MOESPOM: 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.
MOESPOM
Largest movements
- Receivables within one year -€287,670
down €287,670 (-19.2%), from €1.5m to €1.2m
of which Trade receivables: -€539,339
- Tangible fixed assets -€210,319
down €210,319 (-11.3%), from €1.9m to €1.7m
of which Leasing and similar rights: -€151,373
- Cash +€195,564
up €195,564 (+71.9%), from €271,991 to €467,555
mainly Net result for the year (+€563,711) and Depreciation (+€386,758)
- Debts after one year -€188,228
down €188,228 (-23.6%), from €797,650 to €609,422
- Other debts -€179,111
down €179,111 (-22.9%), from €783,755 to €604,643
- Reserves +€130,000
up €130,000 (+6.6%), from €2.0m to €2.1m
of which Distributable reserves: +€130,000
- Tax, wage and social debts -€70,265
down €70,265 (-73.6%), from €95,426 to €25,161
of which Taxes: -€56,482
- Trade debts +€47,859
up €47,859 (+9.1%), from €523,440 to €571,299
- Gross operating margin -€517,941
down €517,941 (-26.0%), from €2.0m to €1.5m
- Taxes -€115,122
down €115,122 (-38.3%), from €300,955 to €185,833
- Financial charges -€29,200
down €29,200 (-35.6%), from €82,040 to €52,841
of which Financial charges: -€30,043
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 | €4,563,869 | €4,323,316 | -€240,553 | -5.3% |
| Fixed assets | 21/28 | €1,861,532 | €1,660,532 | -€201,000 | -10.8% |
| Intangible fixed assets | 21 | - | €9,320 | +€9,320 | |
| Tangible fixed assets | 22/27 | €1,861,092 | €1,650,773 | -€210,319 | -11.3% |
| Land and buildings | 22 | €74,926 | €62,480 | -€12,446 | -16.6% |
| Plant, machinery and equipment | 23 | €474,577 | €448,823 | -€25,754 | -5.4% |
| Furniture and vehicles | 24 | €172,652 | €133,030 | -€39,622 | -22.9% |
| Leasing and similar rights | 25 | €852,245 | €700,872 | -€151,373 | -17.8% |
| Other tangible fixed assets | 26 | €286,693 | €305,569 | +€18,876 | +6.6% |
| Financial fixed assets | 28 | €440 | €440 | = | 0.0% |
| Current assets | 29/58 | €2,702,337 | €2,662,784 | -€39,553 | -1.5% |
| Stocks and contracts in progress | 3 | €883,950 | €918,283 | +€34,333 | +3.9% |
| Stocks | 30/36 | €883,950 | €918,283 | +€34,333 | +3.9% |
| Amounts receivable within one year | 40/41 | €1,494,542 | €1,206,872 | -€287,670 | -19.2% |
| Trade receivables | 40 | €1,366,849 | €827,511 | -€539,339 | -39.5% |
| Other amounts receivable | 41 | €127,693 | €379,362 | +€251,669 | +197% |
| Cash at bank and in hand | 54/58 | €271,991 | €467,555 | +€195,564 | +71.9% |
| Deferred charges and accrued income | 490/1 | €51,854 | €70,074 | +€18,220 | +35.1% |
| Total equity and liabilities | 10/49 | €4,563,869 | €4,323,316 | -€240,553 | -5.3% |
| Equity | 10/15 | €2,082,777 | €2,216,488 | +€133,711 | +6.4% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Capital | 10 | €100,000 | €100,000 | = | 0.0% |
| Issued capital | 100 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €1,980,000 | €2,110,000 | +€130,000 | +6.6% |
| Non-distributable reserves | 130/1 | €10,000 | €10,000 | = | 0.0% |
| Legal reserve | 130 | €10,000 | €10,000 | = | 0.0% |
| Distributable reserves | 133 | €1,970,000 | €2,100,000 | +€130,000 | +6.6% |
| Profit (loss) carried forward | 14 | €2,777 | €6,488 | +€3,711 | +134% |
| Amounts payable | 17/49 | €2,481,092 | €2,106,828 | -€374,264 | -15.1% |
| Amounts payable after more than one year | 17 | €797,650 | €609,422 | -€188,228 | -23.6% |
| Financial debts | 170/4 | €797,650 | €609,422 | -€188,228 | -23.6% |
| Amounts payable within one year | 42/48 | €1,667,468 | €1,494,924 | -€172,544 | -10.3% |
| Current portion of amounts payable after more than one year | 42 | €243,332 | €289,676 | +€46,344 | +19.0% |
| Trade debts | 44 | €523,440 | €571,299 | +€47,859 | +9.1% |
| Suppliers | 440/4 | €523,440 | €571,299 | +€47,859 | +9.1% |
| Advances received on contracts in progress | 46 | €21,516 | €4,145 | -€17,371 | -80.7% |
| Taxes, remuneration and social security | 45 | €95,426 | €25,161 | -€70,265 | -73.6% |
| Taxes | 450/3 | €56,482 | €0 | -€56,482 | -100% |
| Remuneration and social security | 454/9 | €38,944 | €25,161 | -€13,783 | -35.4% |
| Other amounts payable | 47/48 | €783,755 | €604,643 | -€179,111 | -22.9% |
| Accrued charges and deferred income | 492/3 | €15,974 | €2,482 | -€13,492 | -84.5% |
| Non-recurring operating income | 76A | €52,176 | €0 | -€52,176 | -100% |
| Remuneration, social security and pensions | 62 | €286,811 | €279,756 | -€7,055 | -2.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €374,327 | €386,758 | +€12,431 | +3.3% |
| Other operating charges | 640/8 | €4,774 | €4,962 | +€188 | +3.9% |
| Non-recurring operating charges | 66A | €26,629 | €0 | -€26,629 | -100% |
| Gross operating margin | 9900 | €1,991,786 | €1,473,845 | -€517,941 | -26.0% |
| Operating profit (loss) | 9901 | €1,299,246 | €802,369 | -€496,876 | -38.2% |
| Financial income | 75/76B | €2,605 | €15 | -€2,590 | -99.4% |
| Recurring financial income | 75 | €2,605 | €15 | -€2,590 | -99.4% |
| Financial charges | 65/66B | €82,040 | €52,841 | -€29,200 | -35.6% |
| Recurring financial charges | 65 | €82,040 | €51,998 | -€30,043 | -36.6% |
| Non-recurring financial charges | 66B | - | €843 | +€843 | |
| Profit (loss) for the period before taxes | 9903 | €1,219,810 | €749,544 | -€470,266 | -38.6% |
| Income taxes | 67/77 | €300,955 | €185,833 | -€115,122 | -38.3% |
| Profit (loss) for the period | 9904 | €918,855 | €563,711 | -€355,144 | -38.7% |
| Profit (loss) for the period to be appropriated | 9905 | €918,855 | €563,711 | -€355,144 | -38.7% |
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 24 October 2026 via checked.be.