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.
Moerman
Largest movements
- Tangible fixed assets -€36,698
down €36,698 (-22.9%), from €160,541 to €123,844
of which Furniture and vehicles: -€34,705
- Receivables within one year -€28,708
down €28,708 (-40.0%), from €71,801 to €43,093
of which Trade receivables: -€34,249
- Stocks and contracts -€15,192
down €15,192 (-25.3%), from €60,106 to €44,914
- Cash +€6,835
up €6,835 (+3.4%), from €203,234 to €210,069
mainly Depreciation (+€44,073) and Receivables within one year (+€28,708)
- Trade debts -€38,782
down €38,782 (-43.6%), from €89,009 to €50,226
- Debts after one year -€30,457
down €30,457 (-31.4%), from €96,931 to €66,474
- Accrued charges and deferred income +€16,764
up €16,764 (+4442.8%), from €377 to €17,141
- Tax, wage and social debts -€15,935
down €15,935 (-51.4%), from €31,023 to €15,088
of which Taxes: -€16,296
- Gross operating margin +€10,262
up €10,262 (+3.7%), from €275,808 to €286,069
- Write-downs +€10,000
up €10,000, from -€10,000 to €0
- Financial charges -€3,269
down €3,269 (-13.9%), from €23,496 to €20,226
of which Financial charges: -€3,269
- Taxes +€3,078
up €3,078 (+199.6%), from €1,542 to €4,620
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €628,206 | €554,752 | -€73,454 | -11.7% |
| Fixed assets | 21/28 | €162,462 | €125,764 | -€36,698 | -22.6% |
| Tangible fixed assets | 22/27 | €160,541 | €123,844 | -€36,698 | -22.9% |
| Land and buildings | 22 | €11,672 | €7,655 | -€4,017 | -34.4% |
| Plant, machinery and equipment | 23 | €6,019 | €8,044 | +€2,025 | +33.6% |
| Furniture and vehicles | 24 | €142,850 | €108,145 | -€34,705 | -24.3% |
| Financial fixed assets | 28 | €1,920 | €1,920 | = | 0.0% |
| Current assets | 29/58 | €465,745 | €428,988 | -€36,757 | -7.9% |
| Stocks and contracts in progress | 3 | €60,106 | €44,914 | -€15,192 | -25.3% |
| Contracts in progress | 37 | €60,106 | €44,914 | -€15,192 | -25.3% |
| Amounts receivable within one year | 40/41 | €71,801 | €43,093 | -€28,708 | -40.0% |
| Trade receivables | 40 | €56,157 | €21,908 | -€34,249 | -61.0% |
| Other amounts receivable | 41 | €15,644 | €21,185 | +€5,541 | +35.4% |
| Current investments | 50/53 | €125,000 | €125,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €203,234 | €210,069 | +€6,835 | +3.4% |
| Deferred charges and accrued income | 490/1 | €5,603 | €5,912 | +€308 | +5.5% |
| Total equity and liabilities | 10/49 | €628,206 | €554,752 | -€73,454 | -11.7% |
| Equity | 10/15 | €217,604 | €215,694 | -€1,910 | -0.9% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €155,604 | €155,604 | = | 0.0% |
| Non-distributable reserves | 130/1 | €42,200 | €42,200 | = | 0.0% |
| Legal reserve | 130 | €42,200 | €42,200 | = | 0.0% |
| Distributable reserves | 133 | €113,404 | €113,404 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€1,910 | -€1,910 | |
| Provisions and deferred taxes | 16 | €84,617 | €84,846 | +€228 | +0.3% |
| Provisions for liabilities and charges | 160/5 | €84,617 | €84,846 | +€228 | +0.3% |
| Pensions and similar obligations | 160 | €84,617 | €84,846 | +€228 | +0.3% |
| Amounts payable | 17/49 | €325,985 | €254,212 | -€71,773 | -22.0% |
| Amounts payable after more than one year | 17 | €96,931 | €66,474 | -€30,457 | -31.4% |
| Financial debts | 170/4 | €96,931 | €66,474 | -€30,457 | -31.4% |
| Amounts payable within one year | 42/48 | €228,677 | €170,598 | -€58,080 | -25.4% |
| Current portion of amounts payable after more than one year | 42 | €29,284 | €30,541 | +€1,257 | +4.3% |
| Trade debts | 44 | €89,009 | €50,226 | -€38,782 | -43.6% |
| Suppliers | 440/4 | €89,009 | €50,226 | -€38,782 | -43.6% |
| Taxes, remuneration and social security | 45 | €31,023 | €15,088 | -€15,935 | -51.4% |
| Taxes | 450/3 | €19,950 | €3,653 | -€16,296 | -81.7% |
| Remuneration and social security | 454/9 | €11,074 | €11,435 | +€361 | +3.3% |
| Other amounts payable | 47/48 | €79,361 | €74,742 | -€4,619 | -5.8% |
| Accrued charges and deferred income | 492/3 | €377 | €17,141 | +€16,764 | +4442.8% |
| Non-recurring operating income | 76A | €413 | €0 | -€413 | -100.0% |
| Remuneration, social security and pensions | 62 | €216,349 | €217,481 | +€1,132 | +0.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,593 | €44,073 | +€1,480 | +3.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€10,000 | €0 | +€10,000 | |
| Other operating charges | 640/8 | €2,136 | €1,941 | -€195 | -9.1% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €275,808 | €286,069 | +€10,262 | +3.7% |
| Operating profit (loss) | 9901 | €24,729 | €22,574 | -€2,155 | -8.7% |
| Financial income | 75/76B | €328 | €362 | +€34 | +10.2% |
| Recurring financial income | 75 | €328 | €362 | +€34 | +10.2% |
| Financial charges | 65/66B | €23,496 | €20,226 | -€3,269 | -13.9% |
| Recurring financial charges | 65 | €23,496 | €20,226 | -€3,269 | -13.9% |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | €1,562 | €2,710 | +€1,148 | +73.5% |
| Income taxes | 67/77 | €1,542 | €4,620 | +€3,078 | +199.6% |
| Profit (loss) for the period | 9904 | €20 | -€1,910 | -€1,930 | |
| Profit (loss) for the period to be appropriated | 9905 | €20 | -€1,910 | -€1,930 |
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.