MODERATUS: 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.
MODERATUS
Largest movements
- Receivables within one year -€48,389
down €48,389 (-33.1%), from €146,348 to €97,958
- Deferred charges and accrued income +€6,222
up €6,222 (+16.0%), from €38,790 to €45,012
- Advances received -€66,390
down €66,390 (-100%), from €66,390 to €0
- Debts after one year +€14,959
up €14,959 (+24.3%), from €61,667 to €76,626
of which Other amounts payable: +€24,959
- Trade debts -€10,632
down €10,632 (-76.9%), from €13,823 to €3,191
- Reserves +€10,475
up €10,475 (+8.5%), from €123,297 to €133,773
of which Distributable reserves: +€10,475
- Tax, wage and social debts +€7,784
up €7,784 (+54.0%), from €14,411 to €22,195
- Financial income -€3,188
down €3,188 (-33.9%), from €9,410 to €6,222
- Other operating charges -€2,515
down €2,515 (-50.5%), from €4,982 to €2,466
- Depreciation +€2,482
up €2,482 (+50.7%), from €4,896 to €7,378
- Taxes -€1,923
down €1,923 (-22.8%), from €8,417 to €6,494
- Gross operating margin -€1,322
down €1,322 (-4.5%), from €29,165 to €27,843
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €434,734 | €397,979 | -€36,755 | -8.5% |
| Fixed assets | 21/28 | €249,596 | €255,008 | +€5,412 | +2.2% |
| Tangible fixed assets | 22/27 | €233,416 | €234,628 | +€1,212 | +0.5% |
| Land and buildings | 22 | €230,928 | €227,156 | -€3,772 | -1.6% |
| Furniture and vehicles | 24 | €2,489 | €7,473 | +€4,984 | +200% |
| Financial fixed assets | 28 | €16,180 | €20,380 | +€4,200 | +26.0% |
| Current assets | 29/58 | €185,138 | €142,970 | -€42,167 | -22.8% |
| Amounts receivable within one year | 40/41 | €146,348 | €97,958 | -€48,389 | -33.1% |
| Other amounts receivable | 41 | €146,348 | €97,958 | -€48,389 | -33.1% |
| Deferred charges and accrued income | 490/1 | €38,790 | €45,012 | +€6,222 | +16.0% |
| Total equity and liabilities | 10/49 | €434,734 | €397,979 | -€36,755 | -8.5% |
| Equity | 10/15 | €141,897 | €152,305 | +€10,408 | +7.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €123,297 | €133,773 | +€10,475 | +8.5% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €13,543 | €13,543 | = | 0.0% |
| Distributable reserves | 133 | €107,895 | €118,370 | +€10,475 | +9.7% |
| Profit (loss) carried forward | 14 | - | -€68 | -€68 | |
| Provisions and deferred taxes | 16 | €35,000 | €35,000 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €35,000 | €35,000 | = | 0.0% |
| Pensions and similar obligations | 160 | €35,000 | €35,000 | = | 0.0% |
| Amounts payable | 17/49 | €257,837 | €210,673 | -€47,163 | -18.3% |
| Amounts payable after more than one year | 17 | €61,667 | €76,626 | +€14,959 | +24.3% |
| Financial debts | 170/4 | €61,667 | €51,667 | -€10,000 | -16.2% |
| Other amounts payable | 178/9 | - | €24,959 | +€24,959 | |
| Amounts payable within one year | 42/48 | €196,170 | €134,047 | -€62,122 | -31.7% |
| Current portion of amounts payable after more than one year | 42 | €10,000 | €15,851 | +€5,851 | +58.5% |
| Financial debts | 43 | €32,329 | €33,465 | +€1,136 | +3.5% |
| Credit institutions | 430/8 | €26,243 | €33,465 | +€7,221 | +27.5% |
| Other loans | 439 | €6,086 | €0 | -€6,086 | -100% |
| Trade debts | 44 | €13,823 | €3,191 | -€10,632 | -76.9% |
| Suppliers | 440/4 | €13,823 | €3,191 | -€10,632 | -76.9% |
| Advances received on contracts in progress | 46 | €66,390 | €0 | -€66,390 | -100% |
| Taxes, remuneration and social security | 45 | €14,411 | €22,195 | +€7,784 | +54.0% |
| Taxes | 450/3 | €14,411 | €22,195 | +€7,784 | +54.0% |
| Other amounts payable | 47/48 | €59,217 | €59,346 | +€129 | +0.2% |
| Remuneration, social security and pensions | 62 | €0 | €62 | +€62 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,896 | €7,378 | +€2,482 | +50.7% |
| Other operating charges | 640/8 | €4,982 | €2,466 | -€2,515 | -50.5% |
| Gross operating margin | 9900 | €29,165 | €27,843 | -€1,322 | -4.5% |
| Operating profit (loss) | 9901 | €19,287 | €17,937 | -€1,350 | -7.0% |
| Financial income | 75/76B | €9,410 | €6,222 | -€3,188 | -33.9% |
| Recurring financial income | 75 | €9,410 | €6,222 | -€3,188 | -33.9% |
| Financial charges | 65/66B | €8,342 | €7,189 | -€1,152 | -13.8% |
| Recurring financial charges | 65 | €8,342 | €7,189 | -€1,152 | -13.8% |
| Profit (loss) for the period before taxes | 9903 | €20,356 | €16,970 | -€3,386 | -16.6% |
| Income taxes | 67/77 | €8,417 | €6,494 | -€1,923 | -22.8% |
| Profit (loss) for the period | 9904 | €11,939 | €10,475 | -€1,463 | -12.3% |
| Profit (loss) for the period to be appropriated | 9905 | €11,939 | €10,475 | -€1,463 | -12.3% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.