
- Taxes +€5,335
up €5,335 (+14.4%), from €37,142 to €42,476
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 | €1,939,156 | €1,920,721 | -€18,435 | -1.0% |
| Fixed assets | 21/28 | €1,635,048 | €1,669,772 | +€34,724 | +2.1% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €1,635,048 | €1,669,772 | +€34,724 | +2.1% |
| Land and buildings | 22 | €1,620,894 | €1,622,385 | +€1,492 | +0.1% |
| Plant, machinery and equipment | 23 | €3,425 | €2,541 | -€884 | -25.8% |
| Furniture and vehicles | 24 | €10,729 | €44,845 | +€34,116 | +318.0% |
| Current assets | 29/58 | €304,108 | €250,949 | -€53,159 | -17.5% |
| Amounts receivable within one year | 40/41 | €29,658 | €33,119 | +€3,461 | +11.7% |
| Trade receivables | 40 | €29,527 | €33,119 | +€3,592 | +12.2% |
| Other amounts receivable | 41 | €131 | €0 | -€131 | -100.0% |
| Cash at bank and in hand | 54/58 | €271,401 | €213,015 | -€58,386 | -21.5% |
| Deferred charges and accrued income | 490/1 | €3,049 | €4,815 | +€1,766 | +57.9% |
| Total equity and liabilities | 10/49 | €1,939,156 | €1,920,721 | -€18,435 | -1.0% |
| Equity | 10/15 | €638,155 | €520,194 | -€117,961 | -18.5% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €618,155 | €500,194 | -€117,961 | -19.1% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €616,155 | €498,194 | -€117,961 | -19.1% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €1,301,001 | €1,400,528 | +€99,527 | +7.7% |
| Amounts payable after more than one year | 17 | €645,726 | €594,815 | -€50,911 | -7.9% |
| Financial debts | 170/4 | €645,726 | €594,815 | -€50,911 | -7.9% |
| Amounts payable within one year | 42/48 | €655,275 | €805,713 | +€150,438 | +23.0% |
| Current portion of amounts payable after more than one year | 42 | €97,281 | €108,612 | +€11,331 | +11.6% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €10,637 | €647 | -€9,990 | -93.9% |
| Suppliers | 440/4 | €10,637 | €647 | -€9,990 | -93.9% |
| Advances received on contracts in progress | 46 | €35,251 | €0 | -€35,251 | -100.0% |
| Taxes, remuneration and social security | 45 | €44,834 | €113,966 | +€69,132 | +154.2% |
| Taxes | 450/3 | €44,834 | €113,966 | +€69,132 | +154.2% |
| Other amounts payable | 47/48 | €467,270 | €582,487 | +€115,217 | +24.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51,082 | €56,812 | +€5,730 | +11.2% |
| Other operating charges | 640/8 | €1,957 | €1,974 | +€16 | +0.8% |
| Gross operating margin | 9900 | €278,342 | €288,966 | +€10,624 | +3.8% |
| Operating profit (loss) | 9901 | €225,303 | €230,181 | +€4,878 | +2.2% |
| Financial income | 75/76B | - | €185 | +€185 | |
| Recurring financial income | 75 | - | €185 | +€185 | |
| Financial charges | 65/66B | €68,269 | €55,850 | -€12,419 | -18.2% |
| Recurring financial charges | 65 | €68,269 | €55,850 | -€12,419 | -18.2% |
| Profit (loss) for the period before taxes | 9903 | €157,033 | €174,515 | +€17,482 | +11.1% |
| Income taxes | 67/77 | €37,142 | €42,476 | +€5,335 | +14.4% |
| Profit (loss) for the period | 9904 | €119,892 | €132,039 | +€12,147 | +10.1% |
| Profit (loss) for the period to be appropriated | 9905 | €119,892 | €132,039 | +€12,147 | +10.1% |
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 2 October 2026 via checked.be.