Group Moerman: 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.
Group Moerman
Largest movements
- Receivables within one year +€77,267
up €77,267 (+136.8%), from €56,469 to €133,736
of which Trade receivables: +€66,708
- Cash +€24,793
up €24,793 (+258.5%), from €9,590 to €34,384
mainly Net result for the year (+€60,653) and Depreciation (+€20,057)
- Stocks and contracts -€19,204
down €19,204 (-86.5%), from €22,204 to €3,000
- Tangible fixed assets -€9,690
down €9,690 (-17.6%), from €54,905 to €45,215
of which Furniture and vehicles: -€12,495
- Reserves +€60,653
up €60,653 (+135.6%), from €44,722 to €105,375
- Trade debts +€16,896
up €16,896 (+131.7%), from €12,833 to €29,728
- Debts after one year -€12,530
down €12,530 (-24.5%), from €51,098 to €38,568
- Tax, wage and social debts +€11,180
up €11,180 (+61.6%), from €18,136 to €29,317
of which Taxes: +€10,182
- Gross operating margin +€85,242
up €85,242 (+193.7%), from €44,010 to €129,252
- Staff costs +€21,924
new in 2025: €21,924
- Taxes +€16,933
up €16,933 (+331.4%), from €5,109 to €22,042
- Depreciation +€1,955
up €1,955 (+10.8%), from €18,102 to €20,057
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 | €147,924 | €220,917 | +€72,993 | +49.3% |
| Fixed assets | 21/28 | €55,647 | €45,759 | -€9,888 | -17.8% |
| Intangible fixed assets | 21 | €742 | €544 | -€198 | -26.7% |
| Tangible fixed assets | 22/27 | €54,905 | €45,215 | -€9,690 | -17.6% |
| Plant, machinery and equipment | 23 | €14,106 | €9,214 | -€4,892 | -34.7% |
| Furniture and vehicles | 24 | €29,098 | €16,603 | -€12,495 | -42.9% |
| Other tangible fixed assets | 26 | €11,701 | €19,398 | +€7,697 | +65.8% |
| Current assets | 29/58 | €92,278 | €175,159 | +€82,881 | +89.8% |
| Stocks and contracts in progress | 3 | €22,204 | €3,000 | -€19,204 | -86.5% |
| Stocks | 30/36 | €22,204 | €3,000 | -€19,204 | -86.5% |
| Amounts receivable within one year | 40/41 | €56,469 | €133,736 | +€77,267 | +136.8% |
| Trade receivables | 40 | €54,597 | €121,306 | +€66,708 | +122.2% |
| Other amounts receivable | 41 | €1,872 | €12,431 | +€10,559 | +564.2% |
| Cash at bank and in hand | 54/58 | €9,590 | €34,384 | +€24,793 | +258.5% |
| Deferred charges and accrued income | 490/1 | €4,014 | €4,039 | +€24 | +0.6% |
| Total equity and liabilities | 10/49 | €147,924 | €220,917 | +€72,993 | +49.3% |
| Equity | 10/15 | €49,722 | €110,375 | +€60,653 | +122.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €44,722 | €105,375 | +€60,653 | +135.6% |
| Distributable reserves | 133 | €44,722 | €105,375 | +€60,653 | +135.6% |
| Amounts payable | 17/49 | €98,203 | €110,543 | +€12,340 | +12.6% |
| Amounts payable after more than one year | 17 | €51,098 | €38,568 | -€12,530 | -24.5% |
| Financial debts | 170/4 | €51,098 | €38,568 | -€12,530 | -24.5% |
| Amounts payable within one year | 42/48 | €47,104 | €71,575 | +€24,471 | +52.0% |
| Current portion of amounts payable after more than one year | 42 | €14,615 | €12,530 | -€2,084 | -14.3% |
| Trade debts | 44 | €12,833 | €29,728 | +€16,896 | +131.7% |
| Suppliers | 440/4 | €12,833 | €29,728 | +€16,896 | +131.7% |
| Taxes, remuneration and social security | 45 | €18,136 | €29,317 | +€11,180 | +61.6% |
| Taxes | 450/3 | €18,136 | €28,319 | +€10,182 | +56.1% |
| Remuneration and social security | 454/9 | - | €998 | +€998 | |
| Other amounts payable | 47/48 | €1,521 | - | -€1,521 | |
| Accrued charges and deferred income | 492/3 | - | €400 | +€400 | |
| Remuneration, social security and pensions | 62 | - | €21,924 | +€21,924 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,102 | €20,057 | +€1,955 | +10.8% |
| Other operating charges | 640/8 | €1,360 | €2,176 | +€817 | +60.1% |
| Gross operating margin | 9900 | €44,010 | €129,252 | +€85,242 | +193.7% |
| Operating profit (loss) | 9901 | €24,548 | €85,095 | +€60,546 | +246.6% |
| Financial income | 75/76B | €208 | €57 | -€150 | -72.5% |
| Recurring financial income | 75 | €208 | €57 | -€150 | -72.5% |
| Financial charges | 65/66B | €2,101 | €2,457 | +€356 | +17.0% |
| Recurring financial charges | 65 | €2,101 | €2,457 | +€356 | +17.0% |
| Profit (loss) for the period before taxes | 9903 | €22,655 | €82,695 | +€60,040 | +265.0% |
| Income taxes | 67/77 | €5,109 | €22,042 | +€16,933 | +331.4% |
| Profit (loss) for the period | 9904 | €17,546 | €60,653 | +€43,107 | +245.7% |
| Profit (loss) for the period to be appropriated | 9905 | €17,546 | €60,653 | +€43,107 | +245.7% |
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 10 October 2026 via checked.be.