Wouter Moeraert: 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.
Wouter Moeraert
Largest movements
- Cash +€83,273
up €83,273 (+18.8%), from €442,611 to €525,884
mainly Other debts (+€673,926) and Net result for the year (+€262,169)
- Receivables within one year +€26,749
up €26,749 (+104%), from €25,689 to €52,438
- Current investments -€17,561
down €17,561 (-4.8%), from €366,694 to €349,132
- Tangible fixed assets -€14,179
down €14,179 (-57.3%), from €24,750 to €10,572
of which Furniture and vehicles: -€12,191
- Other debts +€673,926
up €673,926 (+14,686%), from €4,589 to €678,515
- Profit (loss) carried forward -€632,831
down €632,831 (-75.9%), from €834,308 to €201,477
- Short-term financial debts +€29,310
new in 2025: €29,310
- Gross operating margin +€160,546
up €160,546 (+78.1%), from €205,548 to €366,095
- Taxes +€43,844
up €43,844 (+95.6%), from €45,879 to €89,723
- Financial income -€23,051
down €23,051 (-83.5%), from €27,606 to €4,555
- Depreciation -€7,091
down €7,091 (-30.8%), from €23,046 to €15,955
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 | €864,023 | €944,951 | +€80,929 | +9.4% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €27,950 | €13,772 | -€14,179 | -50.7% |
| Tangible fixed assets | 22/27 | €24,750 | €10,572 | -€14,179 | -57.3% |
| Plant, machinery and equipment | 23 | €4,660 | €4,605 | -€55 | -1.2% |
| Furniture and vehicles | 24 | €15,502 | €3,312 | -€12,191 | -78.6% |
| Other tangible fixed assets | 26 | €4,588 | €2,655 | -€1,933 | -42.1% |
| Financial fixed assets | 28 | €3,200 | €3,200 | = | 0.0% |
| Current assets | 29/58 | €836,072 | €931,180 | +€95,107 | +11.4% |
| Amounts receivable within one year | 40/41 | €25,689 | €52,438 | +€26,749 | +104% |
| Other amounts receivable | 41 | €25,689 | €52,438 | +€26,749 | +104% |
| Current investments | 50/53 | €366,694 | €349,132 | -€17,561 | -4.8% |
| Cash at bank and in hand | 54/58 | €442,611 | €525,884 | +€83,273 | +18.8% |
| Deferred charges and accrued income | 490/1 | €1,078 | €3,725 | +€2,647 | +245% |
| Total equity and liabilities | 10/49 | €864,023 | €944,951 | +€80,929 | +9.4% |
| Equity | 10/15 | €854,768 | €221,937 | -€632,831 | -74.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €834,308 | €201,477 | -€632,831 | -75.9% |
| Amounts payable | 17/49 | €9,255 | €723,015 | +€713,760 | +7,712% |
| Amounts payable within one year | 42/48 | €9,255 | €723,015 | +€713,760 | +7,712% |
| Financial debts | 43 | - | €29,310 | +€29,310 | |
| Credit institutions | 430/8 | - | €29,310 | +€29,310 | |
| Trade debts | 44 | €1,166 | €3,259 | +€2,094 | +180% |
| Suppliers | 440/4 | €1,166 | €3,259 | +€2,094 | +180% |
| Taxes, remuneration and social security | 45 | €3,500 | €11,931 | +€8,431 | +241% |
| Taxes | 450/3 | - | €9,542 | +€9,542 | |
| Remuneration and social security | 454/9 | €3,500 | €2,389 | -€1,111 | -31.7% |
| Other amounts payable | 47/48 | €4,589 | €678,515 | +€673,926 | +14,686% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,046 | €15,955 | -€7,091 | -30.8% |
| Other operating charges | 640/8 | €566 | €894 | +€328 | +57.9% |
| Gross operating margin | 9900 | €205,548 | €366,095 | +€160,546 | +78.1% |
| Operating profit (loss) | 9901 | €181,936 | €349,245 | +€167,309 | +92.0% |
| Financial income | 75/76B | €27,606 | €4,555 | -€23,051 | -83.5% |
| Recurring financial income | 75 | €27,606 | €4,555 | -€23,051 | -83.5% |
| Financial charges | 65/66B | €3,341 | €1,908 | -€1,432 | -42.9% |
| Recurring financial charges | 65 | €3,341 | €1,908 | -€1,432 | -42.9% |
| Profit (loss) for the period before taxes | 9903 | €206,201 | €351,891 | +€145,690 | +70.7% |
| Income taxes | 67/77 | €45,879 | €89,723 | +€43,844 | +95.6% |
| Profit (loss) for the period | 9904 | €160,322 | €262,169 | +€101,847 | +63.5% |
| Profit (loss) for the period to be appropriated | 9905 | €160,322 | €262,169 | +€101,847 | +63.5% |
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 24 October 2026 via checked.be.