Jo Moreels: 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.
Jo Moreels
Largest movements
- Tangible fixed assets -€101,394
down €101,394 (-9.0%), from €1.1m to €1.0m
of which Land and buildings: -€81,609
- Cash +€32,116
up €32,116 (+65.3%), from €49,151 to €81,268
mainly Depreciation (+€111,526) and Net result for the year (+€103,420)
- Receivables within one year -€31,488
down €31,488 (-86.7%), from €36,328 to €4,840
of which Trade receivables: -€31,418
- Debts after one year -€137,061
down €137,061 (-23.4%), from €585,711 to €448,649
- Other debts +€90,870
up €90,870 (+128.2%), from €70,873 to €161,742
- Reserves -€57,578
down €57,578 (-14.9%), from €386,848 to €329,270
- Gross operating margin +€45,292
up €45,292 (+18.6%), from €243,023 to €288,315
- Taxes +€17,984
up €17,984 (+65.2%), from €27,567 to €45,551
- Other operating charges +€8,044
up €8,044 (+660.5%), from €1,218 to €9,261
- Depreciation +€6,924
up €6,924 (+6.6%), from €104,602 to €111,526
- Financial charges -€6,792
down €6,792 (-26.4%), from €25,765 to €18,973
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 | €1,398,065 | €1,288,638 | -€109,427 | -7.8% |
| Fixed assets | 21/28 | €1,258,017 | €1,156,624 | -€101,394 | -8.1% |
| Intangible fixed assets | 21 | €125,139 | €125,139 | = | 0.0% |
| Tangible fixed assets | 22/27 | €1,132,878 | €1,031,484 | -€101,394 | -9.0% |
| Land and buildings | 22 | €1,006,164 | €924,554 | -€81,609 | -8.1% |
| Plant, machinery and equipment | 23 | €10,484 | €14,830 | +€4,346 | +41.4% |
| Furniture and vehicles | 24 | €116,230 | €92,100 | -€24,130 | -20.8% |
| Current assets | 29/58 | €140,047 | €132,014 | -€8,033 | -5.7% |
| Stocks and contracts in progress | 3 | €54,007 | €45,906 | -€8,101 | -15.0% |
| Stocks | 30/36 | €54,007 | €45,906 | -€8,101 | -15.0% |
| Amounts receivable within one year | 40/41 | €36,328 | €4,840 | -€31,488 | -86.7% |
| Trade receivables | 40 | €36,258 | €4,840 | -€31,418 | -86.7% |
| Other amounts receivable | 41 | €69 | - | -€69 | |
| Cash at bank and in hand | 54/58 | €49,151 | €81,268 | +€32,116 | +65.3% |
| Deferred charges and accrued income | 490/1 | €561 | - | -€561 | |
| Total equity and liabilities | 10/49 | €1,398,065 | €1,288,638 | -€109,427 | -7.8% |
| Equity | 10/15 | €560,403 | €502,825 | -€57,578 | -10.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €386,848 | €329,270 | -€57,578 | -14.9% |
| Distributable reserves | 133 | €386,848 | €329,270 | -€57,578 | -14.9% |
| Profit (loss) carried forward | 14 | €154,955 | €154,955 | = | 0.0% |
| Amounts payable | 17/49 | €837,662 | €785,813 | -€51,849 | -6.2% |
| Amounts payable after more than one year | 17 | €585,711 | €448,649 | -€137,061 | -23.4% |
| Financial debts | 170/4 | €585,711 | €448,649 | -€137,061 | -23.4% |
| Amounts payable within one year | 42/48 | €251,951 | €337,164 | +€85,213 | +33.8% |
| Current portion of amounts payable after more than one year | 42 | €144,626 | €145,557 | +€931 | +0.6% |
| Financial debts | 43 | €8,362 | - | -€8,362 | |
| Credit institutions | 430/8 | €8,362 | - | -€8,362 | |
| Trade debts | 44 | €4,193 | €1,333 | -€2,860 | -68.2% |
| Suppliers | 440/4 | €4,193 | €1,333 | -€2,860 | -68.2% |
| Taxes, remuneration and social security | 45 | €23,897 | €28,531 | +€4,634 | +19.4% |
| Taxes | 450/3 | €21,194 | €28,531 | +€7,337 | +34.6% |
| Remuneration and social security | 454/9 | €2,703 | - | -€2,703 | |
| Other amounts payable | 47/48 | €70,873 | €161,742 | +€90,870 | +128.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €104,602 | €111,526 | +€6,924 | +6.6% |
| Other operating charges | 640/8 | €1,218 | €9,261 | +€8,044 | +660.5% |
| Non-recurring operating charges | 66A | €15,406 | - | -€15,406 | |
| Gross operating margin | 9900 | €243,023 | €288,315 | +€45,292 | +18.6% |
| Operating profit (loss) | 9901 | €121,797 | €167,527 | +€45,730 | +37.5% |
| Financial income | 75/76B | €453 | €417 | -€37 | -8.1% |
| Recurring financial income | 75 | €453 | €417 | -€37 | -8.1% |
| Financial charges | 65/66B | €25,765 | €18,973 | -€6,792 | -26.4% |
| Recurring financial charges | 65 | €25,765 | €18,973 | -€6,792 | -26.4% |
| Profit (loss) for the period before taxes | 9903 | €96,486 | €148,971 | +€52,485 | +54.4% |
| Income taxes | 67/77 | €27,567 | €45,551 | +€17,984 | +65.2% |
| Profit (loss) for the period | 9904 | €68,918 | €103,420 | +€34,501 | +50.1% |
| Profit (loss) for the period to be appropriated | 9905 | €68,918 | €103,420 | +€34,501 | +50.1% |
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 6 October 2026 via checked.be.