Ward Moerman: 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.
Ward Moerman
Largest movements
- Intangible fixed assets +€116,500
up €116,500 (+249%), from €46,735 to €163,235
- Stocks and contracts +€59,743
new in 2025: €59,743
- Cash -€27,683
down €27,683 (-39.6%), from €69,833 to €42,150
mainly Investment in fixed assets (net) (-€153,284) and Short-term financial debts (-€60,000)
- Receivables within one year +€21,057
new in 2025: €21,057
of which Trade receivables: +€18,041
- Tangible fixed assets +€10,835
up €10,835 (+30.8%), from €35,189 to €46,024
of which Plant, machinery and equipment: +€13,255
- Debts after one year +€144,460
new in 2025: €144,460
- Short-term financial debts -€60,000
no longer reported in 2025 (was €60,000)
- Trade debts +€41,803
up €41,803 (+5,740%), from €728 to €42,532
- Current portion of long-term debt +€39,662
new in 2025: €39,662
- Reserves +€26,573
up €26,573 (+201%), from €13,202 to €39,776
- Gross operating margin +€94,270
up €94,270 (+342%), from €27,595 to €121,865
- Staff costs +€56,297
new in 2025: €56,297
- Depreciation +€14,534
up €14,534 (+150%), from €9,666 to €24,199
- Financial charges +€6,626
up €6,626 (+792%), from €837 to €7,463
- Taxes +€3,567
up €3,567 (+104%), from €3,418 to €6,984
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 | €153,112 | €334,257 | +€181,145 | +118% |
| Fixed assets | 21/28 | €82,222 | €211,307 | +€129,085 | +157% |
| Intangible fixed assets | 21 | €46,735 | €163,235 | +€116,500 | +249% |
| Tangible fixed assets | 22/27 | €35,189 | €46,024 | +€10,835 | +30.8% |
| Plant, machinery and equipment | 23 | €437 | €13,691 | +€13,255 | +3,036% |
| Other tangible fixed assets | 26 | €34,752 | €32,333 | -€2,420 | -7.0% |
| Financial fixed assets | 28 | €298 | €2,048 | +€1,750 | +587% |
| Current assets | 29/58 | €70,889 | €122,949 | +€52,060 | +73.4% |
| Stocks and contracts in progress | 3 | - | €59,743 | +€59,743 | |
| Stocks | 30/36 | - | €59,743 | +€59,743 | |
| Amounts receivable within one year | 40/41 | - | €21,057 | +€21,057 | |
| Trade receivables | 40 | - | €18,041 | +€18,041 | |
| Other amounts receivable | 41 | - | €3,016 | +€3,016 | |
| Cash at bank and in hand | 54/58 | €69,833 | €42,150 | -€27,683 | -39.6% |
| Deferred charges and accrued income | 490/1 | €1,057 | - | -€1,057 | |
| Total equity and liabilities | 10/49 | €153,112 | €334,257 | +€181,145 | +118% |
| Equity | 10/15 | €17,202 | €43,776 | +€26,573 | +154% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Reserves | 13 | €13,202 | €39,776 | +€26,573 | +201% |
| Distributable reserves | 133 | €13,202 | €39,776 | +€26,573 | +201% |
| Amounts payable | 17/49 | €135,909 | €290,481 | +€154,572 | +114% |
| Amounts payable after more than one year | 17 | - | €144,460 | +€144,460 | |
| Financial debts | 170/4 | - | €144,460 | +€144,460 | |
| Amounts payable within one year | 42/48 | €135,524 | €144,134 | +€8,610 | +6.4% |
| Current portion of amounts payable after more than one year | 42 | - | €39,662 | +€39,662 | |
| Financial debts | 43 | €60,000 | - | -€60,000 | |
| Credit institutions | 430/8 | €60,000 | - | -€60,000 | |
| Trade debts | 44 | €728 | €42,532 | +€41,803 | +5,740% |
| Suppliers | 440/4 | €728 | €42,532 | +€41,803 | +5,740% |
| Taxes, remuneration and social security | 45 | €10,307 | €15,635 | +€5,329 | +51.7% |
| Taxes | 450/3 | €7,997 | €6,507 | -€1,490 | -18.6% |
| Remuneration and social security | 454/9 | €2,310 | €9,129 | +€6,819 | +295% |
| Other amounts payable | 47/48 | €64,489 | €46,305 | -€18,185 | -28.2% |
| Accrued charges and deferred income | 492/3 | €385 | €1,887 | +€1,502 | +390% |
| Remuneration, social security and pensions | 62 | - | €56,297 | +€56,297 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,666 | €24,199 | +€14,534 | +150% |
| Other operating charges | 640/8 | €472 | €591 | +€119 | +25.1% |
| Gross operating margin | 9900 | €27,595 | €121,865 | +€94,270 | +342% |
| Operating profit (loss) | 9901 | €17,457 | €40,778 | +€23,321 | +134% |
| Financial income | 75/76B | - | €242 | +€242 | |
| Recurring financial income | 75 | - | €242 | +€242 | |
| Financial charges | 65/66B | €837 | €7,463 | +€6,626 | +792% |
| Recurring financial charges | 65 | €837 | €7,463 | +€6,626 | +792% |
| Profit (loss) for the period before taxes | 9903 | €16,620 | €33,558 | +€16,938 | +102% |
| Income taxes | 67/77 | €3,418 | €6,984 | +€3,567 | +104% |
| Profit (loss) for the period | 9904 | €13,202 | €26,573 | +€13,371 | +101% |
| Profit (loss) for the period to be appropriated | 9905 | €13,202 | €26,573 | +€13,371 | +101% |
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 19 October 2026 via checked.be.