Moban: 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.
Moban
Largest movements
- Financial fixed assets +€3.0m
up €3.0m (+8.7%), from €35.1m to €38.1m
- Current investments -€3.0m
down €3.0m (-50.0%), from €6.0m to €3.0m
- Tangible fixed assets +€1.6m
up €1.6m (+18.9%), from €8.3m to €9.9m
of which Assets under construction and advance payments: +€1.8m
- Cash -€902,695
down €902,695 (-55.8%), from €1.6m to €715,843
mainly Investment in fixed assets (net) (-€5.0m) and Receivables after one year (-€250,000)
- Reserves +€536,478
up €536,478 (+1.1%), from €47.4m to €48.0m
of which Distributable reserves: +€536,478
- Financial income -€290,644
down €290,644 (-22.6%), from €1.3m to €996,127
- Gross operating margin +€285,695
up €285,695 (+167%), from €170,675 to €456,369
- Write-downs +€96,033
new in 2025: €96,033
- Taxes -€21,102
down €21,102 (-9.7%), from €218,183 to €197,081
- Other operating charges +€16,320
up €16,320 (+26.2%), from €62,247 to €78,567
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 | €51,549,974 | €52,547,848 | +€997,874 | +1.9% |
| Fixed assets | 21/28 | €43,387,540 | €47,991,745 | +€4.6m | +10.6% |
| Tangible fixed assets | 22/27 | €8,283,196 | €9,850,386 | +€1.6m | +18.9% |
| Land and buildings | 22 | €8,055,971 | €7,739,772 | -€316,199 | -3.9% |
| Furniture and vehicles | 24 | €88,750 | €129,153 | +€40,404 | +45.5% |
| Assets under construction and advance payments | 27 | €138,475 | €1,981,461 | +€1.8m | +1,331% |
| Financial fixed assets | 28 | €35,104,344 | €38,141,358 | +€3.0m | +8.7% |
| Current assets | 29/58 | €8,162,434 | €4,556,104 | -€3.6m | -44.2% |
| Amounts receivable after more than one year | 29 | - | €250,000 | +€250,000 | |
| Other amounts receivable | 291 | - | €250,000 | +€250,000 | |
| Amounts receivable within one year | 40/41 | €201,177 | €222,682 | +€21,504 | +10.7% |
| Trade receivables | 40 | €61,432 | €113,839 | +€52,407 | +85.3% |
| Other amounts receivable | 41 | €139,745 | €108,843 | -€30,903 | -22.1% |
| Current investments | 50/53 | €6,000,000 | €3,000,000 | -€3.0m | -50.0% |
| Cash at bank and in hand | 54/58 | €1,618,538 | €715,843 | -€902,695 | -55.8% |
| Deferred charges and accrued income | 490/1 | €342,719 | €367,579 | +€24,860 | +7.3% |
| Total equity and liabilities | 10/49 | €51,549,974 | €52,547,848 | +€997,874 | +1.9% |
| Equity | 10/15 | €47,455,305 | €47,991,783 | +€536,478 | +1.1% |
| Contributions | 10/11 | €18,415 | €18,415 | = | 0.0% |
| Reserves | 13 | €47,436,890 | €47,973,368 | +€536,478 | +1.1% |
| Non-distributable reserves | 130/1 | €1,841 | €1,841 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,841 | €1,841 | = | 0.0% |
| Tax-exempt reserves | 132 | €695 | €695 | = | 0.0% |
| Distributable reserves | 133 | €47,434,353 | €47,970,831 | +€536,478 | +1.1% |
| Amounts payable | 17/49 | €4,094,670 | €4,556,065 | +€461,396 | +11.3% |
| Amounts payable after more than one year | 17 | €3,757,043 | €4,058,937 | +€301,895 | +8.0% |
| Financial debts | 170/4 | €3,757,043 | €4,058,937 | +€301,895 | +8.0% |
| Amounts payable within one year | 42/48 | €302,389 | €441,734 | +€139,345 | +46.1% |
| Current portion of amounts payable after more than one year | 42 | €235,039 | €241,066 | +€6,027 | +2.6% |
| Trade debts | 44 | €48,758 | €103,067 | +€54,309 | +111% |
| Suppliers | 440/4 | €48,758 | €103,067 | +€54,309 | +111% |
| Taxes, remuneration and social security | 45 | €18,592 | €97,601 | +€79,009 | +425% |
| Taxes | 450/3 | €18,592 | €97,601 | +€79,009 | +425% |
| Accrued charges and deferred income | 492/3 | €35,238 | €55,394 | +€20,156 | +57.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €429,521 | €427,448 | -€2,073 | -0.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €96,033 | +€96,033 | |
| Other operating charges | 640/8 | €62,247 | €78,567 | +€16,320 | +26.2% |
| Non-recurring operating charges | 66A | - | €1,639 | +€1,639 | |
| Gross operating margin | 9900 | €170,675 | €456,369 | +€285,695 | +167% |
| Operating profit (loss) | 9901 | -€321,093 | -€147,318 | +€173,776 | +54.1% |
| Financial income | 75/76B | €1,286,771 | €996,127 | -€290,644 | -22.6% |
| Recurring financial income | 75 | €1,286,771 | €996,127 | -€290,644 | -22.6% |
| Financial charges | 65/66B | €116,723 | €115,250 | -€1,473 | -1.3% |
| Recurring financial charges | 65 | €116,723 | €115,250 | -€1,473 | -1.3% |
| Profit (loss) for the period before taxes | 9903 | €848,955 | €733,560 | -€115,395 | -13.6% |
| Income taxes | 67/77 | €218,183 | €197,081 | -€21,102 | -9.7% |
| Profit (loss) for the period | 9904 | €630,772 | €536,478 | -€94,294 | -14.9% |
| Profit (loss) for the period to be appropriated | 9905 | €630,772 | €536,478 | -€94,294 | -14.9% |
Source: filed annual accounts (NBB), financial years ended 30 November 2024 and 30 November 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.