CABINET MORENA: what changed
CABINET MORENA
Largest movements
- Receivables within one year -€49,798
down €49,798 (-76.8%), from €64,825 to €15,027
- Tangible fixed assets +€37,928
up €37,928 (+30.9%), from €122,717 to €160,645
of which Furniture and vehicles: +€47,003
- Deferred charges and accrued income -€3,841
down €3,841 (-95.5%), from €4,024 to €183
- Cash +€3,605
up €3,605 (+12.6%), from €28,708 to €32,313
mainly Receivables within one year (+€49,798) and Debts after one year (+€44,000)
- Other debts -€54,612
down €54,612 (-36.4%), from €150,030 to €95,418
- Debts after one year +€44,000
new in 2025: €44,000
- Profit (loss) carried forward +€11,674
up €11,674 (+27.7%), from -€42,179 to -€30,505
- Trade debts -€6,627
down €6,627 (-10.8%), from €61,275 to €54,649
- Current portion of long-term debt -€6,221
down €6,221 (-29.2%), from €21,279 to €15,058
- Depreciation -€36,556
down €36,556 (-59.2%), from €61,769 to €25,213
- Gross operating margin -€32,420
down €32,420 (-39.1%), from €82,938 to €50,519
- Staff costs -€6,828
down €6,828 (-57.2%), from €11,946 to €5,118
- Other operating charges +€1,493
up €1,493 (+33.0%), from €4,523 to €6,016
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €220,362 | €208,255 | -€12,107 | -5.5% |
| Fixed assets | 21/28 | €122,805 | €160,733 | +€37,928 | +30.9% |
| Tangible fixed assets | 22/27 | €122,717 | €160,645 | +€37,928 | +30.9% |
| Plant, machinery and equipment | 23 | €8,636 | €4,834 | -€3,801 | -44.0% |
| Furniture and vehicles | 24 | €35,831 | €82,834 | +€47,003 | +131% |
| Other tangible fixed assets | 26 | €78,251 | €72,976 | -€5,274 | -6.7% |
| Financial fixed assets | 28 | €88 | €88 | = | 0.0% |
| Current assets | 29/58 | €97,557 | €47,522 | -€50,035 | -51.3% |
| Amounts receivable within one year | 40/41 | €64,825 | €15,027 | -€49,798 | -76.8% |
| Trade receivables | 40 | €64,825 | €15,027 | -€49,798 | -76.8% |
| Cash at bank and in hand | 54/58 | €28,708 | €32,313 | +€3,605 | +12.6% |
| Deferred charges and accrued income | 490/1 | €4,024 | €183 | -€3,841 | -95.5% |
| Total equity and liabilities | 10/49 | €220,362 | €208,255 | -€12,107 | -5.5% |
| Equity | 10/15 | -€12,904 | -€1,231 | +€11,674 | +90.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €23,074 | €23,074 | = | 0.0% |
| Non-distributable reserves | 130/1 | €280 | €280 | = | 0.0% |
| Reserves not available under the articles | 1311 | €280 | €280 | = | 0.0% |
| Tax-exempt reserves | 132 | €2,867 | €2,867 | = | 0.0% |
| Distributable reserves | 133 | €19,927 | €19,927 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€42,179 | -€30,505 | +€11,674 | +27.7% |
| Amounts payable | 17/49 | €233,266 | €209,485 | -€23,781 | -10.2% |
| Amounts payable after more than one year | 17 | - | €44,000 | +€44,000 | |
| Financial debts | 170/4 | - | €44,000 | +€44,000 | |
| Amounts payable within one year | 42/48 | €233,266 | €165,486 | -€67,781 | -29.1% |
| Current portion of amounts payable after more than one year | 42 | €21,279 | €15,058 | -€6,221 | -29.2% |
| Trade debts | 44 | €61,275 | €54,649 | -€6,627 | -10.8% |
| Suppliers | 440/4 | €61,275 | €54,649 | -€6,627 | -10.8% |
| Taxes, remuneration and social security | 45 | €681 | €360 | -€321 | -47.1% |
| Taxes | 450/3 | €681 | €360 | -€321 | -47.1% |
| Other amounts payable | 47/48 | €150,030 | €95,418 | -€54,612 | -36.4% |
| Remuneration, social security and pensions | 62 | €11,946 | €5,118 | -€6,828 | -57.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €61,769 | €25,213 | -€36,556 | -59.2% |
| Other operating charges | 640/8 | €4,523 | €6,016 | +€1,493 | +33.0% |
| Gross operating margin | 9900 | €82,938 | €50,519 | -€32,420 | -39.1% |
| Operating profit (loss) | 9901 | €4,701 | €14,172 | +€9,471 | +201% |
| Financial charges | 65/66B | €2,557 | €2,321 | -€236 | -9.2% |
| Recurring financial charges | 65 | €2,557 | €2,321 | -€236 | -9.2% |
| Profit (loss) for the period before taxes | 9903 | €2,144 | €11,851 | +€9,707 | +453% |
| Income taxes | 67/77 | €28 | €177 | +€149 | +529% |
| Profit (loss) for the period | 9904 | €2,116 | €11,674 | +€9,558 | +452% |
| Profit (loss) for the period to be appropriated | 9905 | €2,116 | €11,674 | +€9,558 | +452% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.