Haerts-Moeyaert: what changed
What changed
Haerts-Moeyaert
NACE 46.323, Wholesale trade
filed annual accounts (NBB)
Net result for the year
€565,562
2024 · €225,940+€339,622
Equity
€2.3m
2024 · €1.9m+€457,020
Cash
€543,330
2024 · €122,224+€421,106
Balance sheet total
€2.7m
2024 · €2.1m+€604,268
Largest movements
Assets
- Current investments +€486,548
up €486,548 (+70.8%), from €687,260 to €1.2m
- Tangible fixed assets -€455,365
down €455,365 (-40.3%), from €1.1m to €673,524
of which Land and buildings: -€438,934
- Cash +€421,106
up €421,106 (+345%), from €122,224 to €543,330
mainly Net result for the year (+€565,562) and Investment in fixed assets (net) (+€423,958)
- Receivables within one year +€143,532
new in 2025: €143,532
Equity and liabilities
- Reserves +€456,983
up €456,983 (+24.7%), from €1.9m to €2.3m
of which Tax-exempt reserves: +€237,808
- Other debts +€102,014
up €102,014 (+387%), from €26,340 to €128,354
- Provisions +€36,203
up €36,203 (+86.7%), from €41,773 to €77,976
of which Deferred taxes: +€51,203
- Tax, wage and social debts +€30,671
up €30,671 (+58.6%), from €52,344 to €83,015
of which Taxes: +€30,671
Income statement
- Gross operating margin +€364,420
up €364,420 (+95.1%), from €383,122 to €747,541
- Taxes +€83,795
up €83,795 (+93.5%), from €89,583 to €173,378
- Depreciation -€62,465
down €62,465 (-66.5%), from €93,872 to €31,407
- Financial income +€37,873
up €37,873 (+107%), from €35,447 to €73,320
- Provisions -€13,725
down €13,725 (-1,076%), from -€1,275 to -€15,000
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.
Result 2024
€225,940
Gross operating margin
+€364,420
Depreciation
+€62,465
Provisions
+€13,725
Other operating charges
+€389
Financial income
+€37,873
Financial charges
-€3,044
Taxes
-€83,795
Deferred taxes and other
-€52,411
Result 2025
€565,562
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€615,091
Investment
-€62,591
Financing
-€131,395
Cash 2024
€122,224
From operations (derived)
+€615,091
Net result for the year
+€565,562
Depreciation
+€31,407
Receivables within one year
-€143,532
Deferred charges and accrued income
-€8,446
Provisions
+€36,203
Smaller working-capital items
+€1,213
Tax, wage and social debts
+€30,671
Other debts
+€102,014
Investment (derived)
-€62,591
Investment in fixed assets (net)
+€423,958
Current investments
-€486,548
Financing
-€131,395
Debts after one year
-€13,332
Current portion of long-term debt
-€9,521
Contributions, distributions and other
-€108,542
Cash 2025
€543,330
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,064,930 | €2,669,198 | +€604,268 | +29.3% |
| Fixed assets | 21/28 | €1,221,003 | €765,638 | -€455,365 | -37.3% |
| Tangible fixed assets | 22/27 | €1,128,889 | €673,524 | -€455,365 | -40.3% |
| Land and buildings | 22 | €1,111,285 | €672,351 | -€438,934 | -39.5% |
| Plant, machinery and equipment | 23 | €1,362 | €1,174 | -€189 | -13.8% |
| Furniture and vehicles | 24 | €16,242 | - | -€16,242 | |
| Financial fixed assets | 28 | €92,113 | €92,113 | = | 0.0% |
| Current assets | 29/58 | €843,928 | €1,903,560 | +€1.1m | +126% |
| Amounts receivable within one year | 40/41 | - | €143,532 | +€143,532 | |
| Other amounts receivable | 41 | - | €143,532 | +€143,532 | |
| Current investments | 50/53 | €687,260 | €1,173,808 | +€486,548 | +70.8% |
| Cash at bank and in hand | 54/58 | €122,224 | €543,330 | +€421,106 | +345% |
