MO MADE: 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.
MO MADE
Largest movements
- Receivables within one year +€160,664
up €160,664 (+24.5%), from €655,519 to €816,183
of which Trade receivables: +€161,145
- Tangible fixed assets -€72,091
down €72,091 (-24.7%), from €291,974 to €219,883
of which Other tangible fixed assets: -€48,022
- Cash +€24,307
up €24,307 (+777.2%), from €3,127 to €27,435
mainly Tax, wage and social debts (+€292,918) and Depreciation (+€81,165)
- Tax, wage and social debts +€292,918
up €292,918 (+100.5%), from €291,429 to €584,347
of which Remuneration and social security: +€210,938
- Other debts -€79,853
down €79,853 (-99.9%), from €79,907 to €54
- Trade debts -€51,366
down €51,366 (-11.6%), from €443,211 to €391,846
- Short-term financial debts -€35,000
down €35,000 (-43.8%), from €80,000 to €45,000
- Current portion of long-term debt -€14,554
no longer reported in 2025 (was €14,554)
- Gross operating margin +€105,687
up €105,687 (+9.8%), from €1.1m to €1.2m
- Staff costs -€63,798
down €63,798 (-6.0%), from €1.1m to €995,070
- Other operating charges +€39,783
up €39,783 (+275.8%), from €14,426 to €54,209
- Financial charges -€21,292
down €21,292 (-33.5%), from €63,616 to €42,325
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 | €1,037,830 | €1,160,554 | +€122,724 | +11.8% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €304,857 | €235,324 | -€69,533 | -22.8% |
| Intangible fixed assets | 21 | €1,175 | €734 | -€442 | -37.6% |
| Tangible fixed assets | 22/27 | €291,974 | €219,883 | -€72,091 | -24.7% |
| Plant, machinery and equipment | 23 | €99,661 | €81,594 | -€18,067 | -18.1% |
| Furniture and vehicles | 24 | €18,402 | €12,399 | -€6,003 | -32.6% |
| Other tangible fixed assets | 26 | €173,911 | €125,890 | -€48,022 | -27.6% |
| Financial fixed assets | 28 | €11,708 | €14,708 | +€3,000 | +25.6% |
| Current assets | 29/58 | €732,973 | €925,230 | +€192,257 | +26.2% |
| Stocks and contracts in progress | 3 | €74,327 | €76,362 | +€2,035 | +2.7% |
| Stocks | 30/36 | €74,327 | €76,362 | +€2,035 | +2.7% |
| Amounts receivable within one year | 40/41 | €655,519 | €816,183 | +€160,664 | +24.5% |
| Trade receivables | 40 | €644,605 | €805,750 | +€161,145 | +25.0% |
| Other amounts receivable | 41 | €10,914 | €10,434 | -€481 | -4.4% |
| Current investments | 50/53 | - | €4,964 | +€4,964 | |
| Cash at bank and in hand | 54/58 | €3,127 | €27,435 | +€24,307 | +777.2% |
| Deferred charges and accrued income | 490/1 | - | €286 | +€286 | |
| Total equity and liabilities | 10/49 | €1,037,830 | €1,160,554 | +€122,724 | +11.8% |
| Equity | 10/15 | -€124,021 | -€113,442 | +€10,578 | +8.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €63,652 | €63,652 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €61,792 | €61,792 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€206,273 | -€195,695 | +€10,578 | +5.1% |
| Amounts payable | 17/49 | €1,161,851 | €1,273,996 | +€112,145 | +9.7% |
| Amounts payable after more than one year | 17 | €252,750 | €252,750 | = | 0.0% |
| Financial debts | 170/4 | €252,750 | €252,750 | = | 0.0% |
| Amounts payable within one year | 42/48 | €909,101 | €1,021,247 | +€112,145 | +12.3% |
| Current portion of amounts payable after more than one year | 42 | €14,554 | - | -€14,554 | |
| Financial debts | 43 | €80,000 | €45,000 | -€35,000 | -43.8% |
| Other loans | 439 | €80,000 | €45,000 | -€35,000 | -43.8% |
| Trade debts | 44 | €443,211 | €391,846 | -€51,366 | -11.6% |
| Suppliers | 440/4 | €443,211 | €391,846 | -€51,366 | -11.6% |
| Taxes, remuneration and social security | 45 | €291,429 | €584,347 | +€292,918 | +100.5% |
| Taxes | 450/3 | €54,789 | €136,769 | +€81,980 | +149.6% |
| Remuneration and social security | 454/9 | €236,640 | €447,578 | +€210,938 | +89.1% |
| Other amounts payable | 47/48 | €79,907 | €54 | -€79,853 | -99.9% |
| Non-recurring operating income | 76A | €1,877 | - | -€1,877 | |
| Remuneration, social security and pensions | 62 | €1,058,868 | €995,070 | -€63,798 | -6.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €91,331 | €81,165 | -€10,166 | -11.1% |
| Other operating charges | 640/8 | €14,426 | €54,209 | +€39,783 | +275.8% |
| Gross operating margin | 9900 | €1,077,597 | €1,183,284 | +€105,687 | +9.8% |
| Operating profit (loss) | 9901 | -€87,028 | €52,840 | +€139,869 | |
| Financial income | 75/76B | €136 | €62 | -€74 | -54.2% |
| Recurring financial income | 75 | €136 | €62 | -€74 | -54.2% |
| Financial charges | 65/66B | €63,616 | €42,325 | -€21,292 | -33.5% |
| Recurring financial charges | 65 | €63,616 | €42,325 | -€21,292 | -33.5% |
| Profit (loss) for the period before taxes | 9903 | -€150,508 | €10,578 | +€161,087 | |
| Profit (loss) for the period | 9904 | -€150,508 | €10,578 | +€161,087 | |
| Profit (loss) for the period to be appropriated | 9905 | -€150,508 | €10,578 | +€161,087 |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.