MORADI: 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.
MORADI
Largest movements
- Tangible fixed assets -€25,897
down €25,897 (-34.5%), from €75,055 to €49,158
- Cash -€25,426
down €25,426 (-13.7%), from €186,240 to €160,813
mainly Contributions, distributions and other (-€143,664) and Short-term financial debts (-€16,052)
- Profit (loss) carried forward -€52,823
no longer reported in 2025 (was €52,823)
- Other debts +€37,044
new in 2025: €37,044
- Short-term financial debts -€16,052
down €16,052 (-53.7%), from €29,912 to €13,860
- Debts after one year -€13,860
no longer reported in 2025 (was €13,860)
- Tax, wage and social debts +€8,870
up €8,870 (+167.1%), from €5,307 to €14,177
of which Taxes: +€5,321
- Gross operating margin +€21,673
up €21,673 (+14.2%), from €153,012 to €174,685
- Staff costs +€5,800
up €5,800 (+51.4%), from €11,289 to €17,089
- Financial income +€1,997
up €1,997 (+161.3%), from €1,238 to €3,234
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 | €273,276 | €222,833 | -€50,443 | -18.5% |
| Fixed assets | 21/28 | €75,055 | €49,158 | -€25,897 | -34.5% |
| Tangible fixed assets | 22/27 | €75,055 | €49,158 | -€25,897 | -34.5% |
| Plant, machinery and equipment | 23 | €75,055 | €49,158 | -€25,897 | -34.5% |
| Current assets | 29/58 | €198,221 | €173,675 | -€24,546 | -12.4% |
| Amounts receivable within one year | 40/41 | €9,452 | €9,855 | +€404 | +4.3% |
| Other amounts receivable | 41 | €9,452 | €9,855 | +€404 | +4.3% |
| Cash at bank and in hand | 54/58 | €186,240 | €160,813 | -€25,426 | -13.7% |
| Deferred charges and accrued income | 490/1 | €2,530 | €3,006 | +€477 | +18.8% |
| Total equity and liabilities | 10/49 | €273,276 | €222,833 | -€50,443 | -18.5% |
| Equity | 10/15 | €199,052 | €146,230 | -€52,823 | -26.5% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €141,230 | €141,230 | = | 0.0% |
| Distributable reserves | 133 | €141,230 | €141,230 | = | 0.0% |
| Profit (loss) carried forward | 14 | €52,823 | - | -€52,823 | |
| Amounts payable | 17/49 | €74,224 | €76,604 | +€2,380 | +3.2% |
| Amounts payable after more than one year | 17 | €13,860 | - | -€13,860 | |
| Financial debts | 170/4 | €13,860 | - | -€13,860 | |
| Amounts payable within one year | 42/48 | €60,363 | €76,604 | +€16,240 | +26.9% |
| Current portion of amounts payable after more than one year | 42 | €8,755 | - | -€8,755 | |
| Financial debts | 43 | €29,912 | €13,860 | -€16,052 | -53.7% |
| Credit institutions | 430/8 | €29,912 | €13,860 | -€16,052 | -53.7% |
| Trade debts | 44 | €16,389 | €11,522 | -€4,867 | -29.7% |
| Suppliers | 440/4 | €16,389 | €11,522 | -€4,867 | -29.7% |
| Taxes, remuneration and social security | 45 | €5,307 | €14,177 | +€8,870 | +167.1% |
| Taxes | 450/3 | €2,697 | €8,018 | +€5,321 | +197.3% |
| Remuneration and social security | 454/9 | €2,610 | €6,159 | +€3,549 | +136.0% |
| Other amounts payable | 47/48 | - | €37,044 | +€37,044 | |
| Remuneration, social security and pensions | 62 | €11,289 | €17,089 | +€5,800 | +51.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,861 | €28,179 | +€318 | +1.1% |
| Other operating charges | 640/8 | €3,013 | €3,050 | +€37 | +1.2% |
| Gross operating margin | 9900 | €153,012 | €174,685 | +€21,673 | +14.2% |
| Operating profit (loss) | 9901 | €110,848 | €126,367 | +€15,518 | +14.0% |
| Financial income | 75/76B | €1,238 | €3,234 | +€1,997 | +161.3% |
| Recurring financial income | 75 | €1,238 | €3,234 | +€1,997 | +161.3% |
| Financial charges | 65/66B | €3,218 | €4,854 | +€1,636 | +50.8% |
| Recurring financial charges | 65 | €3,218 | €4,854 | +€1,636 | +50.8% |
| Profit (loss) for the period before taxes | 9903 | €108,868 | €124,747 | +€15,879 | +14.6% |
| Income taxes | 67/77 | €35,068 | €33,906 | -€1,162 | -3.3% |
| Profit (loss) for the period | 9904 | €73,800 | €90,841 | +€17,041 | +23.1% |
| Profit (loss) for the period to be appropriated | 9905 | €73,800 | €90,841 | +€17,041 | +23.1% |
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 8 October 2026 via checked.be.