Bernard MOULIN: 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.
What changed
Bernard MOULIN
NACE 47.812, Retail trade
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€173,294
2024 · €67,296+€105,998
Equity
€1.8m
2024 · €1.6m+€163,566
Cash
€606,335
2024 · €428,598+€177,737
Balance sheet total
€6.1m
2024 · €6.7m-€581,809
Largest movements
Assets
- Stocks and contracts -€892,419
down €892,419 (-33.8%), from €2.6m to €1.7m
- Cash +€177,737
up €177,737 (+41.5%), from €428,598 to €606,335
mainly Stocks and contracts (+€892,419) and Net result for the year (+€173,294)
- Tangible fixed assets +€176,700
up €176,700 (+10.7%), from €1.7m to €1.8m
of which Furniture and vehicles: +€191,278
Equity and liabilities
- Trade debts -€566,155
down €566,155 (-20.8%), from €2.7m to €2.2m
- Advances received -€214,150
down €214,150 (-43.3%), from €494,600 to €280,450
- Profit (loss) carried forward +€173,270
up €173,270 (+12.1%), from €1.4m to €1.6m
- Current portion of long-term debt +€112,958
up €112,958 (+38.4%), from €294,390 to €407,348
- Debts after one year -€83,841
down €83,841 (-14.5%), from €578,879 to €495,038
Income statement
- Gross operating margin +€270,426
up €270,426 (+32.5%), from €833,088 to €1.1m
- Write-downs +€72,800
up €72,800, from -€36,400 to €36,400
- Staff costs +€37,574
up €37,574 (+7.4%), from €509,419 to €546,993
- Taxes +€26,911
up €26,911 (+100.0%), from €26,924 to €53,836
- Financial charges +€19,218
up €19,218 (+20.3%), from €94,622 to €113,840
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.
Result 2024
€67,296
Gross operating margin
+€270,426
Staff costs
-€37,574
Depreciation
-€6,161
Write-downs
-€72,800
Other operating charges
+€3,410
Other operating items
-€6,026
Financial income
+€851
Financial charges
-€19,218
Taxes
-€26,911
Result 2025
€173,294
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.
From operations
+€485,913
Investment
-€317,545
Financing
+€9,369
Cash 2024
€428,598
From operations (derived)
+€485,913
Net result for the year
+€173,294
Depreciation
+€140,845
Stocks and contracts
+€892,419
Receivables within one year
+€44,272
Deferred charges and accrued income
-€446
Trade debts
-€566,155
Tax, wage and social debts
+€8,117
Advances received
-€214,150
Other debts
+€7,716
Investment (derived)
-€317,545
Investment in fixed assets (net)
-€317,545
Financing
+€9,369
Debts after one year
-€83,841
Current portion of long-term debt
+€112,958
Short-term financial debts
-€10,021
Contributions, distributions and other
-€9,728
Cash 2025
€606,335
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €6,693,081 | €6,111,273 | -€581,809 | -8.7% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €1,657,504 | €1,834,204 | +€176,700 | +10.7% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €1,657,116 | €1,833,815 | +€176,700 | +10.7% |
| Land and buildings | 22 | €1,640,887 | €1,626,878 | -€14,009 | -0.9% |
| Plant, machinery and equipment | 23 | €1,480 | €910 | -€569 | -38.5% |
| Furniture and vehicles | 24 | €14,749 | €206,027 | +€191,278 | +1296.9% |
| Other tangible fixed assets | 26 | €0 | €0 | = | |
| Financial fixed assets | 28 | €389 | €389 | = | 0.0% |
| Current assets | 29/58 | €5,035,577 | €4,277,069 | -€758,508 | -15.1% |
| Amounts receivable after more than one year | 29 | €311,175 | €311,175 | = | 0.0% |
| Trade receivables | 290 | €311,175 | €311,175 | = | 0.0% |
| Stocks and contracts in progress | 3 | €2,638,040 | €1,745,621 | -€892,419 | -33.8% |
| Stocks | 30/36 | €2,638,040 | €1,745,621 | -€892,419 | -33.8% |
| Amounts receivable within one year | 40/41 | €1,654,043 | €1,609,771 | -€44,272 | -2.7% |
