MONTAGE MOERMAN: 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.
MONTAGE MOERMAN
Largest movements
- Receivables within one year -€27,782
down €27,782 (-36.7%), from €75,633 to €47,851
of which Trade receivables: -€23,078
- Tangible fixed assets +€20,929
up €20,929 (+49.5%), from €42,319 to €63,247
of which Leasing and similar rights: +€19,063
- Cash -€17,770
down €17,770 (-100%), from €17,770 to €0
mainly Trade debts (-€43,367) and Investment in fixed assets (net) (-€40,839)
- Deferred charges and accrued income -€2,804
down €2,804 (-24.3%), from €11,534 to €8,730
- Trade debts -€43,367
down €43,367 (-87.3%), from €49,675 to €6,307
- Other debts +€29,761
up €29,761 (+568%), from €5,239 to €35,000
- Reserves -€29,715
down €29,715 (-86.6%), from €34,328 to €4,612
of which Distributable reserves: -€29,715
- Debts after one year +€11,290
up €11,290 (+43.6%), from €25,907 to €37,197
- Current portion of long-term debt +€6,132
up €6,132 (+68.1%), from €9,008 to €15,140
- Depreciation +€7,558
up €7,558 (+61.2%), from €12,353 to €19,911
- Gross operating margin -€3,617
down €3,617 (-9.2%), from €39,501 to €35,884
- Taxes -€3,464
down €3,464 (-54.5%), from €6,355 to €2,890
- Other operating charges +€620
up €620 (+32.8%), from €1,892 to €2,512
- Financial charges +€543
up €543 (+11.4%), from €4,752 to €5,295
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 | €147,351 | €119,923 | -€27,428 | -18.6% |
| Fixed assets | 21/28 | €42,414 | €63,342 | +€20,929 | +49.3% |
| Tangible fixed assets | 22/27 | €42,319 | €63,247 | +€20,929 | +49.5% |
| Plant, machinery and equipment | 23 | €351 | €3,487 | +€3,136 | +893% |
| Furniture and vehicles | 24 | €2,862 | €1,592 | -€1,270 | -44.4% |
| Leasing and similar rights | 25 | €39,106 | €58,169 | +€19,063 | +48.7% |
| Financial fixed assets | 28 | €95 | €95 | = | 0.0% |
| Current assets | 29/58 | €104,937 | €56,581 | -€48,357 | -46.1% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Stocks | 30/36 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €75,633 | €47,851 | -€27,782 | -36.7% |
| Trade receivables | 40 | €58,613 | €35,535 | -€23,078 | -39.4% |
| Other amounts receivable | 41 | €17,020 | €12,316 | -€4,704 | -27.6% |
| Cash at bank and in hand | 54/58 | €17,770 | €0 | -€17,770 | -100% |
| Deferred charges and accrued income | 490/1 | €11,534 | €8,730 | -€2,804 | -24.3% |
| Total equity and liabilities | 10/49 | €147,351 | €119,923 | -€27,428 | -18.6% |
| Equity | 10/15 | €52,928 | €23,212 | -€29,715 | -56.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €34,328 | €4,612 | -€29,715 | -86.6% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €34,328 | €4,612 | -€29,715 | -86.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €94,424 | €96,711 | +€2,287 | +2.4% |
| Amounts payable after more than one year | 17 | €25,907 | €37,197 | +€11,290 | +43.6% |
| Financial debts | 170/4 | €25,907 | €37,197 | +€11,290 | +43.6% |
| Amounts payable within one year | 42/48 | €68,172 | €59,513 | -€8,659 | -12.7% |
| Current portion of amounts payable after more than one year | 42 | €9,008 | €15,140 | +€6,132 | +68.1% |
| Financial debts | 43 | - | €2,291 | +€2,291 | |
| Credit institutions | 430/8 | - | €2,291 | +€2,291 | |
| Trade debts | 44 | €49,675 | €6,307 | -€43,367 | -87.3% |
| Suppliers | 440/4 | €49,675 | €6,307 | -€43,367 | -87.3% |
| Taxes, remuneration and social security | 45 | €4,251 | €775 | -€3,476 | -81.8% |
| Taxes | 450/3 | €4,251 | €775 | -€3,476 | -81.8% |
| Other amounts payable | 47/48 | €5,239 | €35,000 | +€29,761 | +568% |
| Accrued charges and deferred income | 492/3 | €344 | €0 | -€344 | -100% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,353 | €19,911 | +€7,558 | +61.2% |
| Other operating charges | 640/8 | €1,892 | €2,512 | +€620 | +32.8% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €39,501 | €35,884 | -€3,617 | -9.2% |
| Operating profit (loss) | 9901 | €25,257 | €13,462 | -€11,795 | -46.7% |
| Financial income | 75/76B | €342 | €8 | -€333 | -97.6% |
| Recurring financial income | 75 | €342 | €8 | -€333 | -97.6% |
| Financial charges | 65/66B | €4,752 | €5,295 | +€543 | +11.4% |
| Recurring financial charges | 65 | €4,752 | €5,295 | +€543 | +11.4% |
| Profit (loss) for the period before taxes | 9903 | €20,847 | €8,175 | -€12,671 | -60.8% |
| Income taxes | 67/77 | €6,355 | €2,890 | -€3,464 | -54.5% |
| Profit (loss) for the period | 9904 | €14,492 | €5,285 | -€9,207 | -63.5% |
| Profit (loss) for the period to be appropriated | 9905 | €14,492 | €5,285 | -€9,207 | -63.5% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.