MOFER: 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.
MOFER
Largest movements
- Receivables within one year -€806,528
down €806,528 (-64.6%), from €1.2m to €442,511
of which Trade receivables: -€811,502
- Tangible fixed assets +€297,425
up €297,425 (+14.0%), from €2.1m to €2.4m
of which Leasing and similar rights: +€433,633
- Deferred charges and accrued income +€250,006
up €250,006 (+664.8%), from €37,604 to €287,610
- Intangible fixed assets -€147,219
down €147,219 (-14.7%), from €1.0m to €857,502
- Cash -€95,446
down €95,446 (-16.0%), from €596,785 to €501,339
mainly Net result for the year (-€780,148) and Investment in fixed assets (net) (-€670,345)
- Profit (loss) carried forward -€780,148
down €780,148 (-362.2%), from -€215,396 to -€995,544
- Trade debts +€523,288
up €523,288 (+22.6%), from €2.3m to €2.8m
- Short-term financial debts -€506,699
down €506,699 (-89.7%), from €565,000 to €58,301
of which Other loans: -€565,000
- Debts after one year +€130,312
up €130,312 (+6.0%), from €2.2m to €2.3m
- Current portion of long-term debt +€106,015
up €106,015 (+36.2%), from €292,666 to €398,681
- Gross operating margin -€260,703
down €260,703 (-15.6%), from €1.7m to €1.4m
- Depreciation +€247,524
up €247,524 (+80.2%), from €308,452 to €555,976
- Financial charges +€219,228
up €219,228 (+176.6%), from €124,107 to €343,335
of which Financial charges: +€123,671
- Staff costs -€183,328
down €183,328 (-12.9%), from €1.4m to €1.2m
- Other operating charges +€22,960
up €22,960 (+60.1%), from €38,231 to €61,190
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 | €5,763,193 | €5,267,249 | -€495,944 | -8.6% |
| Formation expenses | 20 | €158,203 | €130,933 | -€27,270 | -17.2% |
| Fixed assets | 21/28 | €3,140,789 | €3,282,428 | +€141,639 | +4.5% |
| Intangible fixed assets | 21 | €1,004,722 | €857,502 | -€147,219 | -14.7% |
| Tangible fixed assets | 22/27 | €2,124,854 | €2,422,279 | +€297,425 | +14.0% |
| Plant, machinery and equipment | 23 | €784,308 | €696,469 | -€87,839 | -11.2% |
| Furniture and vehicles | 24 | €338,138 | €286,274 | -€51,864 | -15.3% |
| Leasing and similar rights | 25 | - | €433,633 | +€433,633 | |
| Other tangible fixed assets | 26 | €983,277 | €1,005,902 | +€22,625 | +2.3% |
| Assets under construction and advance payments | 27 | €19,131 | €0 | -€19,131 | -100.0% |
| Financial fixed assets | 28 | €11,213 | €2,647 | -€8,567 | -76.4% |
| Current assets | 29/58 | €2,464,201 | €1,853,888 | -€610,313 | -24.8% |
| Stocks and contracts in progress | 3 | €580,773 | €622,429 | +€41,655 | +7.2% |
| Stocks | 30/36 | €580,773 | €622,429 | +€41,655 | +7.2% |
| Amounts receivable within one year | 40/41 | €1,249,039 | €442,511 | -€806,528 | -64.6% |
| Trade receivables | 40 | €1,135,382 | €323,880 | -€811,502 | -71.5% |
| Other amounts receivable | 41 | €113,657 | €118,631 | +€4,974 | +4.4% |
| Cash at bank and in hand | 54/58 | €596,785 | €501,339 | -€95,446 | -16.0% |
| Deferred charges and accrued income | 490/1 | €37,604 | €287,610 | +€250,006 | +664.8% |
| Total equity and liabilities | 10/49 | €5,763,193 | €5,267,249 | -€495,944 | -8.6% |
| Equity | 10/15 | €84,604 | -€695,544 | -€780,148 | |
| Contributions | 10/11 | €300,000 | €300,000 | = | 0.0% |
| Capital | 10 | €300,000 | €300,000 | = | 0.0% |
| Issued capital | 100 | €300,000 | €300,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€215,396 | -€995,544 | -€780,148 | -362.2% |
| Amounts payable | 17/49 | €5,678,589 | €5,962,793 | +€284,204 | +5.0% |
| Amounts payable after more than one year | 17 | €2,189,126 | €2,319,438 | +€130,312 | +6.0% |
| Financial debts | 170/4 | €2,189,126 | €2,319,438 | +€130,312 | +6.0% |
| Amounts payable within one year | 42/48 | €3,464,760 | €3,629,819 | +€165,059 | +4.8% |
| Current portion of amounts payable after more than one year | 42 | €292,666 | €398,681 | +€106,015 | +36.2% |
| Financial debts | 43 | €565,000 | €58,301 | -€506,699 | -89.7% |
| Credit institutions | 430/8 | - | €58,301 | +€58,301 | |
| Other loans | 439 | €565,000 | €0 | -€565,000 | -100.0% |
| Trade debts | 44 | €2,310,441 | €2,833,729 | +€523,288 | +22.6% |
| Suppliers | 440/4 | €2,310,441 | €2,833,729 | +€523,288 | +22.6% |
| Taxes, remuneration and social security | 45 | €259,823 | €256,108 | -€3,715 | -1.4% |
| Taxes | 450/3 | €88,551 | €6,159 | -€82,392 | -93.0% |
| Remuneration and social security | 454/9 | €171,273 | €249,949 | +€78,677 | +45.9% |
| Other amounts payable | 47/48 | €36,830 | €83,001 | +€46,171 | +125.4% |
| Accrued charges and deferred income | 492/3 | €24,703 | €13,536 | -€11,167 | -45.2% |
| Non-recurring operating income | 76A | €711,731 | €173,665 | -€538,066 | -75.6% |
| Remuneration, social security and pensions | 62 | €1,417,558 | €1,234,230 | -€183,328 | -12.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €308,452 | €555,976 | +€247,524 | +80.2% |
| Other operating charges | 640/8 | €38,231 | €61,190 | +€22,960 | +60.1% |
| Non-recurring operating charges | 66A | - | €8,772 | +€8,772 | |
| Gross operating margin | 9900 | €1,672,139 | €1,411,436 | -€260,703 | -15.6% |
| Operating profit (loss) | 9901 | -€92,102 | -€448,732 | -€356,630 | -387.2% |
| Financial income | 75/76B | €1,061 | €12,070 | +€11,009 | +1037.7% |
| Recurring financial income | 75 | €1,061 | €12,070 | +€11,009 | +1037.7% |
| Financial charges | 65/66B | €124,107 | €343,335 | +€219,228 | +176.6% |
| Recurring financial charges | 65 | €124,107 | €247,778 | +€123,671 | +99.6% |
| Non-recurring financial charges | 66B | - | €95,557 | +€95,557 | |
| Profit (loss) for the period before taxes | 9903 | -€215,148 | -€779,997 | -€564,849 | -262.5% |
| Income taxes | 67/77 | €248 | €151 | -€98 | -39.4% |
| Profit (loss) for the period | 9904 | -€215,396 | -€780,148 | -€564,751 | -262.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€215,396 | -€780,148 | -€564,751 | -262.2% |
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 6 October 2026 via checked.be.