Moreels: 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.
Moreels
Largest movements
- Tangible fixed assets +€16,248
up €16,248 (+26.1%), from €62,190 to €78,437
of which Land and buildings: +€10,086
- Receivables within one year -€9,102
down €9,102 (-55.1%), from €16,529 to €7,427
of which Trade receivables: -€9,127
- Cash -€4,084
down €4,084 (-6.1%), from €67,379 to €63,295
mainly Investment in fixed assets (net) (-€33,693) and Contributions, distributions and other (-€12,788)
- Deferred charges and accrued income +€2,154
up €2,154 (+739.0%), from €291 to €2,445
- Reserves +€13,118
up €13,118 (+21.0%), from €62,581 to €75,699
- Tax, wage and social debts -€9,448
down €9,448 (-27.8%), from €34,030 to €24,582
- Trade debts +€6,992
up €6,992 (+56.7%), from €12,340 to €19,332
- Accrued charges and deferred income -€3,500
no longer reported in 2025 (was €3,500)
- Other debts -€1,948
down €1,948 (-5.7%), from €33,939 to €31,991
- Gross operating margin +€13,201
up €13,201 (+30.2%), from €43,672 to €56,873
- Depreciation +€4,850
up €4,850 (+38.5%), from €12,596 to €17,446
- Taxes +€2,542
up €2,542 (+28.7%), from €8,849 to €11,391
- Financial charges -€640
down €640 (-25.0%), from €2,566 to €1,926
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 | €146,389 | €151,604 | +€5,215 | +3.6% |
| Fixed assets | 21/28 | €62,190 | €78,437 | +€16,248 | +26.1% |
| Tangible fixed assets | 22/27 | €62,190 | €78,437 | +€16,248 | +26.1% |
| Land and buildings | 22 | €30,530 | €40,616 | +€10,086 | +33.0% |
| Plant, machinery and equipment | 23 | €7,290 | €16,163 | +€8,873 | +121.7% |
| Furniture and vehicles | 24 | €24,370 | €21,658 | -€2,712 | -11.1% |
| Current assets | 29/58 | €84,199 | €73,166 | -€11,033 | -13.1% |
| Amounts receivable within one year | 40/41 | €16,529 | €7,427 | -€9,102 | -55.1% |
| Trade receivables | 40 | €16,523 | €7,396 | -€9,127 | -55.2% |
| Other amounts receivable | 41 | €6 | €31 | +€25 | +412.4% |
| Cash at bank and in hand | 54/58 | €67,379 | €63,295 | -€4,084 | -6.1% |
| Deferred charges and accrued income | 490/1 | €291 | €2,445 | +€2,154 | +739.0% |
| Total equity and liabilities | 10/49 | €146,389 | €151,604 | +€5,215 | +3.6% |
| Equity | 10/15 | €62,581 | €75,699 | +€13,118 | +21.0% |
| Reserves | 13 | €62,581 | €75,699 | +€13,118 | +21.0% |
| Distributable reserves | 133 | €62,581 | €75,699 | +€13,118 | +21.0% |
| Amounts payable | 17/49 | €83,808 | €75,905 | -€7,903 | -9.4% |
| Amounts payable within one year | 42/48 | €80,308 | €75,905 | -€4,403 | -5.5% |
| Trade debts | 44 | €12,340 | €19,332 | +€6,992 | +56.7% |
| Suppliers | 440/4 | €12,340 | €19,332 | +€6,992 | +56.7% |
| Taxes, remuneration and social security | 45 | €34,030 | €24,582 | -€9,448 | -27.8% |
| Taxes | 450/3 | €34,030 | €24,582 | -€9,448 | -27.8% |
| Other amounts payable | 47/48 | €33,939 | €31,991 | -€1,948 | -5.7% |
| Accrued charges and deferred income | 492/3 | €3,500 | - | -€3,500 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,596 | €17,446 | +€4,850 | +38.5% |
| Other operating charges | 640/8 | €610 | €699 | +€89 | +14.6% |
| Gross operating margin | 9900 | €43,672 | €56,873 | +€13,201 | +30.2% |
| Operating profit (loss) | 9901 | €30,466 | €38,728 | +€8,262 | +27.1% |
| Financial income | 75/76B | €69 | €495 | +€426 | +619.1% |
| Recurring financial income | 75 | €69 | €495 | +€426 | +619.1% |
| Financial charges | 65/66B | €2,566 | €1,926 | -€640 | -25.0% |
| Recurring financial charges | 65 | €2,566 | €1,926 | -€640 | -25.0% |
| Profit (loss) for the period before taxes | 9903 | €27,968 | €37,297 | +€9,328 | +33.4% |
| Income taxes | 67/77 | €8,849 | €11,391 | +€2,542 | +28.7% |
| Profit (loss) for the period | 9904 | €19,119 | €25,906 | +€6,787 | +35.5% |
| Profit (loss) for the period to be appropriated | 9905 | €19,119 | €25,906 | +€6,787 | +35.5% |
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 7 October 2026 via checked.be.