MOERMAN: 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.
What changed
MOERMAN
NACE 32.910, Other manufacturing
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€247,018
2024 · €163,600+€83,418
Equity
€5.5m
2024 · €5.5m+€27,018
Cash
€32,932
2024 · €98,260-€65,328
Balance sheet total
€12.8m
2024 · €13.3m-€415,736
Largest movements
Assets
- Tangible fixed assets -€562,218
down €562,218 (-6.6%), from €8.5m to €7.9m
of which Plant, machinery and equipment: -€367,730
- Receivables within one year +€375,575
up €375,575 (+20.6%), from €1.8m to €2.2m
of which Trade receivables: +€391,879
- Stocks and contracts -€174,110
down €174,110 (-6.8%), from €2.6m to €2.4m
Equity and liabilities
- Debts after one year -€480,952
down €480,952 (-12.7%), from €3.8m to €3.3m
Income statement
No income-statement line moved by more than 1% of the activity.
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.
Result 2024
€163,600
Turnover
-€60,367
Other operating income
+€74,938
Goods and materials
+€98,311
Services and other goods
+€22,979
Staff costs
-€45,297
Depreciation
-€79,715
Other operating charges
-€8,683
Other operating items
+€72,908
Financial income
+€16,309
Financial charges
+€11,999
Taxes
-€18,673
Deferred taxes and other
-€1,291
Result 2025
€247,018
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.
From operations
+€949,823
Investment
-€389,199
Financing
-€625,952
Cash 2024
€98,260
From operations (derived)
+€949,823
Net result for the year
+€247,018
Depreciation
+€943,632
Stocks and contracts
+€174,110
Receivables within one year
-€375,575
Deferred charges and accrued income
-€2,560
Provisions
-€17,726
Trade debts
-€122,132
Tax, wage and social debts
-€12,628
Other debts
+€120,000
Accrued charges and deferred income
-€4,315
Investment (derived)
-€389,199
Investment in fixed assets (net)
-€389,199
Financing
-€625,952
Debts after one year
-€480,952
Short-term financial debts
+€75,000
Contributions, distributions and other
-€220,000
Cash 2025
€32,932
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €13,250,629 | €12,834,893 | -€415,736 | -3.1% |
| Fixed assets | 21/28 | €8,763,942 | €8,209,509 | -€554,433 | -6.3% |
| Intangible fixed assets | 21 | €250,451 | €257,973 | +€7,523 | +3.0% |
| Tangible fixed assets | 22/27 | €8,510,297 | €7,948,079 | -€562,218 | -6.6% |
| Land and buildings | 22 | €6,402,410 | €6,270,401 | -€132,009 | -2.1% |
| Plant, machinery and equipment | 23 | €1,896,300 | €1,528,570 | -€367,730 | -19.4% |
| Furniture and vehicles | 24 | €211,586 | €149,108 | -€62,479 | -29.5% |
| Financial fixed assets | 28 | €3,194 | €3,456 | +€262 | +8.2% |
| Other financial fixed assets | 284/8 | €3,194 | €3,456 | +€262 | +8.2% |
| Amounts receivable and cash guarantees | 285/8 | €3,194 | €3,456 | +€262 | +8.2% |
| Current assets | 29/58 | €4,486,687 | €4,625,384 | +€138,697 | +3.1% |
| Stocks and contracts in progress | 3 | €2,564,389 | €2,390,280 | -€174,110 | -6.8% |
| Stocks | 30/36 | €2,564,389 | €2,390,280 | -€174,110 | -6.8% |
| Raw materials and consumables | 30/31 | €1,085,400 | €1,091,616 | +€6,216 | +0.6% |
| Work in progress | 32 | €372,631 | €359,658 | -€12,973 | -3.5% |
| Finished goods | 33 | €585,341 | €577,488 | -€7,853 | -1.3% |
| Goods purchased for resale | 34 | €521,018 | €361,518 | -€159,500 | -30.6% |
| Amounts receivable within one year | 40/41 | €1,823,086 | €2,198,661 | +€375,575 | +20.6% |
| Trade receivables | 40 | €1,743,431 | €2,135,310 | +€391,879 | +22.5% |
| Other amounts receivable | 41 | €79,655 | €63,351 | -€16,304 | -20.5% |
| Cash at bank and in hand | 54/58 | €98,260 | €32,932 | -€65,328 | -66.5% |
| Deferred charges and accrued income | 490/1 | €952 | €3,512 | +€2,560 | +269.0% |
| Total equity and liabilities | 10/49 | €13,250,629 | €12,834,893 | -€415,736 | -3.1% |
| Equity | 10/15 | €5,511,171 | €5,538,188 | +€27,018 | +0.5% |
| Contributions | 10/11 | €1,000,000 | €1,000,000 | = | 0.0% |
| Capital | 10 | €1,000,000 | €1,000,000 | = | 0.0% |
| Issued capital | 100 | €1,000,000 | €1,000,000 | = | 0.0% |
| Revaluation surpluses | 12 | €626,774 | €626,774 | = | 0.0% |
| Reserves | 13 | €2,813,858 | €2,760,680 | -€53,178 | -1.9% |
| Non-distributable reserves | 130/1 | €165,104 | €165,104 | = | 0.0% |
