Van Moerkerke: 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.
Van Moerkerke
Largest movements
- Receivables within one year +€73,069
up €73,069 (+9.3%), from €788,996 to €862,065
of which Trade receivables: +€41,769
- Cash -€41,923
down €41,923 (-10.0%), from €420,707 to €378,784
mainly Receivables within one year (-€73,069) and Tax, wage and social debts (-€11,908)
- Profit (loss) carried forward +€32,099
up €32,099 (+20.9%), from -€153,680 to -€121,580
- Gross operating margin +€12,530
up €12,530, from -€6,210 to €6,320
- Taxes -€8,149
down €8,149 (-94.8%), from €8,594 to €446
- Financial income -€6,898
down €6,898 (-14.8%), from €46,611 to €39,713
- Staff costs +€1,654
up €1,654 (+26.0%), from €6,356 to €8,009
- Other operating charges +€1,561
up €1,561 (+47.8%), from €3,270 to €4,831
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 | €1,227,279 | €1,255,119 | +€27,840 | +2.3% |
| Fixed assets | 21/28 | €3,388 | €3,063 | -€325 | -9.6% |
| Tangible fixed assets | 22/27 | €325 | €0 | -€325 | -100.0% |
| Plant, machinery and equipment | 23 | €325 | €0 | -€325 | -100.0% |
| Financial fixed assets | 28 | €3,063 | €3,063 | = | 0.0% |
| Current assets | 29/58 | €1,223,891 | €1,252,056 | +€28,165 | +2.3% |
| Stocks and contracts in progress | 3 | €14,188 | €11,015 | -€3,174 | -22.4% |
| Stocks | 30/36 | €14,188 | €11,015 | -€3,174 | -22.4% |
| Amounts receivable within one year | 40/41 | €788,996 | €862,065 | +€73,069 | +9.3% |
| Trade receivables | 40 | €61,147 | €102,917 | +€41,769 | +68.3% |
| Other amounts receivable | 41 | €727,849 | €759,149 | +€31,300 | +4.3% |
| Cash at bank and in hand | 54/58 | €420,707 | €378,784 | -€41,923 | -10.0% |
| Deferred charges and accrued income | 490/1 | - | €192 | +€192 | |
| Total equity and liabilities | 10/49 | €1,227,279 | €1,255,119 | +€27,840 | +2.3% |
| Equity | 10/15 | €1,175,299 | €1,207,398 | +€32,099 | +2.7% |
| Contributions | 10/11 | €266,500 | €266,500 | = | 0.0% |
| Capital | 10 | €266,500 | €266,500 | = | 0.0% |
| Issued capital | 100 | €266,500 | €266,500 | = | 0.0% |
| Reserves | 13 | €1,062,478 | €1,062,478 | = | 0.0% |
| Non-distributable reserves | 130/1 | €26,649 | €26,649 | = | 0.0% |
| Legal reserve | 130 | €26,649 | €26,649 | = | 0.0% |
| Distributable reserves | 133 | €1,035,830 | €1,035,830 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€153,680 | -€121,580 | +€32,099 | +20.9% |
| Amounts payable | 17/49 | €51,980 | €47,721 | -€4,259 | -8.2% |
| Amounts payable within one year | 42/48 | €51,980 | €47,721 | -€4,259 | -8.2% |
| Trade debts | 44 | €34,700 | €42,349 | +€7,649 | +22.0% |
| Suppliers | 440/4 | €34,700 | €42,349 | +€7,649 | +22.0% |
| Taxes, remuneration and social security | 45 | €17,281 | €5,373 | -€11,908 | -68.9% |
| Taxes | 450/3 | €10,074 | €4,282 | -€5,792 | -57.5% |
| Remuneration and social security | 454/9 | €7,207 | €1,091 | -€6,116 | -84.9% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €6,356 | €8,009 | +€1,654 | +26.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,068 | €325 | -€744 | -69.6% |
| Other operating charges | 640/8 | €3,270 | €4,831 | +€1,561 | +47.8% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | -€6,210 | €6,320 | +€12,530 | |
| Operating profit (loss) | 9901 | -€16,904 | -€6,845 | +€10,059 | +59.5% |
| Financial income | 75/76B | €46,611 | €39,713 | -€6,898 | -14.8% |
| Recurring financial income | 75 | €46,611 | €39,713 | -€6,898 | -14.8% |
| Financial charges | 65/66B | €238 | €323 | +€85 | +35.8% |
| Recurring financial charges | 65 | €238 | €323 | +€85 | +35.8% |
| Profit (loss) for the period before taxes | 9903 | €29,470 | €32,545 | +€3,076 | +10.4% |
| Income taxes | 67/77 | €8,594 | €446 | -€8,149 | -94.8% |
| Profit (loss) for the period | 9904 | €20,875 | €32,099 | +€11,224 | +53.8% |
| Profit (loss) for the period to be appropriated | 9905 | €20,875 | €32,099 | +€11,224 | +53.8% |
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 7 October 2026 via checked.be.