M.ORE: 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.
M.ORE
Largest movements
- Receivables within one year -€54,846
down €54,846 (-36.5%), from €150,245 to €95,399
- Stocks and contracts -€27,371
down €27,371 (-29.9%), from €91,504 to €64,132
of which Contracts in progress: -€41,681
- Tangible fixed assets +€7,007
up €7,007 (+195.1%), from €3,592 to €10,599
of which Assets under construction and advance payments: +€5,500
- Deferred charges and accrued income +€3,549
up €3,549 (+342.9%), from €1,035 to €4,584
- Profit (loss) carried forward -€233,439
down €233,439 (-123.3%), from -€189,314 to -€422,754
- Trade debts +€166,598
up €166,598 (+111.5%), from €149,363 to €315,961
- Accrued charges and deferred income -€10,989
down €10,989 (-96.7%), from €11,367 to €378
- Tax, wage and social debts +€7,673
up €7,673 (+25.7%), from €29,818 to €37,491
of which Remuneration and social security: +€8,007
- Other debts -€6,548
down €6,548 (-2.6%), from €247,327 to €240,778
- Staff costs +€47,363
up €47,363 (+45.5%), from €104,153 to €151,516
- Gross operating margin +€14,656
up €14,656 (+16.4%), from -€89,101 to -€74,444
- Depreciation -€2,031
down €2,031 (-34.5%), from €5,880 to €3,848
- Other operating charges +€1,662
up €1,662 (+280.5%), from €592 to €2,254
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 | €253,560 | €180,447 | -€73,113 | -28.8% |
| Fixed assets | 21/28 | €7,245 | €12,761 | +€5,516 | +76.1% |
| Intangible fixed assets | 21 | €3,653 | €2,162 | -€1,491 | -40.8% |
| Tangible fixed assets | 22/27 | €3,592 | €10,599 | +€7,007 | +195.1% |
| Plant, machinery and equipment | 23 | €3,592 | €5,099 | +€1,507 | +42.0% |
| Assets under construction and advance payments | 27 | - | €5,500 | +€5,500 | |
| Current assets | 29/58 | €246,316 | €167,686 | -€78,630 | -31.9% |
| Stocks and contracts in progress | 3 | €91,504 | €64,132 | -€27,371 | -29.9% |
| Stocks | 30/36 | €44,322 | €58,632 | +€14,310 | +32.3% |
| Contracts in progress | 37 | €47,181 | €5,500 | -€41,681 | -88.3% |
| Amounts receivable within one year | 40/41 | €150,245 | €95,399 | -€54,846 | -36.5% |
| Trade receivables | 40 | €150,245 | €95,399 | -€54,846 | -36.5% |
| Cash at bank and in hand | 54/58 | €3,532 | €3,571 | +€39 | +1.1% |
| Deferred charges and accrued income | 490/1 | €1,035 | €4,584 | +€3,549 | +342.9% |
| Total equity and liabilities | 10/49 | €253,560 | €180,447 | -€73,113 | -28.8% |
| Equity | 10/15 | -€184,314 | -€417,754 | -€233,439 | -126.7% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€189,314 | -€422,754 | -€233,439 | -123.3% |
| Amounts payable | 17/49 | €437,875 | €598,201 | +€160,326 | +36.6% |
| Amounts payable within one year | 42/48 | €426,508 | €597,823 | +€171,315 | +40.2% |
| Financial debts | 43 | - | €3,592 | +€3,592 | |
| Credit institutions | 430/8 | - | €3,592 | +€3,592 | |
| Trade debts | 44 | €149,363 | €315,961 | +€166,598 | +111.5% |
| Suppliers | 440/4 | €149,363 | €315,961 | +€166,598 | +111.5% |
| Taxes, remuneration and social security | 45 | €29,818 | €37,491 | +€7,673 | +25.7% |
| Taxes | 450/3 | €14,823 | €14,489 | -€334 | -2.3% |
| Remuneration and social security | 454/9 | €14,994 | €23,002 | +€8,007 | +53.4% |
| Other amounts payable | 47/48 | €247,327 | €240,778 | -€6,548 | -2.6% |
| Accrued charges and deferred income | 492/3 | €11,367 | €378 | -€10,989 | -96.7% |
| Non-recurring operating income | 76A | - | €1,492 | +€1,492 | |
| Remuneration, social security and pensions | 62 | €104,153 | €151,516 | +€47,363 | +45.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,880 | €3,848 | -€2,031 | -34.5% |
| Other operating charges | 640/8 | €592 | €2,254 | +€1,662 | +280.5% |
| Gross operating margin | 9900 | -€89,101 | -€74,444 | +€14,656 | +16.4% |
| Operating profit (loss) | 9901 | -€199,726 | -€232,063 | -€32,337 | -16.2% |
| Financial income | 75/76B | - | €29 | +€29 | |
| Recurring financial income | 75 | - | €29 | +€29 | |
| Financial charges | 65/66B | €1,317 | €1,191 | -€125 | -9.5% |
| Recurring financial charges | 65 | €1,317 | €1,191 | -€125 | -9.5% |
| Profit (loss) for the period before taxes | 9903 | -€201,042 | -€233,225 | -€32,183 | -16.0% |
| Income taxes | 67/77 | €250 | €214 | -€36 | -14.3% |
| Profit (loss) for the period | 9904 | -€201,292 | -€233,439 | -€32,147 | -16.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€201,292 | -€233,439 | -€32,147 | -16.0% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.