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.
Moerman
Largest movements
- Cash +€20,223
up €20,223 (+95.7%), from €21,134 to €41,357
mainly Net result for the year (+€22,347) and Receivables within one year (+€14,369)
- Receivables within one year -€14,369
down €14,369 (-51.1%), from €28,143 to €13,774
of which Trade receivables: -€19,327
- Stocks and contracts -€7,774
no longer reported in 2025 (was €7,774)
of which Contracts in progress: -€5,501
- Tangible fixed assets +€2,417
up €2,417 (+26.6%), from €9,090 to €11,507
of which Plant, machinery and equipment: +€2,416
- Reserves +€18,000
up €18,000 (+125.2%), from €14,377 to €32,377
- Advances received -€15,970
no longer reported in 2025 (was €15,970)
- Other debts +€4,000
up €4,000, from €0 to €4,000
- Tax, wage and social debts -€3,320
down €3,320 (-38.8%), from €8,559 to €5,239
- Trade debts -€2,539
down €2,539 (-34.2%), from €7,427 to €4,887
- Gross operating margin +€17,601
up €17,601 (+103.2%), from €17,063 to €34,663
- Taxes +€3,133
up €3,133 (+75.5%), from €4,151 to €7,285
- Depreciation +€1,443
up €1,443 (+74.7%), from €1,931 to €3,374
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 | €66,741 | €67,259 | +€517 | +0.8% |
| Fixed assets | 21/28 | €9,090 | €11,507 | +€2,417 | +26.6% |
| Tangible fixed assets | 22/27 | €9,090 | €11,507 | +€2,417 | +26.6% |
| Plant, machinery and equipment | 23 | €4,913 | €7,329 | +€2,416 | +49.2% |
| Furniture and vehicles | 24 | €4,176 | €4,177 | +€1 | 0.0% |
| Current assets | 29/58 | €57,652 | €55,752 | -€1,900 | -3.3% |
| Stocks and contracts in progress | 3 | €7,774 | - | -€7,774 | |
| Stocks | 30/36 | €2,273 | - | -€2,273 | |
| Contracts in progress | 37 | €5,501 | - | -€5,501 | |
| Amounts receivable within one year | 40/41 | €28,143 | €13,774 | -€14,369 | -51.1% |
| Trade receivables | 40 | €19,349 | €22 | -€19,327 | -99.9% |
| Other amounts receivable | 41 | €8,794 | €13,753 | +€4,959 | +56.4% |
| Cash at bank and in hand | 54/58 | €21,134 | €41,357 | +€20,223 | +95.7% |
| Deferred charges and accrued income | 490/1 | €601 | €621 | +€20 | +3.3% |
| Total equity and liabilities | 10/49 | €66,741 | €67,259 | +€517 | +0.8% |
| Equity | 10/15 | €34,786 | €53,132 | +€18,347 | +52.7% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €14,377 | €32,377 | +€18,000 | +125.2% |
| Distributable reserves | 133 | €14,377 | €32,377 | +€18,000 | +125.2% |
| Profit (loss) carried forward | 14 | €1,859 | €2,205 | +€347 | +18.7% |
| Amounts payable | 17/49 | €31,956 | €14,126 | -€17,829 | -55.8% |
| Amounts payable within one year | 42/48 | €31,956 | €14,126 | -€17,829 | -55.8% |
| Trade debts | 44 | €7,427 | €4,887 | -€2,539 | -34.2% |
| Suppliers | 440/4 | €7,427 | €4,887 | -€2,539 | -34.2% |
| Advances received on contracts in progress | 46 | €15,970 | - | -€15,970 | |
| Taxes, remuneration and social security | 45 | €8,559 | €5,239 | -€3,320 | -38.8% |
| Taxes | 450/3 | €8,559 | €5,239 | -€3,320 | -38.8% |
| Other amounts payable | 47/48 | €0 | €4,000 | +€4,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,931 | €3,374 | +€1,443 | +74.7% |
| Other operating charges | 640/8 | €1,303 | €1,223 | -€80 | -6.1% |
| Non-recurring operating charges | 66A | - | €309 | +€309 | |
| Gross operating margin | 9900 | €17,063 | €34,663 | +€17,601 | +103.2% |
| Operating profit (loss) | 9901 | €13,828 | €29,757 | +€15,929 | +115.2% |
| Financial income | 75/76B | €0 | €10 | +€10 | |
| Recurring financial income | 75 | €0 | €10 | +€10 | |
| Financial charges | 65/66B | €132 | €136 | +€5 | +3.4% |
| Recurring financial charges | 65 | €132 | €136 | +€5 | +3.4% |
| Profit (loss) for the period before taxes | 9903 | €13,697 | €29,631 | +€15,935 | +116.3% |
| Income taxes | 67/77 | €4,151 | €7,285 | +€3,133 | +75.5% |
| Profit (loss) for the period | 9904 | €9,545 | €22,347 | +€12,801 | +134.1% |
| Profit (loss) for the period to be appropriated | 9905 | €9,545 | €22,347 | +€12,801 | +134.1% |
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 10 October 2026 via checked.be.