MOREAU: 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.
MOREAU
Largest movements
- Receivables within one year +€61,983
up €61,983 (+29.7%), from €208,650 to €270,633
of which Trade receivables: +€49,995
- Cash +€38,073
up €38,073 (+29.4%), from €129,708 to €167,781
mainly Net result for the year (+€85,892) and Depreciation (+€84,988)
- Intangible fixed assets +€19,104
new in 2025: €19,104
- Tangible fixed assets +€15,092
up €15,092 (+2.7%), from €549,326 to €564,418
of which Furniture and vehicles: +€59,210
- Stocks and contracts -€14,366
down €14,366 (-12.4%), from €115,506 to €101,140
- Reserves +€85,891
up €85,891 (+46.2%), from €185,975 to €271,866
of which Distributable reserves: +€85,891
- Debts after one year +€50,326
up €50,326 (+12.6%), from €400,510 to €450,836
- Advances received +€22,594
up €22,594 (+69.1%), from €32,715 to €55,309
- Tax, wage and social debts -€18,859
down €18,859 (-33.1%), from €57,059 to €38,200
of which Remuneration and social security: -€25,201
- Trade debts -€11,889
down €11,889 (-11.8%), from €100,621 to €88,732
- Gross operating margin +€200,181
up €200,181 (+30.0%), from €667,475 to €867,656
- Staff costs +€63,872
up €63,872 (+11.1%), from €575,961 to €639,833
- Taxes +€31,312
up €31,312 (+859.3%), from €3,644 to €34,956
- Depreciation +€14,509
up €14,509 (+20.6%), from €70,479 to €84,988
- Provisions -€10,914
no longer reported in 2025 (was €10,914)
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 | €1,008,965 | €1,127,286 | +€118,321 | +11.7% |
| Fixed assets | 21/28 | €551,212 | €587,732 | +€36,520 | +6.6% |
| Intangible fixed assets | 21 | - | €19,104 | +€19,104 | |
| Tangible fixed assets | 22/27 | €549,326 | €564,418 | +€15,092 | +2.7% |
| Land and buildings | 22 | €457,253 | €422,603 | -€34,650 | -7.6% |
| Plant, machinery and equipment | 23 | €28,317 | €18,849 | -€9,468 | -33.4% |
| Furniture and vehicles | 24 | €63,756 | €122,966 | +€59,210 | +92.9% |
| Financial fixed assets | 28 | €1,886 | €4,210 | +€2,324 | +123.2% |
| Current assets | 29/58 | €457,753 | €539,555 | +€81,802 | +17.9% |
| Stocks and contracts in progress | 3 | €115,506 | €101,140 | -€14,366 | -12.4% |
| Stocks | 30/36 | €115,506 | €101,140 | -€14,366 | -12.4% |
| Amounts receivable within one year | 40/41 | €208,650 | €270,633 | +€61,983 | +29.7% |
| Trade receivables | 40 | €172,615 | €222,610 | +€49,995 | +29.0% |
| Other amounts receivable | 41 | €36,035 | €48,023 | +€11,988 | +33.3% |
| Cash at bank and in hand | 54/58 | €129,708 | €167,781 | +€38,073 | +29.4% |
| Deferred charges and accrued income | 490/1 | €3,889 | €0 | -€3,889 | -100.0% |
| Total equity and liabilities | 10/49 | €1,008,965 | €1,127,286 | +€118,321 | +11.7% |
| Equity | 10/15 | €338,929 | €420,050 | +€81,121 | +23.9% |
| Reserves | 13 | €185,975 | €271,866 | +€85,891 | +46.2% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €184,115 | €270,006 | +€85,891 | +46.7% |
| Profit (loss) carried forward | 14 | €135,464 | €135,464 | +€0 | 0.0% |
| Investment grants | 15 | €17,490 | €12,720 | -€4,770 | -27.3% |
| Amounts payable | 17/49 | €670,036 | €707,236 | +€37,200 | +5.6% |
| Amounts payable after more than one year | 17 | €400,510 | €450,836 | +€50,326 | +12.6% |
| Financial debts | 170/4 | €400,510 | €450,836 | +€50,326 | +12.6% |
| Amounts payable within one year | 42/48 | €269,526 | €256,401 | -€13,125 | -4.9% |
| Current portion of amounts payable after more than one year | 42 | €63,804 | €65,293 | +€1,489 | +2.3% |
| Trade debts | 44 | €100,621 | €88,732 | -€11,889 | -11.8% |
| Suppliers | 440/4 | €100,621 | €88,732 | -€11,889 | -11.8% |
| Advances received on contracts in progress | 46 | €32,715 | €55,309 | +€22,594 | +69.1% |
| Taxes, remuneration and social security | 45 | €57,059 | €38,200 | -€18,859 | -33.1% |
| Taxes | 450/3 | €9,558 | €15,900 | +€6,342 | +66.4% |
| Remuneration and social security | 454/9 | €47,501 | €22,300 | -€25,201 | -53.1% |
| Other amounts payable | 47/48 | €15,327 | €8,866 | -€6,461 | -42.2% |
| Accrued charges and deferred income | 492/3 | - | €0 | = | |
| Non-recurring operating income | 76A | - | €500 | +€500 | |
| Remuneration, social security and pensions | 62 | €575,961 | €639,833 | +€63,872 | +11.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €70,479 | €84,988 | +€14,509 | +20.6% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €10,914 | - | -€10,914 | |
| Other operating charges | 640/8 | - | €10,595 | +€10,595 | |
| Non-recurring operating charges | 66A | €144 | €478 | +€334 | +232.1% |
| Gross operating margin | 9900 | €667,475 | €867,656 | +€200,181 | +30.0% |
| Operating profit (loss) | 9901 | €9,977 | €131,761 | +€121,784 | +1220.6% |
| Financial income | 75/76B | €5,949 | €5,023 | -€926 | -15.6% |
| Recurring financial income | 75 | €5,949 | €5,023 | -€926 | -15.6% |
| Financial charges | 65/66B | €17,602 | €15,936 | -€1,666 | -9.5% |
| Recurring financial charges | 65 | €17,602 | €15,936 | -€1,666 | -9.5% |
| Profit (loss) for the period before taxes | 9903 | -€1,676 | €120,848 | +€122,524 | |
| Income taxes | 67/77 | €3,644 | €34,956 | +€31,312 | +859.3% |
| Profit (loss) for the period | 9904 | -€5,320 | €85,892 | +€91,212 | |
| Profit (loss) for the period to be appropriated | 9905 | -€5,320 | €85,892 | +€91,212 |
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 11 October 2026 via checked.be.