Moernaut Geert: 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.
Moernaut Geert
Largest movements
- Cash -€547,861
down €547,861 (-51.7%), from €1.1m to €511,537
mainly Trade debts (-€650,353) and Current investments (-€500,000)
- Current investments +€500,000
up €500,000, from €0 to €500,000
- Receivables within one year -€280,545
down €280,545 (-79.0%), from €355,148 to €74,603
of which Trade receivables: -€218,851
- Tangible fixed assets +€60,926
up €60,926 (+8.8%), from €693,707 to €754,634
of which Furniture and vehicles: +€84,915
- Trade debts -€650,353
down €650,353 (-91.0%), from €714,805 to €64,451
- Debts after one year +€188,518
up €188,518, from €0 to €188,518
- Current portion of long-term debt +€94,333
up €94,333 (+5008.9%), from €1,883 to €96,217
- Other debts +€87,901
up €87,901 (+67.3%), from €130,565 to €218,466
- Reserves +€30,696
up €30,696 (+2.5%), from €1.2m to €1.2m
- Gross operating margin +€96,517
up €96,517 (+19.5%), from €496,174 to €592,691
- Depreciation +€88,205
up €88,205 (+74.2%), from €118,855 to €207,060
- Financial income -€16,498
down €16,498 (-73.2%), from €22,527 to €6,029
- Staff costs +€12,376
up €12,376 (+34.6%), from €35,750 to €48,126
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 | €2,130,248 | €1,864,624 | -€265,624 | -12.5% |
| Fixed assets | 21/28 | €708,247 | €769,174 | +€60,926 | +8.6% |
| Tangible fixed assets | 22/27 | €693,707 | €754,634 | +€60,926 | +8.8% |
| Plant, machinery and equipment | 23 | €104,298 | €80,309 | -€23,989 | -23.0% |
| Furniture and vehicles | 24 | €589,410 | €674,325 | +€84,915 | +14.4% |
| Financial fixed assets | 28 | €14,540 | €14,540 | = | 0.0% |
| Current assets | 29/58 | €1,422,001 | €1,095,450 | -€326,550 | -23.0% |
| Amounts receivable within one year | 40/41 | €355,148 | €74,603 | -€280,545 | -79.0% |
| Trade receivables | 40 | €247,042 | €28,191 | -€218,851 | -88.6% |
| Other amounts receivable | 41 | €108,106 | €46,412 | -€61,693 | -57.1% |
| Current investments | 50/53 | €0 | €500,000 | +€500,000 | |
| Cash at bank and in hand | 54/58 | €1,059,398 | €511,537 | -€547,861 | -51.7% |
| Deferred charges and accrued income | 490/1 | €7,455 | €9,311 | +€1,856 | +24.9% |
| Total equity and liabilities | 10/49 | €2,130,248 | €1,864,624 | -€265,624 | -12.5% |
| Equity | 10/15 | €1,234,625 | €1,265,321 | +€30,696 | +2.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,216,025 | €1,246,721 | +€30,696 | +2.5% |
| Distributable reserves | 133 | €1,216,025 | €1,246,721 | +€30,696 | +2.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €895,623 | €599,303 | -€296,320 | -33.1% |
| Amounts payable after more than one year | 17 | €0 | €188,518 | +€188,518 | |
| Financial debts | 170/4 | €0 | €188,518 | +€188,518 | |
| Amounts payable within one year | 42/48 | €892,486 | €410,733 | -€481,753 | -54.0% |
| Current portion of amounts payable after more than one year | 42 | €1,883 | €96,217 | +€94,333 | +5008.9% |
| Trade debts | 44 | €714,805 | €64,451 | -€650,353 | -91.0% |
| Suppliers | 440/4 | €714,805 | €64,451 | -€650,353 | -91.0% |
| Taxes, remuneration and social security | 45 | €45,233 | €31,599 | -€13,634 | -30.1% |
| Taxes | 450/3 | €42,233 | €24,068 | -€18,165 | -43.0% |
| Remuneration and social security | 454/9 | €3,000 | €7,531 | +€4,531 | +151.0% |
| Other amounts payable | 47/48 | €130,565 | €218,466 | +€87,901 | +67.3% |
| Accrued charges and deferred income | 492/3 | €3,137 | €51 | -€3,085 | -98.4% |
| Non-recurring operating income | 76A | €207,000 | €336,000 | +€129,000 | +62.3% |
| Remuneration, social security and pensions | 62 | €35,750 | €48,126 | +€12,376 | +34.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €118,855 | €207,060 | +€88,205 | +74.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €1,711 | €1,925 | +€214 | +12.5% |
| Gross operating margin | 9900 | €496,174 | €592,691 | +€96,517 | +19.5% |
| Operating profit (loss) | 9901 | €339,858 | €335,580 | -€4,279 | -1.3% |
| Financial income | 75/76B | €22,527 | €6,029 | -€16,498 | -73.2% |
| Recurring financial income | 75 | €22,527 | €6,029 | -€16,498 | -73.2% |
| Financial charges | 65/66B | €2,260 | €869 | -€1,391 | -61.6% |
| Recurring financial charges | 65 | €2,260 | €869 | -€1,391 | -61.6% |
| Profit (loss) for the period before taxes | 9903 | €360,125 | €340,740 | -€19,386 | -5.4% |
| Income taxes | 67/77 | €102,246 | €100,897 | -€1,349 | -1.3% |
| Profit (loss) for the period | 9904 | €257,880 | €239,843 | -€18,037 | -7.0% |
| Profit (loss) for the period to be appropriated | 9905 | €257,880 | €239,843 | -€18,037 | -7.0% |
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 12 October 2026 via checked.be.