| Deferred charges and accrued income | 490/1 | €34,443 | €42,890 | +€8,446 | +24.5% |
| Total equity and liabilities | 10/49 | €2,064,930 | €2,669,198 | +€604,268 | +29.3% |
| Equity | 10/15 | €1,879,829 | €2,336,850 | +€457,020 | +24.3% |
| Contributions | 10/11 | €26,200 | €26,200 | = | 0.0% |
| Reserves | 13 | €1,853,624 | €2,310,607 | +€456,983 | +24.7% |
| Tax-exempt reserves | 132 | €463,430 | €701,238 | +€237,808 | +51.3% |
| Distributable reserves | 133 | €1,390,195 | €1,609,369 | +€219,175 | +15.8% |
| Profit (loss) carried forward | 14 | €5 | €42 | +€37 | +687% |
| Provisions and deferred taxes | 16 | €41,773 | €77,976 | +€36,203 | +86.7% |
| Provisions for liabilities and charges | 160/5 | €15,000 | - | -€15,000 | |
| Major repairs and maintenance | 162 | €15,000 | - | -€15,000 | |
| Deferred taxes | 168 | €26,773 | €77,976 | +€51,203 | +191% |
| Amounts payable | 17/49 | €143,328 | €254,373 | +€111,045 | +77.5% |
| Amounts payable after more than one year | 17 | €37,794 | €24,462 | -€13,332 | -35.3% |
| Financial debts | 170/4 | €37,794 | €24,462 | -€13,332 | -35.3% |
| Amounts payable within one year | 42/48 | €105,534 | €229,021 | +€123,487 | +117% |
| Current portion of amounts payable after more than one year | 42 | €22,853 | €13,332 | -€9,521 | -41.7% |
| Trade debts | 44 | €3,997 | €4,320 | +€323 | +8.1% |
| Suppliers | 440/4 | €3,997 | €4,320 | +€323 | +8.1% |
| Taxes, remuneration and social security | 45 | €52,344 | €83,015 | +€30,671 | +58.6% |
| Taxes | 450/3 | €47,594 | €78,265 | +€30,671 | +64.4% |
| Remuneration and social security | 454/9 | €4,750 | €4,750 | = | 0.0% |
| Other amounts payable | 47/48 | €26,340 | €128,354 | +€102,014 | +387% |
| Accrued charges and deferred income | 492/3 | - | €890 | +€890 | |
| Non-recurring operating income | 76A | - | €209,642 | +€209,642 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €93,872 | €31,407 | -€62,465 | -66.5% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€1,275 | -€15,000 | -€13,725 | -1,076% |
| Other operating charges | 640/8 | €5,861 | €5,472 | -€389 | -6.6% |
| Gross operating margin | 9900 | €383,122 | €747,541 | +€364,420 | +95.1% |
| Operating profit (loss) | 9901 | €284,663 | €725,662 | +€440,998 | +155% |
| Financial income | 75/76B | €35,447 | €73,320 | +€37,873 | +107% |
| Recurring financial income | 75 | €35,447 | €73,320 | +€37,873 | +107% |
| Financial charges | 65/66B | €5,796 | €8,839 | +€3,044 | +52.5% |
| Recurring financial charges | 65 | €5,796 | €8,839 | +€3,044 | +52.5% |
| Profit (loss) for the period before taxes | 9903 | €314,315 | €790,143 | +€475,828 | +151% |
| Transfer from deferred taxes | 780 | €1,208 | €1,208 | = | 0.0% |
| Transfer to deferred taxes | 680 | - | €52,411 | +€52,411 | |
| Income taxes | 67/77 | €89,583 | €173,378 | +€83,795 | +93.5% |
| Profit (loss) for the period | 9904 | €225,940 | €565,562 | +€339,622 | +150% |
| Transfer from tax-exempt reserves | 789 | €3,623 | €87,823 | +€84,200 | +2,324% |
| Transfer to tax-exempt reserves | 689 | €63,150 | €325,632 | +€262,482 | +416% |
| Profit (loss) for the period to be appropriated | 9905 | €166,413 | €327,754 | +€161,340 | +97.0% |
Next steps
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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 4 November 2026 via checked.be.