MOREL OPTICIENS: 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.
MOREL OPTICIENS
Largest movements
- Financial fixed assets -€4.1m
down €4.1m (-51.5%), from €8.0m to €3.9m
- Intangible fixed assets +€1.6m
up €1.6m (+2,689%), from €59,414 to €1.7m
- Cash +€1.3m
up €1.3m (+756%), from €173,126 to €1.5m
mainly Investment in fixed assets (net) (+€1.8m) and Net result for the year (+€1.1m)
- Stocks and contracts +€151,611
up €151,611 (+21.2%), from €714,806 to €866,417
- Tangible fixed assets +€102,041
up €102,041 (+20.6%), from €495,604 to €597,646
of which Plant, machinery and equipment: +€57,863
- Current portion of long-term debt -€1.6m
down €1.6m (-78.7%), from €2.1m to €442,821
- Reserves +€1.1m
up €1.1m (+32.5%), from €3.5m to €4.6m
of which Distributable reserves: +€1.1m
- Debts after one year -€442,129
down €442,129 (-41.6%), from €1.1m to €620,166
- Other debts -€326,143
down €326,143 (-12.0%), from €2.7m to €2.4m
- Trade debts +€221,796
up €221,796 (+59.2%), from €374,396 to €596,192
- Gross operating margin +€1.3m
up €1.3m (+123%), from €1.1m to €2.4m
- Staff costs +€859,056
up €859,056 (+130%), from €663,272 to €1.5m
- Depreciation +€484,988
up €484,988 (+266%), from €182,038 to €667,026
- Financial income +€278,967
up €278,967 (+27.3%), from €1.0m to €1.3m
- Taxes +€97,263
up €97,263 (+1,889%), from €5,148 to €102,411
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 | €10,001,398 | €9,070,481 | -€930,917 | -9.3% |
| Fixed assets | 21/28 | €8,564,976 | €6,141,513 | -€2.4m | -28.3% |
| Intangible fixed assets | 21 | €59,414 | €1,656,850 | +€1.6m | +2,689% |
| Tangible fixed assets | 22/27 | €495,604 | €597,646 | +€102,041 | +20.6% |
| Land and buildings | 22 | €18,792 | €23,704 | +€4,912 | +26.1% |
| Plant, machinery and equipment | 23 | €195,625 | €253,488 | +€57,863 | +29.6% |
| Furniture and vehicles | 24 | €281,187 | €315,926 | +€34,739 | +12.4% |
| Leasing and similar rights | 25 | - | €366 | +€366 | |
| Other tangible fixed assets | 26 | - | €4,162 | +€4,162 | |
| Financial fixed assets | 28 | €8,009,957 | €3,887,017 | -€4.1m | -51.5% |
| Current assets | 29/58 | €1,436,422 | €2,928,969 | +€1.5m | +104% |
| Stocks and contracts in progress | 3 | €714,806 | €866,417 | +€151,611 | +21.2% |
| Stocks | 30/36 | €714,806 | €866,417 | +€151,611 | +21.2% |
| Amounts receivable within one year | 40/41 | €380,550 | €408,766 | +€28,216 | +7.4% |
| Trade receivables | 40 | €154,053 | €320,327 | +€166,275 | +108% |
| Other amounts receivable | 41 | €226,497 | €88,439 | -€138,058 | -61.0% |
| Current investments | 50/53 | €157,124 | €157,124 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €173,126 | €1,481,783 | +€1.3m | +756% |
| Deferred charges and accrued income | 490/1 | €10,816 | €14,878 | +€4,062 | +37.6% |
| Total equity and liabilities | 10/49 | €10,001,398 | €9,070,481 | -€930,917 | -9.3% |
| Equity | 10/15 | €3,539,253 | €4,662,060 | +€1.1m | +31.7% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €3,468,066 | €4,596,423 | +€1.1m | +32.5% |
| Non-distributable reserves | 130/1 | €13,863 | €13,863 | = | 0.0% |
| Legal reserve | 130 | €13,863 | €13,863 | = | 0.0% |
| Tax-exempt reserves | 132 | €127,343 | €127,343 | = | 0.0% |
| Distributable reserves | 133 | €3,326,860 | €4,455,217 | +€1.1m | +33.9% |
| Investment grants | 15 | €9,187 | €3,637 | -€5,550 | -60.4% |
| Provisions and deferred taxes | 16 | €130,048 | €130,048 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €130,048 | €130,048 | = | 0.0% |
| Pensions and similar obligations | 160 | €130,048 | €130,048 | = | 0.0% |
| Amounts payable | 17/49 | €6,332,098 | €4,278,374 | -€2.1m | -32.4% |
| Amounts payable after more than one year | 17 | €1,062,295 | €620,166 | -€442,129 | -41.6% |
| Financial debts | 170/4 | €1,062,295 | €620,166 | -€442,129 | -41.6% |
| Amounts payable within one year | 42/48 | €5,254,802 | €3,646,208 | -€1.6m | -30.6% |
| Current portion of amounts payable after more than one year | 42 | €2,078,657 | €442,821 | -€1.6m | -78.7% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €374,396 | €596,192 | +€221,796 | +59.2% |
| Suppliers | 440/4 | €374,396 | €596,192 | +€221,796 | +59.2% |
| Advances received on contracts in progress | 46 | €952 | €24,450 | +€23,498 | +2,468% |
| Taxes, remuneration and social security | 45 | €81,875 | €189,966 | +€108,090 | +132% |
| Taxes | 450/3 | €40,425 | €22,112 | -€18,313 | -45.3% |
| Remuneration and social security | 454/9 | €41,451 | €167,854 | +€126,403 | +305% |
| Other amounts payable | 47/48 | €2,718,922 | €2,392,779 | -€326,143 | -12.0% |
| Accrued charges and deferred income | 492/3 | €15,000 | €12,000 | -€3,000 | -20.0% |
| Remuneration, social security and pensions | 62 | €663,272 | €1,522,328 | +€859,056 | +130% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €182,038 | €667,026 | +€484,988 | +266% |
| Other operating charges | 640/8 | €22,796 | €33,398 | +€10,602 | +46.5% |
| Gross operating margin | 9900 | €1,056,304 | €2,352,091 | +€1.3m | +123% |
| Operating profit (loss) | 9901 | €188,198 | €129,340 | -€58,858 | -31.3% |
| Financial income | 75/76B | €1,020,117 | €1,299,084 | +€278,967 | +27.3% |
| Recurring financial income | 75 | €1,020,117 | €1,299,084 | +€278,967 | +27.3% |
| Financial charges | 65/66B | €222,263 | €197,656 | -€24,607 | -11.1% |
| Recurring financial charges | 65 | €222,263 | €197,656 | -€24,607 | -11.1% |
| Profit (loss) for the period before taxes | 9903 | €986,051 | €1,230,767 | +€244,716 | +24.8% |
| Income taxes | 67/77 | €5,148 | €102,411 | +€97,263 | +1,889% |
| Profit (loss) for the period | 9904 | €980,904 | €1,128,357 | +€147,453 | +15.0% |
| Profit (loss) for the period to be appropriated | 9905 | €980,904 | €1,128,357 | +€147,453 | +15.0% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 October 2026 via checked.be.