MICHEL MOYSON: 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.
MICHEL MOYSON
Largest movements
- Cash -€7,230
down €7,230 (-8.0%), from €90,901 to €83,671
mainly Investment in fixed assets (net) (-€24,924) and Other debts (-€11,231)
- Deferred charges and accrued income +€4,208
up €4,208 (+42,080%), from €10 to €4,218
- Tangible fixed assets +€3,992
up €3,992 (+4.4%), from €89,961 to €93,953
of which Other tangible fixed assets: +€12,993
- Reserves +€24,179
up €24,179 (+19.6%), from €123,219 to €147,398
- Other debts -€11,231
no longer reported in 2025 (was €11,231)
- Debts after one year -€8,215
down €8,215 (-47.0%), from €17,481 to €9,266
- Tax, wage and social debts -€2,959
down €2,959 (-82.2%), from €3,600 to €641
of which Remuneration and social security: -€2,893
- Gross operating margin -€6,169
down €6,169 (-9.8%), from €62,780 to €56,611
- Depreciation +€3,131
up €3,131 (+17.6%), from €17,801 to €20,932
- Taxes -€3,022
down €3,022 (-23.9%), from €12,663 to €9,641
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €183,774 | €185,876 | +€2,102 | +1.1% |
| Fixed assets | 21/28 | €89,961 | €93,953 | +€3,992 | +4.4% |
| Tangible fixed assets | 22/27 | €89,961 | €93,953 | +€3,992 | +4.4% |
| Plant, machinery and equipment | 23 | €5,632 | €6,076 | +€444 | +7.9% |
| Furniture and vehicles | 24 | €43,782 | €34,338 | -€9,444 | -21.6% |
| Other tangible fixed assets | 26 | €40,547 | €53,539 | +€12,993 | +32.0% |
| Current assets | 29/58 | €93,814 | €91,923 | -€1,890 | -2.0% |
| Amounts receivable within one year | 40/41 | €2,903 | €4,034 | +€1,131 | +39.0% |
| Trade receivables | 40 | €433 | €1,451 | +€1,017 | +235% |
| Other amounts receivable | 41 | €2,469 | €2,583 | +€114 | +4.6% |
| Cash at bank and in hand | 54/58 | €90,901 | €83,671 | -€7,230 | -8.0% |
| Deferred charges and accrued income | 490/1 | €10 | €4,218 | +€4,208 | +42,080% |
| Total equity and liabilities | 10/49 | €183,774 | €185,876 | +€2,102 | +1.1% |
| Equity | 10/15 | €138,553 | €162,732 | +€24,179 | +17.5% |
| Contributions | 10/11 | €15,335 | €15,335 | = | 0.0% |
| Reserves | 13 | €123,219 | €147,398 | +€24,179 | +19.6% |
| Distributable reserves | 133 | €123,219 | €147,398 | +€24,179 | +19.6% |
| Amounts payable | 17/49 | €45,221 | €23,144 | -€22,077 | -48.8% |
| Amounts payable after more than one year | 17 | €17,481 | €9,266 | -€8,215 | -47.0% |
| Financial debts | 170/4 | €17,481 | €9,266 | -€8,215 | -47.0% |
| Amounts payable within one year | 42/48 | €27,740 | €13,808 | -€13,932 | -50.2% |
| Current portion of amounts payable after more than one year | 42 | €7,264 | €8,215 | +€950 | +13.1% |
| Trade debts | 44 | €5,645 | €4,952 | -€692 | -12.3% |
| Suppliers | 440/4 | €5,645 | €4,952 | -€692 | -12.3% |
| Taxes, remuneration and social security | 45 | €3,600 | €641 | -€2,959 | -82.2% |
| Taxes | 450/3 | €707 | €641 | -€66 | -9.3% |
| Remuneration and social security | 454/9 | €2,893 | - | -€2,893 | |
| Other amounts payable | 47/48 | €11,231 | - | -€11,231 | |
| Accrued charges and deferred income | 492/3 | - | €69 | +€69 | |
| Non-recurring operating income | 76A | - | €4,000 | +€4,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,801 | €20,932 | +€3,131 | +17.6% |
| Other operating charges | 640/8 | €747 | €705 | -€41 | -5.5% |
| Gross operating margin | 9900 | €62,780 | €56,611 | -€6,169 | -9.8% |
| Operating profit (loss) | 9901 | €44,232 | €34,973 | -€9,259 | -20.9% |
| Financial income | 75/76B | €243 | €116 | -€127 | -52.2% |
| Recurring financial income | 75 | €243 | €116 | -€127 | -52.2% |
| Financial charges | 65/66B | €1,311 | €1,269 | -€42 | -3.2% |
| Recurring financial charges | 65 | €1,311 | €1,269 | -€42 | -3.2% |
| Profit (loss) for the period before taxes | 9903 | €43,164 | €33,820 | -€9,344 | -21.6% |
| Income taxes | 67/77 | €12,663 | €9,641 | -€3,022 | -23.9% |
| Profit (loss) for the period | 9904 | €30,501 | €24,179 | -€6,322 | -20.7% |
| Profit (loss) for the period to be appropriated | 9905 | €30,501 | €24,179 | -€6,322 | -20.7% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.