OMAR EL-MOURAD: 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.
OMAR EL-MOURAD
Largest movements
- Tangible fixed assets +€38,300
up €38,300 (+1,634%), from €2,344 to €40,643
of which Furniture and vehicles: +€39,354
- Intangible fixed assets -€29,400
down €29,400 (-22.2%), from €132,300 to €102,900
- Deferred charges and accrued income -€28,988
down €28,988 (-71.8%), from €40,367 to €11,380
- Receivables within one year -€21,547
down €21,547 (-70.2%), from €30,699 to €9,152
of which Other amounts receivable: -€21,523
- Cash +€12,303
up €12,303 (+28.1%), from €43,764 to €56,067
mainly Depreciation (+€32,848) and Current portion of long-term debt (+€31,946)
- Profit (loss) carried forward -€64,920
down €64,920 (-73.3%), from €88,578 to €23,659
- Current portion of long-term debt +€31,946
up €31,946 (+136%), from €23,414 to €55,360
- Other debts +€27,588
new in 2025: €27,588
- Debts after one year -€23,684
down €23,684 (-39.7%), from €59,722 to €36,038
- Gross operating margin +€7,464
up €7,464 (+13.3%), from €56,227 to €63,691
- Depreciation +€1,838
up €1,838 (+5.9%), from €31,011 to €32,848
- Taxes +€1,161
up €1,161 (+23.6%), from €4,929 to €6,089
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 | €249,654 | €220,322 | -€29,332 | -11.7% |
| Fixed assets | 21/28 | €134,824 | €143,723 | +€8,900 | +6.6% |
| Intangible fixed assets | 21 | €132,300 | €102,900 | -€29,400 | -22.2% |
| Tangible fixed assets | 22/27 | €2,344 | €40,643 | +€38,300 | +1,634% |
| Plant, machinery and equipment | 23 | €2,047 | €992 | -€1,054 | -51.5% |
| Furniture and vehicles | 24 | €297 | €39,651 | +€39,354 | +13,250% |
| Financial fixed assets | 28 | €180 | €180 | = | 0.0% |
| Current assets | 29/58 | €114,830 | €76,598 | -€38,232 | -33.3% |
| Amounts receivable within one year | 40/41 | €30,699 | €9,152 | -€21,547 | -70.2% |
| Trade receivables | 40 | €1,000 | €976 | -€24 | -2.4% |
| Other amounts receivable | 41 | €29,699 | €8,176 | -€21,523 | -72.5% |
| Cash at bank and in hand | 54/58 | €43,764 | €56,067 | +€12,303 | +28.1% |
| Deferred charges and accrued income | 490/1 | €40,367 | €11,380 | -€28,988 | -71.8% |
| Total equity and liabilities | 10/49 | €249,654 | €220,322 | -€29,332 | -11.7% |
| Equity | 10/15 | €166,255 | €101,336 | -€64,920 | -39.0% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Reserves | 13 | €77,577 | €77,577 | = | 0.0% |
| Distributable reserves | 133 | €77,577 | €77,577 | = | 0.0% |
| Profit (loss) carried forward | 14 | €88,578 | €23,659 | -€64,920 | -73.3% |
| Amounts payable | 17/49 | €83,398 | €118,986 | +€35,588 | +42.7% |
| Amounts payable after more than one year | 17 | €59,722 | €36,038 | -€23,684 | -39.7% |
| Financial debts | 170/4 | €59,722 | €36,038 | -€23,684 | -39.7% |
| Amounts payable within one year | 42/48 | €23,677 | €82,948 | +€59,272 | +250% |
| Current portion of amounts payable after more than one year | 42 | €23,414 | €55,360 | +€31,946 | +136% |
| Trade debts | 44 | €263 | - | -€263 | |
| Suppliers | 440/4 | €263 | - | -€263 | |
| Other amounts payable | 47/48 | - | €27,588 | +€27,588 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,011 | €32,848 | +€1,838 | +5.9% |
| Other operating charges | 640/8 | €450 | €400 | -€51 | -11.3% |
| Gross operating margin | 9900 | €56,227 | €63,691 | +€7,464 | +13.3% |
| Operating profit (loss) | 9901 | €24,766 | €30,443 | +€5,677 | +22.9% |
| Financial charges | 65/66B | €1,597 | €1,274 | -€323 | -20.2% |
| Recurring financial charges | 65 | €1,597 | €1,274 | -€323 | -20.2% |
| Profit (loss) for the period before taxes | 9903 | €23,169 | €29,170 | +€6,000 | +25.9% |
| Income taxes | 67/77 | €4,929 | €6,089 | +€1,161 | +23.6% |
| Profit (loss) for the period | 9904 | €18,241 | €23,080 | +€4,840 | +26.5% |
| Profit (loss) for the period to be appropriated | 9905 | €18,241 | €23,080 | +€4,840 | +26.5% |
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 31 October 2026 via checked.be.