MORENOV: 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.
MORENOV
Largest movements
- Receivables within one year -€25,357
down €25,357 (-10.2%), from €248,833 to €223,476
of which Other amounts receivable: -€37,695
- Tangible fixed assets -€5,862
down €5,862 (-60.6%), from €9,677 to €3,815
- Reserves -€48,657
down €48,657 (-18.5%), from €262,523 to €213,866
- Other debts +€21,434
up €21,434, from €0 to €21,434
- Trade debts -€19,229
down €19,229 (-14.6%), from €131,282 to €112,054
- Short-term financial debts +€9,762
up €9,762, from €0 to €9,762
- Gross operating margin -€23,700
down €23,700 (-39.7%), from €59,646 to €35,946
- Taxes -€5,557
down €5,557 (-38.0%), from €14,624 to €9,067
- Depreciation -€2,672
down €2,672 (-31.3%), from €8,534 to €5,862
- Financial charges -€907
down €907 (-36.8%), from €2,464 to €1,558
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 | €417,756 | €379,527 | -€38,230 | -9.2% |
| Fixed assets | 21/28 | €9,677 | €3,815 | -€5,862 | -60.6% |
| Tangible fixed assets | 22/27 | €9,677 | €3,815 | -€5,862 | -60.6% |
| Furniture and vehicles | 24 | €9,677 | €3,815 | -€5,862 | -60.6% |
| Current assets | 29/58 | €408,080 | €375,712 | -€32,368 | -7.9% |
| Stocks and contracts in progress | 3 | €154,192 | €150,949 | -€3,243 | -2.1% |
| Stocks | 30/36 | €154,192 | €150,949 | -€3,243 | -2.1% |
| Amounts receivable within one year | 40/41 | €248,833 | €223,476 | -€25,357 | -10.2% |
| Trade receivables | 40 | €196,952 | €209,290 | +€12,338 | +6.3% |
| Other amounts receivable | 41 | €51,881 | €14,186 | -€37,695 | -72.7% |
| Cash at bank and in hand | 54/58 | €1,362 | €621 | -€741 | -54.4% |
| Deferred charges and accrued income | 490/1 | €3,692 | €666 | -€3,026 | -82.0% |
| Total equity and liabilities | 10/49 | €417,756 | €379,527 | -€38,230 | -9.2% |
| Equity | 10/15 | €268,723 | €220,066 | -€48,657 | -18.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €262,523 | €213,866 | -€48,657 | -18.5% |
| Distributable reserves | 133 | €262,523 | €213,866 | -€48,657 | -18.5% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €149,033 | €159,461 | +€10,428 | +7.0% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €149,033 | €159,461 | +€10,428 | +7.0% |
| Current portion of amounts payable after more than one year | 42 | €2,452 | €0 | -€2,452 | -100.0% |
| Financial debts | 43 | €0 | €9,762 | +€9,762 | |
| Credit institutions | 430/8 | €0 | €9,762 | +€9,762 | |
| Trade debts | 44 | €131,282 | €112,054 | -€19,229 | -14.6% |
| Suppliers | 440/4 | €131,282 | €112,054 | -€19,229 | -14.6% |
| Taxes, remuneration and social security | 45 | €15,299 | €16,211 | +€912 | +6.0% |
| Taxes | 450/3 | €15,299 | €14,211 | -€1,088 | -7.1% |
| Remuneration and social security | 454/9 | - | €2,000 | +€2,000 | |
| Other amounts payable | 47/48 | €0 | €21,434 | +€21,434 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,534 | €5,862 | -€2,672 | -31.3% |
| Other operating charges | 640/8 | €3,413 | €3,262 | -€151 | -4.4% |
| Gross operating margin | 9900 | €59,646 | €35,946 | -€23,700 | -39.7% |
| Operating profit (loss) | 9901 | €47,698 | €26,822 | -€20,876 | -43.8% |
| Financial income | 75/76B | €2,843 | €2,308 | -€534 | -18.8% |
| Recurring financial income | 75 | €2,843 | €2,308 | -€534 | -18.8% |
| Financial charges | 65/66B | €2,464 | €1,558 | -€907 | -36.8% |
| Recurring financial charges | 65 | €2,464 | €1,558 | -€907 | -36.8% |
| Profit (loss) for the period before taxes | 9903 | €48,076 | €27,572 | -€20,504 | -42.6% |
| Income taxes | 67/77 | €14,624 | €9,067 | -€5,557 | -38.0% |
| Profit (loss) for the period | 9904 | €33,453 | €18,505 | -€14,947 | -44.7% |
| Profit (loss) for the period to be appropriated | 9905 | €33,453 | €18,505 | -€14,947 | -44.7% |
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 11 October 2026 via checked.be.