PATRICK MOERMAN: 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.
PATRICK MOERMAN
Largest movements
- Tangible fixed assets +€831,911
up €831,911 (+185%), from €449,034 to €1.3m
of which Land and buildings: +€867,156
- Cash -€59,075
down €59,075 (-61.4%), from €96,238 to €37,163
mainly Investment in fixed assets (net) (-€940,726) and Trade debts (-€21,758)
- Receivables within one year -€20,681
down €20,681 (-17.5%), from €118,438 to €97,758
of which Trade receivables: -€20,046
- Debts after one year +€451,844
up €451,844 (+489%), from €92,393 to €544,236
- Reserves +€235,607
up €235,607 (+44.1%), from €534,806 to €770,414
of which Tax-exempt reserves: +€150,718
- Provisions +€50,239
new in 2025: €50,239
- Current portion of long-term debt +€36,894
up €36,894 (+96.0%), from €38,429 to €75,323
- Trade debts -€21,758
down €21,758 (-100%), from €21,758 to €0
- Financial income +€209,749
up €209,749 (+11,899%), from €1,763 to €211,511
of which Non-recurring financial income: +€210,502
- Gross operating margin +€19,588
up €19,588 (+6.4%), from €306,259 to €325,847
- Staff costs +€15,298
up €15,298 (+23.6%), from €64,756 to €80,054
- Financial charges +€10,330
up €10,330 (+94.2%), from €10,961 to €21,292
- Other operating charges -€6,644
down €6,644 (-43.4%), from €15,298 to €8,655
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 | €727,497 | €1,478,452 | +€750,955 | +103% |
| Fixed assets | 21/28 | €449,364 | €1,280,945 | +€831,581 | +185% |
| Intangible fixed assets | 21 | €330 | €0 | -€330 | -100% |
| Tangible fixed assets | 22/27 | €449,034 | €1,280,945 | +€831,911 | +185% |
| Land and buildings | 22 | €305,092 | €1,172,249 | +€867,156 | +284% |
| Plant, machinery and equipment | 23 | €49,859 | €55,952 | +€6,093 | +12.2% |
| Furniture and vehicles | 24 | €94,083 | €52,745 | -€41,338 | -43.9% |
| Current assets | 29/58 | €278,133 | €197,507 | -€80,626 | -29.0% |
| Stocks and contracts in progress | 3 | €21,718 | €21,718 | = | 0.0% |
| Stocks | 30/36 | €21,718 | €21,718 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €118,438 | €97,758 | -€20,681 | -17.5% |
| Trade receivables | 40 | €43,030 | €22,984 | -€20,046 | -46.6% |
| Other amounts receivable | 41 | €75,409 | €74,774 | -€635 | -0.8% |
| Current investments | 50/53 | €27,228 | €22,842 | -€4,386 | -16.1% |
| Cash at bank and in hand | 54/58 | €96,238 | €37,163 | -€59,075 | -61.4% |
| Deferred charges and accrued income | 490/1 | €14,511 | €18,027 | +€3,516 | +24.2% |
| Total equity and liabilities | 10/49 | €727,497 | €1,478,452 | +€750,955 | +103% |
| Equity | 10/15 | €554,806 | €790,414 | +€235,607 | +42.5% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €534,806 | €770,414 | +€235,607 | +44.1% |
| Non-distributable reserves | 130/1 | €1,797 | €1,797 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,797 | €1,797 | = | 0.0% |
| Tax-exempt reserves | 132 | - | €150,718 | +€150,718 | |
| Distributable reserves | 133 | €533,009 | €617,899 | +€84,889 | +15.9% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Provisions and deferred taxes | 16 | - | €50,239 | +€50,239 | |
| Deferred taxes | 168 | - | €50,239 | +€50,239 | |
| Amounts payable | 17/49 | €172,691 | €637,799 | +€465,108 | +269% |
| Amounts payable after more than one year | 17 | €92,393 | €544,236 | +€451,844 | +489% |
| Financial debts | 170/4 | €92,393 | €544,236 | +€451,844 | +489% |
| Amounts payable within one year | 42/48 | €80,298 | €93,562 | +€13,264 | +16.5% |
| Current portion of amounts payable after more than one year | 42 | €38,429 | €75,323 | +€36,894 | +96.0% |
| Financial debts | 43 | - | €8,421 | +€8,421 | |
| Credit institutions | 430/8 | - | €8,421 | +€8,421 | |
| Trade debts | 44 | €21,758 | €0 | -€21,758 | -100% |
| Suppliers | 440/4 | €21,758 | €0 | -€21,758 | -100% |
| Taxes, remuneration and social security | 45 | €16,086 | €9,818 | -€6,268 | -39.0% |
| Taxes | 450/3 | €12,857 | €3,581 | -€9,277 | -72.2% |
| Remuneration and social security | 454/9 | €3,229 | €6,237 | +€3,008 | +93.2% |
| Other amounts payable | 47/48 | €4,024 | €0 | -€4,024 | -100% |
| Non-recurring operating income | 76A | - | €1,976 | +€1,976 | |
| Remuneration, social security and pensions | 62 | €64,756 | €80,054 | +€15,298 | +23.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €106,153 | €109,145 | +€2,992 | +2.8% |
| Other operating charges | 640/8 | €15,298 | €8,655 | -€6,644 | -43.4% |
| Non-recurring operating charges | 66A | €53 | €0 | -€53 | -100% |
| Gross operating margin | 9900 | €306,259 | €325,847 | +€19,588 | +6.4% |
| Operating profit (loss) | 9901 | €119,999 | €127,994 | +€7,995 | +6.7% |
| Financial income | 75/76B | €1,763 | €211,511 | +€209,749 | +11,899% |
| Recurring financial income | 75 | €1,763 | €1,009 | -€753 | -42.7% |
| Non-recurring financial income | 76B | €0 | €210,502 | +€210,502 | |
| Financial charges | 65/66B | €10,961 | €21,292 | +€10,330 | +94.2% |
| Recurring financial charges | 65 | €10,961 | €21,292 | +€10,330 | +94.2% |
| Profit (loss) for the period before taxes | 9903 | €110,800 | €318,214 | +€207,414 | +187% |
| Transfer from deferred taxes | 780 | - | €2,386 | +€2,386 | |
| Transfer to deferred taxes | 680 | - | €52,626 | +€52,626 | |
| Income taxes | 67/77 | €34,381 | €32,367 | -€2,013 | -5.9% |
| Profit (loss) for the period | 9904 | €76,419 | €235,607 | +€159,188 | +208% |
| Transfer from tax-exempt reserves | 789 | - | €7,159 | +€7,159 | |
| Transfer to tax-exempt reserves | 689 | - | €157,877 | +€157,877 | |
| Profit (loss) for the period to be appropriated | 9905 | €76,419 | €84,889 | +€8,470 | +11.1% |
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 25 October 2026 via checked.be.