MOAX: 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.
MOAX
Largest movements
- Tangible fixed assets -€50,623
down €50,623 (-3.6%), from €1.4m to €1.4m
of which Land and buildings: -€49,790
- Receivables within one year +€24,407
up €24,407 (+23.4%), from €104,141 to €128,548
of which Trade receivables: +€27,623
- Reserves -€55,012
down €55,012 (-14.6%), from €375,539 to €320,527
of which Distributable reserves: -€46,217
- Trade debts +€33,147
up €33,147 (+13.3%), from €249,408 to €282,555
- Debts after one year -€26,253
down €26,253 (-6.8%), from €383,990 to €357,738
- Gross operating margin -€59,782
down €59,782 (-73.6%), from €81,247 to €21,465
- Write-downs -€6,290
down €6,290 (-100.0%), from €6,290 to €0
- Staff costs -€6,050
down €6,050 (-51.0%), from €11,857 to €5,807
- Other operating charges -€4,482
down €4,482 (-43.8%), from €10,226 to €5,744
- Taxes -€1,636
down €1,636 (-95.3%), from €1,717 to €80
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 | €1,590,089 | €1,550,552 | -€39,536 | -2.5% |
| Fixed assets | 21/28 | €1,468,098 | €1,406,679 | -€61,419 | -4.2% |
| Intangible fixed assets | 21 | €46,634 | €35,838 | -€10,796 | -23.2% |
| Tangible fixed assets | 22/27 | €1,421,329 | €1,370,706 | -€50,623 | -3.6% |
| Land and buildings | 22 | €968,216 | €918,425 | -€49,790 | -5.1% |
| Plant, machinery and equipment | 23 | €1,127 | €1,005 | -€122 | -10.8% |
| Leasing and similar rights | 25 | €1,506 | €1,443 | -€63 | -4.2% |
| Other tangible fixed assets | 26 | €450,481 | €449,833 | -€648 | -0.1% |
| Financial fixed assets | 28 | €135 | €135 | = | 0.0% |
| Current assets | 29/58 | €121,991 | €143,873 | +€21,883 | +17.9% |
| Stocks and contracts in progress | 3 | €6,003 | €6,003 | = | 0.0% |
| Stocks | 30/36 | €6,003 | €6,003 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €104,141 | €128,548 | +€24,407 | +23.4% |
| Trade receivables | 40 | €69,617 | €97,240 | +€27,623 | +39.7% |
| Other amounts receivable | 41 | €34,524 | €31,308 | -€3,216 | -9.3% |
| Cash at bank and in hand | 54/58 | €4,910 | €2,078 | -€2,832 | -57.7% |
| Deferred charges and accrued income | 490/1 | €6,936 | €7,244 | +€308 | +4.4% |
| Total equity and liabilities | 10/49 | €1,590,089 | €1,550,552 | -€39,536 | -2.5% |
| Equity | 10/15 | €387,939 | €332,927 | -€55,012 | -14.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €375,539 | €320,527 | -€55,012 | -14.6% |
| Tax-exempt reserves | 132 | €183,868 | €175,072 | -€8,795 | -4.8% |
| Distributable reserves | 133 | €191,671 | €145,454 | -€46,217 | -24.1% |
| Provisions and deferred taxes | 16 | €47,340 | €45,142 | -€2,199 | -4.6% |
| Deferred taxes | 168 | €47,340 | €45,142 | -€2,199 | -4.6% |
| Amounts payable | 17/49 | €1,154,809 | €1,172,484 | +€17,675 | +1.5% |
| Amounts payable after more than one year | 17 | €383,990 | €357,738 | -€26,253 | -6.8% |
| Financial debts | 170/4 | €383,990 | €357,738 | -€26,253 | -6.8% |
| Amounts payable within one year | 42/48 | €770,763 | €814,701 | +€43,938 | +5.7% |
| Current portion of amounts payable after more than one year | 42 | €26,425 | €26,929 | +€503 | +1.9% |
| Trade debts | 44 | €249,408 | €282,555 | +€33,147 | +13.3% |
| Suppliers | 440/4 | €249,408 | €282,555 | +€33,147 | +13.3% |
| Taxes, remuneration and social security | 45 | €906 | €7,082 | +€6,176 | +681.4% |
| Taxes | 450/3 | €154 | €4,341 | +€4,187 | +2722.6% |
| Remuneration and social security | 454/9 | €753 | €2,741 | +€1,989 | +264.2% |
| Other amounts payable | 47/48 | €494,023 | €498,135 | +€4,111 | +0.8% |
| Accrued charges and deferred income | 492/3 | €56 | €45 | -€11 | -19.0% |
| Remuneration, social security and pensions | 62 | €11,857 | €5,807 | -€6,050 | -51.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €61,953 | €61,419 | -€534 | -0.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €6,290 | €0 | -€6,290 | -100.0% |
| Other operating charges | 640/8 | €10,226 | €5,744 | -€4,482 | -43.8% |
| Non-recurring operating charges | 66A | €4,750 | €0 | -€4,750 | -100.0% |
| Gross operating margin | 9900 | €81,247 | €21,465 | -€59,782 | -73.6% |
| Operating profit (loss) | 9901 | -€13,829 | -€51,505 | -€37,677 | -272.5% |
| Financial income | 75/76B | €173 | €0 | -€173 | -100.0% |
| Recurring financial income | 75 | €173 | €0 | -€173 | -100.0% |
| Financial charges | 65/66B | €6,375 | €5,625 | -€750 | -11.8% |
| Recurring financial charges | 65 | €6,375 | €5,625 | -€750 | -11.8% |
| Profit (loss) for the period before taxes | 9903 | -€20,031 | -€57,130 | -€37,099 | -185.2% |
| Transfer from deferred taxes | 780 | €2,199 | €2,199 | = | 0.0% |
| Income taxes | 67/77 | €1,717 | €80 | -€1,636 | -95.3% |
| Profit (loss) for the period | 9904 | -€19,549 | -€55,012 | -€35,463 | -181.4% |
| Transfer from tax-exempt reserves | 789 | €8,795 | €8,795 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€10,754 | -€46,217 | -€35,463 | -329.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.