MOERMAN bis: 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 bis
Largest movements
- Receivables within one year -€200,809
down €200,809 (-22.4%), from €895,111 to €694,301
of which Trade receivables: -€231,228
- Stocks and contracts +€172,864
up €172,864 (+11.5%), from €1.5m to €1.7m
- Cash -€69,477
down €69,477 (-26.9%), from €257,855 to €188,378
mainly Stocks and contracts (-€172,864) and Trade debts (-€162,205)
- Intangible fixed assets -€36,479
down €36,479 (-11.1%), from €328,212 to €291,733
- Trade debts -€162,205
down €162,205 (-21.6%), from €751,632 to €589,428
- Debts after one year -€143,691
down €143,691 (-13.1%), from €1.1m to €953,869
- Tax, wage and social debts +€90,047
up €90,047 (+41.8%), from €215,344 to €305,391
of which Taxes: +€49,381
- Reserves +€72,950
up €72,950 (+16.3%), from €447,177 to €520,127
- Advances received -€53,897
down €53,897 (-28.5%), from €189,072 to €135,175
- Staff costs +€206,254
up €206,254 (+26.6%), from €776,361 to €982,615
- Gross operating margin +€190,704
up €190,704 (+17.9%), from €1.1m to €1.3m
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 | €3,388,124 | €3,202,714 | -€185,411 | -5.5% |
| Fixed assets | 21/28 | €634,917 | €567,895 | -€67,022 | -10.6% |
| Intangible fixed assets | 21 | €328,212 | €291,733 | -€36,479 | -11.1% |
| Tangible fixed assets | 22/27 | €306,705 | €275,232 | -€31,473 | -10.3% |
| Land and buildings | 22 | €30,473 | €18,677 | -€11,796 | -38.7% |
| Plant, machinery and equipment | 23 | €56,046 | €56,089 | +€42 | +0.1% |
| Furniture and vehicles | 24 | €35,485 | €36,595 | +€1,110 | +3.1% |
| Other tangible fixed assets | 26 | €184,701 | €163,872 | -€20,829 | -11.3% |
| Financial fixed assets | 28 | €0 | €930 | +€930 | |
| Current assets | 29/58 | €2,753,208 | €2,634,819 | -€118,389 | -4.3% |
| Amounts receivable after more than one year | 29 | €25,000 | €25,000 | = | 0.0% |
| Other amounts receivable | 291 | €25,000 | €25,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €1,500,314 | €1,673,179 | +€172,864 | +11.5% |
| Stocks | 30/36 | €1,500,314 | €1,673,179 | +€172,864 | +11.5% |
| Amounts receivable within one year | 40/41 | €895,111 | €694,301 | -€200,809 | -22.4% |
| Trade receivables | 40 | €479,103 | €247,874 | -€231,228 | -48.3% |
| Other amounts receivable | 41 | €416,008 | €446,427 | +€30,419 | +7.3% |
| Cash at bank and in hand | 54/58 | €257,855 | €188,378 | -€69,477 | -26.9% |
| Deferred charges and accrued income | 490/1 | €74,927 | €53,961 | -€20,967 | -28.0% |
| Total equity and liabilities | 10/49 | €3,388,124 | €3,202,714 | -€185,411 | -5.5% |
| Equity | 10/15 | €522,177 | €595,127 | +€72,950 | +14.0% |
| Contributions | 10/11 | €75,000 | €75,000 | = | 0.0% |
| Reserves | 13 | €447,177 | €520,127 | +€72,950 | +16.3% |
| Distributable reserves | 133 | €447,177 | €520,127 | +€72,950 | +16.3% |
| Amounts payable | 17/49 | €2,865,947 | €2,607,587 | -€258,360 | -9.0% |
| Amounts payable after more than one year | 17 | €1,097,560 | €953,869 | -€143,691 | -13.1% |
| Financial debts | 170/4 | €1,097,560 | €953,869 | -€143,691 | -13.1% |
| Amounts payable within one year | 42/48 | €1,761,947 | €1,647,264 | -€114,683 | -6.5% |
| Current portion of amounts payable after more than one year | 42 | €204,574 | €214,195 | +€9,621 | +4.7% |
| Financial debts | 43 | €400,127 | €403,075 | +€2,948 | +0.7% |
| Credit institutions | 430/8 | €400,127 | €403,075 | +€2,948 | +0.7% |
| Trade debts | 44 | €751,632 | €589,428 | -€162,205 | -21.6% |
| Suppliers | 440/4 | €751,632 | €589,428 | -€162,205 | -21.6% |
| Advances received on contracts in progress | 46 | €189,072 | €135,175 | -€53,897 | -28.5% |
| Taxes, remuneration and social security | 45 | €215,344 | €305,391 | +€90,047 | +41.8% |
| Taxes | 450/3 | €85,719 | €135,100 | +€49,381 | +57.6% |
| Remuneration and social security | 454/9 | €129,625 | €170,291 | +€40,666 | +31.4% |
| Other amounts payable | 47/48 | €1,198 | €0 | -€1,198 | -100.0% |
| Accrued charges and deferred income | 492/3 | €6,440 | €6,454 | +€14 | +0.2% |
| Non-recurring operating income | 76A | €258 | €0 | -€258 | -100.0% |
| Remuneration, social security and pensions | 62 | €776,361 | €982,615 | +€206,254 | +26.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €81,465 | €93,139 | +€11,674 | +14.3% |
| Other operating charges | 640/8 | €4,855 | €5,162 | +€307 | +6.3% |
| Gross operating margin | 9900 | €1,063,966 | €1,254,670 | +€190,704 | +17.9% |
| Operating profit (loss) | 9901 | €201,286 | €173,755 | -€27,531 | -13.7% |
| Financial income | 75/76B | €12,316 | €12,625 | +€309 | +2.5% |
| Recurring financial income | 75 | €12,316 | €12,625 | +€309 | +2.5% |
| Financial charges | 65/66B | €77,585 | €76,029 | -€1,556 | -2.0% |
| Recurring financial charges | 65 | €77,585 | €76,029 | -€1,556 | -2.0% |
| Profit (loss) for the period before taxes | 9903 | €136,017 | €110,350 | -€25,667 | -18.9% |
| Income taxes | 67/77 | €43,858 | €37,401 | -€6,457 | -14.7% |
| Profit (loss) for the period | 9904 | €92,159 | €72,950 | -€19,210 | -20.8% |
| Profit (loss) for the period to be appropriated | 9905 | €92,159 | €72,950 | -€19,210 | -20.8% |
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 7 October 2026 via checked.be.