MORAY: 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.
MORAY
Largest movements
- Cash +€9,531
up €9,531 (+17.9%), from €53,312 to €62,843
mainly Net result for the year (+€114,746) and Depreciation (+€38,716)
- Intangible fixed assets -€7,500
down €7,500 (-28.6%), from €26,250 to €18,750
- Receivables within one year -€5,641
down €5,641 (-96.6%), from €5,837 to €196
of which Other amounts receivable: -€5,492
- Stocks and contracts +€3,773
up €3,773 (+17.1%), from €22,070 to €25,843
- Deferred charges and accrued income +€3,364
up €3,364 (+178%), from €1,885 to €5,248
- Current portion of long-term debt +€22,071
up €22,071 (+121%), from €18,190 to €40,261
- Debts after one year -€18,496
down €18,496 (-38.2%), from €48,422 to €29,925
- Trade debts +€10,291
up €10,291 (+210%), from €4,894 to €15,186
- Profit (loss) carried forward -€10,254
down €10,254 (-93.7%), from €10,947 to €692
- Other debts -€10,179
down €10,179 (-25.8%), from €39,388 to €29,208
- Gross operating margin +€48,324
up €48,324 (+9.6%), from €502,941 to €551,265
- Staff costs +€39,032
up €39,032 (+12.4%), from €315,212 to €354,244
- Depreciation +€7,836
up €7,836 (+25.4%), from €30,880 to €38,716
- Other operating charges -€6,315
down €6,315 (-77.8%), from €8,115 to €1,800
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 | €196,044 | €197,173 | +€1,129 | +0.6% |
| Fixed assets | 21/28 | €112,940 | €103,042 | -€9,898 | -8.8% |
| Intangible fixed assets | 21 | €26,250 | €18,750 | -€7,500 | -28.6% |
| Tangible fixed assets | 22/27 | €85,565 | €83,167 | -€2,398 | -2.8% |
| Land and buildings | 22 | €68,555 | €70,207 | +€1,652 | +2.4% |
| Furniture and vehicles | 24 | €17,010 | €12,960 | -€4,050 | -23.8% |
| Financial fixed assets | 28 | €1,125 | €1,125 | = | 0.0% |
| Current assets | 29/58 | €83,104 | €94,130 | +€11,026 | +13.3% |
| Stocks and contracts in progress | 3 | €22,070 | €25,843 | +€3,773 | +17.1% |
| Stocks | 30/36 | €22,070 | €25,843 | +€3,773 | +17.1% |
| Amounts receivable within one year | 40/41 | €5,837 | €196 | -€5,641 | -96.6% |
| Trade receivables | 40 | €345 | €196 | -€149 | -43.2% |
| Other amounts receivable | 41 | €5,492 | €0 | -€5,492 | -100% |
| Cash at bank and in hand | 54/58 | €53,312 | €62,843 | +€9,531 | +17.9% |
| Deferred charges and accrued income | 490/1 | €1,885 | €5,248 | +€3,364 | +178% |
| Total equity and liabilities | 10/49 | €196,044 | €197,173 | +€1,129 | +0.6% |
| Equity | 10/15 | €31,407 | €21,152 | -€10,254 | -32.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €10,947 | €692 | -€10,254 | -93.7% |
| Amounts payable | 17/49 | €164,637 | €176,020 | +€11,383 | +6.9% |
| Amounts payable after more than one year | 17 | €48,422 | €29,925 | -€18,496 | -38.2% |
| Financial debts | 170/4 | €48,422 | €29,925 | -€18,496 | -38.2% |
| Amounts payable within one year | 42/48 | €116,216 | €146,095 | +€29,879 | +25.7% |
| Current portion of amounts payable after more than one year | 42 | €18,190 | €40,261 | +€22,071 | +121% |
| Trade debts | 44 | €4,894 | €15,186 | +€10,291 | +210% |
| Suppliers | 440/4 | €4,894 | €15,186 | +€10,291 | +210% |
| Taxes, remuneration and social security | 45 | €53,744 | €61,440 | +€7,697 | +14.3% |
| Taxes | 450/3 | €15,923 | €14,377 | -€1,545 | -9.7% |
| Remuneration and social security | 454/9 | €37,821 | €47,063 | +€9,242 | +24.4% |
| Other amounts payable | 47/48 | €39,388 | €29,208 | -€10,179 | -25.8% |
| Remuneration, social security and pensions | 62 | €315,212 | €354,244 | +€39,032 | +12.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,880 | €38,716 | +€7,836 | +25.4% |
| Other operating charges | 640/8 | €8,115 | €1,800 | -€6,315 | -77.8% |
| Gross operating margin | 9900 | €502,941 | €551,265 | +€48,324 | +9.6% |
| Operating profit (loss) | 9901 | €148,735 | €156,505 | +€7,771 | +5.2% |
| Financial income | 75/76B | €294 | €635 | +€341 | +116% |
| Recurring financial income | 75 | €294 | €635 | +€341 | +116% |
| Financial charges | 65/66B | €8,251 | €8,819 | +€567 | +6.9% |
| Recurring financial charges | 65 | €8,251 | €8,819 | +€567 | +6.9% |
| Profit (loss) for the period before taxes | 9903 | €140,777 | €148,321 | +€7,544 | +5.4% |
| Income taxes | 67/77 | €31,127 | €33,575 | +€2,449 | +7.9% |
| Profit (loss) for the period | 9904 | €109,650 | €114,746 | +€5,096 | +4.6% |
| Profit (loss) for the period to be appropriated | 9905 | €109,650 | €114,746 | +€5,096 | +4.6% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 21 October 2026 via checked.be.