MOREIRA: 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.
MOREIRA
Largest movements
- Current investments +€353,422
new in 2025: €353,422
- Cash -€322,711
down €322,711 (-53.1%), from €607,578 to €284,867
mainly Investment in fixed assets (net) (-€386,667) and Current investments (-€353,422)
- Tangible fixed assets +€217,885
up €217,885 (+20.8%), from €1.0m to €1.3m
- Reserves +€319,500
up €319,500 (+31.7%), from €1.0m to €1.3m
- Debts after one year -€50,895
down €50,895 (-13.2%), from €384,369 to €333,473
- Trade debts +€46,471
up €46,471 (+128.5%), from €36,161 to €82,632
- Other debts -€42,112
down €42,112 (-42.2%), from €99,887 to €57,775
- Tax, wage and social debts -€23,610
down €23,610 (-59.5%), from €39,713 to €16,103
of which Taxes: -€27,877
- Depreciation +€102,559
up €102,559 (+154.4%), from €66,405 to €168,964
- Taxes -€34,439
down €34,439 (-21.1%), from €163,088 to €128,648
- Gross operating margin +€23,291
up €23,291 (+3.4%), from €677,703 to €700,994
- Other operating charges -€13,683
down €13,683 (-70.4%), from €19,424 to €5,741
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 | €1,697,882 | €1,955,378 | +€257,496 | +15.2% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €1,047,188 | €1,264,892 | +€217,703 | +20.8% |
| Intangible fixed assets | 21 | €273 | €91 | -€182 | -66.6% |
| Tangible fixed assets | 22/27 | €1,046,916 | €1,264,801 | +€217,885 | +20.8% |
| Land and buildings | 22 | €952,139 | €1,022,042 | +€69,903 | +7.3% |
| Plant, machinery and equipment | 23 | €51,524 | €100,576 | +€49,053 | +95.2% |
| Furniture and vehicles | 24 | €43,253 | €142,182 | +€98,929 | +228.7% |
| Current assets | 29/58 | €650,694 | €690,486 | +€39,793 | +6.1% |
| Amounts receivable within one year | 40/41 | €39,225 | €40,579 | +€1,355 | +3.5% |
| Trade receivables | 40 | €20,849 | €38,746 | +€17,897 | +85.8% |
| Other amounts receivable | 41 | €18,376 | €1,833 | -€16,543 | -90.0% |
| Current investments | 50/53 | - | €353,422 | +€353,422 | |
| Cash at bank and in hand | 54/58 | €607,578 | €284,867 | -€322,711 | -53.1% |
| Deferred charges and accrued income | 490/1 | €3,891 | €11,619 | +€7,727 | +198.6% |
| Total equity and liabilities | 10/49 | €1,697,882 | €1,955,378 | +€257,496 | +15.2% |
| Equity | 10/15 | €1,087,190 | €1,406,987 | +€319,796 | +29.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,009,360 | €1,328,860 | +€319,500 | +31.7% |
| Distributable reserves | 133 | €1,009,360 | €1,328,860 | +€319,500 | +31.7% |
| Profit (loss) carried forward | 14 | €71,630 | €71,927 | +€296 | +0.4% |
| Amounts payable | 17/49 | €610,692 | €548,391 | -€62,301 | -10.2% |
| Amounts payable after more than one year | 17 | €384,369 | €333,473 | -€50,895 | -13.2% |
| Financial debts | 170/4 | €384,369 | €333,473 | -€50,895 | -13.2% |
| Amounts payable within one year | 42/48 | €226,224 | €214,815 | -€11,409 | -5.0% |
| Current portion of amounts payable after more than one year | 42 | €50,463 | €50,895 | +€433 | +0.9% |
| Trade debts | 44 | €36,161 | €82,632 | +€46,471 | +128.5% |
| Suppliers | 440/4 | €36,161 | €82,632 | +€46,471 | +128.5% |
| Advances received on contracts in progress | 46 | - | €7,409 | +€7,409 | |
| Taxes, remuneration and social security | 45 | €39,713 | €16,103 | -€23,610 | -59.5% |
| Taxes | 450/3 | €30,189 | €2,312 | -€27,877 | -92.3% |
| Remuneration and social security | 454/9 | €9,525 | €13,791 | +€4,266 | +44.8% |
| Other amounts payable | 47/48 | €99,887 | €57,775 | -€42,112 | -42.2% |
| Accrued charges and deferred income | 492/3 | €99 | €103 | +€4 | +4.0% |
| Remuneration, social security and pensions | 62 | €70,755 | €72,376 | +€1,621 | +2.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €66,405 | €168,964 | +€102,559 | +154.4% |
| Other operating charges | 640/8 | €19,424 | €5,741 | -€13,683 | -70.4% |
| Gross operating margin | 9900 | €677,703 | €700,994 | +€23,291 | +3.4% |
| Operating profit (loss) | 9901 | €521,119 | €453,913 | -€67,205 | -12.9% |
| Financial income | 75/76B | €7,619 | €1,605 | -€6,015 | -78.9% |
| Recurring financial income | 75 | €7,619 | €1,605 | -€6,015 | -78.9% |
| Financial charges | 65/66B | €5,346 | €5,273 | -€73 | -1.4% |
| Recurring financial charges | 65 | €5,346 | €5,273 | -€73 | -1.4% |
| Profit (loss) for the period before taxes | 9903 | €523,392 | €450,245 | -€73,147 | -14.0% |
| Income taxes | 67/77 | €163,088 | €128,648 | -€34,439 | -21.1% |
| Profit (loss) for the period | 9904 | €360,304 | €321,596 | -€38,708 | -10.7% |
| Profit (loss) for the period to be appropriated | 9905 | €360,304 | €321,596 | -€38,708 | -10.7% |
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.