MOREAU DISTRIBUTION: 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 DISTRIBUTION
Largest movements
- Cash -€20,805
down €20,805 (-30.3%), from €68,578 to €47,773
mainly Investment in fixed assets (net) (-€17,000) and Debts after one year (-€12,072)
- Receivables within one year +€7,477
up €7,477 (+94.3%), from €7,930 to €15,408
of which Other amounts receivable: +€7,148
- Stocks and contracts +€4,905
up €4,905 (+3.2%), from €152,333 to €157,238
- Tax, wage and social debts +€15,500
up €15,500 (+147%), from €10,532 to €26,032
of which Remuneration and social security: +€8,511
- Debts after one year -€12,072
down €12,072 (-20.9%), from €57,834 to €45,762
- Current portion of long-term debt -€3,916
down €3,916 (-12.3%), from €31,855 to €27,939
- Profit (loss) carried forward -€3,731
down €3,731 (-5.5%), from €67,986 to €64,255
- Gross operating margin -€28,161
down €28,161 (-38.4%), from €73,342 to €45,180
- Taxes -€8,154
down €8,154 (-95.9%), from €8,506 to €352
- Staff costs +€2,528
up €2,528 (+17.3%), from €14,627 to €17,156
- Depreciation +€2,288
up €2,288 (+18.6%), from €12,312 to €14,600
- Financial charges +€813
up €813 (+9.6%), from €8,440 to €9,253
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 | €345,747 | €339,660 | -€6,087 | -1.8% |
| Fixed assets | 21/28 | €112,998 | €115,399 | +€2,400 | +2.1% |
| Intangible fixed assets | 21 | €997 | €554 | -€443 | -44.4% |
| Tangible fixed assets | 22/27 | €111,952 | €114,795 | +€2,843 | +2.5% |
| Land and buildings | 22 | €96,054 | €103,080 | +€7,026 | +7.3% |
| Plant, machinery and equipment | 23 | €14,282 | €11,229 | -€3,053 | -21.4% |
| Furniture and vehicles | 24 | €1,616 | €486 | -€1,130 | -69.9% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €232,748 | €224,261 | -€8,488 | -3.6% |
| Stocks and contracts in progress | 3 | €152,333 | €157,238 | +€4,905 | +3.2% |
| Stocks | 30/36 | €152,333 | €157,238 | +€4,905 | +3.2% |
| Amounts receivable within one year | 40/41 | €7,930 | €15,408 | +€7,477 | +94.3% |
| Trade receivables | 40 | €7,930 | €8,260 | +€329 | +4.2% |
| Other amounts receivable | 41 | - | €7,148 | +€7,148 | |
| Cash at bank and in hand | 54/58 | €68,578 | €47,773 | -€20,805 | -30.3% |
| Deferred charges and accrued income | 490/1 | €3,907 | €3,842 | -€65 | -1.7% |
| Total equity and liabilities | 10/49 | €345,747 | €339,660 | -€6,087 | -1.8% |
| Equity | 10/15 | €169,907 | €165,834 | -€4,072 | -2.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €81,612 | €81,612 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,752 | €1,752 | = | 0.0% |
| Distributable reserves | 133 | €79,860 | €79,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €67,986 | €64,255 | -€3,731 | -5.5% |
| Investment grants | 15 | €1,709 | €1,367 | -€342 | -20.0% |
| Amounts payable | 17/49 | €175,840 | €173,826 | -€2,015 | -1.1% |
| Amounts payable after more than one year | 17 | €57,834 | €45,762 | -€12,072 | -20.9% |
| Financial debts | 170/4 | €57,834 | €45,762 | -€12,072 | -20.9% |
| Amounts payable within one year | 42/48 | €117,156 | €127,213 | +€10,057 | +8.6% |
| Current portion of amounts payable after more than one year | 42 | €31,855 | €27,939 | -€3,916 | -12.3% |
| Trade debts | 44 | €28,877 | €27,362 | -€1,515 | -5.2% |
| Suppliers | 440/4 | €28,877 | €27,362 | -€1,515 | -5.2% |
| Taxes, remuneration and social security | 45 | €10,532 | €26,032 | +€15,500 | +147% |
| Taxes | 450/3 | €9,123 | €16,113 | +€6,989 | +76.6% |
| Remuneration and social security | 454/9 | €1,408 | €9,919 | +€8,511 | +604% |
| Other amounts payable | 47/48 | €45,893 | €45,881 | -€12 | 0.0% |
| Accrued charges and deferred income | 492/3 | €850 | €850 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €14,627 | €17,156 | +€2,528 | +17.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,312 | €14,600 | +€2,288 | +18.6% |
| Other operating charges | 640/8 | €7,951 | €7,892 | -€58 | -0.7% |
| Gross operating margin | 9900 | €73,342 | €45,180 | -€28,161 | -38.4% |
| Operating profit (loss) | 9901 | €38,451 | €5,533 | -€32,919 | -85.6% |
| Financial income | 75/76B | €500 | €342 | -€158 | -31.6% |
| Recurring financial income | 75 | €500 | €342 | -€158 | -31.6% |
| Financial charges | 65/66B | €8,440 | €9,253 | +€813 | +9.6% |
| Recurring financial charges | 65 | €8,440 | €9,253 | +€813 | +9.6% |
| Profit (loss) for the period before taxes | 9903 | €30,511 | -€3,379 | -€33,890 | |
| Income taxes | 67/77 | €8,506 | €352 | -€8,154 | -95.9% |
| Profit (loss) for the period | 9904 | €22,005 | -€3,731 | -€25,736 | |
| Profit (loss) for the period to be appropriated | 9905 | €22,005 | -€3,731 | -€25,736 |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.