PATRIK 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.
PATRIK MOERMAN
Largest movements
- Receivables within one year +€20,236
up €20,236 (+41.7%), from €48,583 to €68,819
of which Other amounts receivable: +€21,172
- Tangible fixed assets -€4,317
down €4,317 (-23.4%), from €18,486 to €14,169
- Cash -€2,698
down €2,698 (-14.4%), from €18,788 to €16,090
mainly Receivables within one year (-€20,236) and Investment in fixed assets (net) (-€1,720)
- Deferred charges and accrued income +€1,709
up €1,709 (+28.7%), from €5,946 to €7,655
- Reserves +€15,660
up €15,660 (+22.8%), from €68,736 to €84,396
of which Distributable reserves: +€15,660
- Trade debts -€1,263
down €1,263 (-11.3%), from €11,213 to €9,949
- Gross operating margin +€3,105
up €3,105 (+9.9%), from €31,230 to €34,335
- Depreciation -€2,217
down €2,217 (-26.9%), from €8,254 to €6,037
- Taxes +€1,400
up €1,400 (+24.6%), from €5,686 to €7,086
- Financial charges +€1,258
up €1,258 (+27.7%), from €4,543 to €5,800
- Other operating charges +€383
up €383 (+20.9%), from €1,829 to €2,211
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 | €93,912 | €108,842 | +€14,930 | +15.9% |
| Fixed assets | 21/28 | €18,595 | €14,278 | -€4,317 | -23.2% |
| Tangible fixed assets | 22/27 | €18,486 | €14,169 | -€4,317 | -23.4% |
| Plant, machinery and equipment | 23 | €4,584 | €3,399 | -€1,185 | -25.9% |
| Furniture and vehicles | 24 | €4,044 | €2,997 | -€1,047 | -25.9% |
| Other tangible fixed assets | 26 | €9,858 | €7,773 | -€2,085 | -21.2% |
| Financial fixed assets | 28 | €109 | €109 | = | 0.0% |
| Current assets | 29/58 | €75,317 | €94,564 | +€19,247 | +25.6% |
| Stocks and contracts in progress | 3 | €2,000 | €2,000 | = | 0.0% |
| Stocks | 30/36 | €2,000 | €2,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €48,583 | €68,819 | +€20,236 | +41.7% |
| Trade receivables | 40 | €2,169 | €1,233 | -€936 | -43.2% |
| Other amounts receivable | 41 | €46,414 | €67,586 | +€21,172 | +45.6% |
| Cash at bank and in hand | 54/58 | €18,788 | €16,090 | -€2,698 | -14.4% |
| Deferred charges and accrued income | 490/1 | €5,946 | €7,655 | +€1,709 | +28.7% |
| Total equity and liabilities | 10/49 | €93,912 | €108,842 | +€14,930 | +15.9% |
| Equity | 10/15 | €74,936 | €90,596 | +€15,660 | +20.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Contributions outside capital | 11 | €6,200 | €6,200 | = | 0.0% |
| Other | 1109/19 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €68,736 | €84,396 | +€15,660 | +22.8% |
| Non-distributable reserves | 130/1 | €543 | €543 | = | 0.0% |
| Reserves not available under the articles | 1311 | €543 | €543 | = | 0.0% |
| Distributable reserves | 133 | €68,193 | €83,853 | +€15,660 | +23.0% |
| Amounts payable | 17/49 | €18,977 | €18,246 | -€730 | -3.8% |
| Amounts payable within one year | 42/48 | €18,977 | €18,246 | -€730 | -3.8% |
| Trade debts | 44 | €11,213 | €9,949 | -€1,263 | -11.3% |
| Suppliers | 440/4 | €11,213 | €9,949 | -€1,263 | -11.3% |
| Taxes, remuneration and social security | 45 | €656 | €1,189 | +€533 | +81.2% |
| Taxes | 450/3 | €656 | €1,189 | +€533 | +81.2% |
| Other amounts payable | 47/48 | €7,108 | €7,108 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,254 | €6,037 | -€2,217 | -26.9% |
| Other operating charges | 640/8 | €1,829 | €2,211 | +€383 | +20.9% |
| Non-recurring operating charges | 66A | - | €20 | +€20 | |
| Gross operating margin | 9900 | €31,230 | €34,335 | +€3,105 | +9.9% |
| Operating profit (loss) | 9901 | €21,148 | €26,067 | +€4,919 | +23.3% |
| Financial income | 75/76B | €2,373 | €2,479 | +€106 | +4.5% |
| Recurring financial income | 75 | €2,373 | €2,479 | +€106 | +4.5% |
| Financial charges | 65/66B | €4,543 | €5,800 | +€1,258 | +27.7% |
| Recurring financial charges | 65 | €4,543 | €5,800 | +€1,258 | +27.7% |
| Profit (loss) for the period before taxes | 9903 | €18,979 | €22,746 | +€3,767 | +19.8% |
| Income taxes | 67/77 | €5,686 | €7,086 | +€1,400 | +24.6% |
| Profit (loss) for the period | 9904 | €13,293 | €15,660 | +€2,368 | +17.8% |
| Profit (loss) for the period to be appropriated | 9905 | €13,293 | €15,660 | +€2,368 | +17.8% |
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 19 October 2026 via checked.be.