THOMAS MORTEHAN: 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.
THOMAS MORTEHAN
Largest movements
- Cash -€68,757
down €68,757 (-20.1%), from €342,136 to €273,379
mainly Other debts (-€135,866) and Contributions, distributions and other (-€77,741)
- Tangible fixed assets -€27,163
down €27,163 (-53.2%), from €51,100 to €23,937
of which Furniture and vehicles: -€14,610
- Receivables within one year -€18,145
down €18,145 (-32.9%), from €55,128 to €36,983
of which Trade receivables: -€9,112
- Other debts -€135,866
down €135,866 (-59.8%), from €227,204 to €91,338
- Tax, wage and social debts +€11,779
up €11,779 (+44.8%), from €26,268 to €38,047
of which Taxes: +€12,637
- Accrued charges and deferred income +€11,681
up €11,681 (+708%), from €1,650 to €13,331
- Gross operating margin -€34,919
down €34,919 (-14.9%), from €234,122 to €199,202
- Staff costs -€16,479
down €16,479 (-23.1%), from €71,414 to €54,935
- Depreciation -€9,137
down €9,137 (-25.2%), from €36,300 to €27,163
- Financial charges +€4,572
up €4,572 (+61.0%), from €7,495 to €12,066
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 | €448,915 | €335,133 | -€113,782 | -25.3% |
| Fixed assets | 21/28 | €51,526 | €24,363 | -€27,163 | -52.7% |
| Tangible fixed assets | 22/27 | €51,100 | €23,937 | -€27,163 | -53.2% |
| Plant, machinery and equipment | 23 | €23,182 | €10,629 | -€12,553 | -54.2% |
| Furniture and vehicles | 24 | €27,918 | €13,308 | -€14,610 | -52.3% |
| Financial fixed assets | 28 | €425 | €425 | = | 0.0% |
| Current assets | 29/58 | €397,389 | €310,771 | -€86,619 | -21.8% |
| Amounts receivable within one year | 40/41 | €55,128 | €36,983 | -€18,145 | -32.9% |
| Trade receivables | 40 | €45,992 | €36,881 | -€9,112 | -19.8% |
| Other amounts receivable | 41 | €9,135 | €102 | -€9,034 | -98.9% |
| Cash at bank and in hand | 54/58 | €342,136 | €273,379 | -€68,757 | -20.1% |
| Deferred charges and accrued income | 490/1 | €126 | €409 | +€283 | +225% |
| Total equity and liabilities | 10/49 | €448,915 | €335,133 | -€113,782 | -25.3% |
| Equity | 10/15 | €189,167 | €189,167 | = | 0.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €184,167 | €184,167 | = | 0.0% |
| Distributable reserves | 133 | €184,167 | €184,167 | = | 0.0% |
| Amounts payable | 17/49 | €259,748 | €145,966 | -€113,782 | -43.8% |
| Amounts payable within one year | 42/48 | €258,098 | €132,635 | -€125,463 | -48.6% |
| Current portion of amounts payable after more than one year | 42 | €2,883 | - | -€2,883 | |
| Trade debts | 44 | €1,743 | €3,251 | +€1,508 | +86.5% |
| Suppliers | 440/4 | €1,743 | €3,251 | +€1,508 | +86.5% |
| Taxes, remuneration and social security | 45 | €26,268 | €38,047 | +€11,779 | +44.8% |
| Taxes | 450/3 | €17,264 | €29,902 | +€12,637 | +73.2% |
| Remuneration and social security | 454/9 | €9,004 | €8,145 | -€859 | -9.5% |
| Other amounts payable | 47/48 | €227,204 | €91,338 | -€135,866 | -59.8% |
| Accrued charges and deferred income | 492/3 | €1,650 | €13,331 | +€11,681 | +708% |
| Remuneration, social security and pensions | 62 | €71,414 | €54,935 | -€16,479 | -23.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,300 | €27,163 | -€9,137 | -25.2% |
| Other operating charges | 640/8 | €843 | €859 | +€16 | +1.9% |
| Gross operating margin | 9900 | €234,122 | €199,202 | -€34,919 | -14.9% |
| Operating profit (loss) | 9901 | €125,565 | €116,245 | -€9,320 | -7.4% |
| Financial income | 75/76B | €79 | €82 | +€3 | +3.2% |
| Recurring financial income | 75 | €79 | €82 | +€3 | +3.2% |
| Financial charges | 65/66B | €7,495 | €12,066 | +€4,572 | +61.0% |
| Recurring financial charges | 65 | €7,495 | €12,066 | +€4,572 | +61.0% |
| Profit (loss) for the period before taxes | 9903 | €118,149 | €104,261 | -€13,889 | -11.8% |
| Income taxes | 67/77 | €26,327 | €26,520 | +€193 | +0.7% |
| Profit (loss) for the period | 9904 | €91,823 | €77,741 | -€14,082 | -15.3% |
| Profit (loss) for the period to be appropriated | 9905 | €91,823 | €77,741 | -€14,082 | -15.3% |
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 17 October 2026 via checked.be.