B-MOREHR: 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.
B-MOREHR
Largest movements
- Receivables within one year +€90,497
up €90,497 (+29.9%), from €302,834 to €393,331
of which Trade receivables: +€121,375
- Cash -€10,095
down €10,095 (-8.5%), from €119,125 to €109,030
mainly Receivables within one year (-€90,497) and Debts after one year (-€47,231)
- Intangible fixed assets -€7,710
down €7,710 (-27.3%), from €28,244 to €20,534
- Tax, wage and social debts +€97,313
up €97,313 (+154.8%), from €62,860 to €160,173
of which Remuneration and social security: +€87,763
- Debts after one year -€47,231
down €47,231 (-32.0%), from €147,735 to €100,505
- Trade debts +€26,978
new in 2025: €26,978
- Other debts -€25,720
down €25,720 (-42.9%), from €60,009 to €34,289
- Reserves +€12,961
up €12,961 (+31.4%), from €41,279 to €54,239
- Staff costs +€339,723
up €339,723 (+20.0%), from €1.7m to €2.0m
- Gross operating margin +€334,339
up €334,339 (+19.0%), from €1.8m to €2.1m
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 | €478,216 | €547,552 | +€69,336 | +14.5% |
| Fixed assets | 21/28 | €56,257 | €45,190 | -€11,067 | -19.7% |
| Intangible fixed assets | 21 | €28,244 | €20,534 | -€7,710 | -27.3% |
| Tangible fixed assets | 22/27 | €16,826 | €13,469 | -€3,357 | -20.0% |
| Plant, machinery and equipment | 23 | €16,826 | €12,053 | -€4,773 | -28.4% |
| Furniture and vehicles | 24 | - | €1,416 | +€1,416 | |
| Financial fixed assets | 28 | €11,188 | €11,188 | = | 0.0% |
| Current assets | 29/58 | €421,959 | €502,362 | +€80,403 | +19.1% |
| Amounts receivable within one year | 40/41 | €302,834 | €393,331 | +€90,497 | +29.9% |
| Trade receivables | 40 | €267,351 | €388,725 | +€121,375 | +45.4% |
| Other amounts receivable | 41 | €35,483 | €4,606 | -€30,877 | -87.0% |
| Cash at bank and in hand | 54/58 | €119,125 | €109,030 | -€10,095 | -8.5% |
| Total equity and liabilities | 10/49 | €478,216 | €547,552 | +€69,336 | +14.5% |
| Equity | 10/15 | €44,279 | €57,239 | +€12,961 | +29.3% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €41,279 | €54,239 | +€12,961 | +31.4% |
| Distributable reserves | 133 | €41,279 | €54,239 | +€12,961 | +31.4% |
| Amounts payable | 17/49 | €433,937 | €490,312 | +€56,375 | +13.0% |
| Amounts payable after more than one year | 17 | €147,735 | €100,505 | -€47,231 | -32.0% |
| Financial debts | 170/4 | €147,735 | €100,505 | -€47,231 | -32.0% |
| Amounts payable within one year | 42/48 | €168,257 | €268,671 | +€100,414 | +59.7% |
| Current portion of amounts payable after more than one year | 42 | €45,388 | €47,231 | +€1,843 | +4.1% |
| Trade debts | 44 | - | €26,978 | +€26,978 | |
| Suppliers | 440/4 | - | €26,978 | +€26,978 | |
| Taxes, remuneration and social security | 45 | €62,860 | €160,173 | +€97,313 | +154.8% |
| Taxes | 450/3 | €43,932 | €53,482 | +€9,550 | +21.7% |
| Remuneration and social security | 454/9 | €18,928 | €106,691 | +€87,763 | +463.7% |
| Other amounts payable | 47/48 | €60,009 | €34,289 | -€25,720 | -42.9% |
| Accrued charges and deferred income | 492/3 | €117,945 | €121,137 | +€3,192 | +2.7% |
| Non-recurring operating income | 76A | €2,179 | - | -€2,179 | |
| Remuneration, social security and pensions | 62 | €1,694,993 | €2,034,716 | +€339,723 | +20.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,787 | €12,817 | +€4,030 | +45.9% |
| Other operating charges | 640/8 | €156 | €691 | +€535 | +342.7% |
| Gross operating margin | 9900 | €1,760,432 | €2,094,771 | +€334,339 | +19.0% |
| Operating profit (loss) | 9901 | €56,496 | €46,547 | -€9,949 | -17.6% |
| Financial income | 75/76B | €0 | €322 | +€321 | +86813.5% |
| Recurring financial income | 75 | €0 | €322 | +€321 | +86813.5% |
| Financial charges | 65/66B | €16,313 | €22,528 | +€6,215 | +38.1% |
| Recurring financial charges | 65 | €16,313 | €22,528 | +€6,215 | +38.1% |
| Profit (loss) for the period before taxes | 9903 | €40,183 | €24,341 | -€15,842 | -39.4% |
| Income taxes | 67/77 | €11,561 | €11,380 | -€181 | -1.6% |
| Profit (loss) for the period | 9904 | €28,622 | €12,961 | -€15,661 | -54.7% |
| Profit (loss) for the period to be appropriated | 9905 | €28,622 | €12,961 | -€15,661 | -54.7% |
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 30 September 2026 via checked.be.