Willy 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.
Willy Mortier
Largest movements
- Tangible fixed assets +€53,990
up €53,990 (+479%), from €11,276 to €65,266
of which Furniture and vehicles: +€45,105
- Receivables after one year +€50,000
new in 2025: €50,000
- Cash -€35,639
down €35,639 (-30.4%), from €117,319 to €81,680
mainly Contributions, distributions and other (-€150,000) and Investment in fixed assets (net) (-€60,212)
- Receivables within one year +€18,138
up €18,138 (+265%), from €6,842 to €24,980
of which Trade receivables: +€17,908
- Current investments +€6,904
up €6,904 (+3.5%), from €197,679 to €204,583
- Debts after one year +€155,911
up €155,911 (+30,756%), from €507 to €156,418
of which Other amounts payable: +€133,031
- Reserves -€91,676
down €91,676 (-29.8%), from €307,406 to €215,729
of which Distributable reserves: -€91,676
- Tax, wage and social debts +€21,980
up €21,980 (+442%), from €4,967 to €26,947
- Current portion of long-term debt +€8,430
new in 2025: €8,430
- Gross operating margin +€30,887
up €30,887 (+49.7%), from €62,093 to €92,980
- Financial charges +€14,581
up €14,581, from -€3,164 to €11,417
- Taxes +€6,461
up €6,461 (+39.3%), from €16,454 to €22,916
- Depreciation -€3,568
down €3,568 (-36.4%), from €9,790 to €6,221
- Financial income +€1,348
up €1,348 (+20.9%), from €6,462 to €7,809
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 | €335,409 | €428,509 | +€93,100 | +27.8% |
| Fixed assets | 21/28 | €11,276 | €65,266 | +€53,990 | +479% |
| Tangible fixed assets | 22/27 | €11,276 | €65,266 | +€53,990 | +479% |
| Plant, machinery and equipment | 23 | €5,200 | €14,171 | +€8,971 | +173% |
| Furniture and vehicles | 24 | €5,497 | €50,602 | +€45,105 | +821% |
| Other tangible fixed assets | 26 | €579 | €493 | -€86 | -14.8% |
| Current assets | 29/58 | €324,133 | €363,243 | +€39,109 | +12.1% |
| Amounts receivable after more than one year | 29 | - | €50,000 | +€50,000 | |
| Other amounts receivable | 291 | - | €50,000 | +€50,000 | |
| Amounts receivable within one year | 40/41 | €6,842 | €24,980 | +€18,138 | +265% |
| Trade receivables | 40 | €6,842 | €24,750 | +€17,908 | +262% |
| Other amounts receivable | 41 | €0 | €231 | +€231 | |
| Current investments | 50/53 | €197,679 | €204,583 | +€6,904 | +3.5% |
| Cash at bank and in hand | 54/58 | €117,319 | €81,680 | -€35,639 | -30.4% |
| Deferred charges and accrued income | 490/1 | €2,293 | €1,999 | -€294 | -12.8% |
| Total equity and liabilities | 10/49 | €335,409 | €428,509 | +€93,100 | +27.8% |
| Equity | 10/15 | €325,956 | €234,279 | -€91,676 | -28.1% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €307,406 | €215,729 | -€91,676 | -29.8% |
| Tax-exempt reserves | 132 | €9,000 | €9,000 | = | 0.0% |
| Distributable reserves | 133 | €298,406 | €206,729 | -€91,676 | -30.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €9,453 | €194,230 | +€184,776 | +1,955% |
| Amounts payable after more than one year | 17 | €507 | €156,418 | +€155,911 | +30,756% |
| Financial debts | 170/4 | - | €22,879 | +€22,879 | |
| Other amounts payable | 178/9 | €507 | €133,538 | +€133,031 | +26,243% |
| Amounts payable within one year | 42/48 | €8,947 | €37,812 | +€28,866 | +323% |
| Current portion of amounts payable after more than one year | 42 | - | €8,430 | +€8,430 | |
| Trade debts | 44 | €1,429 | €2,021 | +€592 | +41.4% |
| Suppliers | 440/4 | €1,429 | €2,021 | +€592 | +41.4% |
| Taxes, remuneration and social security | 45 | €4,967 | €26,947 | +€21,980 | +442% |
| Taxes | 450/3 | €4,967 | €26,947 | +€21,980 | +442% |
| Other amounts payable | 47/48 | €2,550 | €414 | -€2,136 | -83.8% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | - | €9,929 | +€9,929 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,790 | €6,221 | -€3,568 | -36.4% |
| Other operating charges | 640/8 | €2,307 | €1,912 | -€396 | -17.1% |
| Gross operating margin | 9900 | €62,093 | €92,980 | +€30,887 | +49.7% |
| Operating profit (loss) | 9901 | €49,996 | €84,847 | +€34,851 | +69.7% |
| Financial income | 75/76B | €6,462 | €7,809 | +€1,348 | +20.9% |
| Recurring financial income | 75 | €6,462 | €7,809 | +€1,348 | +20.9% |
| Financial charges | 65/66B | -€3,164 | €11,417 | +€14,581 | |
| Recurring financial charges | 65 | -€3,164 | €11,417 | +€14,581 | |
| Profit (loss) for the period before taxes | 9903 | €59,621 | €81,239 | +€21,618 | +36.3% |
| Income taxes | 67/77 | €16,454 | €22,916 | +€6,461 | +39.3% |
| Profit (loss) for the period | 9904 | €43,167 | €58,324 | +€15,157 | +35.1% |
| Profit (loss) for the period to be appropriated | 9905 | €43,167 | €58,324 | +€15,157 | +35.1% |
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 26 October 2026 via checked.be.