Moernaut: 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.
Moernaut
Largest movements
- Stocks and contracts -€131,677
down €131,677 (-11.6%), from €1.1m to €1.0m
- Tangible fixed assets -€124,170
down €124,170 (-12.0%), from €1.0m to €910,217
of which Other tangible fixed assets: -€112,907
- Debts after one year -€348,540
down €348,540 (-60.3%), from €578,362 to €229,821
- Other debts +€229,331
up €229,331 (+102.9%), from €222,926 to €452,258
- Reserves -€121,234
down €121,234 (-22.2%), from €546,691 to €425,457
of which Distributable reserves: -€121,234
- Trade debts -€44,206
down €44,206 (-28.8%), from €153,609 to €109,403
- Current portion of long-term debt +€27,689
up €27,689 (+4.4%), from €626,564 to €654,253
- Gross operating margin -€68,533
down €68,533 (-8.2%), from €839,253 to €770,720
- Financial charges -€11,487
down €11,487 (-20.0%), from €57,332 to €45,844
- Financial income -€8,966
down €8,966 (-16.6%), from €53,892 to €44,926
- Depreciation +€8,683
up €8,683 (+4.4%), from €196,472 to €205,156
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 | €2,342,749 | €2,078,363 | -€264,386 | -11.3% |
| Fixed assets | 21/28 | €1,058,300 | €928,298 | -€130,002 | -12.3% |
| Intangible fixed assets | 21 | €23,328 | €17,496 | -€5,832 | -25.0% |
| Tangible fixed assets | 22/27 | €1,034,387 | €910,217 | -€124,170 | -12.0% |
| Land and buildings | 22 | €9,810 | €7,648 | -€2,162 | -22.0% |
| Plant, machinery and equipment | 23 | €3,351 | €2,034 | -€1,317 | -39.3% |
| Furniture and vehicles | 24 | €21,617 | €13,833 | -€7,784 | -36.0% |
| Other tangible fixed assets | 26 | €999,609 | €886,702 | -€112,907 | -11.3% |
| Financial fixed assets | 28 | €585 | €585 | = | 0.0% |
| Current assets | 29/58 | €1,284,449 | €1,150,065 | -€134,384 | -10.5% |
| Stocks and contracts in progress | 3 | €1,134,874 | €1,003,197 | -€131,677 | -11.6% |
| Stocks | 30/36 | €1,134,874 | €1,003,197 | -€131,677 | -11.6% |
| Amounts receivable within one year | 40/41 | €101,904 | €82,013 | -€19,890 | -19.5% |
| Trade receivables | 40 | €99,665 | €81,071 | -€18,594 | -18.7% |
| Other amounts receivable | 41 | €2,239 | €943 | -€1,296 | -57.9% |
| Cash at bank and in hand | 54/58 | €31,623 | €51,944 | +€20,321 | +64.3% |
| Deferred charges and accrued income | 490/1 | €16,048 | €12,911 | -€3,137 | -19.5% |
| Total equity and liabilities | 10/49 | €2,342,749 | €2,078,363 | -€264,386 | -11.3% |
| Equity | 10/15 | €571,691 | €450,457 | -€121,234 | -21.2% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €546,691 | €425,457 | -€121,234 | -22.2% |
| Non-distributable reserves | 130/1 | €2,500 | €2,500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,500 | €2,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €11,495 | €11,495 | = | 0.0% |
| Distributable reserves | 133 | €532,695 | €411,461 | -€121,234 | -22.8% |
| Amounts payable | 17/49 | €1,771,058 | €1,627,906 | -€143,152 | -8.1% |
| Amounts payable after more than one year | 17 | €578,362 | €229,821 | -€348,540 | -60.3% |
| Financial debts | 170/4 | €578,362 | €229,821 | -€348,540 | -60.3% |
| Amounts payable within one year | 42/48 | €1,189,591 | €1,393,101 | +€203,509 | +17.1% |
| Current portion of amounts payable after more than one year | 42 | €626,564 | €654,253 | +€27,689 | +4.4% |
| Trade debts | 44 | €153,609 | €109,403 | -€44,206 | -28.8% |
| Suppliers | 440/4 | €153,609 | €109,403 | -€44,206 | -28.8% |
| Taxes, remuneration and social security | 45 | €186,491 | €177,187 | -€9,305 | -5.0% |
| Taxes | 450/3 | €59,590 | €57,000 | -€2,591 | -4.3% |
| Remuneration and social security | 454/9 | €126,901 | €120,187 | -€6,714 | -5.3% |
| Other amounts payable | 47/48 | €222,926 | €452,258 | +€229,331 | +102.9% |
| Accrued charges and deferred income | 492/3 | €3,105 | €4,984 | +€1,879 | +60.5% |
| Remuneration, social security and pensions | 62 | €682,243 | €677,336 | -€4,907 | -0.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €196,472 | €205,156 | +€8,683 | +4.4% |
| Other operating charges | 640/8 | €6,956 | €8,008 | +€1,051 | +15.1% |
| Gross operating margin | 9900 | €839,253 | €770,720 | -€68,533 | -8.2% |
| Operating profit (loss) | 9901 | -€46,419 | -€119,780 | -€73,361 | -158.0% |
| Financial income | 75/76B | €53,892 | €44,926 | -€8,966 | -16.6% |
| Recurring financial income | 75 | €53,892 | €44,926 | -€8,966 | -16.6% |
| Financial charges | 65/66B | €57,332 | €45,844 | -€11,487 | -20.0% |
| Recurring financial charges | 65 | €57,332 | €45,844 | -€11,487 | -20.0% |
| Profit (loss) for the period before taxes | 9903 | -€49,858 | -€120,698 | -€70,840 | -142.1% |
| Income taxes | 67/77 | €665 | €536 | -€129 | -19.4% |
| Profit (loss) for the period | 9904 | -€50,523 | -€121,234 | -€70,711 | -140.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€50,523 | -€121,234 | -€70,711 | -140.0% |
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 3 October 2026 via checked.be.