STEFANO MOERMAN: 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.
STEFANO MOERMAN
Largest movements
- Tangible fixed assets +€11,421
up €11,421 (+120.3%), from €9,497 to €20,918
of which Furniture and vehicles: +€6,457
- Receivables after one year -€10,000
down €10,000 (-12.7%), from €79,000 to €69,000
- Cash +€1,192
up €1,192 (+26.0%), from €4,590 to €5,782
mainly Net result for the year (+€19,088) and Receivables after one year (+€10,000)
- Other debts -€21,748
down €21,748 (-78.9%), from €27,579 to €5,831
- Reserves +€17,355
up €17,355 (+27.2%), from €63,861 to €81,216
of which Distributable reserves: +€17,355
- Tax, wage and social debts +€9,178
new in 2025: €9,178
- Debts after one year -€3,003
no longer reported in 2025 (was €3,003)
- Gross operating margin +€3,736
up €3,736 (+15.0%), from €24,922 to €28,658
- Depreciation +€1,884
up €1,884 (+217.1%), from €868 to €2,752
- Financial income -€437
down €437 (-15.2%), from €2,873 to €2,436
- Taxes +€378
up €378 (+5.5%), from €6,900 to €7,278
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 | €106,931 | €108,762 | +€1,831 | +1.7% |
| Fixed assets | 21/28 | €9,797 | €21,218 | +€11,421 | +116.6% |
| Tangible fixed assets | 22/27 | €9,497 | €20,918 | +€11,421 | +120.3% |
| Plant, machinery and equipment | 23 | €7,917 | €12,881 | +€4,964 | +62.7% |
| Furniture and vehicles | 24 | €1,580 | €8,037 | +€6,457 | +408.7% |
| Financial fixed assets | 28 | €300 | €300 | = | 0.0% |
| Current assets | 29/58 | €97,134 | €87,544 | -€9,590 | -9.9% |
| Amounts receivable after more than one year | 29 | €79,000 | €69,000 | -€10,000 | -12.7% |
| Other amounts receivable | 291 | €79,000 | €69,000 | -€10,000 | -12.7% |
| Amounts receivable within one year | 40/41 | €13,417 | €12,762 | -€655 | -4.9% |
| Trade receivables | 40 | €13,042 | €11,040 | -€2,002 | -15.4% |
| Other amounts receivable | 41 | €375 | €1,722 | +€1,347 | +359.2% |
| Cash at bank and in hand | 54/58 | €4,590 | €5,782 | +€1,192 | +26.0% |
| Deferred charges and accrued income | 490/1 | €127 | - | -€127 | |
| Total equity and liabilities | 10/49 | €106,931 | €108,762 | +€1,831 | +1.7% |
| Equity | 10/15 | €66,947 | €84,389 | +€17,442 | +26.1% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €63,861 | €81,216 | +€17,355 | +27.2% |
| Non-distributable reserves | 130/1 | €300 | €300 | = | 0.0% |
| Reserves not available under the articles | 1311 | €300 | €300 | = | 0.0% |
| Distributable reserves | 133 | €63,561 | €80,916 | +€17,355 | +27.3% |
| Profit (loss) carried forward | 14 | €86 | €173 | +€87 | +101.2% |
| Amounts payable | 17/49 | €39,984 | €24,373 | -€15,611 | -39.0% |
| Amounts payable after more than one year | 17 | €3,003 | - | -€3,003 | |
| Financial debts | 170/4 | €3,003 | - | -€3,003 | |
| Amounts payable within one year | 42/48 | €34,981 | €22,373 | -€12,608 | -36.0% |
| Current portion of amounts payable after more than one year | 42 | €7,110 | €7,364 | +€254 | +3.6% |
| Trade debts | 44 | €292 | - | -€292 | |
| Suppliers | 440/4 | €292 | - | -€292 | |
| Taxes, remuneration and social security | 45 | - | €9,178 | +€9,178 | |
| Taxes | 450/3 | - | €9,178 | +€9,178 | |
| Other amounts payable | 47/48 | €27,579 | €5,831 | -€21,748 | -78.9% |
| Accrued charges and deferred income | 492/3 | €2,000 | €2,000 | = | 0.0% |
| Non-recurring operating income | 76A | - | €200 | +€200 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €868 | €2,752 | +€1,884 | +217.1% |
| Other operating charges | 640/8 | €803 | €865 | +€62 | +7.7% |
| Gross operating margin | 9900 | €24,922 | €28,658 | +€3,736 | +15.0% |
| Operating profit (loss) | 9901 | €23,251 | €25,041 | +€1,790 | +7.7% |
| Financial income | 75/76B | €2,873 | €2,436 | -€437 | -15.2% |
| Recurring financial income | 75 | €2,873 | €2,436 | -€437 | -15.2% |
| Financial charges | 65/66B | €917 | €1,111 | +€194 | +21.2% |
| Recurring financial charges | 65 | €917 | €1,111 | +€194 | +21.2% |
| Profit (loss) for the period before taxes | 9903 | €25,207 | €26,366 | +€1,159 | +4.6% |
| Income taxes | 67/77 | €6,900 | €7,278 | +€378 | +5.5% |
| Profit (loss) for the period | 9904 | €18,307 | €19,088 | +€781 | +4.3% |
| Profit (loss) for the period to be appropriated | 9905 | €18,307 | €19,088 | +€781 | +4.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.