| Legal reserve | 130 | €165,104 | €165,104 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,242,254 | €1,189,076 | -€53,178 | -4.3% |
| Distributable reserves | 133 | €1,406,500 | €1,406,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,070,538 | €1,150,734 | +€80,196 | +7.5% |
| Provisions and deferred taxes | 16 | €414,043 | €396,317 | -€17,726 | -4.3% |
| Deferred taxes | 168 | €414,043 | €396,317 | -€17,726 | -4.3% |
| Amounts payable | 17/49 | €7,325,415 | €6,900,387 | -€425,028 | -5.8% |
| Amounts payable after more than one year | 17 | €3,777,976 | €3,297,024 | -€480,952 | -12.7% |
| Financial debts | 170/4 | €3,777,976 | €3,297,024 | -€480,952 | -12.7% |
| Subordinated loans | 170 | €1,000,000 | €1,000,000 | = | 0.0% |
| Credit institutions | 173 | €2,777,976 | €2,297,024 | -€480,952 | -17.3% |
| Amounts payable within one year | 42/48 | €3,536,692 | €3,596,932 | +€60,240 | +1.7% |
| Current portion of amounts payable after more than one year | 42 | €480,952 | €480,952 | = | 0.0% |
| Financial debts | 43 | €1,500,000 | €1,575,000 | +€75,000 | +5.0% |
| Credit institutions | 430/8 | €1,500,000 | €1,575,000 | +€75,000 | +5.0% |
| Trade debts | 44 | €1,172,305 | €1,050,173 | -€122,132 | -10.4% |
| Suppliers | 440/4 | €1,172,305 | €1,050,173 | -€122,132 | -10.4% |
| Taxes, remuneration and social security | 45 | €283,434 | €270,806 | -€12,628 | -4.5% |
| Taxes | 450/3 | €69,913 | €50,046 | -€19,867 | -28.4% |
| Remuneration and social security | 454/9 | €213,522 | €220,760 | +€7,239 | +3.4% |
| Other amounts payable | 47/48 | €100,000 | €220,000 | +€120,000 | +120.0% |
| Accrued charges and deferred income | 492/3 | €10,747 | €6,432 | -€4,315 | -40.2% |
| Operating income | 70/76A | €11,448,760 | €11,454,009 | +€5,249 | 0.0% |
| Turnover | 70 | €11,245,516 | €11,185,150 | -€60,367 | -0.5% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | -€1,504 | -€20,826 | -€19,322 | -1284.8% |
| Other operating income | 74 | €204,748 | €279,686 | +€74,938 | +36.6% |
| Non-recurring operating income | 76A | €0 | €10,000 | +€10,000 | |
| Operating charges | 60/66A | €10,994,180 | €10,924,355 | -€69,825 | -0.6% |
| Goods for resale, raw materials and consumables | 60 | €5,353,497 | €5,255,186 | -€98,311 | -1.8% |
| Purchases | 600/8 | €5,313,542 | €5,101,903 | -€211,639 | -4.0% |
| Change in stocks: decrease (increase) | 609 | €39,955 | €153,283 | +€113,329 | +283.6% |
| Services and other goods | 61 | €2,964,431 | €2,941,452 | -€22,979 | -0.8% |
| Remuneration, social security and pensions | 62 | €1,660,076 | €1,705,373 | +€45,297 | +2.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €863,917 | €943,632 | +€79,715 | +9.2% |
| Other operating charges | 640/8 | €70,029 | €78,712 | +€8,683 | +12.4% |
| Non-recurring operating charges | 66A | €82,230 | €0 | -€82,230 | -100.0% |
| Operating profit (loss) | 9901 | €454,580 | €529,654 | +€75,074 | +16.5% |
| Financial income | 75/76B | €49,426 | €65,735 | +€16,309 | +33.0% |
| Recurring financial income | 75 | €49,426 | €65,735 | +€16,309 | +33.0% |
| Income from current assets | 751 | €3,388 | €2,327 | -€1,061 | -31.3% |
| Other financial income | 752/9 | €46,038 | €63,408 | +€17,370 | +37.7% |
| Financial charges | 65/66B | €306,354 | €294,355 | -€11,999 | -3.9% |
| Recurring financial charges | 65 | €306,354 | €294,355 | -€11,999 | -3.9% |
| Debt charges | 650 | €252,543 | €225,422 | -€27,121 | -10.7% |
| Other financial charges | 652/9 | €53,811 | €68,933 | +€15,122 | +28.1% |
| Profit (loss) for the period before taxes | 9903 | €197,653 | €301,035 | +€103,382 | +52.3% |
| Transfer from deferred taxes | 780 | €19,017 | €17,726 | -€1,291 | -6.8% |
| Income taxes | 67/77 | €53,070 | €71,743 | +€18,673 | +35.2% |
| Taxes | 670/3 | €55,220 | €71,743 | +€16,522 | +29.9% |
| Tax adjustments and reversals of tax provisions | 77 | €2,151 | €0 | -€2,151 | -100.0% |
| Profit (loss) for the period | 9904 | €163,600 | €247,018 | +€83,418 | +51.0% |
| Transfer from tax-exempt reserves | 789 | €57,050 | €53,178 | -€3,872 | -6.8% |
| Profit (loss) for the period to be appropriated | 9905 | €220,650 | €300,196 | +€79,546 | +36.1% |
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 5 October 2026 via checked.be.