M. Moureau: 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.
What changed
M. Moureau
NACE 46.450, Wholesale of perfume and cosmetics
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€62,446
2024 · -€162,344+€224,790
Equity
-
2024 · €4.6m-€4.6m
Cash
€584,802
2024 · €273,456+€311,346
Balance sheet total
€7.4m
2024 · €7.4m-€25,705
Largest movements
Assets
- Cash +€311,346
up €311,346 (+114%), from €273,456 to €584,802
mainly Stocks and contracts (+€149,432) and Current investments (+€135,708)
- Stocks and contracts -€149,432
down €149,432 (-10.1%), from €1.5m to €1.3m
- Current investments -€135,708
down €135,708 (-9.8%), from €1.4m to €1.2m
- Deferred charges and accrued income -€115,570
down €115,570 (-65.2%), from €177,231 to €61,661
Equity and liabilities
- Trade debts -€204,263
down €204,263 (-7.6%), from €2.7m to €2.5m
- Tax, wage and social debts +€105,202
up €105,202 (+73.0%), from €144,121 to €249,323
of which Taxes: +€66,966
Income statement
- Turnover +€8.5m
new in 2025: €8.5m
- Purchases and services +€7.4m
new in 2025: €7.4m
- Gross operating margin +€369,351
up €369,351 (+27.2%), from €1.4m to €1.7m
- Staff costs +€87,493
up €87,493 (+6.2%), from €1.4m to €1.5m
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.
Result 2024
-€162,344
Gross operating margin
+€369,351
Staff costs
-€87,493
Depreciation
-€2,743
Other operating charges
+€18,707
Financial income
-€59,916
Financial charges
-€13,117
Result 2025
€62,446
raises the resultlowers the result
Derived cash bridge
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.
From operations
+€328,253
Investment
-€16,906
Financing
-€1
Cash 2024
€273,456
From operations (derived)
+€328,253
Net result for the year
+€62,446
Depreciation
+€123,275
Stocks and contracts
+€149,432
Receivables within one year
-€34,320
Deferred charges and accrued income
+€115,570
Trade debts
-€204,263
Tax, wage and social debts
+€105,202
Other debts
+€10,586
Accrued charges and deferred income
+€325
Investment (derived)
-€16,906
Investment in fixed assets (net)
-€152,614
Current investments
+€135,708
Financing
-€1
Contributions, distributions and other
-€1
Cash 2025
€584,802
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €7,397,942 | €7,372,237 | -€25,705 | -0.3% |
| Fixed assets | 21/28 | €1,595,037 | €1,624,376 | +€29,339 | +1.8% |
| Tangible fixed assets | 22/27 | €1,114,625 | €1,143,964 | +€29,339 | +2.6% |
| Land and buildings | 22 | €86,763 | €86,763 | +€0 | 0.0% |
| Plant, machinery and equipment | 23 | €1,027,862 | €1,057,201 | +€29,339 | +2.9% |
| Financial fixed assets | 28 | €480,412 | €480,412 | = | 0.0% |
| Current assets | 29/58 | €5,802,905 | €5,747,861 | -€55,044 | -0.9% |
| Stocks and contracts in progress | 3 | €1,484,835 | €1,335,403 | -€149,432 | -10.1% |
| Stocks | 30/36 | €1,484,835 | €1,335,403 | -€149,432 | -10.1% |
| Amounts receivable within one year | 40/41 | €2,485,292 | €2,519,612 | +€34,320 | +1.4% |
| Trade receivables | 40 | €2,035,468 | €2,056,646 | +€21,178 | +1.0% |
| Other amounts receivable | 41 | €449,825 | €462,966 | +€13,142 | +2.9% |
| Current investments | 50/53 | €1,382,091 | €1,246,383 | -€135,708 | -9.8% |
| Cash at bank and in hand | 54/58 | €273,456 | €584,802 | +€311,346 | +114% |
| Deferred charges and accrued income | 490/1 | €177,231 | €61,661 | -€115,570 | -65.2% |
| Total equity and liabilities | 10/49 | €7,397,942 | €7,372,237 | -€25,705 | -0.3% |
| Equity | 10/15 | €4,556,780 | - | -€4.6m | |
| Contributions | 10/11 | €619,734 | €619,734 | +€0 | 0.0% |
| Capital | 10 | €619,734 | €619,734 | +€0 | 0.0% |
| Issued capital | 100 | €619,734 | €619,734 | +€0 | 0.0% |
| Reserves | 13 | €889,922 | €889,921 | -€1 | 0.0% |
| Non-distributable reserves | 130/1 | €82,425 | €82,424 | -€1 | 0.0% |
| Legal reserve | 130 | €61,973 | €61,973 | -€0 | 0.0% |
| Other | 1319 | €20,451 | €20,451 | -€0 | 0.0% |
| Tax-exempt reserves | 132 | €435,657 | €435,657 | +€0 | 0.0% |
| Distributable reserves | 133 | €371,840 | €371,840 | -€0 | 0.0% |
| Profit (loss) carried forward | 14 | €3,047,124 | €3,109,570 | +€62,446 | +2.0% |
| Amounts payable | 17/49 | €2,841,162 | €2,753,012 | -€88,150 | -3.1% |
| Amounts payable within one year | 42/48 | €2,841,162 | €2,752,687 | -€88,475 | -3.1% |
| Trade debts | 44 | €2,694,700 | €2,490,437 | -€204,263 | -7.6% |
| Suppliers | 440/4 | €2,694,700 | €2,490,437 | -€204,263 | -7.6% |
| Taxes, remuneration and social security | 45 | €144,121 | €249,323 | +€105,202 | +73.0% |
| Taxes | 450/3 | - | €66,966 | +€66,966 | |
| Remuneration and social security | 454/9 | €144,121 | €182,357 | +€38,236 | +26.5% |
| Other amounts payable | 47/48 | €2,341 | €12,927 | +€10,586 | +452% |
| Accrued charges and deferred income | 492/3 | - | €325 | +€325 | |
| Turnover | 70 | - | €8,522,205 | +€8.5m | |
| Goods, raw materials, services and sundry goods | 60/61 | - | €7,367,066 | +€7.4m | |
| Remuneration, social security and pensions | 62 | €1,410,595 | €1,498,088 | +€87,493 | +6.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €120,532 | €123,275 | +€2,743 | +2.3% |
| Other operating charges | 640/8 | €41,275 | €22,568 | -€18,707 | -45.3% |
| Gross operating margin | 9900 | €1,355,989 | €1,725,340 | +€369,351 | +27.2% |
| Operating profit (loss) | 9901 | -€216,414 | €81,409 | +€297,823 | |
| Financial income | 75/76B | €216,589 | €156,673 | -€59,916 | -27.7% |
| Recurring financial income | 75 | €210,016 | €155,377 | -€54,639 | -26.0% |
| Non-recurring financial income | 76B | €6,572 | €1,296 | -€5,276 | -80.3% |
| Financial charges | 65/66B | €162,519 | €175,636 | +€13,117 | +8.1% |
| Recurring financial charges | 65 | €95,620 | €129,095 | +€33,475 | +35.0% |
| Non-recurring financial charges | 66B | €66,899 | €46,541 | -€20,358 | -30.4% |
| Profit (loss) for the period before taxes | 9903 | -€162,344 | €62,446 | +€224,790 | |
| Profit (loss) for the period | 9904 | -€162,344 | €62,446 | +€224,790 | |
| Profit (loss) for the period to be appropriated | 9905 | -€162,344 | €62,446 | +€224,790 |
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 30 October 2026 via checked.be.