MOERMAN ANN: 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 ANN
Largest movements
- Receivables after one year +€125,000
up €125,000 (+62.5%), from €200,000 to €325,000
- Current investments -€125,000
no longer reported in 2025 (was €125,000)
- Cash +€91,772
up €91,772 (+93.2%), from €98,509 to €190,281
mainly Current investments (+€125,000) and Net result for the year (+€81,673)
- Tangible fixed assets -€17,861
down €17,861 (-20.3%), from €87,778 to €69,917
of which Land and buildings: -€15,350
- Stocks and contracts -€13,247
down €13,247 (-7.8%), from €169,797 to €156,550
- Other debts +€50,073
up €50,073 (+60.8%), from €82,329 to €132,403
- Reserves +€27,840
up €27,840 (+5.1%), from €550,662 to €578,502
- Current portion of long-term debt -€26,761
no longer reported in 2025 (was €26,761)
- Trade debts +€10,301
up €10,301 (+22.5%), from €45,690 to €55,991
- Gross operating margin -€9,355
down €9,355 (-6.4%), from €146,763 to €137,408
- Financial income +€2,995
up €2,995 (+28.5%), from €10,498 to €13,492
- Taxes -€2,752
down €2,752 (-7.9%), from €35,001 to €32,249
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 | €756,088 | €819,356 | +€63,268 | +8.4% |
| Fixed assets | 21/28 | €87,778 | €69,917 | -€17,861 | -20.3% |
| Tangible fixed assets | 22/27 | €87,778 | €69,917 | -€17,861 | -20.3% |
| Land and buildings | 22 | €76,750 | €61,400 | -€15,350 | -20.0% |
| Plant, machinery and equipment | 23 | €10,351 | €8,366 | -€1,985 | -19.2% |
| Furniture and vehicles | 24 | €677 | €151 | -€526 | -77.7% |
| Current assets | 29/58 | €668,310 | €749,439 | +€81,129 | +12.1% |
| Amounts receivable after more than one year | 29 | €200,000 | €325,000 | +€125,000 | +62.5% |
| Other amounts receivable | 291 | €200,000 | €325,000 | +€125,000 | +62.5% |
| Stocks and contracts in progress | 3 | €169,797 | €156,550 | -€13,247 | -7.8% |
| Stocks | 30/36 | €169,797 | €156,550 | -€13,247 | -7.8% |
| Amounts receivable within one year | 40/41 | €63,701 | €63,840 | +€138 | +0.2% |
| Trade receivables | 40 | €48,728 | €48,684 | -€44 | -0.1% |
| Other amounts receivable | 41 | €14,973 | €15,156 | +€183 | +1.2% |
| Current investments | 50/53 | €125,000 | - | -€125,000 | |
| Cash at bank and in hand | 54/58 | €98,509 | €190,281 | +€91,772 | +93.2% |
| Deferred charges and accrued income | 490/1 | €11,303 | €13,768 | +€2,466 | +21.8% |
| Total equity and liabilities | 10/49 | €756,088 | €819,356 | +€63,268 | +8.4% |
| Equity | 10/15 | €591,189 | €619,029 | +€27,840 | +4.7% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €550,662 | €578,502 | +€27,840 | +5.1% |
| Distributable reserves | 133 | €550,662 | €578,502 | +€27,840 | +5.1% |
| Profit (loss) carried forward | 14 | €15,526 | €15,526 | = | 0.0% |
| Amounts payable | 17/49 | €164,899 | €200,328 | +€35,428 | +21.5% |
| Amounts payable within one year | 42/48 | €157,532 | €194,413 | +€36,881 | +23.4% |
| Current portion of amounts payable after more than one year | 42 | €26,761 | - | -€26,761 | |
| Trade debts | 44 | €45,690 | €55,991 | +€10,301 | +22.5% |
| Suppliers | 440/4 | €45,690 | €55,991 | +€10,301 | +22.5% |
| Taxes, remuneration and social security | 45 | €2,752 | €6,019 | +€3,267 | +118.7% |
| Taxes | 450/3 | - | €3,321 | +€3,321 | |
| Remuneration and social security | 454/9 | €2,752 | €2,698 | -€54 | -2.0% |
| Other amounts payable | 47/48 | €82,329 | €132,403 | +€50,073 | +60.8% |
| Accrued charges and deferred income | 492/3 | €7,367 | €5,915 | -€1,452 | -19.7% |
| Remuneration, social security and pensions | 62 | €3,411 | €3,362 | -€50 | -1.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,759 | €19,831 | +€72 | +0.4% |
| Other operating charges | 640/8 | €3,732 | €5,102 | +€1,370 | +36.7% |
| Gross operating margin | 9900 | €146,763 | €137,408 | -€9,355 | -6.4% |
| Operating profit (loss) | 9901 | €119,861 | €109,114 | -€10,747 | -9.0% |
| Financial income | 75/76B | €10,498 | €13,492 | +€2,995 | +28.5% |
| Recurring financial income | 75 | €10,498 | €13,492 | +€2,995 | +28.5% |
| Financial charges | 65/66B | €10,114 | €8,684 | -€1,430 | -14.1% |
| Recurring financial charges | 65 | €10,114 | €8,684 | -€1,430 | -14.1% |
| Profit (loss) for the period before taxes | 9903 | €120,245 | €113,922 | -€6,323 | -5.3% |
| Income taxes | 67/77 | €35,001 | €32,249 | -€2,752 | -7.9% |
| Profit (loss) for the period | 9904 | €85,244 | €81,673 | -€3,570 | -4.2% |
| Profit (loss) for the period to be appropriated | 9905 | €85,244 | €81,673 | -€3,570 | -4.2% |
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 29 September 2026 via checked.be.