| Trade receivables | 40 | €1,225,819 | €1,397,555 | +€171,736 | +14.0% |
| Other amounts receivable | 41 | €428,225 | €212,216 | -€216,008 | -50.4% |
| Cash at bank and in hand | 54/58 | €428,598 | €606,335 | +€177,737 | +41.5% |
| Deferred charges and accrued income | 490/1 | €3,720 | €4,166 | +€446 | +12.0% |
| Total equity and liabilities | 10/49 | €6,693,081 | €6,111,273 | -€581,809 | -8.7% |
| Equity | 10/15 | €1,646,626 | €1,810,193 | +€163,566 | +9.9% |
| Contributions | 10/11 | €125,000 | €125,000 | = | 0.0% |
| Capital | 10 | €125,000 | €125,000 | = | 0.0% |
| Issued capital | 100 | €125,000 | €125,000 | = | 0.0% |
| Reserves | 13 | €50,625 | €50,625 | = | 0.0% |
| Non-distributable reserves | 130/1 | €12,500 | €12,500 | = | 0.0% |
| Legal reserve | 130 | €12,500 | €12,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €35,646 | €35,646 | = | 0.0% |
| Distributable reserves | 133 | €2,479 | €2,479 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,435,832 | €1,609,102 | +€173,270 | +12.1% |
| Investment grants | 15 | €35,169 | €25,465 | -€9,704 | -27.6% |
| Provisions and deferred taxes | 16 | €0 | €0 | = | |
| Deferred taxes | 168 | €0 | €0 | = | |
| Amounts payable | 17/49 | €5,046,455 | €4,301,080 | -€745,375 | -14.8% |
| Amounts payable after more than one year | 17 | €578,879 | €495,038 | -€83,841 | -14.5% |
| Financial debts | 170/4 | €578,879 | €495,038 | -€83,841 | -14.5% |
| Amounts payable within one year | 42/48 | €4,467,577 | €3,806,042 | -€661,534 | -14.8% |
| Current portion of amounts payable after more than one year | 42 | €294,390 | €407,348 | +€112,958 | +38.4% |
| Financial debts | 43 | €431,771 | €421,750 | -€10,021 | -2.3% |
| Credit institutions | 430/8 | €431,771 | €421,750 | -€10,021 | -2.3% |
| Trade debts | 44 | €2,726,946 | €2,160,791 | -€566,155 | -20.8% |
| Suppliers | 440/4 | €2,726,946 | €2,160,791 | -€566,155 | -20.8% |
| Advances received on contracts in progress | 46 | €494,600 | €280,450 | -€214,150 | -43.3% |
| Taxes, remuneration and social security | 45 | €92,842 | €100,960 | +€8,117 | +8.7% |
| Taxes | 450/3 | €50,218 | €51,942 | +€1,724 | +3.4% |
| Remuneration and social security | 454/9 | €42,624 | €49,018 | +€6,394 | +15.0% |
| Other amounts payable | 47/48 | €427,028 | €434,744 | +€7,716 | +1.8% |
| Non-recurring operating income | 76A | - | €3,935 | +€3,935 | |
| Remuneration, social security and pensions | 62 | €509,419 | €546,993 | +€37,574 | +7.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €134,684 | €140,845 | +€6,161 | +4.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€36,400 | €36,400 | +€72,800 | |
| Other operating charges | 640/8 | €51,280 | €47,870 | -€3,410 | -6.7% |
| Non-recurring operating charges | 66A | - | €6,026 | +€6,026 | |
| Gross operating margin | 9900 | €833,088 | €1,103,515 | +€270,426 | +32.5% |
| Operating profit (loss) | 9901 | €174,105 | €325,381 | +€151,276 | +86.9% |
| Financial income | 75/76B | €14,737 | €15,588 | +€851 | +5.8% |
| Recurring financial income | 75 | €14,737 | €15,588 | +€851 | +5.8% |
| Financial charges | 65/66B | €94,622 | €113,840 | +€19,218 | +20.3% |
| Recurring financial charges | 65 | €94,622 | €113,840 | +€19,218 | +20.3% |
| Profit (loss) for the period before taxes | 9903 | €94,221 | €227,130 | +€132,909 | +141.1% |
| Income taxes | 67/77 | €26,924 | €53,836 | +€26,911 | +100.0% |
| Profit (loss) for the period | 9904 | €67,296 | €173,294 | +€105,998 | +157.5% |
| Profit (loss) for the period to be appropriated | 9905 | €67,296 | €173,294 | +€105,998 | +157.5% |
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 5 October 2026 via checked.be.