MOREELS: 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.
MOREELS
Largest movements
- Tangible fixed assets -€11,870
down €11,870 (-13.9%), from €85,248 to €73,378
of which Furniture and vehicles: -€10,978
- Receivables within one year +€3,664
up €3,664 (+18.7%), from €19,550 to €23,215
of which Trade receivables: +€4,558
- Cash +€2,040
up €2,040 (+39.5%), from €5,161 to €7,201
mainly Net result for the year (+€49,354) and Depreciation (+€16,590)
- Deferred charges and accrued income +€1,657
up €1,657 (+68.7%), from €2,413 to €4,070
- Trade debts -€5,934
down €5,934 (-86.0%), from €6,901 to €967
- Reserves +€4,354
up €4,354 (+7.4%), from €58,928 to €63,282
- Current portion of long-term debt -€3,936
no longer reported in 2025 (was €3,936)
- Other debts +€1,533
up €1,533 (+21.2%), from €7,232 to €8,765
- Gross operating margin +€22,939
up €22,939 (+34.6%), from €66,274 to €89,212
- Staff costs +€8,733
new in 2025: €8,733
- Taxes +€3,580
up €3,580 (+37.3%), from €9,611 to €13,191
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 | €115,473 | €110,964 | -€4,509 | -3.9% |
| Fixed assets | 21/28 | €88,348 | €76,478 | -€11,870 | -13.4% |
| Tangible fixed assets | 22/27 | €85,248 | €73,378 | -€11,870 | -13.9% |
| Land and buildings | 22 | €30,849 | €29,957 | -€892 | -2.9% |
| Furniture and vehicles | 24 | €54,399 | €43,421 | -€10,978 | -20.2% |
| Financial fixed assets | 28 | €3,100 | €3,100 | = | 0.0% |
| Current assets | 29/58 | €27,124 | €34,486 | +€7,361 | +27.1% |
| Amounts receivable within one year | 40/41 | €19,550 | €23,215 | +€3,664 | +18.7% |
| Trade receivables | 40 | €14,180 | €18,738 | +€4,558 | +32.1% |
| Other amounts receivable | 41 | €5,370 | €4,477 | -€894 | -16.6% |
| Cash at bank and in hand | 54/58 | €5,161 | €7,201 | +€2,040 | +39.5% |
| Deferred charges and accrued income | 490/1 | €2,413 | €4,070 | +€1,657 | +68.7% |
| Total equity and liabilities | 10/49 | €115,473 | €110,964 | -€4,509 | -3.9% |
| Equity | 10/15 | €77,528 | €81,882 | +€4,354 | +5.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €58,928 | €63,282 | +€4,354 | +7.4% |
| Distributable reserves | 133 | €58,928 | €63,282 | +€4,354 | +7.4% |
| Amounts payable | 17/49 | €37,945 | €29,082 | -€8,863 | -23.4% |
| Amounts payable within one year | 42/48 | €32,853 | €24,582 | -€8,270 | -25.2% |
| Current portion of amounts payable after more than one year | 42 | €3,936 | - | -€3,936 | |
| Trade debts | 44 | €6,901 | €967 | -€5,934 | -86.0% |
| Suppliers | 440/4 | €6,901 | €967 | -€5,934 | -86.0% |
| Taxes, remuneration and social security | 45 | €14,784 | €14,850 | +€66 | +0.4% |
| Taxes | 450/3 | €14,784 | €11,793 | -€2,991 | -20.2% |
| Remuneration and social security | 454/9 | - | €3,057 | +€3,057 | |
| Other amounts payable | 47/48 | €7,232 | €8,765 | +€1,533 | +21.2% |
| Accrued charges and deferred income | 492/3 | €5,093 | €4,500 | -€593 | -11.6% |
| Non-recurring operating income | 76A | €8,283 | - | -€8,283 | |
| Remuneration, social security and pensions | 62 | - | €8,733 | +€8,733 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,724 | €16,590 | +€866 | +5.5% |
| Other operating charges | 640/8 | €729 | €1,033 | +€304 | +41.8% |
| Gross operating margin | 9900 | €66,274 | €89,212 | +€22,939 | +34.6% |
| Operating profit (loss) | 9901 | €49,821 | €62,856 | +€13,035 | +26.2% |
| Financial charges | 65/66B | €753 | €311 | -€442 | -58.7% |
| Recurring financial charges | 65 | €753 | €311 | -€442 | -58.7% |
| Profit (loss) for the period before taxes | 9903 | €49,067 | €62,545 | +€13,477 | +27.5% |
| Income taxes | 67/77 | €9,611 | €13,191 | +€3,580 | +37.3% |
| Profit (loss) for the period | 9904 | €39,457 | €49,354 | +€9,897 | +25.1% |
| Profit (loss) for the period to be appropriated | 9905 | €39,457 | €49,354 | +€9,897 | +25.1% |
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 14 October 2026 via checked.be.