Simon Murzeau: 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.
Simon Murzeau
Largest movements
- Current investments +€43,000
new in 2025: €43,000
- Cash +€37,543
up €37,543 (+56.1%), from €66,966 to €104,508
mainly Net result for the year (+€70,765) and Tax, wage and social debts (+€16,220)
- Tangible fixed assets +€7,703
up €7,703 (+203.9%), from €3,778 to €11,481
of which Furniture and vehicles: +€5,113
- Reserves +€70,765
up €70,765 (+235.9%), from €29,999 to €100,763
- Tax, wage and social debts +€16,220
up €16,220 (+74.8%), from €21,688 to €37,907
of which Taxes: +€16,803
- Gross operating margin +€56,491
up €56,491 (+125.1%), from €45,140 to €101,631
- Taxes +€15,387
up €15,387 (+129.2%), from €11,908 to €27,295
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 | €71,009 | €159,020 | +€88,011 | +123.9% |
| Fixed assets | 21/28 | €3,778 | €11,481 | +€7,703 | +203.9% |
| Tangible fixed assets | 22/27 | €3,778 | €11,481 | +€7,703 | +203.9% |
| Furniture and vehicles | 24 | €3,778 | €8,890 | +€5,113 | +135.3% |
| Other tangible fixed assets | 26 | - | €2,590 | +€2,590 | |
| Current assets | 29/58 | €67,231 | €147,539 | +€80,308 | +119.5% |
| Current investments | 50/53 | - | €43,000 | +€43,000 | |
| Cash at bank and in hand | 54/58 | €66,966 | €104,508 | +€37,543 | +56.1% |
| Deferred charges and accrued income | 490/1 | €265 | €31 | -€234 | -88.3% |
| Total equity and liabilities | 10/49 | €71,009 | €159,020 | +€88,011 | +123.9% |
| Equity | 10/15 | €44,999 | €115,763 | +€70,765 | +157.3% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Reserves | 13 | €29,999 | €100,763 | +€70,765 | +235.9% |
| Distributable reserves | 133 | €29,999 | €100,763 | +€70,765 | +235.9% |
| Amounts payable | 17/49 | €26,010 | €43,257 | +€17,247 | +66.3% |
| Amounts payable within one year | 42/48 | €26,010 | €43,247 | +€17,238 | +66.3% |
| Trade debts | 44 | €236 | €1,434 | +€1,198 | +506.8% |
| Suppliers | 440/4 | €236 | €1,434 | +€1,198 | +506.8% |
| Taxes, remuneration and social security | 45 | €21,688 | €37,907 | +€16,220 | +74.8% |
| Taxes | 450/3 | €21,105 | €37,907 | +€16,803 | +79.6% |
| Remuneration and social security | 454/9 | €583 | - | -€583 | |
| Other amounts payable | 47/48 | €4,086 | €3,906 | -€180 | -4.4% |
| Accrued charges and deferred income | 492/3 | - | €9 | +€9 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,241 | €2,745 | +€504 | +22.5% |
| Other operating charges | 640/8 | €159 | €165 | +€6 | +3.5% |
| Gross operating margin | 9900 | €45,140 | €101,631 | +€56,491 | +125.1% |
| Operating profit (loss) | 9901 | €42,739 | €98,721 | +€55,981 | +131.0% |
| Financial income | 75/76B | - | €48 | +€48 | |
| Recurring financial income | 75 | - | €48 | +€48 | |
| Financial charges | 65/66B | - | €710 | +€710 | |
| Recurring financial charges | 65 | - | €710 | +€710 | |
| Profit (loss) for the period before taxes | 9903 | €42,739 | €98,059 | +€55,320 | +129.4% |
| Income taxes | 67/77 | €11,908 | €27,295 | +€15,387 | +129.2% |
| Profit (loss) for the period | 9904 | €30,832 | €70,765 | +€39,933 | +129.5% |
| Profit (loss) for the period to be appropriated | 9905 | €30,832 | €70,765 | +€39,933 | +129.5% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.