Michéle Moresi: what changed
Michéle Moresi
Largest movements
- Cash +€54,502
up €54,502 (+42.5%), from €128,342 to €182,844
mainly Net result for the year (+€80,018) and Deferred charges and accrued income (+€4,011)
- Receivables within one year +€8,357
up €8,357 (+14.0%), from €59,513 to €67,870
of which Other amounts receivable: +€5,509
- Deferred charges and accrued income -€4,011
down €4,011 (-25.6%), from €15,646 to €11,636
- Tangible fixed assets -€3,763
down €3,763 (-11.1%), from €33,754 to €29,992
of which Other tangible fixed assets: -€2,027
- Reserves +€80,018
up €80,018 (+38.1%), from €209,855 to €289,872
- Other debts -€26,290
down €26,290 (-52.9%), from €49,745 to €23,455
- Gross operating margin -€54,957
down €54,957 (-29.9%), from €183,510 to €128,552
- Taxes -€16,758
down €16,758 (-32.7%), from €51,248 to €34,491
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 | €292,850 | €346,118 | +€53,267 | +18.2% |
| Fixed assets | 21/28 | €34,604 | €30,842 | -€3,763 | -10.9% |
| Tangible fixed assets | 22/27 | €33,754 | €29,992 | -€3,763 | -11.1% |
| Plant, machinery and equipment | 23 | €1,849 | €1,365 | -€484 | -26.2% |
| Furniture and vehicles | 24 | €19,776 | €18,524 | -€1,252 | -6.3% |
| Other tangible fixed assets | 26 | €12,130 | €10,102 | -€2,027 | -16.7% |
| Financial fixed assets | 28 | €850 | €850 | = | 0.0% |
| Current assets | 29/58 | €258,246 | €315,276 | +€57,030 | +22.1% |
| Amounts receivable within one year | 40/41 | €59,513 | €67,870 | +€8,357 | +14.0% |
| Trade receivables | 40 | €59,513 | €62,361 | +€2,848 | +4.8% |
| Other amounts receivable | 41 | - | €5,509 | +€5,509 | |
| Current investments | 50/53 | €54,745 | €52,926 | -€1,819 | -3.3% |
| Cash at bank and in hand | 54/58 | €128,342 | €182,844 | +€54,502 | +42.5% |
| Deferred charges and accrued income | 490/1 | €15,646 | €11,636 | -€4,011 | -25.6% |
| Total equity and liabilities | 10/49 | €292,850 | €346,118 | +€53,267 | +18.2% |
| Equity | 10/15 | €216,055 | €296,072 | +€80,018 | +37.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €209,855 | €289,872 | +€80,018 | +38.1% |
| Distributable reserves | 133 | €209,855 | €289,872 | +€80,018 | +38.1% |
| Amounts payable | 17/49 | €76,796 | €50,045 | -€26,750 | -34.8% |
| Amounts payable within one year | 42/48 | €73,878 | €47,428 | -€26,450 | -35.8% |
| Trade debts | 44 | €2,573 | €2,587 | +€14 | +0.5% |
| Suppliers | 440/4 | €2,573 | €2,587 | +€14 | +0.5% |
| Taxes, remuneration and social security | 45 | €21,559 | €21,387 | -€173 | -0.8% |
| Taxes | 450/3 | €21,559 | - | -€21,559 | |
| Remuneration and social security | 454/9 | - | €21,387 | +€21,387 | |
| Other amounts payable | 47/48 | €49,745 | €23,455 | -€26,290 | -52.9% |
| Accrued charges and deferred income | 492/3 | €2,918 | €2,617 | -€301 | -10.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,816 | €3,763 | -€53 | -1.4% |
| Other operating charges | 640/8 | €622 | €1,869 | +€1,247 | +201% |
| Gross operating margin | 9900 | €183,510 | €128,552 | -€54,957 | -29.9% |
| Operating profit (loss) | 9901 | €179,072 | €122,921 | -€56,151 | -31.4% |
| Financial income | 75/76B | €47 | €1,773 | +€1,725 | +3,643% |
| Recurring financial income | 75 | €47 | €1,773 | +€1,725 | +3,643% |
| Financial charges | 65/66B | €8,869 | €10,185 | +€1,317 | +14.8% |
| Recurring financial charges | 65 | €8,869 | €10,185 | +€1,317 | +14.8% |
| Profit (loss) for the period before taxes | 9903 | €170,251 | €114,508 | -€55,742 | -32.7% |
| Income taxes | 67/77 | €51,248 | €34,491 | -€16,758 | -32.7% |
| Profit (loss) for the period | 9904 | €119,002 | €80,018 | -€38,985 | -32.8% |
| Profit (loss) for the period to be appropriated | 9905 | €119,002 | €80,018 | -€38,985 | -32.8% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.