MOENS & VANDENBERGEN: 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 & VANDENBERGEN
Largest movements
- Receivables within one year +€312,283
up €312,283 (+262%), from €119,091 to €431,375
of which Trade receivables: +€307,832
- Cash -€100,663
down €100,663 (-73.2%), from €137,568 to €36,905
mainly Receivables within one year (-€312,283) and Contributions, distributions and other (-€64,250)
- Tangible fixed assets -€12,208
down €12,208 (-3.0%), from €402,408 to €390,200
of which Land and buildings: -€8,702
- Trade debts +€184,672
up €184,672 (+445%), from €41,515 to €226,187
- Other debts +€44,603
up €44,603 (+868%), from €5,138 to €49,741
- Debts after one year -€17,335
down €17,335 (-17.5%), from €98,927 to €81,591
- Gross operating margin -€10,036
down €10,036 (-8.0%), from €124,741 to €114,705
- Other operating charges -€2,860
down €2,860 (-68.5%), from €4,176 to €1,316
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 | €659,843 | €861,975 | +€202,132 | +30.6% |
| Fixed assets | 21/28 | €402,408 | €390,200 | -€12,208 | -3.0% |
| Tangible fixed assets | 22/27 | €402,408 | €390,200 | -€12,208 | -3.0% |
| Land and buildings | 22 | €377,879 | €369,177 | -€8,702 | -2.3% |
| Plant, machinery and equipment | 23 | €23,481 | €20,966 | -€2,516 | -10.7% |
| Furniture and vehicles | 24 | €1,048 | €57 | -€991 | -94.5% |
| Current assets | 29/58 | €257,435 | €471,775 | +€214,340 | +83.3% |
| Amounts receivable within one year | 40/41 | €119,091 | €431,375 | +€312,283 | +262% |
| Trade receivables | 40 | €77,108 | €384,940 | +€307,832 | +399% |
| Other amounts receivable | 41 | €41,984 | €46,435 | +€4,451 | +10.6% |
| Cash at bank and in hand | 54/58 | €137,568 | €36,905 | -€100,663 | -73.2% |
| Deferred charges and accrued income | 490/1 | €776 | €3,495 | +€2,719 | +351% |
| Total equity and liabilities | 10/49 | €659,843 | €861,975 | +€202,132 | +30.6% |
| Equity | 10/15 | €378,359 | €372,852 | -€5,506 | -1.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €359,160 | €353,650 | -€5,510 | -1.5% |
| Tax-exempt reserves | 132 | €12,000 | €12,000 | = | 0.0% |
| Distributable reserves | 133 | €347,160 | €341,650 | -€5,510 | -1.6% |
| Profit (loss) carried forward | 14 | €599 | €602 | +€4 | +0.6% |
| Amounts payable | 17/49 | €281,484 | €489,123 | +€207,638 | +73.8% |
| Amounts payable after more than one year | 17 | €98,927 | €81,591 | -€17,335 | -17.5% |
| Financial debts | 170/4 | €98,927 | €81,591 | -€17,335 | -17.5% |
| Amounts payable within one year | 42/48 | €179,203 | €407,531 | +€228,328 | +127% |
| Current portion of amounts payable after more than one year | 42 | €92,710 | €92,382 | -€329 | -0.4% |
| Trade debts | 44 | €41,515 | €226,187 | +€184,672 | +445% |
| Suppliers | 440/4 | €41,515 | €226,187 | +€184,672 | +445% |
| Taxes, remuneration and social security | 45 | €39,840 | €39,222 | -€618 | -1.6% |
| Taxes | 450/3 | €39,840 | €39,222 | -€618 | -1.6% |
| Other amounts payable | 47/48 | €5,138 | €49,741 | +€44,603 | +868% |
| Accrued charges and deferred income | 492/3 | €3,355 | - | -€3,355 | |
| Non-recurring operating income | 76A | €8,250 | - | -€8,250 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,874 | €18,416 | -€457 | -2.4% |
| Other operating charges | 640/8 | €4,176 | €1,316 | -€2,860 | -68.5% |
| Gross operating margin | 9900 | €124,741 | €114,705 | -€10,036 | -8.0% |
| Operating profit (loss) | 9901 | €101,692 | €94,973 | -€6,719 | -6.6% |
| Financial income | 75/76B | €201 | €202 | +€1 | +0.5% |
| Recurring financial income | 75 | €201 | €202 | +€1 | +0.5% |
| Financial charges | 65/66B | €10,060 | €9,704 | -€356 | -3.5% |
| Recurring financial charges | 65 | €10,060 | €9,704 | -€356 | -3.5% |
| Profit (loss) for the period before taxes | 9903 | €91,833 | €85,470 | -€6,362 | -6.9% |
| Income taxes | 67/77 | €26,881 | €26,727 | -€155 | -0.6% |
| Profit (loss) for the period | 9904 | €64,951 | €58,744 | -€6,207 | -9.6% |
| Profit (loss) for the period to be appropriated | 9905 | €64,951 | €58,744 | -€6,207 | -9.6% |
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 30 October 2026 via checked.be.