Michel MOERS: what changed
Michel MOERS
Largest movements
- Receivables within one year -€41,987
down €41,987 (-41.2%), from €101,994 to €60,007
of which Trade receivables: -€22,993
- Cash -€15,616
down €15,616 (-17.3%), from €90,285 to €74,669
mainly Other debts (-€18,880) and Trade debts (-€18,379)
- Tangible fixed assets -€5,319
down €5,319 (-30.0%), from €17,733 to €12,413
of which Furniture and vehicles: -€6,982
- Deferred charges and accrued income +€2,830
up €2,830 (+89.6%), from €3,158 to €5,988
- Other debts -€18,880
down €18,880 (-66.8%), from €28,244 to €9,365
- Trade debts -€18,379
down €18,379 (-66.4%), from €27,687 to €9,307
- Profit (loss) carried forward -€9,365
down €9,365 (-10.6%), from €88,658 to €79,293
- Advances received -€8,930
down €8,930 (-83.6%), from €10,680 to €1,750
- Tax, wage and social debts -€8,295
down €8,295 (-93.3%), from €8,890 to €595
of which Remuneration and social security: -€5,437
- Gross operating margin -€22,486
down €22,486 (-60.8%), from €36,964 to €14,479
- Other operating charges -€13,895
down €13,895 (-99.5%), from €13,959 to €63
- Staff costs -€4,021
down €4,021 (-59.3%), from €6,775 to €2,755
- Taxes -€2,931
down €2,931 (-73.0%), from €4,018 to €1,087
- Write-downs -€2,839
no longer reported in 2025 (was €2,839)
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €223,081 | €162,081 | -€61,000 | -27.3% |
| Fixed assets | 21/28 | €18,996 | €13,676 | -€5,319 | -28.0% |
| Tangible fixed assets | 22/27 | €17,733 | €12,413 | -€5,319 | -30.0% |
| Plant, machinery and equipment | 23 | - | €1,663 | +€1,663 | |
| Furniture and vehicles | 24 | €17,733 | €10,751 | -€6,982 | -39.4% |
| Financial fixed assets | 28 | €1,263 | €1,263 | = | 0.0% |
| Current assets | 29/58 | €204,086 | €148,405 | -€55,681 | -27.3% |
| Stocks and contracts in progress | 3 | €8,648 | €7,741 | -€907 | -10.5% |
| Stocks | 30/36 | €8,648 | €7,741 | -€907 | -10.5% |
| Amounts receivable within one year | 40/41 | €101,994 | €60,007 | -€41,987 | -41.2% |
| Trade receivables | 40 | €54,802 | €31,809 | -€22,993 | -42.0% |
| Other amounts receivable | 41 | €47,192 | €28,199 | -€18,993 | -40.2% |
| Cash at bank and in hand | 54/58 | €90,285 | €74,669 | -€15,616 | -17.3% |
| Deferred charges and accrued income | 490/1 | €3,158 | €5,988 | +€2,830 | +89.6% |
| Total equity and liabilities | 10/49 | €223,081 | €162,081 | -€61,000 | -27.3% |
| Equity | 10/15 | €143,442 | €136,950 | -€6,491 | -4.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €48,584 | €51,457 | +€2,873 | +5.9% |
| Non-distributable reserves | 130/1 | - | €1,860 | +€1,860 | |
| Reserves not available under the articles | 1311 | - | €1,860 | +€1,860 | |
| Distributable reserves | 133 | €48,584 | €49,597 | +€1,013 | +2.1% |
| Profit (loss) carried forward | 14 | €88,658 | €79,293 | -€9,365 | -10.6% |
| Amounts payable | 17/49 | €79,640 | €25,131 | -€54,509 | -68.4% |
| Amounts payable within one year | 42/48 | €79,627 | €25,118 | -€54,509 | -68.5% |
| Current portion of amounts payable after more than one year | 42 | €4,126 | €4,101 | -€25 | -0.6% |
| Trade debts | 44 | €27,687 | €9,307 | -€18,379 | -66.4% |
| Suppliers | 440/4 | €27,687 | €9,307 | -€18,379 | -66.4% |
| Advances received on contracts in progress | 46 | €10,680 | €1,750 | -€8,930 | -83.6% |
| Taxes, remuneration and social security | 45 | €8,890 | €595 | -€8,295 | -93.3% |
| Taxes | 450/3 | €2,870 | €12 | -€2,858 | -99.6% |
| Remuneration and social security | 454/9 | €6,020 | €583 | -€5,437 | -90.3% |
| Other amounts payable | 47/48 | €28,244 | €9,365 | -€18,880 | -66.8% |
| Accrued charges and deferred income | 492/3 | €13 | €13 | = | 0.0% |
| Non-recurring operating income | 76A | - | €1,136 | +€1,136 | |
| Remuneration, social security and pensions | 62 | €6,775 | €2,755 | -€4,021 | -59.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,982 | €7,309 | +€327 | +4.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €2,839 | - | -€2,839 | |
| Other operating charges | 640/8 | €13,959 | €63 | -€13,895 | -99.5% |
| Gross operating margin | 9900 | €36,964 | €14,479 | -€22,486 | -60.8% |
| Operating profit (loss) | 9901 | €6,409 | €4,351 | -€2,058 | -32.1% |
| Financial income | 75/76B | €298 | €316 | +€18 | +6.1% |
| Recurring financial income | 75 | €298 | €316 | +€18 | +6.1% |
| Financial charges | 65/66B | €696 | €707 | +€12 | +1.7% |
| Recurring financial charges | 65 | €696 | €707 | +€12 | +1.7% |
| Profit (loss) for the period before taxes | 9903 | €6,012 | €3,960 | -€2,051 | -34.1% |
| Income taxes | 67/77 | €4,018 | €1,087 | -€2,931 | -73.0% |
| Profit (loss) for the period | 9904 | €1,994 | €2,873 | +€880 | +44.1% |
| Profit (loss) for the period to be appropriated | 9905 | €1,994 | €2,873 | +€880 | +44.1% |
Next steps
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 2 November 2026 via checked.be.