GHISLAIN MORAY BOUWONDERNEMING: 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.
GHISLAIN MORAY BOUWONDERNEMING
Largest movements
- Receivables within one year -€81,284
down €81,284 (-48.8%), from €166,545 to €85,261
of which Trade receivables: -€84,908
- Stocks and contracts +€30,449
up €30,449 (+109%), from €27,878 to €58,327
of which Contracts in progress: +€34,329
- Cash +€24,090
up €24,090 (+132%), from €18,186 to €42,277
mainly Receivables within one year (+€81,284) and Depreciation (+€17,745)
- Tangible fixed assets -€10,274
down €10,274 (-15.5%), from €66,075 to €55,801
of which Plant, machinery and equipment: -€5,313
- Trade debts -€53,093
down €53,093 (-41.0%), from €129,407 to €76,314
- Reserves +€15,455
up €15,455 (+23.8%), from €64,810 to €80,265
of which Distributable reserves: +€15,455
- Debts after one year -€15,032
down €15,032 (-42.2%), from €35,620 to €20,588
- Other debts +€12,063
up €12,063 (+912%), from €1,323 to €13,385
- Tax, wage and social debts +€8,128
up €8,128 (+339%), from €2,395 to €10,522
of which Taxes: +€8,128
- Gross operating margin +€51,616
up €51,616, from -€4,128 to €47,488
- Financial income -€16,618
down €16,618 (-97.9%), from €16,974 to €356
of which Non-recurring financial income: -€16,529
- Taxes +€6,872
up €6,872, from €0 to €6,872
- Depreciation +€4,777
up €4,777 (+36.8%), from €12,968 to €17,745
- Financial charges +€4,650
up €4,650 (+559%), from €832 to €5,482
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €280,257 | €244,387 | -€35,870 | -12.8% |
| Fixed assets | 21/28 | €66,280 | €56,006 | -€10,274 | -15.5% |
| Tangible fixed assets | 22/27 | €66,075 | €55,801 | -€10,274 | -15.5% |
| Plant, machinery and equipment | 23 | €34,437 | €29,124 | -€5,313 | -15.4% |
| Furniture and vehicles | 24 | €31,638 | €26,677 | -€4,961 | -15.7% |
| Financial fixed assets | 28 | €205 | €205 | = | 0.0% |
| Current assets | 29/58 | €213,977 | €188,382 | -€25,595 | -12.0% |
| Stocks and contracts in progress | 3 | €27,878 | €58,327 | +€30,449 | +109% |
| Stocks | 30/36 | €7,130 | €3,251 | -€3,880 | -54.4% |
| Contracts in progress | 37 | €20,747 | €55,076 | +€34,329 | +165% |
| Amounts receivable within one year | 40/41 | €166,545 | €85,261 | -€81,284 | -48.8% |
| Trade receivables | 40 | €160,541 | €75,633 | -€84,908 | -52.9% |
| Other amounts receivable | 41 | €6,004 | €9,628 | +€3,624 | +60.4% |
| Cash at bank and in hand | 54/58 | €18,186 | €42,277 | +€24,090 | +132% |
| Deferred charges and accrued income | 490/1 | €1,368 | €2,518 | +€1,149 | +84.0% |
| Total equity and liabilities | 10/49 | €280,257 | €244,387 | -€35,870 | -12.8% |
| Equity | 10/15 | €93,616 | €109,086 | +€15,470 | +16.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €64,810 | €80,265 | +€15,455 | +23.8% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €44,200 | €59,655 | +€15,455 | +35.0% |
| Profit (loss) carried forward | 14 | €10,206 | €10,221 | +€15 | +0.1% |
| Amounts payable | 17/49 | €186,641 | €135,301 | -€51,339 | -27.5% |
| Amounts payable after more than one year | 17 | €35,620 | €20,588 | -€15,032 | -42.2% |
| Financial debts | 170/4 | €35,620 | €20,588 | -€15,032 | -42.2% |
| Amounts payable within one year | 42/48 | €150,955 | €114,436 | -€36,519 | -24.2% |
| Current portion of amounts payable after more than one year | 42 | €14,950 | €14,215 | -€735 | -4.9% |
| Trade debts | 44 | €129,407 | €76,314 | -€53,093 | -41.0% |
| Suppliers | 440/4 | €129,407 | €76,314 | -€53,093 | -41.0% |
| Advances received on contracts in progress | 46 | €2,881 | €0 | -€2,881 | -100% |
| Taxes, remuneration and social security | 45 | €2,395 | €10,522 | +€8,128 | +339% |
| Taxes | 450/3 | €320 | €8,447 | +€8,128 | +2,544% |
| Remuneration and social security | 454/9 | €2,075 | €2,075 | = | 0.0% |
| Other amounts payable | 47/48 | €1,323 | €13,385 | +€12,063 | +912% |
| Accrued charges and deferred income | 492/3 | €66 | €277 | +€212 | +322% |
| Remuneration, social security and pensions | 62 | €351 | €0 | -€351 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,968 | €17,745 | +€4,777 | +36.8% |
| Other operating charges | 640/8 | €757 | €1,003 | +€246 | +32.5% |
| Non-recurring operating charges | 66A | €250 | €440 | +€190 | +75.9% |
| Gross operating margin | 9900 | -€4,128 | €47,488 | +€51,616 | |
| Operating profit (loss) | 9901 | -€18,454 | €28,301 | +€46,755 | |
| Financial income | 75/76B | €16,974 | €356 | -€16,618 | -97.9% |
| Recurring financial income | 75 | €445 | €356 | -€89 | -20.0% |
| Non-recurring financial income | 76B | €16,529 | €0 | -€16,529 | -100% |
| Financial charges | 65/66B | €832 | €5,482 | +€4,650 | +559% |
| Recurring financial charges | 65 | €832 | €5,482 | +€4,650 | +559% |
| Profit (loss) for the period before taxes | 9903 | -€2,312 | €23,175 | +€25,487 | |
| Income taxes | 67/77 | €0 | €6,872 | +€6,872 | |
| Profit (loss) for the period | 9904 | -€2,312 | €16,303 | +€18,615 | |
| Profit (loss) for the period to be appropriated | 9905 | -€2,312 | €16,303 | +€18,615 |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 October 2026 via checked.be.