MOERMAN: 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.
What changed
MOERMAN
NACE 46.322, Wholesale trade
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€851,642
2024 · €1.3m-€422,510
Equity
€8.3m
2024 · €7.5m+€851,642
Cash
€1.1m
2024 · €947,616+€147,766
Balance sheet total
€10.1m
2024 · €9.7m+€386,081
Largest movements
Assets
- Tangible fixed assets +€645,034
up €645,034 (+32.6%), from €2.0m to €2.6m
of which Other tangible fixed assets: +€676,875
- Current investments -€425,553
down €425,553 (-14.1%), from €3.0m to €2.6m
- Cash +€147,766
up €147,766 (+15.6%), from €947,616 to €1.1m
mainly Net result for the year (+€851,642) and Current investments (+€425,553)
Equity and liabilities
- Reserves +€851,642
up €851,642 (+11.4%), from €7.4m to €8.3m
of which Distributable reserves: +€856,642
- Trade debts -€475,414
down €475,414 (-33.4%), from €1.4m to €946,984
Income statement
- Gross operating margin -€296,006
down €296,006 (-8.6%), from €3.5m to €3.2m
- Other operating charges +€197,041
up €197,041 (+68.2%), from €288,892 to €485,934
- Taxes -€130,319
down €130,319 (-30.5%), from €427,123 to €296,803
- Staff costs +€47,995
up €47,995 (+4.4%), from €1.1m to €1.1m
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
€1.3m
Gross operating margin
-€296,006
Staff costs
-€47,995
Depreciation
-€2,767
Other operating charges
-€197,041
Financial income
+€626
Financial charges
-€9,646
Taxes
+€130,319
Result 2025
€851,642
raises the resultlowers the result
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.
From operations
+€736,891
Investment
-€575,826
Financing
-€13,299
Cash 2024
€947,616
From operations (derived)
+€736,891
Net result for the year
+€851,642
Depreciation
+€356,345
Stocks and contracts
-€15,314
Receivables within one year
+€3,568
Deferred charges and accrued income
-€7,087
Trade debts
-€475,414
Tax, wage and social debts
-€24,920
Other debts
+€65,495
Accrued charges and deferred income
-€17,424
Investment (derived)
-€575,826
Investment in fixed assets (net)
-€1.0m
Current investments
+€425,553
Financing
-€13,299
Debts after one year
-€13,998
Current portion of long-term debt
+€700
Cash 2025
€1.1m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €9,735,774 | €10,121,854 | +€386,081 | +4.0% |
| Fixed assets | 21/28 | €1,978,470 | €2,623,504 | +€645,034 | +32.6% |
| Tangible fixed assets | 22/27 | €1,978,335 | €2,623,369 | +€645,034 | +32.6% |
| Land and buildings | 22 | €290,231 | €0 | -€290,231 | -100% |
| Plant, machinery and equipment | 23 | €785,523 | €1,124,407 | +€338,884 | +43.1% |
| Furniture and vehicles | 24 | €211,672 | €167,542 | -€44,130 | -20.8% |
| Leasing and similar rights | 25 | €690,909 | €654,545 | -€36,364 | -5.3% |
| Other tangible fixed assets | 26 | - | €676,875 | +€676,875 | |
| Financial fixed assets | 28 | €135 | €135 | = | 0.0% |
| Current assets | 29/58 | €7,757,304 | €7,498,350 | -€258,954 | -3.3% |
| Stocks and contracts in progress | 3 | €37,765 | €53,079 | +€15,314 | +40.6% |
| Stocks | 30/36 | €37,765 | €53,079 | +€15,314 | +40.6% |
| Amounts receivable within one year | 40/41 | €3,657,729 | €3,654,161 | -€3,568 | -0.1% |
| Trade receivables | 40 | €3,505,075 | €3,537,992 | +€32,918 | +0.9% |
| Other amounts receivable | 41 | €152,654 | €116,169 | -€36,486 | -23.9% |
| Current investments | 50/53 | €3,008,461 | €2,582,908 | -€425,553 | -14.1% |
| Cash at bank and in hand | 54/58 | €947,616 | €1,095,382 | +€147,766 | +15.6% |
| Deferred charges and accrued income | 490/1 | €105,733 | €112,820 | +€7,087 | +6.7% |
| Total equity and liabilities | 10/49 | €9,735,774 | €10,121,854 | +€386,081 | +4.0% |
| Equity | 10/15 | €7,491,768 | €8,343,410 | +€851,642 | +11.4% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €7,441,768 | €8,293,410 | +€851,642 | +11.4% |
| Non-distributable reserves | 130/1 | €5,000 | €0 | -€5,000 | -100% |
| Reserves not available under the articles | 1311 | €5,000 | €0 | -€5,000 | -100% |
| Distributable reserves | 133 | €7,436,768 | €8,293,410 | +€856,642 | +11.5% |
| Amounts payable | 17/49 | €2,244,006 | €1,778,445 | -€465,561 | -20.7% |
| Amounts payable after more than one year | 17 | €438,712 | €424,714 | -€13,998 | -3.2% |
| Financial debts | 170/4 | €438,712 | €424,714 | -€13,998 | -3.2% |
| Amounts payable within one year | 42/48 | €1,746,492 | €1,312,353 | -€434,139 | -24.9% |
| Current portion of amounts payable after more than one year | 42 | €13,299 | €13,998 | +€700 | +5.3% |
| Trade debts | 44 | €1,422,398 | €946,984 | -€475,414 | -33.4% |
| Suppliers | 440/4 | €1,422,398 | €946,984 | -€475,414 | -33.4% |
| Taxes, remuneration and social security | 45 | €87,536 | €62,616 | -€24,920 | -28.5% |
| Taxes | 450/3 | €10,114 | €4,556 | -€5,558 | -55.0% |
| Remuneration and social security | 454/9 | €77,422 | €58,060 | -€19,362 | -25.0% |
| Other amounts payable | 47/48 | €223,260 | €288,755 | +€65,495 | +29.3% |
| Accrued charges and deferred income | 492/3 | €58,801 | €41,377 | -€17,424 | -29.6% |
| Non-recurring operating income | 76A | €5,000 | €400 | -€4,600 | -92.0% |
| Remuneration, social security and pensions | 62 | €1,094,069 | €1,142,064 | +€47,995 | +4.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €353,577 | €356,345 | +€2,767 | +0.8% |
| Other operating charges | 640/8 | €288,892 | €485,934 | +€197,041 | +68.2% |
| Gross operating margin | 9900 | €3,451,931 | €3,155,925 | -€296,006 | -8.6% |
| Operating profit (loss) | 9901 | €1,715,393 | €1,171,583 | -€543,810 | -31.7% |
| Financial income | 75/76B | €72,022 | €72,649 | +€626 | +0.9% |
| Recurring financial income | 75 | €72,022 | €72,649 | +€626 | +0.9% |
| Financial charges | 65/66B | €86,140 | €95,786 | +€9,646 | +11.2% |
| Recurring financial charges | 65 | €86,140 | €95,786 | +€9,646 | +11.2% |
| Profit (loss) for the period before taxes | 9903 | €1,701,275 | €1,148,446 | -€552,829 | -32.5% |
| Income taxes | 67/77 | €427,123 | €296,803 | -€130,319 | -30.5% |
| Profit (loss) for the period | 9904 | €1,274,152 | €851,642 | -€422,510 | -33.2% |
| Profit (loss) for the period to be appropriated | 9905 | €1,274,152 | €851,642 | -€422,510 | -33.2% |
Source: filed annual accounts (NBB), financial years ended 31 July 2024 and 31 July 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.