Moreda: 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.
Moreda
Largest movements
- Cash -€26,277
down €26,277 (-20.4%), from €128,580 to €102,303
mainly Investment in fixed assets (net) (-€54,153) and Other debts (-€19,961)
- Tangible fixed assets +€25,094
up €25,094 (+9.9%), from €254,521 to €279,615
of which Furniture and vehicles: +€41,862
- Receivables within one year +€8,336
up €8,336 (+276.3%), from €3,017 to €11,353
of which Other amounts receivable: +€9,921
- Other debts -€19,961
down €19,961 (-51.8%), from €38,546 to €18,585
- Reserves +€11,482
up €11,482 (+18.4%), from €62,335 to €73,817
- Current portion of long-term debt +€7,729
up €7,729 (+32.5%), from €23,758 to €31,487
- Debts after one year +€4,829
up €4,829 (+2.2%), from €219,677 to €224,505
- Staff costs +€6,695
up €6,695 (+5.1%), from €131,977 to €138,673
- Taxes -€6,393
down €6,393 (-53.1%), from €12,037 to €5,644
- Depreciation +€5,864
up €5,864 (+23.7%), from €24,696 to €30,559
- Gross operating margin -€5,008
down €5,008 (-2.5%), from €202,643 to €197,635
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 | €398,749 | €404,506 | +€5,757 | +1.4% |
| Fixed assets | 21/28 | €262,275 | €285,869 | +€23,594 | +9.0% |
| Intangible fixed assets | 21 | €7,504 | €6,004 | -€1,500 | -20.0% |
| Tangible fixed assets | 22/27 | €254,521 | €279,615 | +€25,094 | +9.9% |
| Land and buildings | 22 | €233,633 | €218,471 | -€15,162 | -6.5% |
| Plant, machinery and equipment | 23 | €11,777 | €10,171 | -€1,606 | -13.6% |
| Furniture and vehicles | 24 | €9,111 | €50,973 | +€41,862 | +459.5% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €136,474 | €118,637 | -€17,837 | -13.1% |
| Stocks and contracts in progress | 3 | €3,959 | €3,861 | -€97 | -2.5% |
| Stocks | 30/36 | €3,959 | €3,861 | -€97 | -2.5% |
| Amounts receivable within one year | 40/41 | €3,017 | €11,353 | +€8,336 | +276.3% |
| Trade receivables | 40 | €3,017 | €1,432 | -€1,584 | -52.5% |
| Other amounts receivable | 41 | - | €9,921 | +€9,921 | |
| Cash at bank and in hand | 54/58 | €128,580 | €102,303 | -€26,277 | -20.4% |
| Deferred charges and accrued income | 490/1 | €919 | €1,120 | +€201 | +21.9% |
| Total equity and liabilities | 10/49 | €398,749 | €404,506 | +€5,757 | +1.4% |
| Equity | 10/15 | €80,935 | €92,417 | +€11,482 | +14.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €62,335 | €73,817 | +€11,482 | +18.4% |
| Distributable reserves | 133 | €62,335 | €73,817 | +€11,482 | +18.4% |
| Amounts payable | 17/49 | €317,814 | €312,089 | -€5,724 | -1.8% |
| Amounts payable after more than one year | 17 | €219,677 | €224,505 | +€4,829 | +2.2% |
| Financial debts | 170/4 | €219,677 | €224,505 | +€4,829 | +2.2% |
| Amounts payable within one year | 42/48 | €95,571 | €84,612 | -€10,959 | -11.5% |
| Current portion of amounts payable after more than one year | 42 | €23,758 | €31,487 | +€7,729 | +32.5% |
| Trade debts | 44 | €7,299 | €6,866 | -€433 | -5.9% |
| Suppliers | 440/4 | €7,299 | €6,866 | -€433 | -5.9% |
| Taxes, remuneration and social security | 45 | €25,968 | €27,674 | +€1,706 | +6.6% |
| Taxes | 450/3 | €10,141 | €11,076 | +€935 | +9.2% |
| Remuneration and social security | 454/9 | €15,828 | €16,598 | +€771 | +4.9% |
| Other amounts payable | 47/48 | €38,546 | €18,585 | -€19,961 | -51.8% |
| Accrued charges and deferred income | 492/3 | €2,566 | €2,972 | +€406 | +15.8% |
| Non-recurring operating income | 76A | €5,246 | €1,362 | -€3,884 | -74.0% |
| Remuneration, social security and pensions | 62 | €131,977 | €138,673 | +€6,695 | +5.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,696 | €30,559 | +€5,864 | +23.7% |
| Other operating charges | 640/8 | €3,072 | €3,869 | +€797 | +25.9% |
| Non-recurring operating charges | 66A | - | €363 | +€363 | |
| Gross operating margin | 9900 | €202,643 | €197,635 | -€5,008 | -2.5% |
| Operating profit (loss) | 9901 | €42,898 | €24,171 | -€18,727 | -43.7% |
| Financial income | 75/76B | €26 | €3 | -€23 | -89.2% |
| Recurring financial income | 75 | €26 | €3 | -€23 | -89.2% |
| Financial charges | 65/66B | €7,418 | €7,048 | -€370 | -5.0% |
| Recurring financial charges | 65 | €7,418 | €7,048 | -€370 | -5.0% |
| Profit (loss) for the period before taxes | 9903 | €35,505 | €17,125 | -€18,380 | -51.8% |
| Income taxes | 67/77 | €12,037 | €5,644 | -€6,393 | -53.1% |
| Profit (loss) for the period | 9904 | €23,469 | €11,482 | -€11,987 | -51.1% |
| Profit (loss) for the period to be appropriated | 9905 | €23,469 | €11,482 | -€11,987 | -51.1% |
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 5 October 2026 via checked.be.