MOORTGAT: 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.
MOORTGAT
Largest movements
- Cash +€22,234
up €22,234 (+359.9%), from €6,177 to €28,411
mainly Net result for the year (+€25,704) and Depreciation (+€19,937)
- Tangible fixed assets -€19,221
down €19,221 (-14.6%), from €131,509 to €112,288
of which Plant, machinery and equipment: -€18,862
- Receivables within one year -€9,215
down €9,215 (-36.8%), from €25,012 to €15,797
of which Trade receivables: -€9,205
- Deferred charges and accrued income +€2,181
up €2,181 (+4562.7%), from €48 to €2,229
- Other debts -€34,660
down €34,660 (-34.9%), from €99,173 to €64,513
- Reserves +€24,038
up €24,038 (+64.8%), from €37,074 to €61,111
of which Distributable reserves: +€24,038
- Trade debts +€6,916
new in 2025: €6,916
- Gross operating margin +€5,979
up €5,979 (+12.3%), from €48,678 to €54,658
- Taxes +€821
up €821 (+40.0%), from €2,050 to €2,870
- Depreciation -€738
down €738 (-3.6%), from €20,675 to €19,937
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 | €163,759 | €159,023 | -€4,736 | -2.9% |
| Fixed assets | 21/28 | €132,523 | €112,586 | -€19,937 | -15.0% |
| Intangible fixed assets | 21 | €1,013 | €298 | -€716 | -70.6% |
| Tangible fixed assets | 22/27 | €131,509 | €112,288 | -€19,221 | -14.6% |
| Plant, machinery and equipment | 23 | €130,979 | €112,117 | -€18,862 | -14.4% |
| Furniture and vehicles | 24 | €530 | €171 | -€359 | -67.8% |
| Current assets | 29/58 | €31,237 | €46,437 | +€15,201 | +48.7% |
| Amounts receivable within one year | 40/41 | €25,012 | €15,797 | -€9,215 | -36.8% |
| Trade receivables | 40 | €25,002 | €15,797 | -€9,205 | -36.8% |
| Other amounts receivable | 41 | €10 | €0 | -€10 | -100.0% |
| Cash at bank and in hand | 54/58 | €6,177 | €28,411 | +€22,234 | +359.9% |
| Deferred charges and accrued income | 490/1 | €48 | €2,229 | +€2,181 | +4562.7% |
| Total equity and liabilities | 10/49 | €163,759 | €159,023 | -€4,736 | -2.9% |
| Equity | 10/15 | €57,074 | €81,111 | +€24,038 | +42.1% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €37,074 | €61,111 | +€24,038 | +64.8% |
| Tax-exempt reserves | 132 | €12,718 | €12,718 | = | 0.0% |
| Distributable reserves | 133 | €24,356 | €48,393 | +€24,038 | +98.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €106,686 | €77,912 | -€28,774 | -27.0% |
| Amounts payable within one year | 42/48 | €106,686 | €77,285 | -€29,400 | -27.6% |
| Financial debts | 43 | €145 | €0 | -€145 | -100.0% |
| Credit institutions | 430/8 | €145 | €0 | -€145 | -100.0% |
| Other loans | 439 | €0 | - | = | |
| Trade debts | 44 | - | €6,916 | +€6,916 | |
| Suppliers | 440/4 | - | €6,916 | +€6,916 | |
| Taxes, remuneration and social security | 45 | €7,368 | €5,857 | -€1,511 | -20.5% |
| Taxes | 450/3 | €5,658 | €5,857 | +€199 | +3.5% |
| Remuneration and social security | 454/9 | €1,710 | €0 | -€1,710 | -100.0% |
| Other amounts payable | 47/48 | €99,173 | €64,513 | -€34,660 | -34.9% |
| Accrued charges and deferred income | 492/3 | - | €627 | +€627 | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,675 | €19,937 | -€738 | -3.6% |
| Other operating charges | 640/8 | €1,056 | €608 | -€448 | -42.4% |
| Non-recurring operating charges | 66A | €289 | €0 | -€289 | -100.0% |
| Gross operating margin | 9900 | €48,678 | €54,658 | +€5,979 | +12.3% |
| Operating profit (loss) | 9901 | €26,659 | €34,113 | +€7,454 | +28.0% |
| Financial income | 75/76B | €0 | €0 | +€0 | |
| Recurring financial income | 75 | €0 | €0 | +€0 | |
| Financial charges | 65/66B | €5,711 | €5,539 | -€172 | -3.0% |
| Recurring financial charges | 65 | €5,711 | €5,539 | -€172 | -3.0% |
| Profit (loss) for the period before taxes | 9903 | €20,948 | €28,574 | +€7,626 | +36.4% |
| Income taxes | 67/77 | €2,050 | €2,870 | +€821 | +40.0% |
| Profit (loss) for the period | 9904 | €18,899 | €25,704 | +€6,805 | +36.0% |
| Profit (loss) for the period to be appropriated | 9905 | €18,899 | €25,704 | +€6,805 | +36.0% |
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 2 October 2026 via checked.be.