MOIRAI MANAGEMENT: 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.
MOIRAI MANAGEMENT
Largest movements
- Cash +€1.4m
up €1.4m (+158,423%), from €861 to €1.4m
mainly Current investments (+€1.0m) and Other debts (+€328,851)
- Current investments -€1.0m
down €1.0m (-98.2%), from €1.0m to €19,035
- Receivables within one year -€103,031
down €103,031 (-77.2%), from €133,461 to €30,430
of which Trade receivables: -€102,695
- Other debts +€328,851
up €328,851 (+336%), from €97,803 to €426,654
- Reserves -€121,715
down €121,715 (-10.8%), from €1.1m to €1.0m
of which Distributable reserves: -€121,715
- Tax, wage and social debts +€39,696
up €39,696 (+60.6%), from €65,506 to €105,202
- Gross operating margin +€147,380
up €147,380 (+64.0%), from €230,356 to €377,736
- Financial income -€77,512
down €77,512 (-89.6%), from €86,473 to €8,962
of which Non-recurring financial income: -€76,475
- Taxes +€37,535
up €37,535 (+45.0%), from €83,404 to €120,940
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.
Derived cash bridge
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 | €1,549,145 | €1,787,405 | +€238,260 | +15.4% |
| Fixed assets | 21/28 | €372,082 | €371,422 | -€661 | -0.2% |
| Tangible fixed assets | 22/27 | €372,082 | €371,422 | -€661 | -0.2% |
| Land and buildings | 22 | €358,022 | €344,346 | -€13,676 | -3.8% |
| Plant, machinery and equipment | 23 | €1,813 | €818 | -€995 | -54.9% |
| Furniture and vehicles | 24 | €12,248 | €26,258 | +€14,010 | +114% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €1,177,063 | €1,415,983 | +€238,921 | +20.3% |
| Amounts receivable within one year | 40/41 | €133,461 | €30,430 | -€103,031 | -77.2% |
| Trade receivables | 40 | €131,996 | €29,301 | -€102,695 | -77.8% |
| Other amounts receivable | 41 | €1,465 | €1,129 | -€336 | -22.9% |
| Current investments | 50/53 | €1,033,332 | €19,035 | -€1.0m | -98.2% |
| Cash at bank and in hand | 54/58 | €861 | €1,364,457 | +€1.4m | +158,423% |
| Deferred charges and accrued income | 490/1 | €9,409 | €2,062 | -€7,347 | -78.1% |
| Total equity and liabilities | 10/49 | €1,549,145 | €1,787,405 | +€238,260 | +15.4% |
| Equity | 10/15 | €1,133,078 | €1,011,363 | -€121,715 | -10.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,126,878 | €1,005,163 | -€121,715 | -10.8% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €1,125,019 | €1,003,303 | -€121,715 | -10.8% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €416,067 | €776,042 | +€359,975 | +86.5% |
| Amounts payable after more than one year | 17 | €236,646 | €236,646 | = | 0.0% |
| Financial debts | 170/4 | €236,646 | €236,646 | = | 0.0% |
| Amounts payable within one year | 42/48 | €179,093 | €539,069 | +€359,975 | +201% |
| Financial debts | 43 | €2,984 | €4,747 | +€1,763 | +59.1% |
| Credit institutions | 430/8 | €2,984 | €0 | -€2,984 | -100% |
| Other loans | 439 | - | €4,747 | +€4,747 | |
| Trade debts | 44 | €12,800 | €2,466 | -€10,335 | -80.7% |
| Suppliers | 440/4 | €12,800 | €2,466 | -€10,335 | -80.7% |
| Taxes, remuneration and social security | 45 | €65,506 | €105,202 | +€39,696 | +60.6% |
| Taxes | 450/3 | €65,506 | €105,202 | +€39,696 | +60.6% |
| Other amounts payable | 47/48 | €97,803 | €426,654 | +€328,851 | +336% |
| Accrued charges and deferred income | 492/3 | €328 | €328 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,448 | €21,957 | -€491 | -2.2% |
| Other operating charges | 640/8 | €1,723 | €3,480 | +€1,756 | +102% |
| Non-recurring operating charges | 66A | - | €1,025 | +€1,025 | |
| Gross operating margin | 9900 | €230,356 | €377,736 | +€147,380 | +64.0% |
| Operating profit (loss) | 9901 | €206,185 | €351,275 | +€145,090 | +70.4% |
| Financial income | 75/76B | €86,473 | €8,962 | -€77,512 | -89.6% |
| Recurring financial income | 75 | €9,998 | €8,962 | -€1,037 | -10.4% |
| Non-recurring financial income | 76B | €76,475 | €0 | -€76,475 | -100% |
| Financial charges | 65/66B | €4,768 | €5,585 | +€817 | +17.1% |
| Recurring financial charges | 65 | €4,768 | €5,585 | +€817 | +17.1% |
| Profit (loss) for the period before taxes | 9903 | €287,890 | €354,651 | +€66,761 | +23.2% |
| Income taxes | 67/77 | €83,404 | €120,940 | +€37,535 | +45.0% |
| Profit (loss) for the period | 9904 | €204,486 | €233,711 | +€29,226 | +14.3% |
| Profit (loss) for the period to be appropriated | 9905 | €204,486 | €233,711 | +€29,226 | +14.3% |
Source: filed annual accounts (NBB), financial years ended 31 January 2025 and 31 January 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.