MOREXFOR: what changed
What changed
MOREXFOR
NACE 02.200, Logging
filed annual accounts (NBB)
Net result for the year
€19,703
2024 · -€3,506+€23,208
Equity
€228,297
2024 · €208,594+€19,703
Cash
€16,774
2024 · €19,808-€3,034
Balance sheet total
€1.3m
2024 · €1.5m-€163,348
Largest movements
Assets
- Receivables within one year -€200,599
down €200,599 (-28.5%), from €704,167 to €503,568
of which Trade receivables: -€171,070
- Stocks and contracts +€90,432
up €90,432 (+15.8%), from €571,100 to €661,531
- Tangible fixed assets -€52,818
down €52,818 (-24.6%), from €214,466 to €161,648
of which Plant, machinery and equipment: -€44,977
Equity and liabilities
- Trade debts -€174,319
down €174,319 (-19.5%), from €892,238 to €717,919
- Short-term financial debts +€79,109
up €79,109 (+58.5%), from €135,281 to €214,390
of which Other loans: +€50,000
- Other debts -€59,556
down €59,556 (-57.0%), from €104,451 to €44,896
- Debts after one year -€44,890
down €44,890 (-44.0%), from €101,970 to €57,080
- Profit (loss) carried forward +€19,703
up €19,703 (+10.0%), from €196,194 to €215,897
Income statement
- Staff costs -€29,504
down €29,504 (-19.4%), from €152,349 to €122,845
- Taxes -€27,842
no longer reported in 2025 (was €27,842)
- Financial charges +€9,199
up €9,199 (+28.7%), from €32,019 to €41,219
- Depreciation +€6,296
up €6,296 (+10.9%), from €57,958 to €64,254
- Other operating charges +€4,796
up €4,796 (+24.6%), from €19,462 to €24,258
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
-€3,506
Gross operating margin
+€573
Staff costs
+€29,504
Depreciation
-€6,296
Other operating charges
-€4,796
Other operating items
-€14,435
Financial income
+€16
Financial charges
-€9,199
Taxes
+€27,842
Result 2025
€19,703
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
-€31,550
Investment
-€11,301
Financing
+€39,817
Cash 2024
€19,808
From operations (derived)
-€31,550
Net result for the year
+€19,703
Depreciation
+€64,254
Stocks and contracts
-€90,432
Receivables within one year
+€200,599
Deferred charges and accrued income
-€2,806
Trade debts
-€174,319
Tax, wage and social debts
+€11,007
Other debts
-€59,556
Investment (derived)
-€11,301
Investment in fixed assets (net)
-€11,301
Financing
+€39,817
Debts after one year
-€44,890
Current portion of long-term debt
+€5,598
Short-term financial debts
+€79,109
Cash 2025
€16,774
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,509,945 | €1,346,597 | -€163,348 | -10.8% |
| Fixed assets | 21/28 | €214,871 | €161,918 | -€52,953 | -24.6% |
| Tangible fixed assets | 22/27 | €214,466 | €161,648 | -€52,818 | -24.6% |
| Plant, machinery and equipment | 23 | €46,693 | €1,717 | -€44,977 | -96.3% |
| Furniture and vehicles | 24 | €155,143 | €156,325 | +€1,181 | +0.8% |
| Leasing and similar rights | 25 | €12,629 | €3,607 | -€9,023 | -71.4% |
| Financial fixed assets | 28 | €405 | €270 | -€135 | -33.3% |
| Current assets | 29/58 | €1,295,074 | €1,184,678 | -€110,395 | -8.5% |
| Stocks and contracts in progress | 3 | €571,100 | €661,531 | +€90,432 | +15.8% |
| Stocks | 30/36 | €571,100 | €661,531 | +€90,432 | +15.8% |
| Amounts receivable within one year | 40/41 | €704,167 | €503,568 | -€200,599 | -28.5% |
| Trade receivables | 40 | €477,836 | €306,766 | -€171,070 | -35.8% |
| Other amounts receivable | 41 | €226,331 | €196,802 | -€29,529 | -13.0% |
| Cash at bank and in hand | 54/58 | €19,808 | €16,774 | -€3,034 | -15.3% |
| Deferred charges and accrued income | 490/1 | - | €2,806 | +€2,806 | |
| Total equity and liabilities | 10/49 | €1,509,945 | €1,346,597 | -€163,348 | -10.8% |
| Equity | 10/15 | €208,594 | €228,297 | +€19,703 | +9.4% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Profit (loss) carried forward | 14 | €196,194 | €215,897 | +€19,703 | +10.0% |
| Amounts payable | 17/49 | €1,301,351 | €1,118,300 | -€183,051 | -14.1% |
| Amounts payable after more than one year | 17 | €101,970 | €57,080 | -€44,890 | -44.0% |
| Financial debts | 170/4 | €101,970 | €57,080 | -€44,890 | -44.0% |
| Amounts payable within one year | 42/48 | €1,199,381 | €1,061,220 | -€138,161 | -11.5% |
| Current portion of amounts payable after more than one year | 42 | €39,292 | €44,890 | +€5,598 | +14.2% |
| Financial debts | 43 | €135,281 | €214,390 | +€79,109 | +58.5% |
| Credit institutions | 430/8 | €10,281 | €39,390 | +€29,109 | +283% |
| Other loans | 439 | €125,000 | €175,000 | +€50,000 | +40.0% |
| Trade debts | 44 | €892,238 | €717,919 | -€174,319 | -19.5% |
| Suppliers | 440/4 | €892,238 | €717,919 | -€174,319 | -19.5% |
| Taxes, remuneration and social security | 45 | €28,118 | €39,125 | +€11,007 | +39.1% |
| Taxes | 450/3 | €8,551 | €31,410 | +€22,859 | +267% |
| Remuneration and social security | 454/9 | €19,567 | €7,715 | -€11,852 | -60.6% |
| Other amounts payable | 47/48 | €104,451 | €44,896 | -€59,556 | -57.0% |
| Non-recurring operating income | 76A | - | €19,986 | +€19,986 | |
| Remuneration, social security and pensions | 62 | €152,349 | €122,845 | -€29,504 | -19.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €57,958 | €64,254 | +€6,296 | +10.9% |
| Other operating charges | 640/8 | €19,462 | €24,258 | +€4,796 | +24.6% |
| Non-recurring operating charges | 66A | €155 | €14,590 | +€14,435 | +9,323% |
| Gross operating margin | 9900 | €286,279 | €286,852 | +€573 | +0.2% |
| Operating profit (loss) | 9901 | €56,356 | €60,906 | +€4,550 | +8.1% |
| Financial income | 75/76B | €0 | €16 | +€16 | +156,000% |
| Recurring financial income | 75 | €0 | €16 | +€16 | +156,000% |
| Financial charges | 65/66B | €32,019 | €41,219 | +€9,199 | +28.7% |
| Recurring financial charges | 65 | €32,019 | €41,219 | +€9,199 | +28.7% |
| Profit (loss) for the period before taxes | 9903 | €24,336 | €19,703 | -€4,634 | -19.0% |
| Income taxes | 67/77 | €27,842 | - | -€27,842 | |
| Profit (loss) for the period | 9904 | -€3,506 | €19,703 | +€23,208 | |
| Profit (loss) for the period to be appropriated | 9905 | -€3,506 | €19,703 | +€23,208 |
Next steps
Work out how much credit to give this customer and on what payment terms.Credit check Check what to know before you do business with this company.Supplier due diligence Check whether you can accept this company as a client under the anti-money-laundering law.AML client file Compare this company with its sector.Sector benchmark
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.