THIERRY MORTIER: 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.
THIERRY MORTIER
Largest movements
- Stocks and contracts +€53,085
up €53,085 (+17.8%), from €298,310 to €351,395
- Tangible fixed assets -€35,769
down €35,769 (-14.0%), from €255,246 to €219,477
of which Land and buildings: -€18,423
- Receivables within one year -€22,119
down €22,119 (-33.1%), from €66,866 to €44,748
of which Trade receivables: -€20,305
- Cash -€16,092
down €16,092 (-51.8%), from €31,073 to €14,982
mainly Stocks and contracts (-€53,085) and Debts after one year (-€23,193)
- Debts after one year -€23,193
down €23,193 (-17.2%), from €134,632 to €111,440
- Reserves +€14,805
up €14,805 (+87.3%), from €16,968 to €31,773
of which Distributable reserves: +€14,805
- Trade debts -€8,245
down €8,245 (-6.2%), from €132,194 to €123,949
- Financial charges -€15,570
down €15,570 (-63.7%), from €24,430 to €8,860
- Gross operating margin -€13,928
down €13,928 (-16.2%), from €85,931 to €72,003
- Taxes +€2,105
up €2,105 (+41.8%), from €5,039 to €7,145
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 | €657,475 | €636,799 | -€20,676 | -3.1% |
| Fixed assets | 21/28 | €255,381 | €219,612 | -€35,769 | -14.0% |
| Tangible fixed assets | 22/27 | €255,246 | €219,477 | -€35,769 | -14.0% |
| Land and buildings | 22 | €212,654 | €194,230 | -€18,423 | -8.7% |
| Plant, machinery and equipment | 23 | €5,805 | €4,975 | -€830 | -14.3% |
| Furniture and vehicles | 24 | €36,788 | €20,272 | -€16,516 | -44.9% |
| Financial fixed assets | 28 | €135 | €135 | = | 0.0% |
| Current assets | 29/58 | €402,094 | €417,187 | +€15,093 | +3.8% |
| Stocks and contracts in progress | 3 | €298,310 | €351,395 | +€53,085 | +17.8% |
| Stocks | 30/36 | €298,310 | €351,395 | +€53,085 | +17.8% |
| Amounts receivable within one year | 40/41 | €66,866 | €44,748 | -€22,119 | -33.1% |
| Trade receivables | 40 | €63,737 | €43,432 | -€20,305 | -31.9% |
| Other amounts receivable | 41 | €3,129 | €1,316 | -€1,813 | -57.9% |
| Cash at bank and in hand | 54/58 | €31,073 | €14,982 | -€16,092 | -51.8% |
| Deferred charges and accrued income | 490/1 | €5,845 | €6,063 | +€218 | +3.7% |
| Total equity and liabilities | 10/49 | €657,475 | €636,799 | -€20,676 | -3.1% |
| Equity | 10/15 | €184,856 | €199,661 | +€14,805 | +8.0% |
| Contributions | 10/11 | €88,600 | €88,600 | = | 0.0% |
| Reserves | 13 | €16,968 | €31,773 | +€14,805 | +87.3% |
| Non-distributable reserves | 130/1 | €5,860 | €5,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €5,860 | €5,860 | = | 0.0% |
| Distributable reserves | 133 | €11,108 | €25,913 | +€14,805 | +133% |
| Profit (loss) carried forward | 14 | €79,288 | €79,288 | = | 0.0% |
| Amounts payable | 17/49 | €472,619 | €437,138 | -€35,481 | -7.5% |
| Amounts payable after more than one year | 17 | €134,632 | €111,440 | -€23,193 | -17.2% |
| Financial debts | 170/4 | €134,632 | €111,440 | -€23,193 | -17.2% |
| Amounts payable within one year | 42/48 | €337,987 | €325,699 | -€12,288 | -3.6% |
| Current portion of amounts payable after more than one year | 42 | €22,930 | €23,193 | +€262 | +1.1% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €132,194 | €123,949 | -€8,245 | -6.2% |
| Suppliers | 440/4 | €132,194 | €123,949 | -€8,245 | -6.2% |
| Taxes, remuneration and social security | 45 | €346 | €184 | -€162 | -46.7% |
| Taxes | 450/3 | €346 | €184 | -€162 | -46.7% |
| Other amounts payable | 47/48 | €182,516 | €178,373 | -€4,144 | -2.3% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,010 | €35,769 | +€759 | +2.2% |
| Other operating charges | 640/8 | €5,710 | €5,699 | -€12 | -0.2% |
| Non-recurring operating charges | 66A | €98 | €0 | -€98 | -100% |
| Gross operating margin | 9900 | €85,931 | €72,003 | -€13,928 | -16.2% |
| Operating profit (loss) | 9901 | €45,113 | €30,536 | -€14,577 | -32.3% |
| Financial income | 75/76B | €275 | €275 | -€1 | -0.3% |
| Recurring financial income | 75 | €275 | €275 | -€1 | -0.3% |
| Financial charges | 65/66B | €24,430 | €8,860 | -€15,570 | -63.7% |
| Recurring financial charges | 65 | €24,430 | €8,860 | -€15,570 | -63.7% |
| Profit (loss) for the period before taxes | 9903 | €20,958 | €21,950 | +€992 | +4.7% |
| Income taxes | 67/77 | €5,039 | €7,145 | +€2,105 | +41.8% |
| Profit (loss) for the period | 9904 | €15,918 | €14,805 | -€1,113 | -7.0% |
| Profit (loss) for the period to be appropriated | 9905 | €15,918 | €14,805 | -€1,113 | -7.0% |
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.