A. MOORTGAT: 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.
A. MOORTGAT
Largest movements
- Tangible fixed assets -€31,998
down €31,998 (-28.4%), from €112,735 to €80,738
of which Leasing and similar rights: -€31,980
- Receivables within one year -€17,121
down €17,121 (-16.8%), from €102,154 to €85,033
of which Trade receivables: -€27,519
- Deferred charges and accrued income -€15,468
down €15,468 (-57.1%), from €27,066 to €11,598
- Cash -€8,292
down €8,292 (-66.7%), from €12,428 to €4,136
mainly Net result for the year (-€59,642) and Debts after one year (-€32,776)
- Profit (loss) carried forward -€59,642
down €59,642 (-113%), from -€52,550 to -€112,192
- Debts after one year -€32,776
down €32,776 (-40.1%), from €81,642 to €48,866
- Tax, wage and social debts +€21,141
up €21,141 (+33.5%), from €63,014 to €84,155
of which Remuneration and social security: +€25,380
- Trade debts -€7,497
down €7,497 (-7.2%), from €104,693 to €97,196
- Other debts +€3,346
up €3,346 (+38.4%), from €8,711 to €12,056
- Gross operating margin -€89,201
down €89,201 (-23.5%), from €379,777 to €290,576
- Staff costs +€23,851
up €23,851 (+8.6%), from €277,360 to €301,210
- Financial charges -€11,561
down €11,561 (-52.5%), from €22,020 to €10,459
of which Financial charges: -€12,626
- Depreciation -€11,396
down €11,396 (-25.2%), from €45,285 to €33,889
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 | €271,158 | €195,780 | -€75,378 | -27.8% |
| Fixed assets | 21/28 | €116,011 | €84,013 | -€31,998 | -27.6% |
| Tangible fixed assets | 22/27 | €112,735 | €80,738 | -€31,998 | -28.4% |
| Furniture and vehicles | 24 | €2,871 | €2,854 | -€18 | -0.6% |
| Leasing and similar rights | 25 | €109,864 | €77,884 | -€31,980 | -29.1% |
| Financial fixed assets | 28 | €3,275 | €3,275 | = | 0.0% |
| Current assets | 29/58 | €155,147 | €111,767 | -€43,381 | -28.0% |
| Amounts receivable within one year | 40/41 | €102,154 | €85,033 | -€17,121 | -16.8% |
| Trade receivables | 40 | €100,482 | €72,963 | -€27,519 | -27.4% |
| Other amounts receivable | 41 | €1,671 | €12,070 | +€10,399 | +622% |
| Current investments | 50/53 | €13,500 | €11,000 | -€2,500 | -18.5% |
| Cash at bank and in hand | 54/58 | €12,428 | €4,136 | -€8,292 | -66.7% |
| Deferred charges and accrued income | 490/1 | €27,066 | €11,598 | -€15,468 | -57.1% |
| Total equity and liabilities | 10/49 | €271,158 | €195,780 | -€75,378 | -27.8% |
| Equity | 10/15 | -€25,282 | -€84,924 | -€59,642 | -236% |
| Contributions | 10/11 | €24,789 | €24,789 | = | 0.0% |
| Reserves | 13 | €2,479 | €2,479 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,479 | - | -€2,479 | |
| Reserves not available under the articles | 1311 | €2,479 | - | -€2,479 | |
| Distributable reserves | 133 | - | €2,479 | +€2,479 | |
| Profit (loss) carried forward | 14 | -€52,550 | -€112,192 | -€59,642 | -113% |
| Amounts payable | 17/49 | €296,440 | €280,703 | -€15,736 | -5.3% |
| Amounts payable after more than one year | 17 | €81,642 | €48,866 | -€32,776 | -40.1% |
| Financial debts | 170/4 | €81,642 | €48,866 | -€32,776 | -40.1% |
| Amounts payable within one year | 42/48 | €214,697 | €231,837 | +€17,140 | +8.0% |
| Current portion of amounts payable after more than one year | 42 | €38,280 | €38,430 | +€150 | +0.4% |
| Trade debts | 44 | €104,693 | €97,196 | -€7,497 | -7.2% |
| Suppliers | 440/4 | €104,693 | €97,196 | -€7,497 | -7.2% |
| Taxes, remuneration and social security | 45 | €63,014 | €84,155 | +€21,141 | +33.5% |
| Taxes | 450/3 | €33,911 | €29,671 | -€4,240 | -12.5% |
| Remuneration and social security | 454/9 | €29,103 | €54,484 | +€25,380 | +87.2% |
| Other amounts payable | 47/48 | €8,711 | €12,056 | +€3,346 | +38.4% |
| Accrued charges and deferred income | 492/3 | €100 | - | -€100 | |
| Non-recurring operating income | 76A | €1,438 | €1,438 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €277,360 | €301,210 | +€23,851 | +8.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,285 | €33,889 | -€11,396 | -25.2% |
| Other operating charges | 640/8 | €2,653 | €3,235 | +€582 | +22.0% |
| Non-recurring operating charges | 66A | €2,823 | €2,041 | -€781 | -27.7% |
| Gross operating margin | 9900 | €379,777 | €290,576 | -€89,201 | -23.5% |
| Operating profit (loss) | 9901 | €51,657 | -€49,800 | -€101,456 | |
| Financial income | 75/76B | €760 | €926 | +€165 | +21.8% |
| Recurring financial income | 75 | €760 | €926 | +€165 | +21.8% |
| Financial charges | 65/66B | €22,020 | €10,459 | -€11,561 | -52.5% |
| Recurring financial charges | 65 | €22,020 | €9,395 | -€12,626 | -57.3% |
| Non-recurring financial charges | 66B | - | €1,064 | +€1,064 | |
| Profit (loss) for the period before taxes | 9903 | €30,397 | -€59,333 | -€89,730 | |
| Income taxes | 67/77 | €310 | €309 | -€1 | -0.3% |
| Profit (loss) for the period | 9904 | €30,087 | -€59,642 | -€89,729 | |
| Profit (loss) for the period to be appropriated | 9905 | €30,087 | -€59,642 | -€89,729 |
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 13 October 2026 via checked.be.