PASCALE MOREAU: 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.
PASCALE MOREAU
Largest movements
- Receivables within one year +€66,218
up €66,218 (+66.7%), from €99,271 to €165,490
of which Trade receivables: +€66,290
- Cash -€51,517
down €51,517 (-17.9%), from €287,174 to €235,657
mainly Contributions, distributions and other (-€622,227) and Receivables within one year (-€66,218)
- Reserves -€217,077
down €217,077 (-99.2%), from €218,937 to €1,860
- Other debts +€204,344
up €204,344 (+66.0%), from €309,831 to €514,175
- Tax, wage and social debts +€26,633
up €26,633 (+62.9%), from €42,350 to €68,983
- Gross operating margin +€131,667
up €131,667 (+32.9%), from €400,635 to €532,302
- Taxes +€33,414
up €33,414 (+34.3%), from €97,382 to €130,796
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 | €590,585 | €604,633 | +€14,048 | +2.4% |
| Fixed assets | 21/28 | €9,717 | €7,846 | -€1,871 | -19.3% |
| Tangible fixed assets | 22/27 | €9,717 | €7,846 | -€1,871 | -19.3% |
| Plant, machinery and equipment | 23 | €282 | €224 | -€59 | -20.8% |
| Furniture and vehicles | 24 | €9,434 | €7,622 | -€1,812 | -19.2% |
| Current assets | 29/58 | €580,869 | €596,787 | +€15,918 | +2.7% |
| Amounts receivable after more than one year | 29 | €190,000 | €190,000 | = | 0.0% |
| Other amounts receivable | 291 | €190,000 | €190,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €99,271 | €165,490 | +€66,218 | +66.7% |
| Trade receivables | 40 | €99,200 | €165,490 | +€66,290 | +66.8% |
| Other amounts receivable | 41 | €71 | - | -€71 | |
| Cash at bank and in hand | 54/58 | €287,174 | €235,657 | -€51,517 | -17.9% |
| Deferred charges and accrued income | 490/1 | €4,424 | €5,640 | +€1,217 | +27.5% |
| Total equity and liabilities | 10/49 | €590,585 | €604,633 | +€14,048 | +2.4% |
| Equity | 10/15 | €237,537 | €20,460 | -€217,077 | -91.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €218,937 | €1,860 | -€217,077 | -99.2% |
| Distributable reserves | 133 | €218,937 | €1,860 | -€217,077 | -99.2% |
| Amounts payable | 17/49 | €353,049 | €584,173 | +€231,124 | +65.5% |
| Amounts payable within one year | 42/48 | €353,049 | €584,173 | +€231,124 | +65.5% |
| Trade debts | 44 | €867 | €1,015 | +€147 | +17.0% |
| Suppliers | 440/4 | €867 | €1,015 | +€147 | +17.0% |
| Taxes, remuneration and social security | 45 | €42,350 | €68,983 | +€26,633 | +62.9% |
| Taxes | 450/3 | €42,350 | €68,983 | +€26,633 | +62.9% |
| Other amounts payable | 47/48 | €309,831 | €514,175 | +€204,344 | +66.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,093 | €2,409 | +€1,316 | +120% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €400,635 | €532,302 | +€131,667 | +32.9% |
| Operating profit (loss) | 9901 | €399,155 | €529,493 | +€130,338 | +32.7% |
| Financial income | 75/76B | €6,651 | €6,650 | -€1 | 0.0% |
| Recurring financial income | 75 | €6,651 | €6,650 | -€1 | 0.0% |
| Financial charges | 65/66B | €180 | €197 | +€17 | +9.4% |
| Recurring financial charges | 65 | €180 | €197 | +€17 | +9.4% |
| Profit (loss) for the period before taxes | 9903 | €405,625 | €535,946 | +€130,321 | +32.1% |
| Income taxes | 67/77 | €97,382 | €130,796 | +€33,414 | +34.3% |
| Profit (loss) for the period | 9904 | €308,243 | €405,150 | +€96,907 | +31.4% |
| Profit (loss) for the period to be appropriated | 9905 | €308,243 | €405,150 | +€96,907 | +31.4% |
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 20 October 2026 via checked.be.