MOERMANS MICHIEL: 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.
MOERMANS MICHIEL
Largest movements
- Tangible fixed assets +€390,634
up €390,634 (+65.0%), from €600,976 to €991,610
of which Furniture and vehicles: +€226,139
- Receivables within one year +€67,301
up €67,301 (+86.0%), from €78,232 to €145,534
of which Other amounts receivable: +€41,267
- Receivables after one year -€27,957
no longer reported in 2025 (was €27,957)
- Cash -€27,348
down €27,348 (-24.0%), from €114,165 to €86,817
mainly Investment in fixed assets (net) (-€548,700) and Receivables within one year (-€67,301)
- Debts after one year +€190,853
up €190,853 (+57.2%), from €333,377 to €524,229
- Trade debts +€96,329
up €96,329 (+202%), from €47,753 to €144,082
- Current portion of long-term debt +€72,776
up €72,776 (+70.5%), from €103,181 to €175,957
- Profit (loss) carried forward +€52,500
up €52,500 (+19.6%), from €267,662 to €320,163
- Other debts -€36,255
down €36,255 (-95.4%), from €38,000 to €1,745
- Gross operating margin +€252,809
up €252,809 (+85.4%), from €296,070 to €548,879
- Staff costs +€174,170
up €174,170 (+181%), from €96,042 to €270,212
- Depreciation +€83,702
up €83,702 (+113%), from €74,094 to €157,797
- Financial charges +€12,400
up €12,400 (+99.9%), from €12,412 to €24,811
- Taxes -€11,383
down €11,383 (-71.3%), from €15,955 to €4,571
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €827,306 | €1,227,135 | +€399,829 | +48.3% |
| Fixed assets | 21/28 | €603,076 | €993,979 | +€390,904 | +64.8% |
| Tangible fixed assets | 22/27 | €600,976 | €991,610 | +€390,634 | +65.0% |
| Plant, machinery and equipment | 23 | €1,453 | €1,232 | -€221 | -15.2% |
| Furniture and vehicles | 24 | €141,674 | €367,813 | +€226,139 | +160% |
| Leasing and similar rights | 25 | €457,850 | €622,565 | +€164,715 | +36.0% |
| Financial fixed assets | 28 | €2,100 | €2,370 | +€270 | +12.9% |
| Current assets | 29/58 | €224,231 | €233,156 | +€8,925 | +4.0% |
| Amounts receivable after more than one year | 29 | €27,957 | - | -€27,957 | |
| Other amounts receivable | 291 | €27,957 | - | -€27,957 | |
| Amounts receivable within one year | 40/41 | €78,232 | €145,534 | +€67,301 | +86.0% |
| Trade receivables | 40 | €53,194 | €79,228 | +€26,034 | +48.9% |
| Other amounts receivable | 41 | €25,038 | €66,306 | +€41,267 | +165% |
| Cash at bank and in hand | 54/58 | €114,165 | €86,817 | -€27,348 | -24.0% |
| Deferred charges and accrued income | 490/1 | €3,876 | €805 | -€3,072 | -79.2% |
| Total equity and liabilities | 10/49 | €827,306 | €1,227,135 | +€399,829 | +48.3% |
| Equity | 10/15 | €286,557 | €338,129 | +€51,572 | +18.0% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €267,662 | €320,163 | +€52,500 | +19.6% |
| Investment grants | 15 | €3,895 | €2,966 | -€929 | -23.8% |
| Amounts payable | 17/49 | €540,750 | €889,006 | +€348,257 | +64.4% |
| Amounts payable after more than one year | 17 | €333,377 | €524,229 | +€190,853 | +57.2% |
| Financial debts | 170/4 | €333,377 | €524,229 | +€190,853 | +57.2% |
| Amounts payable within one year | 42/48 | €207,373 | €364,777 | +€157,404 | +75.9% |
| Current portion of amounts payable after more than one year | 42 | €103,181 | €175,957 | +€72,776 | +70.5% |
| Financial debts | 43 | - | €8,095 | +€8,095 | |
| Other loans | 439 | - | €8,095 | +€8,095 | |
| Trade debts | 44 | €47,753 | €144,082 | +€96,329 | +202% |
| Suppliers | 440/4 | €47,753 | €144,082 | +€96,329 | +202% |
| Taxes, remuneration and social security | 45 | €18,438 | €34,898 | +€16,460 | +89.3% |
| Taxes | 450/3 | €2,587 | €3,069 | +€482 | +18.6% |
| Remuneration and social security | 454/9 | €15,851 | €31,829 | +€15,978 | +101% |
| Other amounts payable | 47/48 | €38,000 | €1,745 | -€36,255 | -95.4% |
| Remuneration, social security and pensions | 62 | €96,042 | €270,212 | +€174,170 | +181% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €74,094 | €157,797 | +€83,702 | +113% |
| Other operating charges | 640/8 | €30,068 | €39,916 | +€9,848 | +32.8% |
| Gross operating margin | 9900 | €296,070 | €548,879 | +€252,809 | +85.4% |
| Operating profit (loss) | 9901 | €95,865 | €80,954 | -€14,912 | -15.6% |
| Financial income | 75/76B | €951 | €930 | -€21 | -2.2% |
| Recurring financial income | 75 | €951 | €930 | -€21 | -2.2% |
| Financial charges | 65/66B | €12,412 | €24,811 | +€12,400 | +99.9% |
| Recurring financial charges | 65 | €12,412 | €24,811 | +€12,400 | +99.9% |
| Profit (loss) for the period before taxes | 9903 | €84,405 | €57,072 | -€27,333 | -32.4% |
| Income taxes | 67/77 | €15,955 | €4,571 | -€11,383 | -71.3% |
| Profit (loss) for the period | 9904 | €68,450 | €52,500 | -€15,950 | -23.3% |
| Profit (loss) for the period to be appropriated | 9905 | €68,450 | €52,500 | -€15,950 | -23.3% |
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 25 October 2026 via checked.be.