MOERS: 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.
MOERS
Largest movements
- Receivables within one year +€155,434
up €155,434 (+53.4%), from €291,119 to €446,553
of which Trade receivables: +€110,975
- Cash -€91,036
down €91,036 (-16.8%), from €542,966 to €451,931
mainly Receivables within one year (-€155,434) and Investment in fixed assets (net) (-€120,963)
- Tangible fixed assets -€41,424
down €41,424 (-7.3%), from €567,645 to €526,221
of which Furniture and vehicles: -€63,597
- Deferred charges and accrued income +€30,155
up €30,155 (+350.5%), from €8,603 to €38,758
- Reserves +€57,176
up €57,176 (+5.4%), from €1.1m to €1.1m
of which Tax-exempt reserves: +€78,226
- Trade debts -€34,674
down €34,674 (-29.3%), from €118,236 to €83,562
- Provisions +€26,075
new in 2025: €26,075
- Gross operating margin +€206,418
up €206,418 (+41.1%), from €501,682 to €708,100
- Staff costs +€110,740
up €110,740 (+39.7%), from €278,967 to €389,708
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 | €1,410,833 | €1,463,962 | +€53,129 | +3.8% |
| Fixed assets | 21/28 | €568,145 | €526,721 | -€41,424 | -7.3% |
| Tangible fixed assets | 22/27 | €567,645 | €526,221 | -€41,424 | -7.3% |
| Plant, machinery and equipment | 23 | €115,901 | €140,668 | +€24,768 | +21.4% |
| Furniture and vehicles | 24 | €437,624 | €374,027 | -€63,597 | -14.5% |
| Other tangible fixed assets | 26 | €14,120 | €11,525 | -€2,595 | -18.4% |
| Financial fixed assets | 28 | €500 | €500 | = | 0.0% |
| Current assets | 29/58 | €842,688 | €937,241 | +€94,553 | +11.2% |
| Amounts receivable within one year | 40/41 | €291,119 | €446,553 | +€155,434 | +53.4% |
| Trade receivables | 40 | €256,637 | €367,612 | +€110,975 | +43.2% |
| Other amounts receivable | 41 | €34,482 | €78,941 | +€44,459 | +128.9% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €542,966 | €451,931 | -€91,036 | -16.8% |
| Deferred charges and accrued income | 490/1 | €8,603 | €38,758 | +€30,155 | +350.5% |
| Total equity and liabilities | 10/49 | €1,410,833 | €1,463,962 | +€53,129 | +3.8% |
| Equity | 10/15 | €1,069,487 | €1,126,664 | +€57,176 | +5.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,050,887 | €1,108,064 | +€57,176 | +5.4% |
| Tax-exempt reserves | 132 | €425,669 | €503,895 | +€78,226 | +18.4% |
| Distributable reserves | 133 | €625,218 | €604,168 | -€21,050 | -3.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | - | €26,075 | +€26,075 | |
| Deferred taxes | 168 | - | €26,075 | +€26,075 | |
| Amounts payable | 17/49 | €341,346 | €311,223 | -€30,123 | -8.8% |
| Amounts payable within one year | 42/48 | €337,603 | €307,616 | -€29,987 | -8.9% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €118,236 | €83,562 | -€34,674 | -29.3% |
| Suppliers | 440/4 | €118,236 | €83,562 | -€34,674 | -29.3% |
| Taxes, remuneration and social security | 45 | €34,731 | €42,039 | +€7,308 | +21.0% |
| Taxes | 450/3 | €4,712 | €3,713 | -€999 | -21.2% |
| Remuneration and social security | 454/9 | €30,019 | €38,327 | +€8,308 | +27.7% |
| Other amounts payable | 47/48 | €184,637 | €182,015 | -€2,622 | -1.4% |
| Accrued charges and deferred income | 492/3 | €3,743 | €3,607 | -€136 | -3.6% |
| Remuneration, social security and pensions | 62 | €278,967 | €389,708 | +€110,740 | +39.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €166,825 | €162,387 | -€4,438 | -2.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €931 | €3,717 | +€2,786 | +299.2% |
| Other operating charges | 640/8 | €39,008 | €44,597 | +€5,588 | +14.3% |
| Gross operating margin | 9900 | €501,682 | €708,100 | +€206,418 | +41.1% |
| Operating profit (loss) | 9901 | €15,950 | €107,692 | +€91,742 | +575.2% |
| Financial income | 75/76B | €6,625 | €3,515 | -€3,110 | -46.9% |
| Recurring financial income | 75 | €6,625 | €3,515 | -€3,110 | -46.9% |
| Financial charges | 65/66B | €5,427 | €8,242 | +€2,815 | +51.9% |
| Recurring financial charges | 65 | €5,427 | €8,242 | +€2,815 | +51.9% |
| Profit (loss) for the period before taxes | 9903 | €17,148 | €102,964 | +€85,816 | +500.5% |
| Transfer from deferred taxes | 780 | - | €3,175 | +€3,175 | |
| Transfer to deferred taxes | 680 | - | €29,250 | +€29,250 | |
| Income taxes | 67/77 | €10,643 | €4,712 | -€5,931 | -55.7% |
| Profit (loss) for the period | 9904 | €6,505 | €72,176 | +€65,671 | +1009.6% |
| Transfer from tax-exempt reserves | 789 | - | €9,524 | +€9,524 | |
| Transfer to tax-exempt reserves | 689 | - | €87,750 | +€87,750 | |
| Profit (loss) for the period to be appropriated | 9905 | €6,505 | -€6,050 | -€12,555 |
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 29 September 2026 via checked.be.