MOENS BART: 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.
MOENS BART
Largest movements
- Receivables within one year +€836,477
up €836,477 (+280%), from €298,957 to €1.1m
of which Other amounts receivable: +€828,187
- Tangible fixed assets +€225,752
up €225,752 (+43.3%), from €521,085 to €746,837
of which Furniture and vehicles: +€168,393
- Deferred charges and accrued income +€186,537
up €186,537 (+963%), from €19,362 to €205,899
- Cash -€142,685
down €142,685 (-29.1%), from €489,803 to €347,118
- Intangible fixed assets +€25,901
up €25,901 (+76.2%), from €33,993 to €59,894
- Other debts +€444,371
up €444,371 (+145%), from €306,715 to €751,086
- Current portion of long-term debt +€281,767
up €281,767 (+338%), from €83,417 to €365,184
- Reserves +€227,490
up €227,490 (+54.0%), from €421,394 to €648,884
of which Distributable reserves: +€187,148
- Trade debts +€90,438
up €90,438 (+57.5%), from €157,239 to €247,677
- Debts after one year +€77,368
up €77,368 (+24.7%), from €313,831 to €391,199
- Gross operating margin +€1.7m
up €1.7m (+157%), from €1.1m to €2.8m
- Staff costs +€632,658
up €632,658 (+156%), from €404,324 to €1.0m
- Depreciation +€192,461
up €192,461 (+151%), from €127,630 to €320,091
- Taxes +€189,020
up €189,020 (+158%), from €119,548 to €308,568
- Other operating charges +€36,057
up €36,057 (+172%), from €21,015 to €57,072
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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,395,680 | €2,522,760 | +€1.1m | +80.8% |
| Fixed assets | 21/28 | €574,355 | €826,183 | +€251,829 | +43.8% |
| Intangible fixed assets | 21 | €33,993 | €59,894 | +€25,901 | +76.2% |
| Tangible fixed assets | 22/27 | €521,085 | €746,837 | +€225,752 | +43.3% |
| Plant, machinery and equipment | 23 | €41,245 | €45,335 | +€4,090 | +9.9% |
| Furniture and vehicles | 24 | €220,647 | €389,040 | +€168,393 | +76.3% |
| Leasing and similar rights | 25 | €255,919 | €310,561 | +€54,642 | +21.4% |
| Other tangible fixed assets | 26 | €3,274 | €1,901 | -€1,373 | -41.9% |
| Financial fixed assets | 28 | €19,277 | €19,452 | +€175 | +0.9% |
| Current assets | 29/58 | €821,326 | €1,696,577 | +€875,251 | +107% |
| Amounts receivable after more than one year | 29 | €2,537 | €0 | -€2,537 | -100% |
| Other amounts receivable | 291 | €2,537 | €0 | -€2,537 | -100% |
| Stocks and contracts in progress | 3 | €10,666 | €8,125 | -€2,541 | -23.8% |
| Contracts in progress | 37 | €10,666 | €8,125 | -€2,541 | -23.8% |
| Amounts receivable within one year | 40/41 | €298,957 | €1,135,434 | +€836,477 | +280% |
| Trade receivables | 40 | €264,549 | €272,838 | +€8,290 | +3.1% |
| Other amounts receivable | 41 | €34,409 | €862,596 | +€828,187 | +2,407% |
| Cash at bank and in hand | 54/58 | €489,803 | €347,118 | -€142,685 | -29.1% |
| Deferred charges and accrued income | 490/1 | €19,362 | €205,899 | +€186,537 | +963% |
| Total equity and liabilities | 10/49 | €1,395,680 | €2,522,760 | +€1.1m | +80.8% |
| Equity | 10/15 | €458,794 | €686,284 | +€227,490 | +49.6% |
| Contributions | 10/11 | €37,400 | €37,400 | = | 0.0% |
| Reserves | 13 | €421,394 | €648,884 | +€227,490 | +54.0% |
| Tax-exempt reserves | 132 | €67,479 | €107,821 | +€40,342 | +59.8% |
| Distributable reserves | 133 | €353,915 | €541,063 | +€187,148 | +52.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €22,493 | €35,940 | +€13,447 | +59.8% |
| Deferred taxes | 168 | €22,493 | €35,940 | +€13,447 | +59.8% |
| Amounts payable | 17/49 | €914,393 | €1,800,536 | +€886,142 | +96.9% |
| Amounts payable after more than one year | 17 | €313,831 | €391,199 | +€77,368 | +24.7% |
| Financial debts | 170/4 | €313,831 | €391,199 | +€77,368 | +24.7% |
| Amounts payable within one year | 42/48 | €600,310 | €1,407,553 | +€807,243 | +134% |
| Current portion of amounts payable after more than one year | 42 | €83,417 | €365,184 | +€281,767 | +338% |
| Financial debts | 43 | €27,061 | €64 | -€26,997 | -99.8% |
| Credit institutions | 430/8 | €27,061 | €64 | -€26,997 | -99.8% |
| Trade debts | 44 | €157,239 | €247,677 | +€90,438 | +57.5% |
| Suppliers | 440/4 | €157,239 | €247,677 | +€90,438 | +57.5% |
| Taxes, remuneration and social security | 45 | €25,878 | €43,542 | +€17,664 | +68.3% |
| Taxes | 450/3 | €0 | €4,329 | +€4,329 | |
| Remuneration and social security | 454/9 | €25,878 | €39,213 | +€13,335 | +51.5% |
| Other amounts payable | 47/48 | €306,715 | €751,086 | +€444,371 | +145% |
| Accrued charges and deferred income | 492/3 | €252 | €1,784 | +€1,532 | +607% |
| Non-recurring operating income | 76A | €70,215 | €111,000 | +€40,785 | +58.1% |
| Remuneration, social security and pensions | 62 | €404,324 | €1,036,982 | +€632,658 | +156% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €127,630 | €320,091 | +€192,461 | +151% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €576 | +€576 | |
| Other operating charges | 640/8 | €21,015 | €57,072 | +€36,057 | +172% |
| Non-recurring operating charges | 66A | €1,569 | €1,008 | -€561 | -35.8% |
| Gross operating margin | 9900 | €1,074,686 | €2,761,236 | +€1.7m | +157% |
| Operating profit (loss) | 9901 | €520,148 | €1,345,507 | +€825,360 | +159% |
| Financial income | 75/76B | €1,238 | €6,668 | +€5,430 | +439% |
| Recurring financial income | 75 | €1,238 | €6,668 | +€5,430 | +439% |
| Financial charges | 65/66B | €28,873 | €52,670 | +€23,798 | +82.4% |
| Recurring financial charges | 65 | €28,873 | €52,670 | +€23,798 | +82.4% |
| Profit (loss) for the period before taxes | 9903 | €492,513 | €1,299,505 | +€806,992 | +164% |
| Transfer from deferred taxes | 780 | €7,191 | €14,053 | +€6,862 | +95.4% |
| Transfer to deferred taxes | 680 | - | €27,500 | +€27,500 | |
| Income taxes | 67/77 | €119,548 | €308,568 | +€189,020 | +158% |
| Profit (loss) for the period | 9904 | €380,156 | €977,490 | +€597,334 | +157% |
| Transfer from tax-exempt reserves | 789 | €21,574 | €42,158 | +€20,584 | +95.4% |
| Transfer to tax-exempt reserves | 689 | - | €82,500 | +€82,500 | |
| Profit (loss) for the period to be appropriated | 9905 | €401,730 | €937,148 | +€535,419 | +133% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 October 2026 via checked.be.