MOERNAUT-VERSCHUEREN: 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-VERSCHUEREN
Largest movements
- Tangible fixed assets -€34,696
down €34,696 (-8.6%), from €402,907 to €368,211
- Cash +€4,752
up €4,752 (+15.9%), from €29,948 to €34,700
mainly Depreciation (+€34,696) and Net result for the year (+€31,064)
- Debts after one year -€66,133
down €66,133 (-40.4%), from €163,642 to €97,509
of which Financial debts: -€66,133
- Reserves +€31,000
up €31,000 (+20.3%), from €152,700 to €183,700
- Financial charges -€2,382
down €2,382 (-23.2%), from €10,267 to €7,885
- Gross operating margin +€1,678
up €1,678 (+1.7%), from €97,929 to €99,607
- Taxes +€1,164
up €1,164 (+8.7%), from €13,431 to €14,595
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €443,752 | €415,600 | -€28,152 | -6.3% |
| Fixed assets | 21/28 | €402,907 | €368,211 | -€34,696 | -8.6% |
| Tangible fixed assets | 22/27 | €402,907 | €368,211 | -€34,696 | -8.6% |
| Land and buildings | 22 | €402,907 | €368,211 | -€34,696 | -8.6% |
| Current assets | 29/58 | €40,845 | €47,389 | +€6,544 | +16.0% |
| Amounts receivable within one year | 40/41 | €10,468 | €12,257 | +€1,790 | +17.1% |
| Trade receivables | 40 | €10,468 | €12,257 | +€1,790 | +17.1% |
| Cash at bank and in hand | 54/58 | €29,948 | €34,700 | +€4,752 | +15.9% |
| Deferred charges and accrued income | 490/1 | €429 | €432 | +€2 | +0.6% |
| Total equity and liabilities | 10/49 | €443,752 | €415,600 | -€28,152 | -6.3% |
| Equity | 10/15 | €172,853 | €203,917 | +€31,064 | +18.0% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €152,700 | €183,700 | +€31,000 | +20.3% |
| Distributable reserves | 133 | €152,700 | €183,700 | +€31,000 | +20.3% |
| Profit (loss) carried forward | 14 | €153 | €217 | +€64 | +42.0% |
| Amounts payable | 17/49 | €270,899 | €211,682 | -€59,216 | -21.9% |
| Amounts payable after more than one year | 17 | €163,642 | €97,509 | -€66,133 | -40.4% |
| Financial debts | 170/4 | €143,392 | €77,259 | -€66,133 | -46.1% |
| Other amounts payable | 178/9 | €20,250 | €20,250 | = | 0.0% |
| Amounts payable within one year | 42/48 | €101,722 | €108,791 | +€7,069 | +6.9% |
| Current portion of amounts payable after more than one year | 42 | €64,788 | €67,198 | +€2,410 | +3.7% |
| Trade debts | 44 | €1,346 | €1,538 | +€191 | +14.2% |
| Suppliers | 440/4 | €1,346 | €1,538 | +€191 | +14.2% |
| Taxes, remuneration and social security | 45 | €7,188 | €10,110 | +€2,922 | +40.7% |
| Taxes | 450/3 | €7,188 | €10,110 | +€2,922 | +40.7% |
| Other amounts payable | 47/48 | €28,400 | €29,945 | +€1,545 | +5.4% |
| Accrued charges and deferred income | 492/3 | €5,534 | €5,382 | -€152 | -2.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,696 | €34,696 | = | 0.0% |
| Other operating charges | 640/8 | €11,199 | €11,366 | +€167 | +1.5% |
| Gross operating margin | 9900 | €97,929 | €99,607 | +€1,678 | +1.7% |
| Operating profit (loss) | 9901 | €52,033 | €53,545 | +€1,511 | +2.9% |
| Financial charges | 65/66B | €10,267 | €7,885 | -€2,382 | -23.2% |
| Recurring financial charges | 65 | €10,267 | €7,885 | -€2,382 | -23.2% |
| Profit (loss) for the period before taxes | 9903 | €41,766 | €45,660 | +€3,894 | +9.3% |
| Income taxes | 67/77 | €13,431 | €14,595 | +€1,164 | +8.7% |
| Profit (loss) for the period | 9904 | €28,335 | €31,064 | +€2,729 | +9.6% |
| Profit (loss) for the period to be appropriated | 9905 | €28,335 | €31,064 | +€2,729 | +9.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.